Proposed Pension Changes Questions and Answers (Q&A3)

Transcription

1 THE METAL BOX PENSION SCHEME Proposed Pension Changes Questions and Answers (Q&A3) Thank you for all your questions. We have tried to cover as many as possible of those received up to 19 October. If you do not see an answer to your question below please remember that this may be covered by Q&A1 or Q&A2, a similar question below, at the presentations taking place between 19 October and 15 November, or a future Q&A. We are aiming to issue Q&A4 in the week commencing 19 November Reasons/rationale 1. Are these proposals really about equality? Why are the DB members being offered an enhanced transfer value (ETV), but no enhancement is being offered to DC members? The Company s objective is to provide harmonised, equitable pension benefits going forward for all employees. In doing so, the Company is keen to ensure that the new pension offering is competitive and flexible, whilst being affordable and sustainable both for employees and itself. The current proposals are intended to facilitate this aim but also to materially improve the contribution rates offered to DC members. As explained in the response to question 39 of Q&A2, the ETV exercise is being run as part of an initiative to manage the risks associated with historic defined benefit liabilities. There are not the same considerations for DC benefits. 2. Why do DB members have to lose out so that DC members can get a better deal? The Company wants to harmonise benefits for all employees. So, fairness and equality for all employees has been a key consideration in the Company s proposals. The Company periodically reviews its pension arrangements and, as a result of these reviews, sometimes makes changes. For example, in 2001, the DB Section of the Scheme closed to new members. In 2016, following the valuation, the cost to the Company of providing new benefits in the DB Section reached 37.3% of DB members pensionable salaries less Additional Contribution. This increasing cost has further highlighted the disparity in members retirement outcomes and, combined with the cost variability, has affected the Company s ability to invest in the business and remain competitive. As a result, the Company has decided that the DB Section of the Scheme is no longer affordable and sustainable in the long term, and has therefore put forward the proposal to close the DB Section to future pension build up. The Company is committed to ensuring that employees have access to an equal and fair pension arrangement for the future. That is why the Company is proposing to close the existing DC Section and provide all employees with access to one, harmonised DC arrangement for the future. 3. Will everyone be treated the same? Why are Crown Technology and CMBE included in this when they are not part of the European Division? The Scheme is available to all employees with UK contracts of employment. The proposed changes to the Scheme are designed to ensure that all employees, regardless of which part of the business they work for, have access to an equal and fair pension arrangement for the future. If the proposed changes go ahead, all employees will be treated in the same way and will build up future pension in the new DC plan. 4. Crown have previously referenced grandfather rights when carrying out job evaluation, ensuring nobody would lose out. How does the removal of the DB Scheme fit into the grandfathering mould? Grandfather rights are a provision in which an old rule continues to apply to some employees while a new rule applies to others. If the proposed changes go ahead, no members (DB Section or DC Section) would be exempt. 1

2 5. Are these proposals linked to any plan to sell the business or close any UK plants? The proposals are independent from any decisions about wider business plans. The Company is proposing these changes for the reasons already explained. 6. Who is driving these proposals? Will any senior managers visit the UK to talk to us about this? The changes are being proposed following extensive work carried out by the Company to determine the most appropriate way to deal with the business challenges resulting from DB Section cost variability and cost increases, as well as addressing harmonisation of benefits for employees. Senior management will be attending a future consultation meeting to discuss the proposed changes. 7. Has the Company or the Trustee considered appointing an independent actuary to review the most recent actuarial valuation? The actuarial valuation as at 31 March 2016 was carried out by the Scheme actuary appointed by Metal Box Pension Trustees Limited (the Trustee), who is independent from the Company. The valuation was carried out in consultation with the Company. The Company and Trustee are responsible for setting and agreeing the assumptions used in the valuation. The Company received its own actuarial advice from a separate actuarial firm as part of that process. The process that was followed is in line with the requirements of UK pensions law. The valuation has been submitted to The Pensions Regulator and there are no plans for any further reviews. 8. Why are the DB and DC Sections of the Scheme being discussed at the same meetings/presentations? The proposal is to have the same pension arrangements going forward for all UK employees. The Company believes it is important that all employees understand the reasons behind the proposals and that everybody receives the same information and the same treatment throughout this consultation period. Legal issues 9. Is my pension entitlement part of my contract of employment? The Company considers that its employees do not have a contractual entitlement to future accrual of benefits in the Scheme. The entitlement is to join the Metal Box Pension Scheme only and, having joined, the obligation is to abide by the Trust Deed and Rules of the Scheme, and those rules have an unrestricted power of amendment. The Metal Box Pension Scheme can be amended with the agreement of the Metal Box Pension Scheme Trustees. The Trustee has, subject to satisfactory conclusion of the pension collective consultation, agreed in principle to amend the Trust Deed and Rules of the Scheme. 10. On what legal basis is the automatic transfer of DC Section and AVC funds being made? The transfer would be made by the Trustee of the Metal Box Pension Scheme in accordance with its powers under the Scheme s trust deed and rules. In exercising this power to transfer member s DC benefits and AVCs, the Trustee must comply with various legislative requirements designed to protect members and would take professional advice in relation to the transfer. The Trustee would also comply with Department for Work and Pensions (DWP) guidance issued in April 2018: Bulk Transfers without consent: money purchase benefits without guarantees. The proposed new DC plan 11. Could I transfer out of the new DC plan? If I did this, could I re-join at a later date? How many times could I do this? You would be able to transfer your benefits from the new DC plan if you wished. More information about how to do this and any associated restrictions would be issued to you if the proposed changes go ahead. If you decided to opt out, you could re-join the new DC plan at any time. If you meet the criteria for automatic enrolment, we would by law be obliged to automatically re-enrol you every three years. If you stopped paying contributions to the new DC plan you could leave your savings (which would include the contributions paid by you and the Company together with savings transferred from the DC Section of the Scheme or the AVC Plan) invested in the new DC plan. Alternatively, you could transfer your benefits to another pension scheme, or you could access them if you have reached minimum pension age and are no longer employed by the Company. It is no longer possible to pay short service refunds (when contributions have been paid for less than two years). Other options may be available to you and the Company suggests you speak to a financial adviser to discuss retirement planning. More information will be provided if, following consultation, the proposals are implemented. 12. How does the contribution structure in the proposed new DC plan compare with our competitors and other employers? The analysis in the below table is a summary of the benchmarking exercise carried out by the Company. Employee contribution rate Crown (proposal) 6% 9% Median Mercer survey rates* Mean Unite database rates** 6% 8% 5.4% Maximum employer contribution rate 9.3% (8.5% for similar companies) * Mercer s 2017 UK Total Remuneration Survey extract based on manufacturing peer group ** Unite s database of 265 DC Schemes 2

3 13. Could I still join the new DC plan if I have reached the Lifetime Allowance (LTA)? Yes. All current and future employees would be eligible to join the new DC plan, but if you have reached the LTA, you may want to take independent financial advice before doing so as you may have to pay tax on any further pension you accumulate. If you have registered for any Lifetime Allowance protections you should take professional advice as some protections can be lost if any further contributions are paid. 14. What would the retirement age be in the new DC plan? You would be able to choose when to retire (as long as this is after you have reached Minimum Pension Age). You would also be able to choose your own Target Retirement Age (TRA) in the new DC plan. Your TRA would be relevant to savings in the Target Date funds which start to change investment strategy as you approach your selected TRA. For anyone who did not choose a TRA, there would be a default Normal Retirement Age which is likely to be age 65. More information would be issued to you in due course. 15. Will the Company consider getting someone from Aon to give presentations about the new DC plan or offer one-to-one sessions? No decision about whether the changes will go ahead will be made until after the consultation period is over and all feedback has been considered. More information can be provided in due course and if the changes go ahead, arrangements will be made for Aon to run workshops at all sites. These would be group sessions. 16. Would flexible drawdown be available in the new DC plan? Yes. If the proposed changes go ahead, The Aon MasterTrust would be able to offer flexi-access drawdown directly. 17. The management charges for the new DC plan look lower than for the current DC Section of the Scheme. If they are cheaper, how can we be sure that the funds would be well-managed? The management charges in a master trust are generally lower than those in other trust-based schemes run by a single employer group like the Metal Box Pension Scheme. That is because many different employers participate in a master trust, so the costs can be spread across more employers and more members. The Company considered the investment options that would be available to members when it was reviewing potential master trust providers, and it is confident in the investment options that The Aon MasterTrust would offer members. The Aon MasterTrust s current Board of Trustees comprises three independent trustee directors. The trustee directors are completely independent from Aon itself and, just like the Trustee of the Scheme and AVC Plan (Metal Box Pension Trustees Limited), they are responsible for looking after the master trust in the best interests of its members. This includes regular reviews of the investment funds available. From April 2019, master trusts will need to have passed a rigorous authorisation process run by The Pensions Regulator. This gives assurance that master trusts will be subject to a highly regulated governance framework. 18. Would there be any charges or limits if I transferred pensions from previous employers into the new DC plan? If the proposals went ahead, The Aon MasterTrust would be able to accept transfers-in of as many previous pension arrangements as you wish. There would be no charge to members to do this. More information about the process for transferring pensions into the new DC plan would be issued to you if the changes go ahead. 19. Would the new DC plan be funded by the closure of the DB Section? Would the value of my AVC/DC account be used to set up the new DC plan? No. The Company would bear all of the cost of setting up the new arrangements and the whole of members savings in the AVC Plan and DC section would be transferred into the new DC plan. 20. Would my pension in the new DC plan still work on the best three years of the last 10 years pay? The new DC plan would be a defined contribution arrangement. In a defined contribution arrangement, pension benefits are not directly linked to your salary. More information about how the new DC plan would work is available in the consultation newsletter that you have already received. Contributions to the new DC plan 21. Minimum contribution levels to the DC Section increased last year and this effectively negated any pay increases. With a further increase being proposed, will the 2019 pay reviews account for the fact that DC Section members will be required to pay more into their pension? The Company needs to ensure that contributions to pension arrangements meet certain legal requirements, so changes are required from time to time. The Company conducts pay reviews on an annual basis and these are not linked to your pension benefits. Any changes made to your pension scheme contributions are not considered as part of your annual pay review. 22. Why is the proposed contribution structure at the level it is? Why isn t the Company proposing to pay more into the pensions of those who cannot afford to contribute as much themselves, i.e. why does a 4% employee contribution only get a 5% Company contribution why not more? Why does the Company contribution stop at 9%? The Company wants to help employees and the proposed contribution from the Company in the new DC plan would be higher than required under legislation (see below) and higher than the current DC Section of the Scheme. The proposed Company contribution is also in line with market practice (see question 12). From April 2019, the minimum contribution rates for DC schemes set by the UK Government will usually be 8% of qualifying earnings, of which at least 3% is payable by employers. If it decides to proceed with the proposals, the Company would like to encourage employees to benefit from the maximum Company contribution of 9% by paying in 6% or more. Also see question 12. 3

4 DB Section pensions 23. Could I start to draw my pension before on or from 31 March 2019, if I have reached minimum pension age but continue working for Crown (instead of leaving my pension deferred in the Scheme)? Company consent is required for pensions to be paid directly from the Scheme whilst a member is still employed by the Company. Alternatively, you could transfer your savings to another pension arrangement and access them in that way. Please note, however, that Company consent would also be required for benefits to be accessed from the new DC plan. 24. We were asked to make additional contributions two years ago, and we were assured they would keep the Scheme well-funded. Why has that changed? Will we be reimbursed? The additional contributions paid by DB Section members since April 2016 were to help meet the increased costs to the business that came about as a result of changes to National Insurance payments. They were not connected with the funding level of benefits already earned in the DB Section, but were a requirement for members who wished to continue to earn benefits in the DB Section. They will not be reimbursed (see question 25 for more details). 25. Will I get a refund of the extra NI contributions I ve paid? No. The increase in the National Insurance contributions was a government requirement. In April 2016 the government replaced the two-tier State Pension with a new single-tier pension. Prior to this the DB Section of the Scheme was contracted out of the second-tier state pension. This meant that before April 2006, employees who were active members of the DB Section paid reduced rate National Insurance contributions to the Government as did the Company, and those members in return received a reduced level of State Second Pension. In April 2016 the option to pay reduced rate National Insurance contributions was no longer available and so employees who were active DB Section members started to pay National Insurance contributions to the Government at the same rate as DC Section members. If the proposals go ahead, all active members would continue to pay the same standard rate of National Insurance contributions as they are now. The rate of National Insurance contributions is determined by the UK Government and may change from time to time. 26. What happens to the investments the Company makes on DB pensions? All the Scheme s investments are held separately from the Company s assets. The management of the Scheme s investments is the responsibility of the Trustee, not the Company. The Trustee would continue to be responsible for managing the Scheme s investments if the Company s proposals are implemented. 27. How does a deferred lump sum differ from a transfer value? The deferred lump sum is the proportion of your benefits you take as a cash lump sum at retirement. Currently, under HMRC rules, you can take up to 25% of the value of your benefits as a tax-free cash sum at retirement. If the proposed changes go ahead, DB members would become what is known as deferred in the DB Section, which means that benefits would be calculated on the date the Scheme closes and then increased each year between that date and retirement to help your benefits keep up with inflation. The 25% cash lump sum is known as the deferred lump sum because your benefits have become deferred. A transfer value is the amount that would be paid to another pension scheme if you decided to move all your savings out of the Metal Box Pension Scheme. The transfer value cannot be paid directly to you. Depending on the type of pension scheme you transfer to, you may be able to access flexible retirement options including various cash options which may be taxable. 28. Has the Company considered that these proposals affect the longest-serving employees in the DB Section the most? Has it considered any compensation, bonus payments, backdated pay rises, transitional pension payments or other ways to soften the blow for these employees? The Company is aware that different employees would be affected by the proposals in different ways and there will not be any compensation. 29. Would the Company consider waiving early retirement reduction factors? Early retirement factors are applied to any pension benefits taken before Normal Retirement Age because these benefits will be paid for a longer period and the Scheme s investments are given less time to grow to meet the cost of paying for the benefits. If early retirement factors are not applied to benefits paid early, there would be an increased funding strain to the Scheme. The Company has no plans to ask the Trustee to waive early retirement factors. 4

5 30. Are the proposed changes to contributions for DC Section members reliant on the closure of the DB Section? Yes. The proposed changes are to provide the same pension arrangements for all employees in the future. 31. What is my pension worth? Your personal illustration will give an estimate of retirement benefits under particular assumptions. It will include estimates of your pension benefits if you retired at age 60 and 65 if you are a DB Section member, or age 65 and your Target Retirement Age if you are a DC Section member. You can use the modellers to investigate different ages or the impact of different assumptions (for example, the impact of different investment growth rates or inflation rates). Employees who have joined the DC Section very recently may not receive an illustration as their record would have been updated after the illustration data was prepared. DB Section members who have reached minimum pension age and are considering retiring on or before 31 March 2019 can request a quotation for a specific retirement date from Equiniti in the normal way. 32. Will Crown still support the Scheme if it is closed? Will the Company still put money in? Will it always be under-funded and if so, what is the hierarchy for allocating the pot? Is it first come first served? The Company would continue to support the Scheme if it is closed to future accrual. If the changes go ahead, the Trustee and the Company would continue to monitor the funding level of the Scheme regularly and undertake formal valuations which will determine what contributions the Company needs to pay to the Scheme to ensure benefits are paid. The aim is for the Scheme to return to a fully funded position. At 31 March 2018 the estimated funding level on an ongoing basis was 97%. 33. Would my DB benefits be protected? If the proposals went ahead, you would stop building up DB benefits in the Scheme on 31 March Your deferred benefits in the Scheme would be protected and preserved in the Scheme. Information about how they would be calculated can be found in the response to question 25 in Q&A2. In the unlikely event that the sponsors of the Scheme suffer a form of insolvency, and the Scheme has insufficient assets to meet the cost of benefits assessed in a particular way, further protection may be provided by the lifeboat scheme for defined benefit schemes known as the Pension Protection Fund (PPF). For further information please see the PPF s website at AVCs 34. Could I take my AVCs out as cash rather than having them transferred to the new DC plan? How much notice would I have to give? Company consent is required for benefits to be paid directly from the AVC Plan whilst still employed by the Company. This requirement would also apply in order for savings to be accessed from the new DC plan. All AVC Plan accounts would be transferred into the new DC plan if the changes go ahead. Your AVCs would be ring-fenced as having originated from your AVC Plan account. After the transfer has taken place, you could choose to transfer the value of your AVC Plan account out of the new DC plan, but if you do this you would not be able to use your AVCs to buy extra benefits in the DB Section of the Scheme at retirement. 35. What would happen to my AVCs if I decided not to join the new DC plan? If the changes go ahead, the value of your AVC Plan account would be transferred into the new DC plan. If you opted out of the new DC plan, your AVCs would remain ring-fenced in the new DC plan and their value would go up and down in line with how your investments performed. Alternatively, you could choose to transfer the value of your AVC Plan account out of the new DC plan, but if you do this you would not be able to use your AVCs to buy extra benefits in the DB Section of the Scheme at retirement. 36. How much does the Company expect to save by no longer matching AVCs? The Company paid 76,000 to the AVC Plan for DB Section members in the year ending 31 March There is no Company match to further contributions (AVCs) paid by DC Section members. 37. When will my AVC/DC fund value be calculated? Could Brexit impact this? If the Company proposal goes ahead, the Trustee would need to decide the timing of the transfer of savings from the AVC Plan and DC Section to the new DC plan. This has not yet been finalised. The Trustee is taking professional advice on this and more information would be provided in due course. 38. If we didn t want to join the new DC plan, could we continue to pay into the AVC Plan from our own bank accounts rather than through payroll? No. Part of the proposal is that benefits already accrued under the AVC Plan and DC Section would be transferred to the new DC plan. This would allow the AVC Plan to be wound up. To keep it open would have associated costs and continued governance requirements for the Company. 5

6 Ill-health Retirement 39. What changes are being proposed to Ill-health Retirement? Would I be worse off? If you are ill, in most cases you may only be absent for a short time. However, if you become seriously ill or are unable to work due to injury, the Trustee can use its discretion to allow you to take ill-health retirement and award you an ill-health pension. The discretionary pension currently payable from the Scheme depends on the nature of your ill health or disability and whether you are a member of the DB or DC Section. This is explained further below. DB Section (before proposed changes) An example is shown based on a member, with 180 accrued units, earning six DB units per year, age 55 at retirement with NRA 65 and Final Average Earnings of 30,000 per annum. Unable to carry out normal duties The pension you would have earned had you continued to work and accrue DB units until age 60 with no reduction for early payment. Pension earned to date: 180/360 x 30,000 = 15,000 per annum Top up pension: 30/360 x 30,000 = 2,500 per annum Permanent incapacity The pension you would have earned had you continued to work and accrue DB units until age 60, with no reduction for early payment. Pension earned to date: 180/360 x 30,000 = 15,000 per annum Top up pension: 60/360 x 30,000 = 5,000 per annum DC Section (before proposed changes) An example is shown based on a member who has paid at least 3% contributions for five or more years, age 55 at retirement with Final Average Earnings of 30,000 per annum. Unable to carry out normal duties A pension equal to 1/200 x Final Average Earnings x prospective service from the date of your retirement to age 60. (you must have paid contributions at 3% or more for at least five years to qualify). The top up pension would be 1/200 x 30,000 x 5= 750 per annum. Permanent incapacity A pension equal to 1/100 x Final Average Earnings x prospective service from the date of your retirement to age 65. The top up pension would be 1/100 x 30,000 x 10 = 3,000 per annum. If the proposed changes go ahead Under the proposals there would be no discretionary top up pension for any employees. The Trustee may use its discretion to allow members who retain their DB deferred pension in the Scheme to draw this early without reduction for early payment on the grounds of permanent incapacity (same as for employees who have left employment and retained a deferred pension). In the example above this would be 15,000 per annum (compared to 9,690 per annum after reduction for early payment). Savings in the new DC Plan would be payable for all members. DB transfers out 40. What happens if I ve already requested a transfer value or I m in the process of transferring out? If you have already requested a transfer value or are already in the process of transferring out, this process is unaffected by the proposals. You can complete the transfer if you wish, but you would not then qualify for the Enhanced Transfer Value (ETV) option next year, if eligible. The ETV offer 41. Why is my Enhanced Transfer Value (ETV) not included in my personal illustration? The Company intends to offer an ETV to eligible members (former active members of the DB Section who become deferred members on 31 March 2019) if the proposed changes go ahead. As the consultation period is still ongoing and a decision on whether to proceed with the changes has not yet been made, the Company is not in a position to offer your ETV yet. The estimated transfer value on your annual benefit statement issued in the summer does not include any enhancement and is at a different date to the date the ETV would be calculated. Question 37 in Q&A2 has more details on the timing for the ETV offer. 42. How long would I have to decide about the ETV offer? You would have three months to make a decision from the date you received your offer pack. More detailed information about the ETV offer and its timescales will be communicated to you in late 2019, if the changes go ahead. 43. What enhanced transfer value (ETV) offers have been made to deferred members in the past? Will more offers be made to deferred members in the future? The Company offered an ETV to deferred members of the DB Section earlier this year. This phase of the ETV (for deferred members under age 55) is now drawing to a close and the outcome will be measured as part of the valuation as at 31 March The second phase of the ETV (for deferred members over age 55) is due to start in November If I took the ETV offer, could I transfer my fund into any scheme, or only the new DC plan? If you took the ETV offer, you could transfer the value of your fund into any HMRC-registered pension scheme. You could transfer it into the new DC plan if you wished. You would be required to take financial advice, either through the paid-for service that would be made available by the Company, or your own financial adviser. Either way this advice process would include a recommendation for a suitable receiving scheme. 45. How much would the enhancement be in my ETV offer? It is currently expected that the enhancements to the ordinary transfer value would range from 5% for members who have already reached Normal Retirement Age to 20% for members aged 55 or below. 6

7 Communications / financial advice Remember the helpline is now open: The helpline opening hours are: Monday to Thursday: 8am to 7pm Friday: 8am to 5pm Saturday: 10am to 1pm The helpline is being run by Wealth at Work. You can call the helpline to get further information about the proposals, ask questions and provide your feedback. 46. Why will the personal statements be based on data as at 31 March 2018? Why won t they account for any pay increase that I received after that date? Will we get an update before 31 March 2019? We are using the information that was available to us when we produced the 2018 annual benefit statements. The illustrations will make certain assumptions about increases to pay since that date and if you want to model your benefits based on different assumptions you can use the modellers available at: Will the modeller and illustrations allow for the enhancement to be reviewed? You could use the new DC plan modeller on the Scheme website to get an idea of what alternative flexible retirement benefits you could buy from a particular transfer value amount. To do this, input an assumed transfer value amount into the Fund Balance input box on the new DC plan modeller and then use the Spend page to model possible retirement income outcomes. The consultation period: what happens now and after it s over 49. What is the consultation period? What will happen between now and 31 March 2019? As the Company is proposing to make changes to the pension arrangements, it must consult with pension scheme members for at least 60 days to gather feedback on the proposals. This process started on 18 October 2018 and information will continue to be provided throughout the consultation period. If the Company s proposals go ahead, the changes would take place with effect from 31 March What will happen if the Company decides not to go ahead with the proposals? After the consultation period is over, the Company will consider all the feedback that employees have given. Only then will it make a decision. 51. On first page of the joint statement issued on 2nd October, five items have been noted which the Company has decided against changing. Could they change these anyway? What protection is there to stop this happening? Why have these items been ruled out? Is there a specific reason behind the rationale? The Company is currently consulting on the proposals that the Company has put forward. Any further changes that may be proposed in the future would also undergo formal consultation. 48. Will the Company provide access to Independent Financial Advice as part of this consultation? The Company does not intend to provide you with financial advice as part of this consultation. You can visit to find an adviser in your area. Remember to ensure that anyone you speak to is properly qualified, and be aware that they may charge for their services. By law, neither the Company nor the Trustee can give you financial advice. 7

8 The helpline The helpline is being run by Wealth at Work. You can call the helpline to get further information about the proposals, ask questions and provide your feedback. We suggest that you attend a presentation before contacting the helpline. The helpline number is: The helpline opened on 19 October 2018 at the following hours; Monday to Thursday: 8am to 7pm Friday: 8am to 5pm Saturday: 10am to 1pm The roadshow Presentations will be held at all sites between mid October and mid November. These will be hosted by your HR team with help from Wealth at Work. The presentations will include a face-to-face talk about the proposed changes and you will also have the opportunity to ask questions and provide your feedback. Details of the times and locations of the presentations can be found on the Scheme website: and factory notice boards. If the proposed changes go ahead arrangements would be made for Aon to hold workshops at all sites in the new year about the new DC plan. The modellers Go to and visit the consultation section. Separate tools are available for DB Section deferred benefits, DC Section benefits and the proposed new DC plan benefits. DB Section members can use the active module of the Metal Box Pension Scheme DB modeller to see what their pension could be at different ages under the current pension arrangements. To see what this could look like under the proposed new arrangements DB Section members should use the deferred module of the DB modeller and the DC lifetime modeller DC Section members can use the Metal Box Pension Scheme DC Section modeller to see what their pension could be at different ages under the current pension arrangements and the DC lifetime modeller to see what this could look like under the proposed new arrangements You can use the modellers to see the impact of: Different contribution rates Different investment returns Taking your retirement benefits at different ages Taking your DC benefits in different ways at retirement Please note that the Metal Box Pension Scheme DC Section modeller was built using Flash player which does not run on smartphones. You will need to use a laptop or PC to use the DC Section modeller. The website Visit the website: The Pensions Regulator s role The Pensions Regulator is the body that regulates work-based pension arrangements in the UK, such as the Scheme and the AVC Plan. The consultation process has been designed and structured to meet and exceed legal requirements, best practice guidance and the requirements of The Pensions Regulator. The Pensions Regulator may take action if an employer has failed to comply with its statutory duties in respect of consultation. The Pensions Regulator s contact details are as follows: Address: The Pensions Regulator, Napier House, Trafalgar Place, Brighton, BN1 4DW Telephone: web@tpr.gov.uk Designed and produced by AHC 2018_