InTrust Welcome from the Chairman Dear Member Welcome to this edition of InTrust, the newsletter for members of the National Trust Retirement and Death Benefits Scheme. We have a new look to the newsletter we hope you like it. We have made the summary of the Annual Report and Accounts more concise but should you want a full version you can request this by email or post from the pensions department. This year we saw the retirement of three of our Trustees. Patrick Gifford our Investment Committee Chair stood down after 13 years, he was our longest-serving Trustee. Julian Prideaux and Alan Johnson also stood down as Member Nominated Trustees (MNT); they have both been trustees for a long time. We will miss all of their experience on the Trustee board. An election to find replacements for the two MNTs was held and Nicky Grace and Peter Pearce were elected to replace them. An employer-nominated trustee to replace Patrick has already been found. His name is Ian Bailey and he is retiring this summer from a career in investment. He will take over next year after other commitments he has are finished. More details will follow once he has been appointed. There have been a number of issues in the news that have affected pensions, the vote to exit the European Community “Brexit” being the most notable. The Trustees have been monitoring how this will affect the Scheme. The funding position was relatively unaffected by the investment market fallout immediately following the vote. The liability-driven investments protected the Scheme from some of the rise in the value of liabilities caused by falling gilt yields. The Scheme benefitted from an increase in the value of its overseas assets due to the fall in the value of sterling. As a result the Investment Committee have hedged more of the currency risk of the overseas assets. The other pension issue that hit the news was the demise of a large retailer and its knock-on impact to its pension given its large deficit. The Trustees are watching the lessons from this case and the likelihood of changes in regulations to tighten up company behaviour. Luckily the National Trust with its asset base and resources is in a different position to that in which the retailer found itself. The summary funding statement is on pages 4 & 5. An important element of the Scheme’s financial security is the National Trust’s “covenant”. This is the NT’s ability and willingness to support the Scheme. The Trustees are responsible for monitoring and evaluating the strength of the NT covenant. We are in the process of replacing the website for the Scheme and will let you know more in the future. If you have any comments about InTrust or any other Scheme communication please let us know by contacting the Pensions Department at the address given on the back page or emailing pensions@ nationaltrust.org.uk. Kind regards, Mike Regan Chairman Patrick has been a Trustee for 13 years and Chairman of the Investment Committee for the last six years he brought with him a wealth of investment experience. He has steered the Scheme investments through two valuation cycles and has helped devise a long term investment strate for the Scheme. It is with much regret we see him go but we hope he will enjoy more time with his family and pursuing his other interests. PENSION BULLETIN | 36 2016 Patrick Gifford
Transcript
InTrust
Welcome from the ChairmanDear MemberWelcome to this edition of InTrust, the newsletter for members of the National Trust Retirement and Death Benefits Scheme. We have a new look to the newsletter we hope you like it.
We have made the summary of the Annual Report and Accounts more concise but should you want a full version you can request this by email or post from the pensions department.
This year we saw the retirement of three of our Trustees. Patrick Gifford our Investment Committee Chair stood down after 13 years, he was our longest-serving Trustee. Julian Prideaux and Alan Johnson also stood down as Member Nominated Trustees (MNT); they have both been trustees for a long time. We will miss all of their experience on the Trustee board.
An election to find replacements for the two MNTs was held and Nicky Grace and Peter Pearce were elected to replace them. An employer-nominated trustee to replace Patrick has already been found. His name is
Ian Bailey and he is retiring this summer from a career in investment. He will take over next year after other commitments he has are finished. More details will follow once he has been appointed.
There have been a number of issues in the news that have affected pensions, the vote to exit the European Community “Brexit” being the most notable. The Trustees have been monitoring how this will affect the Scheme. The funding position was relatively unaffected by the investment market fallout immediately following the vote. The liability-driven investments protected the Scheme from some of the rise in the value of liabilities caused by falling gilt yields. The Scheme benefitted from an increase in the value of its overseas assets due to the fall in the value of sterling. As a result the Investment Committee have
hedged more of the currency risk of the overseas assets.
The other pension issue that hit the news was the demise of a large retailer and its knock-on impact to its pension given its large deficit. The Trustees are watching the lessons from this case and the likelihood of changes in regulations to tighten up company behaviour. Luckily the National Trust with its asset base and resources is in a different position to that in which the retailer found itself.
The summary funding statement is on pages 4 & 5. An important element of the Scheme’s financial security is the National Trust’s “covenant”. This is the NT’s ability and willingness to support the Scheme. The Trustees are responsible for monitoring and evaluating the strength of the NT covenant.
We are in the process of replacing the website for the Scheme and will let you know more in the future.
If you have any comments about InTrust or any other Scheme communication please let us know by contacting the Pensions Department at the address given on the back page or emailing [email protected].
Kind regards,
Mike Regan Chairman
Patrick has been a Trustee for 13 years and Chairman of the Investment Committee for the last six years he brought with him a wealth of investment experience.
He has steered the Scheme investments through two valuation cycles and has helped devise a long term investment strategy for the Scheme. It is with much regret we see him go but we hope he
will enjoy more time with his family and pursuing his other interests.
PENSION BULLETIN | 36 2016
Patrick Gifford
Mike Regan* Chairman.
Previously Global HR Director of AB Electrolux and Chair of Trustee Boards of the Electrolux (UK) and Calor Pension Schemes.
Andrew Hutton* Director of A.J. Hutton Ltd, investment advisory firm. Previously at J.P. Morgan and Coutts. Director of Schroder UK Growth Fund plc,
chairman of J.P. Morgan Global Emerging Markets Income Trust plc, Trustee of Kusuma Trust and member of governing body of Lister institute of Preventive Medicine.
Brendan McCarthy + from February 2014
A deferred member of the Scheme who left the Trust in 2010 after 28 years.Former
Regional Director in two Regions. Currently Chief Executive of the Greenwich Foundation, Director of Visit Greenwich and Chairman of the Maritime Greenwich World Heritage Site.
Peter Griffiths + Former Regional Director for the National Trust in the East of England. Trustee of the Octavia Hill Birthplace Museum, Trustee of the
Marks Hall Estate, Essex, board member of the Norwich Heritage Economic and Regeneration Trust, and Chairman of the Norfolk Archaeological Trust.
Steve Tyson* Independent Investment Adviser.
Former CIO and CEO, now a Senior Adviser for AllenbridgeEpic and acting
as a Trustee/Chair and Investment Adviser to several corporate and local government pension plans.
Peter Pearce + Peter Pearce FRICS worked for the National Trust as a land agent in the East Midlands and then Southern Regions, directing the restoration
of Uppark in West Sussex after its devastating fire in 1989. Thereafter he was Director of the Landmark Trust until 2012 and then the Edward James Foundation in West Sussex, which runs West Dean College for arts, crafts and conservation training. He is now Director of the Mary Roxburghe Trust, created by Bamber Gascoigne to care for West Horsley Place in Surrey, and soon to be the new home of Grange Park Opera.
Nicky Grace + I retired from the Trust at the end of 2014 and now live in beautiful Teesdale in County Durham. As well as the pension scheme I am involved with
the local arts centre and Darlington College. Life is also busy with walking, gardening, theatre, holidays and meeting new and old friends including former colleagues.
Board of Trustees * nominated by the National Trust + nominated by members
A Note from Steve Tyson the New Investment Committee ChairmanI have recently succeeded Patrick Gifford as chair of the Pension Scheme’s investment committee. Patrick served for many years as a trustee and chair of the IC, and his long service to the scheme and his wisdom will be greatly missed, and I would like to take this opportunity to thank Patrick for his considerable contribution to the scheme.
I have been a trustee of the NT Pension Scheme and member of the Investment Committee since March 2014. In the last year the committee has been through a process
of refining the strategy to become more diversified, and I am pleased to report that this process is now complete.
Having worked in the field of investments and pensions for 35 years, it feels like there has been no time more challenging than the present for trustees and investment committees. Yet when I reflect upon the period of high inflation in the 70s and early 80s, the various “crashes” in stock markets that have happened and been surpassed, including the Global Financial Crisis and its aftermath, investment markets have survived these crises, and no doubt will survive future ones. At least one can
conclude that economies and markets are adaptable! My own background is in investment management, I started my career in 1979 as an analyst, and worked my way through City ranks to become a Chief Investment Officer and CEO. But one of the most important career developments for me was when I became a pension fund trustee in 2004, for the DB scheme of my employer at the time. At that point, I crossed the boundary from poacher to gamekeeper, and quickly learnt that life as a trustee is extremely challenging! I stopped working solely for one employer in 2012, and now have a number of roles, chairing investment committees of pension schemes and advising some large local government pension funds.
This perspective helps me appreciate that at the National Trust we are not alone in facing the challenges of low future returns and very low gilt yields which increase the deficit.
On a personal note, I have always appreciated the work of the NT and its staff. And of course I am committed to supporting the work of the Trust. My wife and I are currently about a quarter of the way en route walking the long distance South West Coast Path, which of course traverses many miles of NT coastline. When I see those remarkable views, I am grateful for the work done by National Trust staff and volunteers.
Steve Tyson
The Pensions Team
2 InTrust | 2016
FACTS AND FIGURES Year end 5 April 2016
Below is a summary of the money coming in and the benefits being paid out:
For further details the Annual Report and Account can be requested from the Pensions Team.
The diversified return seeking assets comprise, inter alia, a portfolio of global equities, private equity, property, commodities, high yield and emerging market debt, infrastructure and absolute return strategies (including hedge funds).
The liability hedge is implemented via pooled funds that take exposure to interest rates and inflation derivatives. Cash to support the management of these derivative positions is held in a liquidity fund.
Split of assets 2016
Investment ObjectiveThe Trustees aim to invest the assets of the Scheme prudently to ensure that the pension benefits promised to members can be provided as they fall due. In setting the investment strategy, the Trustees considered the impact of changes in both the value of the assets and the value placed on the liabilities on the Scheme’s funding level. The investment strategy they have selected is designed to maintain an acceptable funding cost and to improve
the funding level over the medium term, whilst controlling the risk of significant adverse movements in the funding level. The core of the investment strategy is a liability hedge addressing a proportion of the liability risks, whilst ensuring significant diversification of the return seeking assets. The combination is expected to maintain a prudent approach to meeting the Scheme’s liabilities.
2015 Active 1,125
Pensioners 2,379
Deferred 2,410
Total membership 5,914
2016 Active
(no accrual)1,002
Pensioners 2,483
Deferred 2,358
Total membership 5,843
Diversified return seeking assets
Assets supporting the liability hedge
61.9%
38.1%Total £530,949
MEMBERSHIP
£11.7mContributions and
other income
+£0.94m
Net returns on investment
-£529mNet assets of the Scheme
5 April 2016
£21.6mBenefits and other
payments
-£540mNet assets brought forward
6 April 2015
>
InTrust | 2016 3
As the Scheme’s Trustees, we are responsible for developing its ‘funding plan’ and agreeing it with the National Trust. The plan aims to make sure there is enough money in the Scheme to pay for pensions now and in the future. We call this amount our ‘funding target’ (the name for it in the regulations is the Scheme’s ‘technical provisions’).
The actuary helps us agree the funding target for the Scheme, and we work with the National Trust and the actuary to agree an appropriate safety margin for the Scheme, bearing in mind our circumstances and our membership. We look at the Scheme’s funding assuming that the Scheme continues into the future (this is called the ‘ongoing basis’), and that the National Trust will continue in its activities and support our plan.
The Scheme actuary carries out formal valuations every three years, and an actuarial review of the Scheme’s progress for the years in between the formal valuations. In the valuation, the actuary works out the funding target (the amount the Scheme needs) and the funding level (the assets the Scheme has, calculated as a percentage of the funding target).
This Summary Funding Statement shows you the results of the actuary’s valuation at 5 April 2014 which was completed in July 2015. The actuary has also carried out his actuarial review at 5 April 2016 and this statement also shows you the results of the review, alongside the results provided at the previous update at 5 April 2015.
Your funding update
At 5 April 2014, the date of the last formal valuation, the Scheme’s actuary found that the Scheme had a shortfall of £116.3 million, which is the same as a funding level of 80%:
If the Scheme is 100% funded it has the full amount it needs to provide benefits under its technical provisions, which is £569.3 million
The value of the Scheme’s assets £453.0 million
The shortfall in the funding £116.3 million
The actuary’s latest report gave an update on the Scheme’s funding at 5 April 2016. At this date, the Scheme had a shortfall of £189.5 million, which is the same as a funding level of 73%:
If the Scheme is 100% funded it has the full amount it needs to provide benefits under its technical provisions, which is £714.3 million
The value of the Scheme’s assets £524.8 million
The shortfall in the funding £189.5 million
Every year, we send you an update on the funding of the National Trust Retirement and Death Benefits Scheme (‘the Scheme’). This statement includes the results of the most recent valuation, which looked at the Scheme’s position at 5 April 2014, alongside the previous update at 5 April 2015 and the latest update from the actuary, using information at 5 April 2016.
0% 100%
0% 100%
The next Actuarial Valuation of the Scheme will be in 2017
Summary funding statement at 5 April 2016
4 InTrust | 2016
Information from the Pensions Regulator How to spot a pension scamDid you know that nearly 11 million people were called or emailed out of the blue about their pension last year? Or that many of your members are actually considering these offers? A worrying 64% of those who received an unsolicited offer about their pension said they would consider it without thoroughly checking the facts.
You can find the leaflet and further information and guidance to help you with all of this on our website www.thepensionsregulator.gov.uk.
Don’t be next!Scammers are after your pension pot. They know you can now access your savings in new ways and will try to lure you with promises of upfront cash and one-off ‘deals’ with guaranteed high returns. Learn how to spot the signs and give yourself the best possible protection against pension predators by following the ten-step guide on our web page.
The full solvency positionAlthough the National Trust is not thinking of ending the Scheme, by law we must also tell you about the Scheme’s solvency if it started to wind up (come to an end) at the valuation date.
The ‘discontinuance valuation’ looks at whether there is enough money to buy insurance policies to provide members’ benefits (excluding discretionary pension increases) in that situation. Insurance companies have to invest in ‘low risk’ assets, which are likely to give low returns and their policy prices will include administration charges and a profit margin. This means that even if a scheme is fully funded on the ongoing basis, the solvency figure is likely to be less than 100%.
If the Scheme had started winding up at 5 April 2014, the actuary estimated the Scheme’s shortfall on the ‘full solvency’ basis was £356.1 million, giving a funding level of 56%.
Some legal notesWe must also tell you if there have been any payments to the Trust out of Scheme funds in the last twelve months. There have not. The Pensions Regulator can change the Scheme, give directions about working out its technical provisions or impose a schedule of contributions. We are pleased to say that it has not needed to use its powers in this way for our Scheme.
The bigger pictureThe funding level of the Scheme has decreased since 5 April 2014. The actuary’s analysis showed that the value of the Scheme’s assets increased over the period to 5 April 2016, mainly due to good investment returns and the contributions paid in. However, the Scheme’s liabilities have gone up by more, mainly due to falling interest rates.
Since the previous update at 5 April 2015, the funding level has decreased slightly from 75% to 73%. This is a result of a slight increase in the Scheme’s liabilities largely due to the accrual of pension benefits over the year, combined with a slightly lower than assumed return from the Scheme’s assets.
As we have mentioned in previous years, this update measures a snapshot of the funding level on particular dates. The funding level
can be volatile as it depends on movements in interest rates and the stock market, among other factors.
We continue to regularly monitor the funding position and discuss the implications with the National Trust. Even though the funding level is currently below target, we expect the Scheme to pay benefits in full and aim to restore the funding level to 100% in due course.
The value of the Scheme’s assets increased over the period to 5 April 2016, mainly due to good investment returns and the contributions paid in ”
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Did you know that nearly 11 million people were called or emailed out of the blue about their pension last year? ”
“InTrust | 2016 5
With sympathy
Thomas AllenDied on 20 April 2015
Paul Ayling Died on 20 January 2016
David Baldock Died on 4 March 2016
Peter Blackham Died on 16 December 2015
Margaret Booth Died on 20 April 2015
Rosemary Bray Died on 6 August 2015
Joan Bromby Died on 8 March 2016
Thomas Brooks Died on 14 July 2015
Rachel Brown Died on 14 June 2016
Roy Calver Died on 17 May 2016
Philip Carter Died on 27 March 2016
Anne Chamberlain Died on 14 July 2016
Susan Chant Died on 12 July 2015
Derek Chapman Died on 29 January 2016
June Clarke Died on 08 May 2015
Jean Cooper Died on 24 June 2015
Helen Corbin Died on 15 July 2016
Winifred Cormack Died on 7 April 2015
Margaret Cornick Died on 1 November 2015
Alan Cronin Died on 11 June 2015
Robert Crowe Died on 30 April 2015
Wendy Down Died on 22 May 2016
Fred Downer Died on 24 October 2015
Janet Eaton Died on 24 March 2015
Kenneth Eaton Died on 25 May 2015
Robert Ellis Died on 17 December 2015
Cynthia Eyre Died on 5 August 2015
Jane Fawcett Died on 21 May 2016
Richard Fereday Died on 10 February 2016
Sylvia Forsythe Died on 26 June 2016
Robert Gittus Died on 5 December 2015
Janette Harley Died on 20 October 2015
Richard Harward Died on 28 September 2015
Margaretta Haylett Died on 20 January 2016
James Hemsley Died on 18 December 2015
Margaret Hopper Died on 11 June 2016
Henry Hutchman Died on 24 August 2015
Christine Jones Died on 27 April 2015
James Jones Died on 17 April 2016
William Jones Died on 4 June 2015
Anne Jory Died on 7 June 2016
Margaret Justice Died on 17 April 2016
Owen Justice Died on 17 December 2015
Mary King Died on 25 November 2015
Helen Littledale Died on 30 October 2015
Terence Lobb Died on 19 September 2015
Mary Locock Died on 4 June 2016
Rosemary Lyne Died on 17 April 2016
Richard Mackey Died on 21 October 2015
Mary McCarron Died on 5 February 2016
Joyce McDougald Died on 13 December 2015
Leila Moore Died on 20 April 2015
Allyson Moorey Died on 10 May 2015
Norma Morris Died on 1 May 2016
Linda Moss Died on 12 June 2015
David Musson Died on 30 September 2015
Leslie Neil Died on 19 November 2015
Peter Nelson Died on 12 April 2016
Michael Nosworthy Died on 14 August 2015
Dorothy Nuttall Died on 8 April 2015
Andrzey Oczos Died on 12 May 2015
Henry Owen Died on 6 October 2015
Nicola Pearson Died on 16 December 2015
William Quirk Died on 4 July 2016
Susan Ralph Died on 6 August 2015
Gordon Reynolds Died on 16 July 2016
Richard Richardson Died on 14 March 2016
Gwen Rigler Died on 18 August 2015
Wendy Robinson Died on 2 July 2016
Joseph Roe Died on 24 July 2015
Margaret Rourke Died on 2 April 2016
Rita Rumsey Died on 6 September 2015
Edwin Sails Died on 20 August 2015
Ralph Sargeant Died on 25 April 2016
Robert Seaston Died on 13 June 2015
Arthur Smith Died on 19 May 2016
Norma Stevens Died on 4 March 2016
George Thompson Died on 9 June 2015
James Thrower Died on 20 June 2014
Joyce Veitch Died on 15 April 2016
Joan Ward Died on 26 August 2015
Patricia Ware Died on 25 November 2015
Richard Webber Died on 22 April 2015
May Westlake Died on 15 May 2015
Tamsin White Died on 28 October 2015
Mavis Wingrove Died on 22 December 2015
William Woodall Died on 1 February 2016
William Woodford Died on 10 June 2015
Antol Zak Died on 2 May 2015
Phyllis Ziegenhagen Died on 5 May 2016
National Trust friends and colleagues who are no longer with us
6 InTrust | 2016
Q&AsHere are answers to the most frequently asked questions.
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How much notice do I have to give to start taking my pension?
Ideally two months. This should give you enough time to make decisions and fill out the forms. It also gives the Pensions Department enough time to set up payment of the benefits.
Can I exchange some of my pension for cash?
Yes, you can exchange part of your pension for a tax free cash lump sum. The maximum tax free cash sum you can take is usually no less than four times the annual gross pension in payment.
What benefit will I get from any additional voluntary contributions (AVCs) I paid?
They will be payable as a tax free cash sum up to your maximum tax free cash limit above.
Can I take a tax free cash lump sum and leave the pension to be paid at later time?
No. You can only take a tax free cash lump sum at the same time the pension is brought into payment.
How does going part time affect my pension?
If you go part time after 31 March 2016 it will have no effect on your pension. This is because part time service only affects pensionable service, which ceased for all members on 31 March 2016.
What do I have to do if I leave the NT before I wish to bring my pension into payment?
Nothing. We will automatically write to you six to eight weeks after you leave with details of your pension.
What is my fund value (the value of my pension pot)?
In a final salary pension scheme you do not have a fund value. All your benefits are based on the formula and criteria set down in the scheme rules. Your pension at retirement is a percentage of your final pensionable salary, this is a formula which is not subject to any underlying fund.
But I really need to know what my fund value is?
We can calculate the cash equivalent value (CEV) of your fund if you wish to investigate a transfer to another scheme. The CEV is a calculation of what your benefits in the Scheme are worth in cash terms.
Can I take my pension as a lump sum under the recent legislative changes?
The Freedom and flexibility legislative changes only affect Defined Contribution (DC) benefits. The NTRDBS is a Defined Benefit (DB) scheme so the Scheme benefits are not affected although you can take 25% of the value of your benefits as a tax free lump sum. If you want to be able to draw down your main Scheme benefits more flexibly you’d have to transfer all of your benefits to a DC pension provider. If you wish to transfer out of the Scheme you need to take independent financial advice if your transfer is greater than £30,000.
How often do I receive a payslip?
Payslips for pension payments are only produced and sent when there is more than £1 difference in the net pay from the previous month.
Can I take my pension before 65?
You may be able to take your pension anytime from age 55. However your pension will be reduced to take into consideration that it will be paid for longer. To do this you should contact the Pensions Department for an estimate.
Is it possible to take my pension after 65 and what is the latest I can take it?
You can defer taking your pension anytime between the ages of 65 and 75. It will be increased to take into consideration that it will be paid for a shorter time.
Tax has been deducted from my pension but I am not a tax payer?
When you get money from a pension you pay tax on any income above your tax-free Personal Allowance.
If you wish to transfer out of the Scheme you need to take independent financial advice if your transfer is greater than £30,000 ”
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How much Income Tax you pay depends on the tax rate that applies to you.
Your income includes:
• the State Pension • money from other private pensions • earnings from employment or self employment• any taxable benefits you might get• any other income, money from investments, property, savings
InTrust | 2016 7
I hope you are all enjoying reading the ‘new look’ Trust You magazine and if you know of anyone who is not in the Alumni Group and who would like to join and receive the magazine to keep in touch, please do pass my details on to them. Membership of the Trust’s Alumni Group is open to former staff, pensioners and former volunteers and continues to grow. Members are also invited to two events a year, a lunch in December and a Summer Tea.
Last December members enjoyed again the pre-Christmas lunch at Grosvenor Gardens and Summer Tea at Cragside. The weather could have been better but those who attended enjoyed a tour of this unique and interesting house and fabulous garden and woodland, finishing with a lovely cream tea.
I am pleased to confirm that the lunch this year will be on Thursday 8 December at 20 Grosvenor Gardens and the Summer Tea 2017 will be at Ightham Mote on Thursday 8 June. It is always so nice to see regular attendees at these events and we love to welcome new members too. Put these dates on your calendars and
invitations will be sent out with the magazine a month or so before.
So if you would like to join the Group or come along to one of the events please contact me on 01793 817669 or email to [email protected].
If you are receiving the Trust You magazine by post and would be happy to receive by email to save a little on the printing and postage costs, please also contact me using the above details.
Jackie Maddams, Alumni Administrator
There are four Member Nominated Trustees (MNT’s) out of the eight Trustees who look after the Scheme.
MNT’s usually stand for a three year term and can stand again once the term is finished.
Election – December 2015
In December 2015 an election was held as two of the current MNT’s came to the end of their term.
Election Results
From the election results the following were appointed as Trustees for a three year term.
Nicky Grace Peter Pearce
Term of Office
The current term of office has finished for the following MNT’s:
Peter Griffiths Brendan McCarthy
Both MNT’s have elected to stand again for a further term of office.
Keep in TouchIf you have a question about the Scheme or your benefits in particular take a look at the Q and A’s section to see if you can find the answer. Alternatively contact the Pensions Department using the details below.
Remember to let us know of any change of your address or change to your surname
Available Monday to Friday 8.30am to 4.30pmRemember to have your member number or NI number to hand when you get in touch and include it in any correspondence to us.
Write to*Pensions Department National Trust, Heelis, Kemble Drive Swindon, Wiltshire, SN2 2NA*Please include your name, date of birth and member reference (or NI number) on any correspondence.
Other help with your pensionState Pension Information
www.gov.uk/browse/working/state-pension
Pension Wise access from age 50
The Government has set up a free guidance called Pension Wise for all DC scheme members wishing to access face-to-face or phone guidance about their options at retirement. If you have DC savings from another pension arrangement, make sure you make the most of this service. You can contact Pension Wise from age 50 onwards (previously age 55)
www.pensionwise.gov.uk or 0300 330 1001 to arrange an
appointment.
Tax advicePlease contact HMRC by
www.hmrc.gov.uk or 0300 200 3300
Need financial advice?The contents of this bulletin do not constitute financial advice.
If you require financial advice you can contact www.moneyadviceservice.org.uk/en/
categories/financial-help-and-advice or 0300 500 5000 for more information.
The Money Advice ServiceYou can find independent information on personal finance including pensions, at
www.moneyadviceservice.org.uk
The Pensions Advisory ServiceFor free and impartial guidance on pensions,
www.pensionsadvisoryservice.org.uk
Report and Accounts for the 12 months to 05 April 2016This shows the Scheme’s income and expenditure over the 12 month period and is available on request by e-mail from the Pensions Department.
Should you also wish to stand for one of the terms of office as an MNT please contact the Pensions Department for a nomination form. You will need to be nominated by two members of the Scheme.
Any completed nomination forms would need to be received in the Pensions Department by 31 December 2016.
An election process would need to be held if there are more than two members standing for the terms of office.
MNT’s are open to all members of the Scheme who would like to take on the responsibility for ensuring the Scheme is run in accordance with the Rules and in the best interest of all members. You are not expected to be a pensions expert as training will be provided.
