Welcome to the John Lewis Partnership Trust for Pensions

Transcription

1 Welcome to the John Lewis Partnership Trust for Pensions Defined Contribution (DC Section) Publication date: July 2018 Your Partnership Your Pension

2 Contents How does the Defined Contribution section of the scheme work Page 3 What else do I need to know : Frequently Asked Questions Page 5 What are my investment options? Page 8 What options do I have when taking my pension savings? Page 12 What happens if I die? Page 14 Help and information Page 16 Other useful contact details Page 18 Legal information Page 19 Important notes Page 20 This is your guide to the Defined Contribution (DC) Section of the John Lewis Partnership Trust for Pensions On first joining the John Lewis Partnership, the majority of Partners can join the Partnership s pension scheme ( the Scheme ). The Scheme consists of two sections, Defined Contribution and Defined Benefit, and for the first five years of your employment (three years if you joined the Partnership before 1 April 2015) you will only be eligible to join the Defined Contribution (DC) section. The purpose of this guide is to help explain how the Defined Contribution section works. In a nutshell, the Defined Contribution section gives you choice and flexibility over your pension savings: you decide how much to save; what to invest in; and how you take your pension savings. This guide tells you about: l l l how the Partnership helps you to save how your retirement savings could grow the choices you have when you come to take your retirement savings There is lots of information available to help you to understand your pension benefits. If you don t understand something there is further information on the Pensions pages of Partner intranet. Also, go to page 18 of this guide to get contact numbers and intranet links. Page 2

3 How does the Defined Contribution section of the Scheme work? How do I join? If you are eligible, you automatically join the Defined Contribution section of the Scheme after you have worked in the Partnership for 3 months (you will receive more information about whether you meet the criteria and will be automatically enrolled from the Pension Office nearer the time). You can however, choose to join at anytime once you join the Partnership and begin making contributions to your pension savings. After the first month s contribution has been paid, you will be sent a Member Certificate which will contain your account number and will explain how you can view and manage your Defined Contribution pension savings online using an area called Manage Your Account. How does the Defined Contribution section of the Scheme work? It s really simple. You get your own pension account and you pay in whatever you can afford. And, to help save for your retirement, the Partnership matches what you pay into this account, up to 4.5% of your contractual basic pay. Where eligible, unless you opt out, your contributions will be made through a "Salary Sacrifice" arrangement, known as Smart Pension, which means the Partnership pays your pension contributions on your behalf and your pay is reduced accordingly. This saves National Insurance contributions so in most cases will result in a slight increase in take home pay, while making the same pension contributions. The Partnership match any pension savings you make up to 4.5% of your contractual basic pay If you find that you have been automatically put into the pension scheme, this means that you have met the Government s criteria for automatic enrolment. In this case, you will be paying in 3% of contractual basic pay into your pension account. Remember that the Partnership matches what you pay, so the Partnership also puts in another 3%. In total, this means that 6% of your contractual pay goes into your own pension account. Please also remember that the Partnership matches what you pay up to 4.5% of your contractual basic pay. So can you pay more to get more from the Partnership? These contributions are then invested in funds with the potential to grow over the long-term until you are ready to take your benefits. When you come to take your pension savings, you can normally take a proportion tax free. The rest will be taxed in the same way as your other earnings at the time you receive it. The Partnership s Defined Contribution arrangements are administered by Legal and General on behalf of the Trustee of the John Lewis Partnership Trust for Pensions. Page 3

4 How do I change how much I pay? You can change your contribution rate at any time via the 'Manage my Contributions' page (in the Pay and Benefits section) in Partnerlink. Because your contributions are based on a percentage of your contractual basic pay, as opposed to a fixed amount, as your pay increases, so will the contribution, but it will always be at the percentage rate that you choose. How much will it cost me? The table below shows the monthly cost to you for a range of contribution rates and the Partnership s matching contribution. Plus, pensions are a taxefficient form of saving. This means that, if you are a tax payer, you receive tax relief when you pay into your pension. Assuming contractual pay is 17,000 Amount Percentage rate of contractual basic pay Your monthly contribution Partnership match Total monthly contribution How can I keep track of my pension savings? If you want to see the Defined Contribution pension savings that you have already built up, or change your investments, you can do this through the Manage Your Account area, details of which are provided when you first join the Defined Contribution section of the Scheme on your Member Certificate. If you want to change your contribution rate, you can by visiting the 'Manage my Contributions' page (in the Pay and Benefits section) in Partnerlink. Page 4

5 What else do I need to know: Frequently Asked Questions Can I make one-off contributions? Yes, you can contribute extra one off lump sums by visiting the 'Manage my Contributions' page (in the Pay and Benefits section) in Partnerlink. Will I be able to transfer Defined Contribution retirement savings from another pension scheme into my Partnership pension savings? Yes but the Partnership will only match monthly contributions into your Partnership pension savings. If you wish to contribute to a personal pension you will have to arrange this yourself. Can I pay contributions to another pension at the same time? Yes but the Partnership will only match monthly contributions into your Partnership pension savings. If you wish to contribute to a personal pension you will have to arrange this yourself. What happens if I take maternity / paternity leave? If you take maternity/paternity leave, the Partnership will carry on paying contributions to your pension savings, even if you are paid less. The Partnership contributions will be based on your normal contractual basic pay, not the pay you get whilst you re on maternity/paternity leave. You don t have to make contributions whilst on maternity/ paternity leave. If your maternity/paternity leave includes periods of unpaid leave, the contributions made by the Partnership will cease. Page 5

6 What happens if I go part-time? You will still be a member of the Defined Contribution section if you go part-time. Your Defined Contribution section contributions and benefits will be based on your part-time contractual basic pay. What happens when I have been a Partner for five years (three years if you joined the Partnership before 1 April 2015)? When you have been a Partner for five years (three years if you joined the Partnership before 1 April 2015), you will automatically join the Defined Benefit section of the Scheme. This is a different kind of pension benefit that is worked out based on your Pensionable Earnings and the amount of time you have worked for the Partnership after your first five years (three years if you joined the Partnership before 1 April 2015). You don t have to make contributions to the Defined Benefit section, and it will build up alongside your pension savings in the Defined Contribution section of the Scheme. If you are a member of the Defined Benefit section of the Scheme, from 1 April 2016, the Partnership will make an extra regular contribution of 3% of your contractual basic pay into your Defined Contribution pension savings. There is more information on the Defined Benefit section of the Scheme on the Pensions pages of the Partner intranet. Are there limits on the contributions I can pay? There are some restrictions on the amount of contributions you can pay into a pension scheme. For example, there is an upper limit on the amount that you can save tax free (called the Annual Allowance). Pension savings above this amount in any one year, including contributions you may have made to other pension arrangements in that year, will attract a tax charge. Tax considerations Contributions, investment returns and benefits currently receive favourable tax treatment in the Defined Contribution section of the scheme. There are, however, annual and lifetime limits (set by HM Revenue and Customs) on the amount that you can save into any pension scheme. Please refer to the Partner intranet for further information. In addition to the Annual Allowance, there is also a Lifetime Allowance. This relates to the maximum value permitted for your pension savings. As with the Annual Allowance, if the value of your total pension savings from all of your pension arrangements exceeds the Lifetime Allowance, additional tax charges will apply. Ultimately it is your responsibility to make sure that you don t exceed these limits. Please be aware if you have savings in other pension arrangements, you will need to check that the combined values do not exceed tax free limits. You can find out more about the annual and lifetime allowances by visiting the Pensions pages of the Partner intranet. Will taking my Defined Contribution benefits affect my State Pension? No, you will get your State Pension on top of your Defined Contribution pension savings. If you reach State Pension Age after April 2016, there will be a new Single- Tier State Pension. To find out more you can visit Remember your State Pension is paid from State Pension Age. You can delay taking it, but you can t take it early. To get an estimate of your State Pension visit Page 6

7 What if I want to stop contributing or leave? You can choose to stop contributing to the Defined Contribution section whilst you are still working for the Partnership. You can stop contributing at any time by visiting the 'Manage my Contributions' page (in the Pay & Benefits section) in Partnerlink. You will still receive the Partnership death in service life assurance benefit of three times your pay if you stop your contributions. If you stop contributing or leave the Partnership and you have been a member for less than 30 days, the value of the contributions that you have made will be refunded to you (less 20% tax). If you stop contributing or leave the Partnership and you have been a member for more than 30 days, your pension savings will stay invested until you decide to take them. This will generally be from your targeted retirement date but you can choose to take them from age 55. If you do leave the Scheme but remain employed by the Partnership, the Partnership is legally required to re-enroll you into the Defined Contribution section every three years. You will need to stop your contributions again should you wish to no longer remain in the Defined Contribution section. You can do this by visiting the 'Manage my Contributions' page (in the Pay & Benefits section) in Partnerlink. If you leave the Partnership, neither you, nor the Partnership, will be able to add any more contributions to your pension savings in the Defined Contribution section. You will, however, still be able to monitor (and change) your investments in the Manage Your Account area. Can I transfer the value of my Defined Contribution pension savings to a different pension arrangement? You can transfer the value of your Defined Contribution pension savings to another registered pension arrangement at any time once you have left the Defined Contribution section of the Scheme. To do this contact the Legal and General administration team on Target Retirement Age This is the age that you have told the Trustee that your plan to take your Defined Contribution pension savings. If you don t tell the Trustee your Target Retirement Age, we will assume that you intend to retire at the later of 65 or your State Pension Age. Page 7

8 What are my investment options? You decide whether you want to be hands-on and make your own investment choices or not. You are not expected to be an investment expert. If you don t want to make any investment choices, your contributions will be automatically invested in the Scheme s default fund, the JLP Lifecycle. This fund aims to be the best option for the majority of Partners and is designed to potentially maximise the value of your pension savings while carefully managing investment risks. If you do want to have more control over your investments, the Scheme s Trustee has selected a range of other investment funds to choose from. This is the Self Select option. This guide talks about the default fund. Details of the Self Select funds can be found in the separate Defined Contribution Investment Options Guide, which is available on the Manage Your Account area and the Pensions pages on the Partner intranet. What is the JLP Lifecycle? The JLP Lifecycle pre-selects investment funds for Defined Contribution section pension savings. It automatically changes the investment mix used as you get closer to your Target Retirement Age (the age that you have told us that you will start taking your retirement savings). The JLP Lifecycle has three different phases based on the time until your Target Retirement Age called the Growth Phase, the Consolidation Phase and the Pre- Retirement Phase. Choosing the JLP Lifecycle will mean that the investment aims (i.e. the balance between risk and potential return) for your retirement savings will change automatically over time. Percentage investment Page 8 JLP Lifecycle Profile 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Years to retirement (end of) Equity DGF Cash

9 The Growth Phase (more than 15 years until your Target Retirement Age) The aim over these years is to achieve good long term growth for your retirement savings that keeps up with inflation. Increasing the value of your pension savings will help to provide the retirement benefits that you want. Achieving long-term growth that keeps up with inflation will help maintain and potentially increase the future buying power of your pension savings. In the Growth Phase all of your contributions will be invested in the JLP Global Equity Fund. The Consolidation Phase (between 15 and 7 years until your Target Retirement Age) When you reach 15 years from your Target Retirement Age, the aim is to provide continued growth, but at a lower risk, by gradually switching your investments from the JLP Global Equity fund to the JLP Diversified Growth fund each month. The proportion of pension savings invested in the JLP Diversified Growth fund gradually increases until you are ten years from retirement when 40% of your Defined Contribution section savings will be in the JLP Global Equity fund and 60% in the JLP Diversified Growth fund. This proportion remains fixed, until you are seven years from your Target Retirement Age. The pre-retirement phase (when you have fewer than seven years to your Target Retirement Age) The aim over the seven years before your Target Retirement Age is to provide some continued growth but increasing certainty for the value of your pension savings by gradually switching your investments into the JLP Cash Fund so that when you reach your Target Retirement Age all of your Pension savings will be invested in the Cash fund. Your fund is moved into the JLP Cash fund, as this is a more stable fund and so the value of your funds is less likely to be affected by market conditions and provides more certainty closer to retirement. Page 9

10 Indicative charges from 15 years to 0 Years to retirement Approximate monthly Fund Management Charge % Approximate proportion of investments held in the Lifecycle JLP Global Equity % JLP Diversified Growth Fund % JLP Cash Fund % Page 10

11 Investment options questions Why is stability close to retirement important? Greater stability is important so that you can better plan the amount of your Defined Contribution section pension savings that will be available to take as cash at, or soon after, your Target Retirement Age. Your choice of Target Retirement Age It is important that you regularly review the age that you have told us that you want to take your benefits, called your Target Retirement Age. This is because, if pension savings are invested in the JLP Lifecycle, the investment mix changes based on your Target Retirement Age. If you have not chosen a target retirement age, in most cases we will assume that you plan to take your benefits at the later of age 65 or State Pension Age. You can find your current Target Retirement Age from the Manage Your Account area. If you wish to update your Target Retirement Age, you will need to contact the Pension Office. What if I want to take my benefits before my Target Retirement Age? You will be using your pension savings before the automatic investment switching in the JLP Lifecycle is complete. This means that more of your pension savings will be invested in the JLP Global Equity fund and the JLP Diversified Growth fund with the aim to achieve more growth than was planned. The risk is that the value of your pension savings could fall until the actual date that you decide to take your benefits. What if I take my benefits after my Target Retirement Age? Your pension savings will have been completely switched to cash to provide increased certainty. The risk is that your pension savings may miss out on some potential growth that could have been provided by the JLP Global Equity fund and the JLP Diversified Growth fund. As you approach the seven-year point, you should review your Target Retirement Age and your investment choice to make sure that they continue to match your needs. You will be sent a reminder at that time. Important information Remember, the amount of your pension savings is always linked to the price of the investment funds which make up the investment option you choose. This means that the value of your pension savings is not guaranteed and can go down as well as up. Page 11

12 What options do I have when taking my pension savings? The youngest age that you can currently take your benefits is 55, unless you are to receive an incapacity pension due to ill health. When you decide that you want to take your benefits, you will receive full details of: l your benefit choices; Remember, the earlier you retire, the less time you have to build up the value of your Defined Contribution pension savings and your retirement savings will need to last for longer. l the value of your Defined Contribution pension savings; l the steps you need to follow; and l how to get more guidance and advice. If all your benefits are with the Defined Contribution section of the Scheme at the time you want to take your benefits, there are three main options to choose between: Option 1: Take a cash lump sum In most circumstances you can take 25% of your total pension savings tax-free (this would also take into account the value of your Defined Benefit section benefits if you have them). Any remaining Defined Contribution section savings can be taken as a cash lump sum, but would be subject to the highest rate of tax that applies to your other earnings in the tax year that you take your benefits. Option 2: Buy an annuity You can use your Defined Contribution pension savings to buy a secure regular income. This is called an annuity and it pays a pension income for the rest of your life. You can normally choose to take up to 25% of your pension savings as a taxfree cash lump sum before using any remaining money to buy an annuity. Some Partners may have a different Normal Retirement Age (NRA). If you are thinking of taking your benefits and you think your NRA is younger than 65, please contact the Pension Office. The amount of income you might get from an annuity depends on a number of things, including the amount of your pension savings, your age, health and the current price of annuities. You may be able to get a higher income if you have (or have had) certain medical problems or lifestyle factors which would affect your life expectancy. You should look at a variety of options from different providers before making a decision. You can tailor the annuity that you buy to suit your needs when you retire. For example you might decide to go for a minimum guaranteed payment period or you could decide to provide a dependant s pension, which would be paid from the date of your death to your dependants. You may also choose for your pension to increase each year, either by a fixed percentage or in line with inflation. Page 12

13 Option 3: Take a Flexible Income Legally you can spread the withdrawal of income from your retirement savings over a period of time. However, the Trustee does not currently offer this within the Scheme, the option is available if you transfer your pension savings to an external pension provider at the time you plan to take your benefits. It gives you the flexibility to choose the amount and timing of your retirement income withdrawals. Different external pension providers offer different types of flexible income withdrawal options. It s important to look at a variety of providers, options and services before making a decision and remember that these will have their own charges. You will need to understand and decide which of the different products available best suits your needs You can normally take 25% of your total pension savings tax-free under this option. The way that you can take the tax free cash lump sum varies depending on the kind of flexible withdrawal product that you choose. Under this option the taxable portion of your flexible income withdrawal will be taxed as earned income. Depending on how much, and how often you chose to withdraw at any time, could mean that some or all of your flexible income withdrawal is subject to a higher rate of income tax than applies to your other earnings at that time. Page 13

14 What happens if I die? The scheme provides valuable life assurance cover for all Partners with additional benefits for contributing members. Whilst you are still working for the Partnership The Scheme provides the following benefits on the death of an employed member: l a lump sum of three times your annual salary at the date of death l the return of your Defined Contribution fund l potentially a pension payable to your dependants based upon a proportion of your salary at the date of death These are paid to your nominated beneficiaries at the discretion of the Trustee. If you die before you retire and before the age of 75, the lump sum and your Defined Contribution fund will normally be paid tax free to your estate. Other life assurance benefits may be available if you leave dependant children. Please contact the Pension Office if you would like more information. If you have opted-out If you have opted out but you are still working for the Partnership, you will normally be covered for a lump sum death benefit of three times your salary at the date of your death and any contributions made before you opted out would be repaid. If you have left the Partnership If you have left the Partnership, the value of your pension savings will normally be paid as a lump sum to your beneficiaries. After you retire The benefits paid to your dependants after you retire will depend on how you use your pension savings. For example, if you decide to take a one-off cash lump sum, no additional benefits will be paid to your dependants. If you decide to purchase an annuity that includes a dependant s pension, your dependants will receive an income after your death. Page 14

15 Fill in a Nomination form and keep it up to date Whilst the Trustee decides who gets the lump sum payment, it s important that you express your wishes so they can be taken into account. It s simple to complete or update your nomination form. Just go to Partnerlink to complete the electronic nomination form. What happens if I have to stop work due to ill health? If you become too ill to work and are unlikely to be able to work again for the foreseeable future, you can ask the Trustee to be considered for an incapacity pension. An incapacity pension award will only be considered if you are retiring on ill health grounds before your Normal Retirement Age. The pension would be based on some or all of the service you would have completed had you not been forced to retire due to ill health. Incapacity pensions are only paid whilst you are unfit to work and are reviewed periodically. If life expectancy is less than 12 months (confirmed by a registered medical practitioner) the Trustee can agree to award a serious ill health lump sum. Page 15

16 Help and Information Changing or viewing your details, contributions or investment choices You can view or change your details and choices online by going to the Manage Your Account area. To log on you will need a username and password. l If you can t remember your password you can click on the Forgotten your password button which allows the password to be re-set l If you can t remember your user ID you can call the Legal and General help desk on If you would like to change your contribution rate, then you can do this by visiting the 'Manage my Contributions' page (in the Pay & Benefits section) in Partnerlink. If you wish to change your Target Retirement Age, you will need to contact the Pension Office on (internal) or (external). Further information on the pension scheme is available on the Partner intranet through the following path: Home/Being a Partner/Benefits/Pensions Further guidance If you are considering your plans for the future, you may want some guidance and/or advice. The government has set up Pension Wise to provide free and impartial guidance. You can normally use Pension Wise when you are close to retirement (over age 50) to arrange a face to face meeting with them. You can go online at to get more information or call Pension Wise on to book an appointment with: l The Pensions Advisory Service (TPAS) to get telephone guidance l The Citizens Advice Bureau to get face to face guidance Financial advice The Partnership, the Trustee and the Defined Contribution section administrators are not allowed, by law, to give you any financial advice, such as how to invest your pension savings. You may want to consider speaking to a financial adviser. To learn more about finding a financial adviser you can visit Page 16

17 In addition to receiving the audited report and accounts for the Scheme on request, you are also entitled to inspect copies of other documents giving information on the Scheme. In some circumstances copies of the documents can be provided, but a charge may be made for copies, for examples: l the Scheme s Trust Deed and Rules l Statement of Funding Principles - this explains the Scheme s funding plan l the Statement of Investment Principles - this explains how the Trustees invest the money paid into the Scheme l the latest full report on the Actuarial Valuation following the actuary s examination of the Scheme s funding position (produced every three years). Internal Disputes Resolution Procedure If you have a problem which cannot be resolved by Legal and General the Trustee of the Scheme has established a two stage internal procedure for resolving disputes: Please send your complaint to the Head of Trustee Services who can be contacted at: Partnership House, Carlisle Place, London SW1P 1BX. You will normally receive a full response within 2 months. If you are not satisfied with this response, you can refer the issue to the Trustee who will then reply directly to you, normally within 2 months. If you are not satisfied with this response, you can refer the issue to the Trustee within 6 months of receiving the response. The Trustee will then reply directly to you, normally within 2 months. Hopefully any disputes can be resolved by this process. However, if you are not satisfied with the decision, you have the right to refer your dispute to The Pensions Advisory Service (TPAS), details are given below. The Pensions Advisory Service (TPAS) TPAS is available at any time to help members and beneficiaries in connection with any pension questions they may have and any difficulties they have failed to resolve with the Trustee or administrators. You can contact a local TPAS adviser: l by phone on: l using the website: l in writing to: The Pensions Advisory Service, 11 Belgrave Road, London SW1V 1RB Page 17

18 Other useful contact detail The Pensions Ombudsman If TPAS fails to resolve your dispute, you can contact the Pensions Ombudsman. The Ombudsman can help investigate complaints and disputes of fact or law connected with pension schemes. You can contact the Pensions Ombudsman: l by phone on: l using the website: l by enquiries@pensions-ombudsman.org.uk l in writing to: Pensions Ombudsman Service, 11 Belgrave Road, London SW1V 1RB The Pensions Regulator The Pensions Regulator s aims to protect the benefits of pension scheme members and promote good administration of pension schemes. You can contact the Pensions Regulator: l using the website: l by customersupport@tpr.gov.uk l in writing to: Napier House, Trafalgar Place, Brighton, BN1 4DW The Pension Tracing Service The Partnership Pension Scheme is registered with the Pension Tracing Service, who can help members of pension schemes trace their former employers, or the trustees or providers of their previous schemes. You can contact them at: l by phone on: l using the website: l in writing to: The Pension Service 9, Mail Handling Site A, Wolverhampton, WV98 1LU Page 18

19 Legal information The Information held by the John Lewis Partnership Trust for Pensions The Trustee and our administrators hold your personal details and other data about you so that we can run the Defined Contribution section of the Scheme, pay benefits, and for statistical and reference purposes. This data may be passed to the Partnership, our professional advisers or other third parties involved in running the Defined Contribution section of the Scheme to advise you of your benefits; to insurance companies to arrange benefits; to actuaries who advise the Trustee and the Company and any future potential employers. If requested, it may also be provided to Government or regulatory organisations. The Trustee and the administrator have registered with the Data Protection Commissioner and all data is held and processed in the strictest confidence and in accordance with the Data Protection Act You have the right to see personal data held about you on request. You should contact the Pension Office if you believe any information is incorrect or out of date. As a member of the Defined Contribution section of the Scheme you agree to provide such personal data to the Trustee and agree to it being processed. More information about the Defined Contribution section of the Scheme As a member of the Defined Contribution section of the Scheme, you are entitled to more information on its financial security. Each year the Trustee obtains audited accounts for the year which include a report about the investments and a statement by the Auditor. The audited accounts are available on the Partner intranet but members have the right to receive the audited accounts on request. In addition, you will also receive an annual benefit statement setting out the current value of your pension savings. Divorce In a divorce settlement, pension rights are generally taken into account as part of a couple s assets. There are a number of options available to the Court for dealing with pension rights. If you are in the process of getting divorced and would like information, please contact the Pension Office. Page 19

20 Important notes We have taken every care to ensure that this guide is correct at the date of publication. Your entitlement arises under the Partnership Pension Scheme s governing Trust Deed and Rules. If there are any differences between the information in this guide and the correct application of the Trust Deed and Rules, the latter will prevail. You should not rely solely on this document when making decisions about your pension savings. All decisions about the design of the investment options are made by the Trustee of the Scheme, including the funds that are used and can change over time. Future benefits of the Scheme can be ceased or changed by agreement between the Partnership Board and Partnership Council. This guide only provides an indicative summary of the options that will be available to members of the Defined Contribution section of the Scheme. It is not a definitive statement of the law, or the tax position as it may apply to you and should not be interpreted as individual financial advice. The John Lewis Partnership Trust for Pensions is UK registered and governed by UK law so the benefits it can provide are those permitted by the Finance Act 2004 and other UK legislation. If you are an overseas member, please note that you will need to consider the tax position of taking benefits from the scheme in your home jurisdiction. The tax treatment of any benefits taken from the scheme will always depend on your own personal circumstances. It is advisable to consult your relevant financial and/or tax adviser if you are in any doubt as to the extent to which you may be liable to any tax under the Defined Contribution section of the Scheme. Remember that no-one involved in running the scheme can give you individual financial or tax advice. If you are planning or making decisions about your pension savings, you should consider taking professional financial and/or tax advice. Page 20

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