Your Company Pension

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OPERATOR CHECKED Initials KP ALI ALI PS Date 12.02.14 13/02/14 24/02/14 28 02 14 YOUR COMPANY PENSION

GROUP PERSONAL PENSION

A guide to help you prepare for the retirement you want

Your BE Aerospace company pension is provided by Scottish Widows. Group Personal Pension

PAGE 3 WHAT’S IN IT FOR ME? SOME CONSIDERATIONS

PAGE 4 WHAT’S BEST FOR ME? CONTRIBUTING TO A PENSION WHAT ABOUT RELYING ON THE STATE OR USING OTHER INVESTMENTS?

PAGE 5 WHAT ELSE COULD YOU BE RELYING ON IN YOUR OLD AGE?

PAGE 6 SUPPORTING LITERATURE AND TOOLS TO HELP YOU MAKE WHY CONTRIBUTE?

DECISIONS ABOUT YOUR COMPANY PENSION PAGE 7 WHAT ARE THE CHARGES? HOW WILL MY PENSION FUND BE INVESTED?

PAGE 8 LITERATURE TOOLS WANT TO TAKE A MORE HANDS-ON APPROACH • Key Features and Example Illustration Indulge-o-meter TO INVESTING YOUR COMPANY PENSION? • Pension Investment Approach Guide Find out if spending a bit less on treats could give you • Pension Funds Investor’s Guide spare cash for your company pension. PAGE 9 • Your guide to with-profits CHANGING YOUR INVESTMENT CHOICE LATER ON • Policy Provisions Pension Planner • Important notes for applications Use this to show how much you might get when you retire. PAGE 10 The documents above provide important information about your company pension and should be read. Investment Decision Tool WHY YOUR COMPANY HAS CHOSEN SCOTTISH WIDOWS Use this to automatically match yourself to the most suitable investment option for you. PAGE 11 HOW TO CONTRIBUTE WHAT NEXT?

To access the literature and tools visit www.scottishwidows.co.uk/joining We hope this guide answers all your questions, but if not, After reading this literature, we recommend that you either save or print a copy and keep this safe for future reference. please speak to the financial adviser for this company pension or your own financial adviser. If you don’t have internet access or would prefer a paper copy of this information, please call 08457 556 557. Group Personal Pension

PAGE 3 WHAT’S IN IT FOR ME? SOME CONSIDERATIONS

PAGE 4 WHAT’S BEST FOR ME? CONTRIBUTING TO A PENSION WHAT ABOUT RELYING ON THE STATE OR USING OTHER INVESTMENTS?

PAGE 5 WHAT ELSE COULD YOU BE RELYING ON IN YOUR OLD AGE?

PAGE 6 SUPPORTING LITERATURE AND TOOLS TO HELP YOU MAKE WHY CONTRIBUTE?

DECISIONS ABOUT YOUR COMPANY PENSION PAGE 7 WHAT ARE THE CHARGES? HOW WILL MY PENSION FUND BE INVESTED?

PAGE 8 TOOLS WANT TO TAKE A MORE HANDS-ON APPROACH Indulge-o-meter TO INVESTING YOUR COMPANY PENSION?

Find out if spending a bit less on treats could give you spare cash for your company pension. PAGE 9 CHANGING YOUR INVESTMENT CHOICE LATER ON Pension Planner

Use this to show how much you might get when you retire. PAGE 10 Investment Decision Tool WHY YOUR COMPANY HAS CHOSEN SCOTTISH WIDOWS Use this to automatically match yourself to the most suitable investment option for you. PAGE 11 HOW TO CONTRIBUTE WHAT NEXT?

1 Group Personal Pension

WHAT WE MEAN WHEN WE SAY:

COMPANY PENSION WE/US The BE Aerospace Group Personal Pension Plan. Scottish Widows.

PENSION FUND INCOME FOR LIFE The company pension fund held in your name. When you The money your pension fund will pay out once you retire, this fund will be used to pay a taxable income for retire, which is taxed in payment. You can choose to take life together with a tax-free cash sum if chosen. part of your pension fund as a lump sum when you retire that is normally tax-free. TAX-EFFICIENT INVESTMENT RETIREMENT DATE Our pension investment funds are generally free of UK income and capital gains tax. However, we can’t Your selected retirement date. WHAT’S IN IT FOR ME? reclaim tax deducted at source from the dividends of UK company shares. Tax rules can change. TOTAL ANNUAL FUND CHARGE TAXMAN The charge made for managing and investing your plan. HERE ARE SOME REASONS WHY YOU SHOULD CONSIDER STARTING TO CONTRIBUTE TO YOUR COMPANY PENSION HM Revenue and Customs. AUTOMATIC ENROLMENT TAX RELIEF Under Automatic Enrolment legislation both you and • When you start paying in via salary exchange, your employer are required to pay at least a minimum BE Aerospace will start paying too, as shown in Any payments you make to the plan outside of the salary contribution. If you have been automatically enrolled the table below: exchange agreement may be eligible for UK tax relief. We into the scheme and if you choose to opt-out, your will claim basic rate tax relief on your behalf, and invest employer will re-enrol you at least every three years. Level Your BE Aerospace Total it in your plan. If you are a higher or additional rate You can find more information on Automatic Enrolment contribution contribution contribution taxpayer, you may be able to claim additional tax relief at www.gov.uk/workplace-pensions to your via your self-assessment tax return. pension Lower 3% 5% * 8% There is no tax relief on any employer contributions tier or transfer payments. The value of the tax benefits of a personal pension depend on your personal circumstances. Standard 5% 5% * 10% tier Both your circumstances and tax rules may change in the future. *These are the initial employer contribution levels. Your actual employer contributions will be linked to your existing service related contribution bands.

• You can also make additional contributions yourself without exchanging your salary.

2 Group Personal Pension

WHAT WE MEAN WHEN WE SAY:

WE/US Scottish Widows.

INCOME FOR LIFE The money your pension fund will pay out once you retire, which is taxed in payment. You can choose to take part of your pension fund as a lump sum when you retire that is normally tax-free.

RETIREMENT DATE Your selected retirement date. WHAT’S IN IT FOR ME?

TOTAL ANNUAL FUND CHARGE The charge made for managing and investing your plan. HERE ARE SOME REASONS WHY YOU SHOULD CONSIDER STARTING TO CONTRIBUTE TO YOUR COMPANY PENSION AUTOMATIC ENROLMENT

Under Automatic Enrolment legislation both you and • When you start paying in via salary exchange, • For UK taxpayers, currently every 80p you pay in your employer are required to pay at least a minimum BE Aerospace will start paying too, as shown in is topped up to £1 by the taxman, and you may be contribution. If you have been automatically enrolled the table below: able to reclaim further tax relief if you’re a higher or into the scheme and if you choose to opt-out, your additional rate tax payer. employer will re-enrol you at least every three years. Level Your BE Aerospace Total • Your pension fund is a highly tax-efficient investment. You can find more information on Automatic Enrolment contribution contribution contribution at www.gov.uk/workplace-pensions to your • The sooner you start paying in, the longer your pension pension fund has the opportunity to grow. Lower 3% 5% * 8% • If you leave your job, you can take your pension fund tier with you, even including the payments BE Aerospace Standard 5% 5% * 10% has made. tier • When you retire, you can normally take a tax-free cash lump sum, plus a taxable income for life. *These are the initial employer contribution levels. • To help make your investment decision easier, Your actual employer contributions will be linked to we have designed some simple investment tools. your existing service related contribution bands.

• You can also make additional contributions yourself without exchanging your salary.

3 Group Personal Pension

WHAT’S BEST FOR ME?

A STEP-BY-STEP LOOK AT MAKING YOUR PENSION DECISIONS

CONTRIBUTING TO A PENSION Here are the amounts for the tax year 2014-15. WHAT ELSE COULD YOU BE RELYING ON IN YOUR OLD AGE? Some people enjoy planning their finances and being in control. Others avoid thinking about it for as long as possible, With both your employer and the taxman helping you Basic State Pension Single person Married couple to save, it literally pays you to contribute and some do nothing at all. Weekly amount £113.10 £180.90 Scottish Widows is working in conjunction with BE There are a wide range of investments out there and some or all of them may play a part in your thinking, alongside this Aerospace and their pension advisers, to provide this Monthly total £490.10 £783.90 company pension. Take a look below at some other options available to UK residents, and see how well they compare. company pension. Yearly total £5,881.20 £9,406.80 See how your company pension compares to some other investment options If you choose to become a member of your employer’s company pension, it could be of life-long benefit for you. Will I get a full State Pension? Investment options

Avoid having to work ‘til you drop You’ll need to find out. According to the Department for Your Buy-to-let Inheriting ISAs Work and Pensions, 15% of those reaching State Pension Whatever your personal ambitions for your retirement, company property money Age are entitled to less than the full amount of Basic you’ll need money to enjoy life to the full. That’s where pension State Pension. this company pension could help. Your employer can pay in # 3 7 7 7 How much you get will depend on how much you have By contributing to this company pension you may be in paid in National Insurance Contributions during your You get tax relief on your payments 3 7 7 7 a position to retire earlier or have a better lifestyle when working life. People reaching their State Pensionable Age you eventually stop work. Other individuals can pay money in on your behalf 3 7 7 7 (SPA) will need to have paid them for a full 30 years. (and you benefit from tax relief)

WHAT ABOUT RELYING ON THE STATE How do I get a State Pension forecast? You can’t spend the investment before you retire 3 7 7 7 OR USING OTHER INVESTMENTS? You can find out exactly how much money to expect You can take some of the proceeds or benefits tax-free 3 7 3 3 by contacting The Pension Service. You can ask for a A pension is one of the best ways to save for your forecast by applying for one online at All of the income or proceeds are tax-free 7** 7 3* 3** retirement, but it’s not your only option. www.gov.uk/state-pension-statement or by post You don’t have to give up your time to manage things 3 7 3 3 What will I get from the State? Will I get the State Second Pension? Like most people, you’ll probably get something from the How much State Second Pension (this is sometimes paid # Basic State Pension. Your employer may change their level of contributions. Any employer contributions would stop if you leave the company. in addition to the Basic State Pension) you receive will The age at which you first receive the State Pension will be based on a combination of factors, including: * If under the inheritance tax nil rate limit, this can be tax free. depend on your date of birth, but is expected to increase • Your average earnings. ** Please note it’s not possible to reclaim the 10% tax credit on UK dividends. gradually to 68 by mid 2030s. So many of us may have Tax treatment depends on your personal circumstances and may be subject to change in the future. For more information to work longer than we thought. • How long you’ve been employed. • Your National Insurance contribution history. on any of these investment options or their tax implications, please speak to a financial adviser.

If you’re resident overseas or a non UK national, the state benefit you’re entitled to (if any) may differ from those described above. Please speak to your financial adviser for further details. From 2016, a flat rate State Pension system is due to be introduced.

4 Group Personal Pension

WHAT’S BEST FOR ME?

A STEP-BY-STEP LOOK AT MAKING YOUR PENSION DECISIONS

Here are the amounts for the tax year 2014-15. WHAT ELSE COULD YOU BE RELYING ON IN YOUR OLD AGE? Some people enjoy planning their finances and being in control. Others avoid thinking about it for as long as possible, Basic State Pension Single person Married couple and some do nothing at all. Weekly amount £113.10 £180.90 There are a wide range of investments out there and some or all of them may play a part in your thinking, alongside this Monthly total £490.10 £783.90 company pension. Take a look below at some other options available to UK residents, and see how well they compare.

Yearly total £5,881.20 £9,406.80 See how your company pension compares to some other investment options

Will I get a full State Pension? Investment options

You’ll need to find out. According to the Department for Your Buy-to-let Inheriting ISAs Work and Pensions, 15% of those reaching State Pension company property money Age are entitled to less than the full amount of Basic pension State Pension. Your employer can pay in # 3 7 7 7 How much you get will depend on how much you have paid in National Insurance Contributions during your You get tax relief on your payments 3 7 7 7 working life. People reaching their State Pensionable Age Other individuals can pay money in on your behalf 3 7 7 7 (SPA) will need to have paid them for a full 30 years. (and you benefit from tax relief)

How do I get a State Pension forecast? You can’t spend the investment before you retire 3 7 7 7 You can find out exactly how much money to expect You can take some of the proceeds or benefits tax-free 3 7 3 3 by contacting The Pension Service. You can ask for a forecast by applying for one online at All of the income or proceeds are tax-free 7** 7 3* 3** www.gov.uk/state-pension-statement or by post You don’t have to give up your time to manage things 3 7 3 3 Will I get the State Second Pension? How much State Second Pension (this is sometimes paid # Your employer may change their level of contributions. Any employer contributions would stop if you leave the company. in addition to the Basic State Pension) you receive will be based on a combination of factors, including: * If under the inheritance tax nil rate limit, this can be tax free.

• Your average earnings. ** Please note it’s not possible to reclaim the 10% tax credit on UK dividends. • How long you’ve been employed. Tax treatment depends on your personal circumstances and may be subject to change in the future. For more information • Your National Insurance contribution history. on any of these investment options or their tax implications, please speak to a financial adviser.

5 Group Personal Pension

WHY CONTRIBUTE? The longer you delay the more you’d need to pay in WHAT ARE THE CHARGES? to try and get the same size of pension income. Regular charges based on the value of your plan are A company pension is a highly tax-efficient way to The longer you live, the more money you’re likely to deducted automatically. The amount deducted, the Total help get the retirement income you need need. Most people retiring at 65 now will live to their Annual Fund Charge (TAFC) depends on the type of Unless your retirement is already on the horizon, you early-80’s (based on current figures from the Office for payment made and your choice of investment fund(s). may struggle to picture exactly what you’ll be doing National Statistics): Each investment fund has its own TAFC, and a discount in 20–40 years’ time. But, whatever you want your • Even by the time you’ve read this guide, the may apply for certain payment types. . retirement to be, a company pension should help give average life expectancy will have increased you a financial cushion to enjoy it that bit more. The yearly rates of all these charges are expressed as by about 5–10 minutes. percentages of fund values. These are shown on the • When you contribute, there’s the feel-good factor With new medical advances helping to cure enclosed charges sheet. The charges are reflected in the of knowing your company pension is there in the life-threatening diseases, your life expectancy unit price of the fund(s) you’re invested in. background, quietly doing its job. could continue to rise. • Because it’s earmarked for your retirement, you can’t As an example, if your pension plan was valued at dip into your company pension or fritter it away. So, It’s never too late £5,000 throughout the year and the yearly charge of the although it’s tied up until you retire, you should be Don’t assume it’s too late for you to contribute. fund it was invested in was 0.45%, the charge for that able to rely on it being there when the time comes. The chances are you could still have a lot to gain. year would be £22.50. • You don’t have to retire or stop work before taking In most cases, even a small pension is better than BE Aerospace has negotiated with Scottish Widows to your company pension. You normally can start taking none at all – especially when BE Aerospace and the reduce the charges that apply to your plan. The standard your pension at any age from 55. But remember, the taxman are helping to pay for it. TAFC is 0.45% for regular premiums and transfer payments. earlier you take your pension, the less time your How much extra could you find in your budget? If you leave the service of BE Aerospace the standard pension fund has the opportunity to grow. If you kept a close eye on your shopping this month, charge will increase to 0.95%. You can maintain the The sooner you start contributing, the longer your how much extra do you think you could find to pay lower standard charge of 0.45% by continuing to make a contributions have the potential to grow into your pension? personal contribution of at least £20 per month (£16 net Your retirement may seem a long way off, but don’t fall of basic rate tax). into the trap of putting off contributing because you’ve Please note that charges, limits and terms can change. got plenty of time. Take it from people retiring today, it Try using the Indulge-o-meter in the will come round much faster than you think. supporting tools to find out how much you’re HOW WILL MY PENSION FUND BE spending on life’s little luxuries. How much will BE Aerospace pay into my pension fund? INVESTED? BE Aerospace will contribute a minimum of 5% to the If you are being automatically enrolled into your plan, and depending on your service may contribute more. Topping up your company pension with extra payments company pension scheme your employer will have And, don’t forget you also get tax relief on the If you want to give your company pension a boost, you selected a default investment option, the Balanced contributions you pay outside the salary exchange can increase your payments or add lump sums to it at Pension Approach for your first contribution. Your arrangement, and National Insurance savings if you any time. For example, using money from: employer will provide you with details of this. In these participate in salary exchange – reducing the real cost circumstances, you will be able to choose from one of • Bonuses. to you even further. the following options only after the first contribution has • Windfalls or winnings. been made. BE Aerospace will only pay into this plan and will not pay • An inheritance or gift. into any other Personal Pension or Stakeholder pension. • You can choose to stay in the default investment • Other savings from your bank or building society. option or you can choose from one of the following Plus, you’ll normally get UK tax relief on these payments options: too. You can read more about tax in the Key Features. • Simply choose one of our Pension Investment Approaches based on your feelings about risk, and let us manage this through to your retirement, or • Be very ‘hands-on’ – selecting from our wide range of investment funds.

6 Group Personal Pension

The longer you delay the more you’d need to pay in WHAT ARE THE CHARGES? About our three risk-based Pension Investment to try and get the same size of pension income. Approaches Regular charges based on the value of your plan are The longer you live, the more money you’re likely to Not everyone wants to be actively involved with deducted automatically. The amount deducted, the Total need. Most people retiring at 65 now will live to their picking investments and keeping a close eye on what’s Annual Fund Charge (TAFC) depends on the type of early-80’s (based on current figures from the Office for happening in the market. If this sounds like you, one payment made and your choice of investment fund(s). National Statistics): of our three specially designed Pension Investment Each investment fund has its own TAFC, and a discount Approaches may be just what you need. Simply tell us • Even by the time you’ve read this guide, the may apply for certain payment types. . which one suits you best. average life expectancy will have increased The yearly rates of all these charges are expressed as by about 5–10 minutes. They all work in a similar way. The difference between percentages of fund values. These are shown on the them is how much investment risk they take in trying to With new medical advances helping to cure enclosed charges sheet. The charges are reflected in the help your pension fund grow. All three approaches aim to life-threatening diseases, your life expectancy unit price of the fund(s) you’re invested in. could continue to rise. reduce the risk the closer you get to retirement, and aim As an example, if your pension plan was valued at to protect the final value of your pension fund. It’s never too late £5,000 throughout the year and the yearly charge of the Our Investment Decision Tool is a quick questionnaire fund it was invested in was 0.45%, the charge for that Don’t assume it’s too late for you to contribute. to show you which of our three Pension Investment year would be £22.50. The chances are you could still have a lot to gain. Approaches may suit you best. It can be found in the In most cases, even a small pension is better than BE Aerospace has negotiated with Scottish Widows to supporting tools or at www.scottishwidows.co.uk/idt none at all – especially when BE Aerospace and the reduce the charges that apply to your plan. The standard taxman are helping to pay for it. TAFC is 0.45% for regular premiums and transfer payments. Adventurous Pension Approach A plan using this Pension Investment Approach is If you leave the service of BE Aerospace the standard How much extra could you find in your budget? expected to have the most frequent and noticeable ups charge will increase to 0.95%. You can maintain the If you kept a close eye on your shopping this month, and downs in value. It has the potential to provide the lower standard charge of 0.45% by continuing to make a how much extra do you think you could find to pay highest growth over the longer term, but it could also personal contribution of at least £20 per month (£16 net into your pension? make the biggest losses. of basic rate tax). Please note that charges, limits and terms can change. Balanced Pension Approach Try using the Indulge-o-meter in the This Pension Investment Approach should have moderate ups and downs compared with the other two approaches. supporting tools to find out how much you’re HOW WILL MY PENSION FUND BE spending on life’s little luxuries. INVESTED? Cautious Pension Approach A plan invested in this Pension Investment Approach If you are being automatically enrolled into your should experience smaller and less-frequent ups and Topping up your company pension with extra payments company pension scheme your employer will have downs in value than the other two approaches. But its selected a default investment option, the Balanced If you want to give your company pension a boost, you growth potential is lower as a result. can increase your payments or add lump sums to it at Pension Approach for your first contribution. Your any time. For example, using money from: employer will provide you with details of this. In these What’s special about these approaches? circumstances, you will be able to choose from one of They take into account the fact that investments need • Bonuses. the following options only after the first contribution has to do different jobs for your company pension at • Windfalls or winnings. been made. different times: • An inheritance or gift. • You can choose to stay in the default investment • For the main part they aim to grow your pension • Other savings from your bank or building society. option or you can choose from one of the following fund as much as possible – whilst matching the level options: Plus, you’ll normally get UK tax relief on these payments of investment risk you’ve chosen. too. You can read more about tax in the Key Features. • Simply choose one of our Pension Investment • The closer you get to retirement, they gradually Approaches based on your feelings about risk, and switch from an aim of ‘going for growth’ to helping let us manage this through to your retirement, or protect what you’ve built up. • Be very ‘hands-on’ – selecting from our wide range of investment funds.

7 Group Personal Pension

How do we decide which investments to use? WANT TO TAKE A MORE HANDS-ON CHANGING YOUR INVESTMENT CHOICE That’s easy. Everything is decided in advance, based APPROACH TO INVESTING YOUR LATER ON on rigorous investment testing. Instead of switching COMPANY PENSION? investments in reaction to what’s happening day to day Whatever investment choice you make at the start, in the stockmarket, we invest according to the approach Your other option you’re free to change your mind and switch to you’ve selected and how close you are to retiring. If you decide to invest in our investment funds instead something else later on When originally designing our Pension Investment of using our Pension Investment Approaches, you will be Switching is currently free and you can: responsible for choosing funds that suit your attitude to Approaches, we put a huge range of investments under • Ask to do it at any time. the microscope. This enabled us to: risk. You can invest in up to 10 of them at one time (but there may be restrictions on the amount you can invest in • Move from investment funds into one of our Pension • Rule out unsuitable ones – too risky or not enough some funds). Currently switches between them are free. Investment Approaches, or from an approach into potential growing power. one or more investment funds. The investment funds have been placed into our different • Select types we felt were right for Scottish Widows • Spread your company pension in up to 10 investment risk approach ratings to help make your investment choice company pensions. funds at once. easier. You can find out more about them in our Pension • Identify what we believe are the best investment Funds Investor’s Guide in the supporting literature. But you can’t invest: combinations for people with different ideas about • In more than one Pension Investment Approach at a risk and different terms to retirement. Please remember, if you go down this route: time, or • You should regularly review your choice to decide How do we monitor your investments? • In both investment funds and a Pension Investment whether it’s still right for you. If you decide it isn’t, We constantly monitor your company pension, to ensure Approach at the same time. you can ask us to switch to another fund (or funds) it is invested according to your chosen approach: as we won’t automatically do this for you. Please Note: We reserve the right to delay the date of exchange for a switch. The period of the delay will be not • Up to 15 years before you retire – we check every • Some of the funds may have a higher yearly charge more than six months if the units to be cancelled include three months to see if any investment ups and downs compared to those used for the Pension Investment units which relate to a fund which holds directly or have caused the investment mix to go adrift. If it has, Approaches. Please contact us for details of the indirectly assets in the form of real or heritable property. we adjust it. The new mix will be based on how much charges for each fund. closer you are to retirement at that time. It will not be more than one month in all other cases. • We may change the selection of funds we make • From 15 years before you retire – we gradually start available at any time. replacing some of the higher risk investment funds with lower risk ones. Is being ‘hands-on’ right for you? Although this has the effect of reducing the potential for Have you done something like this before? If you’re not growth, it helps to protect the value of your plan during confident about making the right moves at the right time, the run-up to your selected retirement date you may want a financial adviser to help you.

• At your retirement date – your pension fund will be Most of the investment funds have been placed into our split approximately: different risk approach ratings to help you choose – but you’ll be responsible for deciding when and where to –– 25% in our Cash Fund invest and if/when to switch. –– 75% in our Pension Protector Fund ready to provide your tax-free cash and taxable income Our Self Investment Option for life. Additional investment choices are available through the Self Investment Option. This allows members to set up a Want more information? personal pension plan through our Retirement Account Please see our Pension Investment Approach Guide. product alongside their group pension plan and to invest For more information on our fund aims and risks, please directly in a wide range of investments. refer to our Pension Funds Investor’s Guide. You’ll find This option is designed for experienced investors and these in the supporting literature. you should speak to a financial adviser if you are unsure whether it is suitable for you. Please contact your adviser or employer for more details.

8 Group Personal Pension

WANT TO TAKE A MORE HANDS-ON CHANGING YOUR INVESTMENT CHOICE Time to decide APPROACH TO INVESTING YOUR LATER ON What investments will you choose for your company COMPANY PENSION? pension? Whatever investment choice you make at the start, • Are you going to be a ‘hands-on’ investor and Your other option you’re free to change your mind and switch to something else later on self-select investment funds from our wide range If you decide to invest in our investment funds instead of funds, or of using our Pension Investment Approaches, you will be Switching is currently free and you can: • Choose one of our Pension Investment Approaches, responsible for choosing funds that suit your attitude to • Ask to do it at any time. and let us do the work? risk. You can invest in up to 10 of them at one time (but Move from investment funds into one of our Pension there may be restrictions on the amount you can invest in • Will my pension fund go up and down in value? some funds). Currently switches between them are free. Investment Approaches, or from an approach into one or more investment funds. Yes, ups and downs are part and parcel of investing. The investment funds have been placed into our different • Spread your company pension in up to 10 investment But over the longer term the aim of our investment funds risk approach ratings to help make your investment choice funds at once. and the three Pension Investment Approaches is to easier. You can find out more about them in our Pension achieve long-term growth. Funds Investor’s Guide in the supporting literature. But you can’t invest: Whatever you decide, remember that the value of the Please remember, if you go down this route: • In more than one Pension Investment Approach at a time, or investment is not guaranteed and may go up and down • You should regularly review your choice to decide depending on investment performance (and currency • In both investment funds and a Pension Investment whether it’s still right for you. If you decide it isn’t, exchange rates where a fund invests overseas). The value Approach at the same time. you can ask us to switch to another fund (or funds) can fall below the amount of contributions paid in. as we won’t automatically do this for you. Please Note: We reserve the right to delay the date of exchange for a switch. The period of the delay will be not • Some of the funds may have a higher yearly charge more than six months if the units to be cancelled include compared to those used for the Pension Investment units which relate to a fund which holds directly or Approaches. Please contact us for details of the indirectly assets in the form of real or heritable property. charges for each fund. It will not be more than one month in all other cases. • We may change the selection of funds we make available at any time. Is being ‘hands-on’ right for you? Have you done something like this before? If you’re not confident about making the right moves at the right time, you may want a financial adviser to help you. Most of the investment funds have been placed into our different risk approach ratings to help you choose – but you’ll be responsible for deciding when and where to invest and if/when to switch.

Our Self Investment Option Additional investment choices are available through the Self Investment Option. This allows members to set up a personal pension plan through our Retirement Account product alongside their group pension plan and to invest directly in a wide range of investments. This option is designed for experienced investors and you should speak to a financial adviser if you are unsure whether it is suitable for you. Please contact your adviser or employer for more details.

9 Group Personal Pension

HOW TO CONTRIBUTE

WHAT NEXT? Deciding to contribute will help increase your chances of a financially secure retirement. Please read the Key Features and Example Illustration. These give you important details about how your company pension works.

Need financial advice? Scottish Widows has not provided you with advice. If you’re not sure if this product is suitable for you, or if you’re not confident about deciding how to invest, a WHY YOUR COMPANY HAS CHOSEN SCOTTISH WIDOWS financial adviser may be able to help you. You can:

• Use your own adviser, if you have one. • Speak to BE Aerospace’s company pension adviser if they have one. • Find a UK adviser in your local area, at A name you can trust www.unbiased.co.uk The website is run by the After researching the market, your employer has chosen • Giving an excellent and thoughtful service is very body responsible for promoting professional us to provide your company pension. Here are some important to us. financial advice in the UK, so you can be sure everyone listed is fully qualified and regulated. reasons why they felt we came out top: • We’ve been around for nearly 200 years, and that’s • Visit the Money Advice Service website • We’re part of the Lloyds Banking Group, one of the top important. We’ve been helping people save for a www.moneyadviceservice.org.uk This contains 100 companies listed on the London Stock Exchange. long time and we want to see if we can help you do the same. free, clear, unbiased advice to help you manage • We’re experts in group pensions, we currently look your money. after over 40,000 schemes. All these success factors help to make Scottish Widows one of the UK’s leading financial institutions and a Overseas applicants company you can rely on. The tax benefits referred to elsewhere in this booklet are based on Scottish Widows’ understanding of HM Revenue and Customs practices and UK law at the date of publication. If your country of residence is not the UK, the laws and rules of the country in which you reside could affect the policy, including the benefits you can receive. You should speak with legal and/or tax professionals in your country of residence for full details.

10 Group Personal Pension

HOW TO CONTRIBUTE

WHAT NEXT? How to contribute BE Aerospace or their adviser will give you details of how Deciding to contribute will help increase your chances of to start contributing to your company pension scheme. a financially secure retirement. However, if you’re an overseas applicant, please speak to Please read the Key Features and Example Illustration. your employer. These give you important details about how your company pension works. After you start contributing Need financial advice? After you start contributing, we will send you a welcome pack which includes: Scottish Widows has not provided you with advice. Your policy documents, including the terms and If you’re not sure if this product is suitable for you, or • conditions (known as policy provisions) that apply if you’re not confident about deciding how to invest, a to your company pension. WHY YOUR COMPANY HAS CHOSEN SCOTTISH WIDOWS financial adviser may be able to help you. You can: • A personal illustration. • Use your own adviser, if you have one. Regular updates • Speak to BE Aerospace’s company pension adviser if they have one. Every year we’ll also send you a statement showing how much has been paid into your pension fund and what it’s • Find a UK adviser in your local area, at currently worth. www.unbiased.co.uk The website is run by the • Giving an excellent and thoughtful service is very body responsible for promoting professional Online access financial advice in the UK, so you can be sure important to us. By contributing to BE Aerospace ’s company pension, you everyone listed is fully qualified and regulated. • We’ve been around for nearly 200 years, and that’s have online access to your policy. This includes: important. We’ve been helping people save for a • Visit the Money Advice Service website • Current and historic fund values. long time and we want to see if we can help you www.moneyadviceservice.org.uk This contains do the same. free, clear, unbiased advice to help you manage • Access to unit purchase history. your money. All these success factors help to make Scottish Widows • Change address/contact details. one of the UK’s leading financial institutions and a Overseas applicants • Request copies of previous annual benefit statements. company you can rely on. The tax benefits referred to elsewhere in this booklet Our range of online services provides you with a quick are based on Scottish Widows’ understanding of and simple way to keep track of your pension plan. HM Revenue and Customs practices and UK law You can access these facilities online at at the date of publication. www.scottishwidows.co.uk/corporate If your country of residence is not the UK, the laws and There’s a ‘log-in or register’ button at the top of the rules of the country in which you reside could affect the web page. policy, including the benefits you can receive. You should speak with legal and/or tax professionals in your country of residence for full details.

Scottish Widows plc. Registered in Scotland No. 199549. Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: 0131 655 6000.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 191517.

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