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Joining the AECOM Group Personal Pension A guide to help prepare for the retire

Joining the AECOM Group Personal Pension A guide to help prepare for the retirement you want If you are unable to access this CD or would prefer a paper copy of the contents, please call 08457 556 557. We may record and monitor calls to help us improve our service. Loading Instructions Hardware To get the best from this CD, run it on a Pentium based personal computer running Windows 95 or higher with at least 16Mb RAM. If the CD includes some audio and video sequences, a soundcard will be required and you should ensure that the Video for Windows options have been installed under your operating system. Loading Instructions Place the CD inside your PC’s CD drive. Double click on start.exe in Windows Explorer or ﬁle manager. The application may take a few moments to load, so please be patient! Virus Protection We have checked this CD for computer viruses and we have taken every reasonable precaution to ensure that no viruses which may be present on our computers are transmitted to yours. However, we strongly recommend that you check the CD with your preferred virus scanning software before you use it in your computers. Scottish Widows accepts no responsibility for any loss or damage resulting directly or indirectly from the use of the CD or its contents. ©2007 Scottish Widows. Copyright Scottish Widows 2007. All rights reserved. Unauthorised reproduction of any material or programming contents contained on this disc is prohibited. All trademarks recognised. What’s on this CD? Supporting tools and information to help you make decisions about your company pension Key Features & Example Illustrations The Key Features and example illustrations provide important information about your company pension. Please read these documents before joining. Booklets Pension Investment Approach Guide Pension Funds Investors Guide Your guide to with-proﬁts Policy Provisions Important notes for application Indulge-o-meter Find out if spending a bit less on treats could give you spare cash for your company pension. Pension planner Use this to show how much you might get when you retire. Investment Decision Tool Use this to automatically match yourself to the most suitable investment option for you. Literature & Tools To access the literature and tools on this CD you will require internet access. After reading this literature, we recommend that you either save or print a copy and keep this safe for future reference. www.scottishwidows.co.uk/agpp 1 What we mean when we say 2 What’s in it for me? 3 • Why you should consider joining your company pension What’s best for me? 5 • Your invitation to join 5 • Why join? 6 • Salary sacrifice 6 • How much can I contribute? 8 • What about the State Pension? 9 • What else could you be relying on in your old age? 10 • How much income will I need to live on when I stop work? 11 • How much should I pay into my company pension? 13 • What are the charges? 15 • How will my pension fund be invested? 15 • Use our Investment Decision Tool 18 • Want to take a more hands on approach to investing your company pension? 21 • Self investment option 26 • Changing your investment choice later on 27 • Retirement/death/leaving 29 • What happens if I die before I retire? 29 • What happens if I leave before I retire? 29 • Why your employer has chosen Scottish Widows? 30 How to join 31 • What next? 31 • Need advice? 31 • Online access 32 • Useful contacts 32 • Feedback 32 Contents We hope this guide answers all your questions, but if not, please speak to the pensions department or go to your plan website. Your plan website is shown at the bottom of each page. 2 www.scottishwidows.co.uk/agpp Company pension/your plan The AECOM Group Personal Pension administered by Scottish Widows. Pension fund The payments to your company pension that build up in your name. When you retire, this fund will be used to pay an income for life together with a tax-free cash sum if chosen. Your employer AECOM Ltd or other AECOM operating company as appropriate. Tax-efﬁcient investment Our pension investment funds are generally free of UK income and capital gains tax. However, we can’t reclaim tax deducted at source from the dividends of UK company shares. Tax rules can change. We/us Scottish Widows. Income for life The money your pension fund will pay out once you retire, which is taxed in payment. If you decide to take a cash sum when you retire, it’s normally tax-free. Retirement date The retirement date will be 65 but you can normally start taking your pension at any age from 55–75. Total annual fund charge The charge we make for managing and investing your plan. Pensions department This is the AECOM Ltd pensions department. Your pension adviser This is TISCO Financial Planning Ltd. TISCO is a ﬁrm of independent ﬁnancial advisers based in St. Albans with corporate clients countrywide. TISCO specialises in the delivery of pensions advice in the workplace and this can be done by a variety of communication methods such as face-to-face, group presentations, webinar and telephone. TISCO Financial Planning Ltd has been voted Winner in the Corporate Adviser Awards 2009, category of Small Firm of the Year. What we mean when we say: www.scottishwidows.co.uk/agpp 3 What’s in it for me? Here are some reasons why you should consider joining your company pension • Your employer will make contributions in addition to the amount of your salary that you choose to sacriﬁce • Using salary sacriﬁce to pay your pension contributions means you pay reduced National Insurance contributions • It is a very tax-efﬁcient way of saving for retirement • You have the opportunity to pay more into your plan to help boost your savings for retirement • The sooner you start paying in, the longer your pension fund has the opportunity to grow • If you leave your job, you can take your plan with you, including the payments your employer has made • When you retire, you can take a tax-free cash lump sum, plus a taxable income for life • To help make your investment decision easier, we have designed some simple investment tools • It’s easy for you to join. • Your plan has been awarded a Pension Quality Mark in recognition of being a high quality deﬁned contribution pension scheme. For further information please visit www.pensionqualitymark.org.uk What’s in it for me? 4 www.scottishwidows.co.uk/agpp By sacriﬁcing £80 of your reference salary per month, your net pay after income tax and National Insurance Contribution deductions will reduce by just over £55 a month to save £180 a month into your plan* *This assumes a basic rate tax payer with a reference salary of £24,000 a year sacriﬁcing 4% of their salary and their employer paying 5% of reference salary. What’s in it for me? www.scottishwidows.co.uk/agpp 5 What’s best for me? A step-by-step look at making your pension decisions What’s best for me? Your invitation to join Your employer is working in conjunction with us and your pension adviser to provide this company pension. We hope you will decide to join. If you do, it could be of life-long beneﬁt to you. By giving you this opportunity, your employer is showing how much they value: • your contribution to their business, and • helping you with your ﬁnancial security in retirement. Avoid having to work ‘til you drop Whatever your personal ambitions, you’ll need money to enjoy life to the full. That’s where this company pension could help. State retirement ages are going up. Depending on your age now, you may have to wait until 68 before getting your Basic State Pension. But, by joining this company pension you may be in a position to retire earlier or have a better lifestyle when you eventually stop work. Whatever you want your retirement to be, having a pension could help you enjoy it more Giving up work doesn’t mean giving up living. When you retire, what do you think you’ll be looking forward to most? your choice No longer having to work Spending more time at home and with your family Taking up new activities that you haven’t had time for to date Or something more exotic? Seeing more of the world Buying a place in the sun Moving abroad Enjoying the simple pleasures in life? 6 www.scottishwidows.co.uk/agpp Why join? A company pension is a good way to help get the retirement income you need Unless your retirement is already on the horizon, you may struggle to picture exactly what you’ll be doing in 20–40 years time. But, whatever you want your retirement to be, a company pension should help give you a ﬁnancial cushion to enjoy it that bit more. • When you join, there’s the feel-good factor of knowing your company pension is there in the background, quietly doing its job. • Because it’s earmarked for your retirement, you can’t dip uploads/Ingenierie_Lourd/ agpp-guide-1.pdf