August 2013

Kohler Mira Limited

A member’s guide to the

Kohler Mira Pension Plan – Money Purchase (2002) Section

List of Contents

Your pension plan – a brief introduction 3

Joining the Plan 4

Paying for the Plan 4

Investment 6

Retirement benefits 6

Death benefits 8

Leaving the Company 9

Some more information 10

Glossary 14

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Your pension plan – a brief introductionThis booklet describes the main points of the Money Purchase (2002) Section of the Kohler Mira Pension Plan (called ‘the Plan’ throughout).

The Plan was established with effect from 1 September 2001, with the Money Purchase (2002) Section being introduced from 1 August 2002.

The booklet gives the information you need in three parts:

(1) Following this introduction there are six short sections describing the basic features of the Plan.

(2) Following those, there is a longer section headed ‘Some more information’ which gives further information and technical detail which you may want to know.

(3) There is also a Glossary at the end of the booklet. This explains some of the technical terms in the booklet which are in bold throughout.

The main points about the Money Purchase Section (2002) of the Plan are:

OO It is ‘money purchase’, providing you with a pension linked to the amount of contributions paid and the investment return on those contributions. See section 4.

OO It provides a tax-free cash sum at retirement instead of part of your pension, if you wish to take it. See section 4.

OO It provides a tax-free cash sum for your dependants if you die before retirement while employed by the Company. See section 5.

OO It provides a pension for your widow/widower, civil partner or specified dependant if you die while you are an active member of the Plan. See section 5.

OO Both you and the Company contribute towards the cost of the Plan. See section 2.

OO The Plan is not a contracted-out pension scheme, therefore you will receive the State Second Pension (S2P) – previously called the State Earnings-Related Pension Scheme (SERPS), in addition to your benefits from the Plan.

Details about all the above points are given in the following pages.

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Prior to 1 September 2013, membership is voluntary.

With effect from 1 September 2013, you will be enrolled into the Plan automatically unless you are not eligible for ‘automatic enrolment’. For new employees who join the Company after 1 September 2013, you will be enrolled into the Lower Tier of the Plan in line with the Company’s auto-enrolment policy.

This is in line with Government legislation. By law, companies must enrol their eligible employees into an auto enrolment pension scheme to help them save for retirement. The Plan meets the required standards to be an auto enrolment scheme.

If you are automatically enrolled into the Plan, you have the right to opt out if you do not wish to join the Plan. To do so, you will need to request, complete and return an Opt-out form within 30 days of the date you are automatically enrolled. You can request an Opt-out form from Capita, the Plan administrators. If you opt out, subject to eligibility, you may be automatically enrolled into the Plan in the future. The Company would write to you separately about this and you would have the right to opt out again.

If you utilise the 30-day opt-out option above, you will receive a refund of your contributions via payroll.

If you are not eligible for automatic enrolment, you can choose to join the Plan if you are a permanent or fixed term employee of the Company. You will be included in the Plan as soon as you complete an Application Form for membership of the Money Purchase (2002) Section.

Regardless of whether you join the Plan or not, you will be covered for the cash sum death benefit described in section 5 from the date on which you first enter the Company’s employment.

You can join the Plan for full benefits as soon as you reach age 16.

Both you and the Company contribute towards the cost of the Plan.

Your Basic Contributions

Lower Tier

Under the Lower Tier you are required to contribute at the rate of 2% of your pensionable earnings and your contributions will be deducted from your earnings.

Standard Tier

Under the Standard Tier you are required to contribute at the rate of 5% of your pensionable earnings and your contributions will be deducted from your earnings.

Whether you choose to contribute 2% or 5% of your pensionable earnings, the actual cost to you is lower. This is because your contributions are subject to tax relief – see below.

If you are automatically enrolled into the Plan (see section 1), you will join on the default Lower Tier contribution level. However, you can change your level of contributions once a year, or if you have a significant life changing event (as determined by the Company), by contacting Human Resources.

The table below shows a member’s yearly contribution amount across three different annual salary figures. Each is based on the default Lower Tier contribution level.

Your Basic Pay

£16,000 a year

£20,000 a year

£30,000 a year

2% Lower Tier contribution

£320 £400 £600

Your annual tax saving (assuming you pay 20% income tax)

£64 £80 £120

Your 2% contribution costs you

£256 £320 £480

So the actual cost to you as a % of your pensionable earnings is

1.6%

1. Joining the Plan

2. Paying for the Plan

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Additional Voluntary Contributions

You can increase the benefits payable to you at retirement by paying additional voluntary contributions (commonly known as AVCs) to the Plan.

You can pay AVCs of up to 100% of your pay. When you retire, you can use them to provide extra pension or take them as tax-free cash (subject to the maximum amount described on page 7 under ‘Benefit Options’). AVCs may start and stop at any time but since benefits cannot be taken before retirement they should be regarded as a long-term investment.

You will receive a statement each year showing the progress of the AVC account.

If you die while in the Company’s employment the value of your AVC fund will be paid to your dependants as a lump sum or applied to augment the pension payable to your widow/widower, civil partner or dependant.

If you leave before completing two years’ pensionable employment then AVCs can be refunded as explained in section 6. Otherwise the value of the AVC account may be transferred out of the Plan or will remain in the Plan until you retire when its value will be used to enhance your pension.

In a similar manner to normal pension contributions, AVCs attract tax relief, and they are an excellent way of saving for retirement. Further information about AVCs can be obtained from the Trustees.

The Company’s Contributions

The contributions paid by the Company depend on which Tier you choose to join.

Lower Tier

The Company contributes 3% pensionable earnings towards your retirement benefits.

Standard Tier

The Company contributes 7% pensionable earnings towards your retirement benefits.

The Company also meets the cost of providing the lump sum life assurance benefit and dependants’ pensions described in section 5.

HM Revenue & Customs apply an annual allowance to the contributions paid by you and the Company into your account each year (see page 10 for more details). If you go over this allowance, the excess contributions will not qualify for tax relief.

Annual Statements

You will receive a statement each year showing the amounts of contributions credited to your individual account.

In due course a website will be available, on which you will be able to find details of your contributions and your current fund value. Details of the website will be communicated to members separately.

Plan Expenses

The costs of administration and of professional services provided to the Plan are met by the Company and are not deducted from members’ accounts. The investment management charges (see separate Investment guide) are built into the price of the units purchased for you; therefore these charges are met by you.

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3. Investment 4. Retirement benefits

Once you have chosen your level of contributions, you then need to decide how to invest your account. This is to grow your account as much as possible before you start to receive your benefits.

Your investment decision applies to your regular contributions and to those contributions that the Company makes for you. You need to confirm how you want to invest using the new joiner form when you become a Plan member.

You can change your investment choices at a later date if you want to. In due course a website will be available on which you can change you investment choices, details of which will be communicated to members separately.

If you pay AVCs, they will be invested in line with your regular contributions unless you complete a separate AVC form which is available from Human Resources.

All investment carries some risk. The value of your investments can go down as well as up, and you may not get back the full amount that you put in. There are different investment approaches for you to choose from, each of which reflects a different attitude to risk.

There is a lot to think about, but to help you there is a separate Investment Guide (available from Human Resources). The aim of this is to make your decision as straightforward as possible. It includes lots of useful information about the different ways of investing and the different approaches and/or funds you can choose from. Please read it carefully before you decide how to invest your account.

The Plan’s normal retiring date is your 65th birthday. You may plan to retire at a different age – please let Capita Employee Benefits, the Plan administrators, know if this is the case, as it may affect how your funds are invested close to retirement.

Calculation of Retirement Benefits

When you retire, the value of your account will be used to provide your retirement benefits.

The amount of pension or other benefits that will be paid depends entirely on the value of your account which in turn depends on a variety of factors – your age at retirement, your length of Plan membership, the amount of your own and the Company’s contributions, and how well your investments performed.

As pensions will be purchased from an insurance company, the amount of pension payable will also depend on the market rates for purchasing annuities which apply when you retire.

Shortly before you retire you will be given a statement showing the accumulated value of your account. You will then be asked to decide what form you would like your benefits to take (see opposite) and the advisers appointed by the Trustees will then approach the insurance market to obtain competitive annuity quotations for you.

HM Revenue & Customs apply a lifetime allowance to the total value of the benefits you build up over your whole working life (see page 10 for more details). You will have to pay a tax charge at retirement on any excess benefits.

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Please note that benefits can be provided only to the extent that the value of your account allows. Therefore, any choice to take, for example, a cash sum or dependant’s pension will reduce the amount of annual pension payable to you.

Shortly before retirement you will receive details of the various options available.

Early Retirement

With the consent of the Company you can retire at any time between your 55th birthday and normal retiring date (or earlier if you are suffering from ill-health).

Late Retirement

If you remain in the Company’s employment after your normal retiring date and you maintain active membership, you will continue to build up benefits in the Plan. You cannot draw your benefits while you are working for the Company.

Alternatively, you can stop working for the Company and defer taking your Plan benefits until you actually retire.

You cannot retire from the Plan later than age 75.

Benefit Options

You may take part of your retirement benefits as a tax-free cash sum. The maximum amount of cash which can normally be taken is 25% of the value of your account at retirement.

It may be possible, upon request (provided certain legal conditions are met) to pay a lump sum higher than 25% of the overall value of benefits. This would only apply to a small number of employees who may have built up benefits above this limit before 6 April 2006.

The remainder of your accumulated account (or the whole if you do not take a tax-free cash sum) will be used to purchase a pension payable throughout your own lifetime.

Examples of additional benefit options that an insurance company can offer include:

n your pension may be guaranteed to continue for a five-year period if you die within five years of retirement;

n you can arrange for your pension to increase each year at your chosen rate;

n in the event of you dying before your widow/widower/ civil partner or other dependants during retirement, a reduced continuing pension may be payable from the date of your death throughout the remaining lifetime of your widow/widower/civil partner or other dependants or in the case of children until they cease to qualify as dependants.

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Death in Service

If you die while in the Company’s employment before you have reached your normal retiring date, the benefit described below will be payable.

Cash Sum

A cash sum will be payable equal to three times your life assurance earnings. The lifetime allowance also applies to the cash sum.

The cash sum will be payable by the Trustees under discretionary trust to one or more of your relatives or dependants or to your estate as they shall decide. The Trustees will decide who should receive the cash, but you should guide them by completing an Expression of Wish Form. Please contact the Human Resources Department if you need a form.

This discretionary method of payment avoids delays. It also enables the cash sum to be paid free of inheritance tax under present law and practice.

In addition, if you die while in pensionable employment before you have reached your normal retiring date, the benefit described below will be payable.

Widow’s/Widower’s, Civil Partner’s or Specified Dependant’s Pension

If you die while in pensionable employment and leave a widow/widower or civil partner she or he will receive a lifelong pension. The pension will be that which can be purchased by the greater of:

n a lump sum of six times your life assurance earnings; and

n your account (excluding that in respect of any Additional Voluntary Contributions).

If you do not leave a widow/widower or civil partner but leave a specified dependant, the Trustees may at their discretion pay a yearly pension to the specified dependant.

If you do not leave a widow/widower, civil partner or specified dependant, or if your widow/widower, civil partner or specified dependant dies while receiving a pension, and happen to leave children, the Trustees may, at their discretion, pay some or all of the widow’s/widower’s, civil partner’s or specified dependant’s pension to your children.

Death after taking your Retirement Benefits

Whether or not there is a benefit payable will depend on the options you select in accordance with section 4.

If you take a pension and opt for this to be guaranteed payable for five years, then die within that period, a cash sum will be paid equal to the total of 60 monthly pension payments less any pension payments you had already received. The cash sum will be payable by the Trustees as they shall decide, under the discretionary trust described above.

Please note: if you are over age 75 when you die, this benefit must be paid as an ongoing pension instead of a cash lump sum.

If you opted for a reduced pension to be payable to your widow/widower, civil partner or other dependants, in the event that you should die before them, then the agreed amount of pension will be paid for their remaining lifetime (or in the case of children until they cease to qualify as dependants).

5. Death benefits

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6. Leaving the Company

Leaving with more than Two Years’ Membership

If you leave with two or more years of pensionable employment you can choose one of the options described below:

1. You could leave your account invested by the Trustees under the Plan in accordance with your instructions, so that it may later be used to provide retirement benefits, subject to all the options and alternatives, described in section 4 of this booklet.

2. You could have the value of your account transferred to either:

– the pension scheme of your new employer, provided that the trustees of that scheme agree to accept the transfer; or

– a pension arrangement in your own name, for example an approved personal pension plan.

Please note that it may not necessarily be in your interests to transfer your benefits, as this will depend upon the benefits provided in return, under the other plan or arrangement. Each case has to be looked at individually. You should, therefore, obtain as much information as possible before deciding to transfer and should also seek independent financial advice.

Full details of options (1) and (2) above will be available on leaving.

If you choose option (2), no further benefits would subsequently be payable to you or your dependants from the Plan. If you choose option (1), but die before your retirement benefits become payable, the value of your account will be used to provide a cash sum benefit or pension for your widow/widower, civil partner or specified dependant, or other dependants.

Leaving with between Three Months’ and Two Years’ Membership

If you leave with between three months and two years of pensionable employment you can choose one of the options described below:

n An account transfer as described opposite.

n A refund of the value of your account, equal to the sum of your contributions, but not including the Company’s contributions. This refund will include any investment growth, but be subject to a tax deduction (currently 20% for refunds up to £20,000).

If you do not decide between a transfer and a refund within the period specified by the Trustees, currently six months after leaving the Company, you will automatically receive a refund.

Leaving with less than Three Months’ Membership

If you leave with less than three months of pensionable employment you will receive an account refund as described above, or a refund of your contributions payable through payroll, if appropriate.

If you leave the Company before retirement, the provisions described below will apply.

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(1) The Trustees

The Plan is managed by a trustee company (the ‘Trustees’) which is appointed by the Principal Company. The Trustees’ job is to ensure that the Plan is operated for the benefit of members and their dependants in accordance with the terms of its Trust Deed and Rules.

The arrangements for appointing directors of the trustee company comply with the legislative requirements for member-nominated directors. These arrangements will be described in a separate notice.

(2) Expert Help

The Trustees have appointed various advisers and specialists in the complicated field of Company pensions to ensure that the Plan is up-to-date and is run efficiently. This includes an Auditor, an Actuary, Pension Consultants, Administrators, Investment Managers, Legal Advisers and Insurers.

(3) HM Revenue & Customs

The Plan is registered with HM Revenue & Customs (formerly the Inland Revenue). This confers valuable tax concessions which enable higher benefits to be paid than would otherwise be available.

As a result, HM Revenue & Customs apply two allowances to your contributions and benefits.

The lifetime allowance is £1.5 million for the 2013/2014 tax year and will reduce to £1.25 million from 6 April 2014. The lifetime allowance applies to the total value of the benefits you build up over your working life. This includes benefits from all sources apart from the State. So, if you have left deferred benefits in a previous employer’s scheme or you have a personal pension policy, they will all count. These other sources of pension are called ‘retained benefits’.

If the value of your benefits is above the lifetime allowance when you retire, you will pay a tax charge of 55% on the excess (this is made up of a ‘lifetime allowance charge’ of 25%, with 40% tax on the remaining excess).

The annual allowance is £50,000 for the 2013/2014 tax year and will reduce to £40,000 from 6 April 2014. The annual allowance applies to the contributions paid by you and the Company into your account in any one tax year. If you go over the annual allowance, you will lose the tax relief on the excess contributions.

If you think you might be affected by either allowance, we recommend that you discuss your retirement benefits with an independent financial adviser.

(4) The State Pension Scheme

Unless you are a woman paying reduced National Insurance contributions, you will participate fully in the State Second Pension (‘S2P’). This means that, in return for paying full National Insurance contributions, you will receive an earnings-related pension as well as the basic flat rate retirement pension from the State. These State pensions are additional to your pension from the Scheme.

The Government plans to introduce a single-tier State Pension arrangement from 6 April 2016. This will replace the current two-tier system. If you reach State Pension Age before the new system is introduced, you will receive your benefits under the existing two-tier arrangement.

(5) Information about Dependants

You may be asked to provide your birth certificate and, if appropriate, your marriage certificate and your wife’s, husband’s or civil partner’s birth certificate. This is to ensure that the correct benefits are provided. As the Plan provides widow’s/widower’s/civil partner’s and, at the Trustees’ discretion, children’s pensions, please notify the Trustees of any change in marital or civil partnership status and the birth of children.

As an alternative, the Trustees have the discretion to pay a pension to someone other than your widow, widower or civil partner provided that all of the following conditions are met:

Some more informationThis section contains some more information to help you understand the Plan and some technical detail about the Plan itself.

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– you nominate that person as your specified dependant using the appropriate form, whilst you are in service;

– the Trustees are satisfied that the person concerned is financially dependent on you when you make the nomination and remains so until you die; and

– you do not leave a surviving widow, widower or civil partner on your death.

If you wish to nominate someone as your specified dependant please complete the relevant section in the Expression of Wish Form (available from the Human Resources Department).

(6) Payment of Pensions

Pensions will be paid monthly into your bank account.

If income tax is payable on your pension, it will be deducted before you receive payment.

The last instalment of pension due is the payment made before the date of your death.

(7) Payment of Widow’s/Widower’s, Civil Partner’s, Specified Dependant’s and Children’s Pension

Any widow’s/widower’s, civil partner’s, specified dependant’s and children’s pension payable on death in service will be paid in accordance with arrangements agreed with the appropriate insurance Company at the time you purchase your pension.

(8) Evidence of Health

In some circumstances, the Trustees may require you to submit evidence of your good health if the benefits on death in service (see section 5) are to exceed certain limits. In these circumstances, if your health is impaired, the full death benefits may not be provided for you. This restriction only applies in exceptional circumstances, and you will be advised if it applies to you.

(9) Temporary Absence

If you are temporarily absent from work for any reason, your full membership of the Plan will be maintained while your salary is paid. If your salary should cease, your membership of the Plan may be temporarily suspended, but you would be given full information at that time.

(10) Maternity Leave

If you are absent on maternity leave you will remain in membership of the Plan for so long as you are receiving contractual pay or statutory maternity pay, or to the extent required by relevant legislation.

You will remain covered for the death benefits described in section 5 based on your life assurance earnings immediately before your maternity leave commenced. In addition, the Company’s contributions payable under section 2 will continue and be based on your pensionable earnings immediately before your maternity leave commenced. Any salary increase awarded during your maternity leave will also be taken into account for the above purposes.

While you receive contractual pay or statutory maternity pay, your Basic Contributions (see section 2) will be based only on the salary you are actually receiving. The Company’s contributions will be based on your full pay.

(11) Assigning your Benefits

You may not assign your benefits. This means for example that you cannot offer your benefits as security for a loan.

(12) Leaving the Plan while remaining an Employee

If you wish to leave the Plan while you remain an employee, you must give one month’s notice in writing to the Trustees. Bear in mind, however, the Company must check regularly how the automatic enrolment rules apply to its employees, so it may have to automatically enrol you back into the Plan in the future. If this happens, you would be able to opt out again.

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Some more information

If you leave the Plan while remaining an employee then your entitlement to benefits will be the same as if you had left the Company (see section 6), depending on your length of pensionable employment up to the day you opted out.

(13) Transferred-in Benefits

If you have an entitlement to benefits under a previous pension arrangement, it may be possible for a transfer payment relating to those benefits to be made into the Plan. You may wish to consider taking independent financial advice before deciding to transfer your benefits. The Trustees will decide in their discretion whether they will accept a transfer of benefits, each case being considered individually.

If your benefits under a previous pension arrangement have been transferred into the Plan, this will usually involve an additional amount being credited to your individual account and full details will be supplied to you.

(14) Security of Benefits

Assets of the Plan are entirely separate from the Company’s assets and are held by the Trustees in order to pay for benefits as they become due at retirement and other times.

The death benefits described in section 5 are insured by means of an assurance policy issued by a leading insurance company.

(15) Divorce / Dissolution of a Civil Partnership

On 1 December 2000, the Government introduced the option of ‘Pension Sharing’ on Divorce. Here, a member’s benefits will be split at the time of the divorce to achieve a ‘clean break’ between the couple – the member’s own benefits being reduced by a ‘pension debit’, and the ex-spouse receiving a ‘pension credit’ of equivalent value (normally transferable out of the Plan to another suitable arrangement, but possibly used to provide benefits for the ex-spouse under the Plan as though a member in his or her own right – the decision here resting with the Trustees).

Members who suffer a pension debit should note that they may not always be permitted to rebuild their ‘lost’ pension rights.

Also, since the new alternative will involve additional costs for the Trustees and their advisers, the legislation governing it provides that the Trustees may recover charges in respect of any pension sharing activity – either by insisting on the payment of charges before the pension sharing order or agreement is implemented, or by deducting charges from the member’s and/or ex-spouse’s benefits.

You should be aware of all the possibilities here. Your solicitor, working in tandem with the Trustees, will be able to give you more specific information, should you and your spouse divorce.

Please note that under the Civil Partnership Act 2004, civil partners are entitled to the same benefits that might be paid to a spouse for any benefits built up from 5 December 2005, as well as benefits related to contracting-out built up from 6 April 1988.

(16) Changing the Plan

In accordance with the Trust Deed and Rules (see below), the provisions of the Plan may be changed by the Principal Company with the consent of the Trustees, and the Principal Company has the power to terminate the Plan. Full details of the alteration and termination provisions are contained in the Trust Deed and Rules.

(17) Trust Deed and Rules

The Trust Deed and Rules are the legal documents governing the Plan. They set out the duties and powers of the Company and the Trustees and the rights of the members, and are available for inspection on request to your Human Resources Department.

This booklet is a brief guide to the main features of the Plan. While every attempt has been made to ensure that the contents of the booklet are accurate, it should not be regarded as a legal document. If the information given in the booklet differs from the terms of the Trust Deed and

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Rules, or from any legislation, then the Trust Deed and Rules or the legislation will take precedence over the booklet.

(18) Additional Documents

You will receive the following items each year:

n A statement showing the amount of contributions credited to your individual account under the Plan and the value of that account.

n A Trustees’ report containing a summary of the audited accounts and other information about the Plan.

The full statutory annual report containing the full Plan accounts is available on request from your Human Resources Department, as is a payment schedule showing details of the contributions payable to the Plan.

(19) The Pension Tracing Service

The Pension Tracing Service has been set up by the Government to collect information about pension schemes which will enable individuals to trace their past pension rights. Information about the Plan (including the address at which the Trustees may be contacted) has been given to the service in accordance with the appropriate regulations.

Pension Tracing Service, The Pension Service, Tyneview Park, Whitley Road, Newcastle-upon-Tyne NE98 1BA

www.gov.uk/find-lost-pension

(20) Internal Dispute Resolution Procedure

The Plan has a formal procedure in place for the resolution of disputes between members (and their dependants) and the Trustees. This procedure complies with legal requirements. In the first instance any disputes should be referred to:

Chairman of the Trustees of the Kohler Mira Pension Plans Kohler Mira Limited, Cromwell Road, Cheltenham Gloucester GL52 5EP.

(21) The Pensions Advisory Service

The Pensions Advisory Service (‘TPAS’) is available to assist members and beneficiaries of the Plan at any time in connection with any pensions query they may have or any difficulties which they may have experienced and failed to resolve with the Trustees or administrators of the Plan. TPAS may be contacted locally via the Citizens Advice Bureau (which keeps a register of local TPAS advisers) or by writing to:

The Pensions Advisory Service, 11 Belgrave Road, London SWIV 1RB

www.pensionsadvisoryservice.org.uk

(22) The Pensions Ombudsman

The Government has appointed a Pensions Ombudsman who may investigate and determine any complaint or dispute of fact or law in relation to occupational pension schemes which has been made or referred to him in accordance with relevant legislation. The Ombudsman may be contacted by writing to:

The Pensions Ombudsman, 11 Belgrave Road, London SWIV 1RB

Please note that any complaints should first be referred to the Plan’s own dispute resolution procedure or to TPAS (see above) before reference is made to the Ombudsman.

www.pensions-ombudsman.org.uk

(23) Pensions Regulator

The Pensions Regulator has powers to intervene in the running of pension plans where trustees, employers or professional advisers have failed in their duties. It also issues guidance on best practice. Its address is:

Pensions Regulator, Napier House, Trafalgar Place, Brighton, East Sussex BN1 4DW

www.thepensionsregulator.gov.uk/index.aspx

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(24) More Information

Further information about the Plan is available. Members and their dependants may refer enquiries, about the Plan generally or their own entitlements to benefit, to the Human Resources Department.

(25) Data Protection Act 1998

The Trustees need to hold and process personal data in respect of you and your family, in order to ensure that Plan benefits can be calculated accurately, paid at the correct time, and so on.

This means that the Trustees are ‘data controllers’ for the purposes of the Data Protection Act 1998. They have notified the Office of the Data Protection Commissioner of this fact, lodging details of the type of data they hold, the persons to whom it relates (the ‘data subjects’), the purposes for which it is being held, and the persons (such as the various pensions advisers and specialists who assist the Trustees) to whom it might be disclosed.

‘Data subjects’ have extensive rights under this Act, including the right to be given access to the personal data being held in respect of them. Access is subject to a written request and payment of a ‘search fee’ to cover the Trustees’ costs. Requests should be addressed to the Human Resources Department.

Some more information

Glossary

Account

This means the monies standing to your credit under

the Plan and comprises:

(a) your own basic contributions and any additional voluntary

contributions;

(b) the contributions paid by the Company in respect

of you;

(c) any transfer payment received from a previous pension

scheme; and

(d) any interest, income, capital gains or capital losses

arising from the investment of the above.

Annual Allowance

This is the allowance HM Revenue & Customs applies to

the contributions paid into your account by you and the

Company each year (see page 10). If you go over it, you

will pay tax on the excess.

Children

Your children must ordinarily be born of, or legitimated by,

your marriage or legally adopted by you. Other children

who were financially dependent on you or dependent on

you because of disability may qualify at the discretion of

the Trustees. A child will only qualify for benefits for so long

as he is under age 18, or under age 23 and in full-time

education or vocational training or dependent on you

because of disability.

Civil Partner

This is someone you have registered as a civil partner,

following the introduction of the Civil Partnership Act 2004,

which took effect on 5 December 2005. From that date

(and going back to 6 April 1988 for contracted-out benefits),

civil partners are entitled to the same treatment from pension

plans as spouses.

Company

This means the Company by which you are employed

and which participates in the Plan.

This Glossary explains some of the technical terms used in the booklet, which are in bold throughout.

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Dependant

A dependant or dependants means any one or more

of the following:

• yourwife,husbandorcivil partner;

• anyofyourchildren who are under age 18 or under age 23

and in full time education or vocational training or dependent

on you because of disability;

• aspecified dependant;

• anyotherpersonwhoisfinanciallydependenton

you at the date of your death or retirement, and for

this purpose the Trustees have discretion to

consider a person to have been financially

dependent on you if that person and yourself had

been financially interdependent, e.g. where the

person relied upon a second income to maintain

a standard of living which had depended on joint

income prior to your death;

• anyotherpersonwhoisdependentonyoubecause

of disability at the date of your death or retirement.

Ill-health

This means physical or mental incapacity that prevents (and will

continue to prevent) you from following your normal occupation

or which seriously impairs your earning capacity. Before deciding

whether you are suffering from ill-health, the Trustees must

obtain medical evidence that you are (and will continue to be)

incapable of carrying on your occupation.

Life Assurance Earnings

This means your basic earnings in the 12 months preceding

your death.

Lifetime Allowance

This is the allowance HM Revenue & Customs applies to the total

value of your benefits from all sources (except the State) at

retirement (see page 10). If you go over it, you will pay tax on the

excess.

Life Changing Event

This is a significant event in your life, as determined by the

Company. For example, this could mean becoming a parent,

changing working hours, divorce or the death of a spouse.

Normal Retiring Date

This is your 65th birthday.

Pensionable Earnings

This means your annual rate of basic earnings excluding

fluctuating payments such as shift pay, bonus, commission and

overtime.

Pensionable Employment

This means your continuous permanent employment with the

Company while a member of the Plan up to normal retiring date

(or the date of earlier leaving).

Principal Company

This means Kohler Mira Limited, which has overall responsibility

for the Plan.

Specified Dependant

This is someone nominated to the Trustees by you to receive

the pension under section 5, and who is over 18 and is financially

dependant on you. More details are given in paragraph (5) of

‘Some more information’.

State Pension Age

State Pension Age is rising. The current timetable for the rise

is as follows:

• toage65forallwomenby2018;

• toage66by2020;

• toage67by2036;and

• toage68by2046.

If you are unsure when you will be eligible to start receiving

the State Pension, there is a State Pension Age calculator on

the Government’s website:

www.gov.uk/calculate-state-pension

Tax Year

This is the period from the 6th April each year to the following

5th April.

Widow or Widower

This means the person to whom you were legally married

and living together with at the date of your death.

15

SB

3836

Kohler Mira Limited

Cromwell Road, Cheltenham,

Gloucestershire GL52 5EP

01242 221221

www.mirashowers.com