My Library

My Quick Guide

QG

My Quick Guide gives an overview of the Plan to help you make the most of your membership. It’s particularly useful if you’re a new joiner, as it summarises:

  • how the Plan works;
  • what to expect when you first join;
  • information about how Company and employee contributions work; and
  • details of the benefits provided to you and your dependants by the Plan.

My Handbook

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My Handbook gives full details about all aspects about the Plan including:

  • how the Plan works;
  • the types of contributions you can make to your pension account;
  • what happens when you retire, including all the options available to you;
  • what happens if you die while in service, or after you retire; and the State Pension benefits.

My Investments

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My Investments gives you an overview of the important things to consider when investing, plus it explains:

  • the different types of investments available;
  • the types of risk;
  • your investment options.

My Default Strategy

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My Default Strategy guide explains how the Default Strategy works. It outlines:

  • the options you have within this strategy;
  • an explanation of blended funds; and
  • how the Default Strategy options align with different retirement plans.

My Fund Range

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My Fund Range updated quarterly, looks in detail at the performance and objectives of each of the funds available in the Plan, plus it includes:

  • information around risk;
  • guidance on how to make your investment choices on MyPension; and
  • contact details of the fund managers responsible for each of the funds available in the Plan.
Trustee roadshows

The Trustee Directors regularly meet with members across the Company at their Trustee roadshows. The aim of these events is to provide an interactive way for you to find out about the Plan, including how it works, how the Trustee is looking after your money, and why you should make the most of everything the Plan has to offer.

In case you missed the 2019 roadshow, or if you'd like to refer back to the materials, you can find the materials here.

You can also watch a recording of the 2018 roadshow here

Chairman's Statement 2018

The annual Chairman's Statement describes the Trustee Directors' work during 2018, how they have been delivering good value for members through the Plan, and ensuring that member's have the potential for a good outcome for life after work. Read the 2018 Chairman's Statement now. 

Privacy Notice

The Trustee of the Plan hold information necessary for the management of members’ valuable Plan benefits and they have strict safeguards in place for how they collect, process and protect personal information. Read the Trustee's full Privacy Notice for details of these activities. 

 

 

 

Tax Glossary

Read our Pensions Tax Guide, which includes information on the Annual and Lifetime Allowances, and steps you can take to check your tax position and consider alternative options.

Don't be overwhelmed by jargon, see our useful glossary for details of common tax terms.

 

Adjusted income is your total taxable income from all sources, including:

  • All UK taxable earnings from employment e.g. including salary, bonus, benefits in kind, P11D benefits and the taxable element of a redundancy payment.
  • All UK taxable income from other sources e.g. rental income and investment income.
  • All notional income from pension benefits i.e. all employee and employer contributions to a defined contribution plan.
  • The annual value of benefits built up in a defined benefit pension.

 

The AA is the maximum amount of tax-efficient pension contributions you can make in one year, currently £40,000. This includes contributions made by anyone else into your pension such as your employer. The rules allow you to carry forward any unused annual allowance from the 3 previous tax years to offset any excess.

Your AA will taper by £1 for every £2 of adjusted income (see above) over £150,000, to a minimum of £10,000 if your adjusted income is £210,000 or above. Your AA will be £4,000 for any DC savings if benefits have been taken flexibly - please see the Money Purchase Annual Allowance (MPAA) definition below.

 

The LTA is the maximum value of total pension benefits you can build up over your life without incurring a tax charge. If, when you take your pension benefits, their combined value is more than the LTA, you'll pay a tax charge on the excess. For the 2019/20 tax year this limit is £1,055,000.

 

Since 6 April 2015, the MPAA will apply if benefits have been taken flexibly from a defined contribution pension arrangement (e.g. “flexi-access drawdown” or cash withdrawals). The MPAA is currently £4,000.

A PIP is the period (generally 12 months), over which the amount of pension saving under an arrangement is measured, from the start of the PIP to the end of the PIP. This is used to calculate how much can be saved tax efficiently each year, in accordance with the AA. From 2016/17 the PIPs for all schemes ran in line with the tax year. Prior to this, the PIP of the Plan ran from 1 April – 31 March.

In accordance with the 2015/2016 AA transitional rules, this is the period between 9 July 2015 and 5 April 2016. The AA for post-alignment period is nil, although there is an automatic carry forward of the lower of (£80,000 less savings paid in the pre-alignment period) and £40,000. The pre-alignment carry forward AA must be used for the post-alignment period before any previous years’ carry forward AA.

In accordance with the 2015/2016 AA transitional rules, all open PIPs on 8 July 2015 ended on 8 July 2015. The pre-alignment period is measured from the start of the PIP to 8 July 2015. The AA for the pre-alignment period is £80,000.

Individuals with threshold income of less than £110,000 in total will not have a reduction in the AA irrespective of their adjusted income. Threshold income includes: All UK taxable earnings from employment – so including P11D benefits - but net of employee pension contributions; plus All UK taxable income from other sources, such as rental income. Any new salary sacrifice made on or after 9 July 2015.

The Annual Allowance available in the current year must be used before any carry forward from the previous years.