A guide to reviewing your investments
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1 December 2015 Additional Voluntary Contribution Scheme A guide to reviewing your investments
2 Contents Additional Voluntary Contributions (AVCs) A reminder of how AVCs work. 2 Step 1: A brief guide to investments An explanation of the main types of investments and the different ways the funds are managed. Step 2: Where can I invest my AVC account? Details of the investment funds available through the AVC Scheme. - NEW - LifeStyle strategy. - With-Profit funds. 4 Step : Making your investment decisions Guidance on the issues you should consider in making your investment decisions. 6 Step 4: How to choose your funds How do I switch funds? 7 What if I want to transfer my AVC account out of the Fund? 7 We re here to help 8 The small print 8
3 Welcome Welcome to the Allied Domecq Pension Fund Additional Voluntary Contribution Scheme a guide to reviewing your investments. The Trustee of the Allied Domecq Pension Fund has selected a range of investment funds for you, as a member who paid Additional Voluntary Contributions (AVCs) prior to the Fund s closure. The options are selected in line with the Fund s guiding investment principles, which are: l To offer a range of suitable investments for members; and l To allow members to tailor their investment choices to suit their personal circumstances, attitudes and approach to long-term investment. The Trustee has selected a range of investment options from amongst which you can select the option (or options) that suits your objectives and your attitude to risk. These options are monitored by the Trustee and are subject to review on a regular basis. Investment options may change from time to time. In the event that an investment option is withdrawn no further investments may be made to that fund. The Trustee may also choose to transfer any invested AVCs into another investment option if, after taking professional advice, it considers this to be in the best financial interests of the members concerned. In the 2014 Budget, the Government announced new flexibility and freedom for defined contribution schemes. These changes also apply to any funds held through AVC accounts. From 6 April 2015 onwards, all members may choose to take their entire AVC fund as cash, subject to tax above certain limits. Whilst this has actually been an option within the Allied Domecq Pension Fund for some time and has been widely used by our members, it may not be something that you have thought about as part of your own planning for retirement. With this in mind, we ve introduced a new LifeStyle strategy that is now available to all AVC members see page 4 for further details. 1 Helping you This handy step-by-step guide has been designed to take you through the investment funds on offer through the AVC Scheme, and the decision-making process you should consider to help you choose which investments might best suit your needs. It is not intended to cover every detail involved in investment decision making. However, it is designed to give you a good understanding of the principles of investing your AVC account and remind you of the issues you need to think about when making your decisions. You should read this guide carefully and refer to it as necessary when you come to review your current investment decisions. Investment markets undergo many short-term fluctuations but you should always remember that pensions are long-term investments. Answering your questions If you have any questions about the information contained in this guide, please contact the administration team using their details on page 8. Please note that neither the administrator, Trustee, nor the Company can provide you with advice specific to your personal circumstances. If after carefully analysing the choices you are still unsure, you may want to speak to an independent financial adviser who will be able to give you advice based on your personal circumstances. See the section Independent financial advice on page 6 for details of how to find an adviser. This AVC booklet is designed to provide you with general information and is intended purely as a guide. Neither the Trustee nor the Company can provide you with investment advice, nor can they be held responsible for the performance of individual investment funds. Remember, past fund performance is not a guide to the future. ALLIED DOMECQ ADDITIONAL VOLUNTARY CONTRIBUTION SCHEME DECEMBER 2015 l
4 Additional Voluntary Contributions (AVCs) A reminder It may well be that some time has passed since you last reviewed your AVC account. So to begin with let s take a step back and go through how AVCs work and how you might benefit from having paid them. l AVCs are extra contributions that you will have paid into the Fund prior to its closure, with the aim of providing you with a higher pension or to support the amount of tax-free cash that you can take upon retirement. l By paying AVCs, you were building up an additional pension account on top of your main pension from the Fund. l Unlike your Fund benefits, where your pension is based on your pay and service, AVCs are separately invested and the value is used to provide you with additional pension benefits when you retire. l When you come to draw your benefits you can either buy additional pension benefits in the Fund or you can opt to purchase a pension annuity from an insurance company. The pension you receive from your AVC account at retirement depends on the investment returns achieved, the type of benefits you choose at retirement and the cost of buying these benefits. So, making the right investment choices could make all the difference in helping you to have a more comfortable retirement. 2 The responsibility for investment decision making is yours your AVC account will be invested in the funds you select from the range of funds made available by the Trustee. Remember! To check which funds your AVC account is currently invested in, please look back at your most recent AVC statement(s). If you are unable to locate your statement(s), please contact the Fund administrators who will be able to check your records for you see page 8 for contact details. Where can I invest my AVC account? This section of the guide shows you where you can invest all or part of your AVC account. You may also have money invested in one or more of our closed investment funds please see page 5 for further information on how these funds work. You can choose to invest your AVC account in any one, or any combination, of the available investment funds. The funds currently available are detailed in the table below. To help you with your decision, they are organised according to their investment style, the types of investments the funds hold and the risk assessment of each fund. Each fund carries an annual management charge, which the investment manager takes as its fee to manage your investments. These charges are calculated as a percentage of the value of your fund and are detailed in the table below. In practice, annual management charges are reflected in the unit prices of your investment in your AVC account they are not taken out as a deduction from your fund.
5 Step 1 A brief guide to investments Although you are no longer allowed to pay contributions into your AVC account, you still have the freedom to make your own investment decisions regarding them. Which fund you choose to invest in will depend on your view of the various options available and your attitude to risk (see page 4). If you are an experienced investor, this is second nature. However, most of us are not. You are allowed to choose how your money is invested from a range of investment options. The funds currently available allow you to invest in Equities, Bonds/Gilts or Cash. So let s start by helping you to understand the characteristics of each investment type when used in the context of pension saving. Equities Bonds/Gilts Cash Generally, Equity funds: Generally, Bonds/Gilts: Generally, Cash funds: l Are made up of shares in companies traded on stock markets in the UK or overseas; l Are loans to a company (or the Government in the case of Gilts) for a fixed period; l Work in a similar way to a deposit account with a bank or building society; l Are affected by rises and falls in their markets their value can go up or down; l Have experienced the highest short-term changes in value (either up or down) when compared with Bonds/Gilts or Cash; l Have in the past offered higher long-term returns than Bonds/Gilts or Cash; l Pay interest on the amount borrowed and repay the capital at the end of the fixed period; l Pay interest at a fixed rate or a rate linked to inflation (index linked); l Like Equities and Property, Bonds have a market value and can be bought and sold as part of a fund; l Are expected to provide lower returns over the long term than equities or Bonds/Gilts; l Aim to ensure that your capital will not go down, although inflation may reduce the real value of the investment, relative to the cost of living; l Help to protect the value of any tax-free cash amount from falls in value just before you retire; l May be suitable for you if you are not planning to retire for several years and so do not need to think about using your AVC account to buy pension benefits in the short term. Equity funds have in the past had the highest short-term volatility (the frequency and amount they rise and fall in value), but they have also tended to produce the highest investment returns over the long-term. l Their value can go up or down, but returns have tended not to be as volatile as equities; l May be more suitable for you if you are nearing retirement and will soon need to buy a pension annuity; l The price of inflationprotected pensions is linked to the price of index linked Gilts. Bond and Gilt funds have in the past produced a lower investment return than equities over the long term, but have tended to have lower volatility than the investment returns of equity funds. l May be less suitable for you if you have several years until you retire and are looking for your fund to grow in real terms. Cash funds have in the past provided a lower investment return than either Gonds/Gilts, or equity funds over the medium to long term, but have tended to have much lower volatility. With-Profits Funds If you have money invested in one or more of the With- Profits funds, please see page 5 for information on how these particular investments work. ALLIED DOMECQ ADDITIONAL VOLUNTARY CONTRIBUTION SCHEME DECEMBER 2015 l
6 Step 2 Where can I invest my AVC account? This section of the guide shows you where you can invest all or part of your AVC account. You may also have money invested in one or more of our closed investment funds please see page 5 for further information on how these funds work. You can choose to invest your AVC account in any one, or any combination, of the available investment funds. The funds currently available are detailed in the table below. To help you with your decision, they are organised according to their investment style, the types of investments the funds hold and the risk assessment of each fund. Each fund carries an annual management charge, which the investment manager takes as its fee to manage your investments. These charges are calculated as a percentage of the value of your fund and are detailed in the table below. In practice, annual management charges are reflected in the unit prices of your investment in your AVC account they are not taken out as a deduction from your fund. Fund Type of investment the fund holds Risk* Annual assessment management of fund charge (%) Equities Property Bonds/Gilts Cash 4 Market Advantage ( ALMA ) Fund Consensus Fund Medium-High Medium-High 0.25% p.a. 0.15% p.a. (50:50) Global Equity Index Fund High % p.a. World (Ex-UK) Equity Index Fund High % p.a. UK Equity Index Fund High % p.a. Over 5 Years UK Index-linked Gilts Index Fund Low-Medium % p.a. Over 15 Years UK Gilt Index Fund Low-Medium % p.a. Cash Fund Low 1 ** * See page 6 for more on risk the higher the number in this column, the higher the overall risk. ** The underlying pooled fund that the Aquila Life Cash Fund invests in, currently the BlackRock Sterling Liquidity First, incurs fees of 0.125% per annum. This underlying holding and/or fee may be subject to change from time to time.
7 Jargon buster Passive funds l All of the funds shown above, except the Market Advantage ( ALMA ) Fund, are managed on a passive basis. Passive fund management is sometimes known as index tracking. l They aim to match the performance of a chosen market index e.g. the FTSE-100 for UK shares. They aim to follow the market, whether it goes up or down, and so returns do not depend on the success of the fund managers choices. l Passive management takes away the possibility that your investments will do better than the market, but it also limits the risk that they will do worse. l Charges are often relatively low, to reflect the fact that passive fund managers are not making decisions around which individual investments to make. NEW - LifeStyle Strategy We now also offer a new LifeStyle strategy, which is designed to provide a pre-programmed investment journey for your fund and which we are making available to all AVC members. It starts by investing in the Global Equities and the ALMA Funds, but then automatically switches your AVCs into cash over the last three years before Normal Pension Age. The table below shows how this works: 5 100% - 90% - 80% - Cash 70% - 60% - ALMA 50% - 40% - Global Equities 0% - 20% - 10% - 0% years 14 years 1 years 12 years 11 years 10 years 9 years 8 years 7 years 6 years 5 years 4 years years 2 years 1 years 0 years We think that this is a good way of getting ready to actually take your AVC fund as cash when you retire, if that s your plan. We know that this is what most members choose to do, so if you feel that the LifeStyle Strategy is right for you you ll need to ask us to make a switch page 7 of this booklet tells you how to get hold of an AVC Instruction Form. However, bear in mind that, if you don t plan to take all of your AVCs as cash when you retire, the LifeStyle Strategy is probably not for you. ALLIED DOMECQ ADDITIONAL VOLUNTARY CONTRIBUTION SCHEME DECEMBER 2015 l
8 6 If you have AVCs in the With-Profits funds The following investment funds are now closed. This means that, if you have already invested in them, your money can remain there and continue to build up investment returns, but no further money can be transferred into them: l Equitable Life With-Profits Fund; l London Life With-Profits Fund (now administered by Phoenix Life); With-Profits funds aim to provide a smoothed return over the long-term the value of your AVC pension account does not typically fluctuate as a result of investment returns, but is instead paid an annual bonus each year. Payment of bonuses is not guaranteed; they are generally paid from the profits made by the underlying investments. As the profits vary from year to year, some is typically held back in good years in order to provide a bonus in the not-sogood years. You may also be eligible to receive a terminal bonus if you remain invested in the fund until your Normal Pension Age. You should bear in mind that these funds are now invested mostly in bonds and cash, which may not have the prospects for investment return that you expected when you originally invested in them. If you have money currently invested in either of these With-Profits funds you can, if you wish, transfer it to one or more of the funds shown on page 4 or into the LifeStyle strategy described above. However, you should be aware that there may be specific issues associated with exiting a With-Profits fund. For example, moving your money away may incur an immediate penalty or it may mean that you are giving up a potential bonus that would otherwise be added to your fund if you remained invested in it until your Normal Pension Age. We strongly recommend that you seek independent financial advice if you are considering moving your funds from these investments. Independent financial advice Before making any decisions about your investment choices you may wish to seek independent financial advice. If you do not already have an independent financial adviser, you can find one by visiting and choosing Find an Adviser or you can call them on Remember, the value of your investments can go down as well as up and past performance is not necessarily a guide to the future.
9 Step Making your investment decisions - think about your personal circumstances and views It is worth remembering that there is not always a right answer when it comes to investing. You cannot predict the future by looking at what has happened in the past. So just because a fund has performed well up until now is no guarantee it will carry on doing so. Given that you will ultimately use your AVC account to provide additional pension benefits, you should begin by thinking about what you really want from your AVC account. In general there are three areas you need to consider first before making a decision. They are: l How long do you have before you retire? l What is your attitude to investment risk? l Will you take all of your AVC fund as cash, or will you convert it into pension income? l What other sources of cash or income will you have in retirement? Your retirement If retirement is a long way off you may want to consider higher risk funds which have the potential for high growth, but which are more volatile - your investments may have time to recover from the fall in value. Over the long term higher risk investments have, in the past, tended to produce the best results (although there is no guarantee that this will continue). Investments in Equity funds may suit you, but remember, the value of these investments can go down as well as up and you may not get back all of the capital you invest. If retirement is very close say within the next 5 years, you may want to consider lower or medium risk funds because your investments will have less time to recover if their value drops. You may also be more concerned about increasing the certainty of the pension buying power of your investments and also the value of any tax-free cash you plan to take. Bond and Gilt funds will provide more certainty of matching the cost of your anticipated pension and you may wish to invest in cash to match the amount of tax free cash sum you might take. Note that Bonds and Gilts can also fall in value as well as rise. With Cash, your funds will not typically be protected against rises in the cost of living. If you are somewhere in between you can balance risk and reward by investing in a combination of funds. By investing in different funds you are also spreading your risk. Investment risk What is your attitude to your investments rising and falling? l Are you relaxed about your fund value falling for a while, if you believe they will rise again in the long term? Higher risk investments can be a bit of a rollercoaster ride, but over long periods, they have in the past tended to produce the best results. An Equity fund may suit your circumstances. l Would you rather have the peace of mind that your investments are less likely to fall in value? Cash, Gilt or Bond funds might suit your circumstances, depending on whether your plan to take your AVCs as cash or as a regular pension. l If you re somewhere in between, you can balance risk and reward by investing in a combination of funds. l Putting all of your eggs in one basket is often a risky thing to do. You can spread your risk by investing your AVC account into a number of different types of investment. Included on the table on page 4 is a risk assessment rating for each of the funds. The ratings are on a scale of low to high (1 to 4) and are intended as a rough guide. Typically the higher the number the higher volatility and the potential investment return, but also the greater potential for loss. Other sources of income at retirement Will you have other sources of income apart from your pension? l If you have other money, e.g. from property or an inheritance, you may be comfortable investing in a higher risk. An equity fund might suit you. l If your Allied Domecq pension is all you will have, you might not want to be so bold. Alternatively, you may decide that, as this will form your entire retirement income, you will have to try for as big an investment return as possible. How hard will your funds have to work to keep pace with the cost of living? l Generally you may not want to take a big cut in income when you retire. So you ll need your savings to rise in line with the cost of living or with your earnings. If retirement is a long way off and you are expecting your pay to increase throughout your career, low risk investments have, in the past, not generally kept pace with rises in the cost of living or earnings. 7 ALLIED DOMECQ ADDITIONAL VOLUNTARY CONTRIBUTION SCHEME DECEMBER 2015 l
10 Step 4 How to choose your funds This is your AVC account and you re in control. So, if after having read this guide and taken any necessary advice, you decide that you are comfortable with the funds you are invested in, you do not need to take any action. How do I switch funds? If you wish to change where your AVC account is invested then all you need to do is complete an AVC Instruction form. Remember! You can invest in any number of funds from the range on offer (except the closed funds that are set out on page 5), or you can choose the LifeStyle Strategy. 8 To obtain an AVC Instruction Form, download one from the Allied Domecq Pension Fund website at co.uk/avcs or contact the Fund administrators at the address shown on page 8. Can I change my mind? How can I monitor my AVC account? You receive Annual Statements detailing the value of your AVC account and the funds you currently hold. In addition, you can request further information on the available funds by contacting the Fund administrator contact details are shown on page 8. arrangement to contact the Fund administrator - see page 8 for contact details. However, before doing so, we strongly advise you to take independent financial advice to help you fully understand your options. Yes. Choosing your investments isn t a one-off decision. You should regularly review your investment decision to ensure that it continues to reflect your personal circumstances, such as your age, how close you are to retirement and your attitude to risk. So if you wish to change your investment fund choice at a later date you can do so. Please note: You can switch funds whenever you like. However, we would encourage you not to switch too frequently, as investing your AVC account to provide additional pension benefits is a long term decision. What if I want to transfer my AVC account out of the Fund? If you prefer, you may transfer your AVC account out of the Allied Domecq Pension Fund into an alternative pension arrangement, e.g. into your own personal pension or into a pension scheme operated by your employer. If you wish to explore this option further, simply ask the administrator of your alternative pension
11 8 We re here to help If you need to contact someone about any aspect of your AVC account or your Allied Domecq pension benefits in general, you should contact the administrator by: Writing to them at: Allied Domecq Pension Fund PO Box 196 Huddersfield HD8 1EG OR Telephoning them on: (or from overseas) calls answered Monday to Friday 9:00 am to 5.00pm OR Remember to have a look at the Fund website too co.uk They will have access to your Fund details and options. Please note that neither the Trustee nor the administrator is authorised to provide you with advice specific to your personal circumstances or on where you should invest. See page 6 for details on where to go for financial advice. SmartPhone users can scan here for a direct link to the website using an appropriate QR reader app. The small print l Past performance is not necessarily a guide to the future. The value of investments can go down as well as up. l The charges quoted in the table in the section Annual management charge are the current charges for each of the investment options. These charges may vary from time; for example, if the Trustee changes one of the fund managers. l The Sterling value of overseas investments will also rise and fall as a result of exchange rate fluctuations, as well as a consequence of how the investments themselves have performed. l Investment options may change from time to time. In the event that an investment option is withdrawn no further investments may be made to that fund. The Trustees may also choose to transfer any invested AVCs into another investment option if, after taking professional advice, they consider it to be in the best financial interests of the members concerned. l Annual management charges are calculated as a percentage of your fund, usually on a daily basis, and are collected by adjusting the value of your unit holdings. For example, if you are invested in the Market Advantage ( ALMA ) Fund the annual management charge is 0.25%p.a. of the value of your fund. This means that, if your fund is valued at 1,000, the annual management charge works out as 2.50 per year. Designed and produced by Concert Consulting (UK) Ltd. 2015
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