Your future s in sight. LifeSight Key Features

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1 Your future s in sight LifeSight Key Features

2 2 LifeSight Key Features LifeSight is a new way of saving for your future and has been chosen by your employer to help you prepare for your life after work. LifeSight is a multi-employer scheme, known as a Master Trust, which works in the same way as other defined contribution pension plans, meaning that you contribute into your LifeSight Account each month and choose the way in which your savings are invested. This leaflet sets out the key features of saving with LifeSight.

3 LifeSight Key Features 3 The benefits of LifeSight Your LifeSight Account gives you insight into your future so that you are in a better position to reach your goals. We make understanding your pension simple and managing it easier. We ll also be in touch throughout your savings journey, helping you every step of the way. LifeSight can help because: It helps you plan ahead You ll find out when you may be able to afford to retire, using the LifeSight ageometer. It s simple to use Everything you need is online. But if you do need more help, you can contact the LifeSight Team. The more information you can tell us online, the clearer and more personal your experience will be. It s all about you We offer different ways to invest and access your savings. We explain the options and you make the choice. It gives you choice It keeps you up to date We ll get in touch with you at important times throughout your savings journey to help you stay on track. It gives you help and support There are online tools and resources to help you along the way.

4 4 LifeSight Key Features 5860? YEARS OLD The big picture Knowing the age at which you may be able to afford to retire, your predicted LifeSight Age, helps you to see your bigger picture. You can use the LifeSight ageometer to play with different investment and contribution options, as well as enter other savings information, to find a predicted LifeSight Age that works for you. age

5 LifeSight Key Features The first time you log on, your predicted LifeSight Age will be calculated using the information we have about you, estimates about how your savings may grow and assumptions about how much money you may need in later life. Use Step 1 of the ageometer to tell us more about your financial situation and any savings you have to fund your retirement, to help us tailor your predicted LifeSight Age. Note: LifeSight Age is a prediction only and not a guarantee regarding retirement age or savings level. Next steps Use Steps 2, 3 and 4 of the ageometer to find out how different contribution and investment choices affect your LifeSight Age and find the options that suit you best.

6 6 LifeSight Key Features Your choices We ve designed LifeSight to be easy to use and intuitive. And there are lots of tools and resources to help. As a member of LifeSight, you will have four key decisions to make: 1 How much you contribute LifeSight gives you complete flexibility. You choose the contribution level that s right for you. Your employer may also contribute a certain amount into your LifeSight Account each month. Think about what you can afford each month and use the LifeSight ageometer to see the impact this has on the age at which you could retire. The more you contribute now, the younger your LifeSight Age could be. You will be able to model the effect making different contributions has on your predicted LifeSight Age the estimated age at which you may be able to afford to retire before making your decisions. You can also see the impact that different contribution rates may make to the value of your LifeSight Account using the other tools available through your LifeSight Account. You can review and/or update your level of contributions, online, at any time. Remember: contributions might not cost you as much as you think as you may benefit from tax relief, up to certain limits. LifeSight ageometer

7 LifeSight Key Features 7 2 How you invest your LifeSight Account LifeSight gives you options about how you invest the money that you and your employer contribute into your LifeSight Account, giving you the possibility of benefiting from investment returns over time. There are a number of different investment options available to you. You can choose how involved you want to be in the investment of your LifeSight Account. LifeSight provides three different approaches, based on your level of involvement: Lifecycle choose from nine options based on the level of investment risk you want to take and how you plan to access your savings in the future. This means less involvement for you as all nine options automatically change your investment mix to consolidate your savings as you approach retirement. Flexicycle you have more involvement as you build your own Lifecycle. Freechoice you are fully involved as you choose from the wide range of Freechoice investment funds, and monitor and update these yourself throughout your savings journey. Full details of the LifeSight investment options will be available in the LifeSight Investment Guide.

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9 LifeSight Key Features 9 3 Planning your future 4 Future options LifeSight gives you the tools, information and support to help you plan for your future. We ll be in touch with you at important times throughout your savings journey to help you stay on track to meet your goals. LifeSight can also help once you decide that you may be ready to access your savings. LifeSight partners with The Open Market Annuity Service (TOMAS), who can give you financial guidance and personal recommendations on which future option may be best for you. LifeSight gives you flexibility around your options for the future. You may want to purchase an annuity, withdraw all of your LifeSight savings in a cash lump sum, or take one-off withdrawals or regular income as and when you need it. You have flexibility to take money from your LifeSight Account as withdrawals, leaving the rest of your savings invested. You can either continue making withdrawals until you have used all of your savings, or use some or all of the remaining amount to buy an annuity. You can normally take up to 25% of your savings as tax-free cash. This can be taken as a cash lump sum up-front or you may be able to take it in stages as you make withdrawals. Any portion of your savings which does not represent your tax-free element will be taxed at your personal rate of income tax when you withdraw it.

10 10 LifeSight Key Features LifeSight resources LifeSight has lots of tools and resources to help you make the right decisions. This includes: Your online LifeSight Account You can access your LifeSight Account and plan for your future at any time, from any computer or mobile device. Your LifeSight Account will provide you with important tools and resources, meaning that you can log on and learn about your savings whenever suits you best. It also allows you to update your contribution and investment options at any time throughout your savings journey, to make sure that you keep on track with your retirement goals. Spending Planner The Spending Planner is a tool that allows you to add together your various incomes (e.g. State Pension, property, investments and other savings/pensions) to give a big picture view of your savings and how you can use them to fund your future. This will help you to make decisions about your LifeSight Account. The Spending Planner also includes a budgeting tool, which helps you see how much income you may need each month in when you stop working. Savings Planner The Savings Planner allows you to play around with different contribution and investment options to see the impact they may have on your pension savings. You can also use the Savings Planner to review your current savings position in more detail, forecast how much you may have saved at retirement and see what this would mean if you chose income drawdown, bought an annuity or elected to withdraw your savings as a cash lump sum. Once you have found a scenario that you feel comfortable with, you can apply any changes to your LifeSight Account through a few simple clicks. Spending Planner

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12 12 LifeSight Key Features The need to knows Charges As a member of LifeSight you pay an Annual Member Fee to cover the cost of running LifeSight and implementing the changes you request through your LifeSight Account. This is deducted on a monthly basis from the money held in your LifeSight Account. The exact cost of your LifeSight Account will vary based on your investment choices. Joining No entry fee Ongoing You pay an Annual Member Fee, which covers the cost of running LifeSight and the investment management charges you incur through each of your investment choices. The Annual Member Fee is automatically deducted from the units held in your chosen investment strategy You can see Annual Member Fee deductions, taken on a monthly basis, in the Transaction History section of your LifeSight Account This includes unlimited online transactions through your LifeSight Account, such as online investment switches One-off 100 per paper-based (i.e. not online) investment switch Other limited activity-based charges e.g. pension sharing orders on divorce and transfer overseas Please note: All fees are reviewed by the LifeSight Trustees and may change from time to time. You can see any changes to your fees through your LifeSight Account. We will inform you in advance if any one off charges apply to your LifeSight Account.

13 LifeSight Key Features 13 Tax relief on contributions As long as you are a UK resident, contributions generally benefit from tax relief. LifeSight operates a net pay arrangement which means that contributions are deducted from your gross pay before income tax is calculated. For most members, no further action is needed to benefit from the maximum tax relief. However, there are limits on the amount of contributions that will attract tax relief that you should be aware of: Annual Allowance The Annual Allowance is the maximum total contributions or benefits that can be built up in your pension plan(s) in one tax year by you and your employer, without incurring a tax charge. Lifetime Allowance This is a limit on the total value of pension benefits that you can build up tax efficiently in pension plans during your lifetime. You can find out more about tax relief on your pension contributions through your online LifeSight Account.

14 14 LifeSight Key Features Support The LifeSight Team can help explain your retirement options, but neither they, nor the LifeSight Trustees are allowed to give you advice or tell you what choices to make. From age 50, you can access the free and impartial guidance provided by the Government. This service called Pension Wise is available to help you understand the different options you have when accessing your pension savings. The guidance will be provided: Over the phone or on the internet by The Pensions Advisory Service; and In person by the Citizens Advice Bureau. Visit for more information. And to book an appointment between 8am and 10pm, Monday to Sunday: Call from the UK Call from outside the UK Although Pension Wise will help you to consider your options, it will not be able to advise you on which of the different options is right for you. To help with this decision, we encourage you to seek additional guidance or independent advice. To find the name of a financial adviser in your area, visit Managing LifeSight LifeSight is governed by an independent Board of Trustees. They have a duty to keep members best interests in mind when making decisions. They have appointed Willis Towers Watson to manage the day-to-day running of LifeSight. The Board meets regularly and has many responsibilities, including: Reviewing and updating the range of LifeSight investments to ensure they are competitive Offer sufficient choice and flexibility, ensuring LifeSight complies with the law Choosing partners to work with. Administration The day-to-day administration of LifeSight is done by Willis Towers Watson, on behalf of the Trustees. Investments The range of investments is managed by Willis Towers Watson. Legal & General Investment Management is the platform provider for LifeSight.

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