Help at Hand You may be about to make a very important decision on your future pension income. Before you do this, you need to understand: What next? If you do wish to use Origen as The different options you have for using your pension savings your Financial Advisor, you need How these options fit within your overall financial circumstances to return the enclosed Consent Form to Capita to allow them The opportunities and the risks involved with each choice. to release your pension data to Origen. Your data cannot Making your decision may seem complicated and you may want to be transferred without this seek financial advice to help you with this. completed form. Once you have done this, Origen will contact you to make an appointment. Make sure you have your If you do, you may be unsure which Financial Adviser to choose. The Trustees of the Retirement Pack available when Michelin Pension and Life Assurance Plan have recognised this and have selected you do this as you will be asked a preferred Financial Adviser that you can use if you wish. You do not have to use for certain details contained them and you are free to contact your own financial adviser if you prefer. within it. If you experience any Origen: the Trustees’ choice undue delay in this process, contact Capita. The Trustees have chosen Origen – one of the UK’s leading financial advisers, with a range of professional skills that cover pensions, taxation, investments and 0344 3912 422 other important aspects of financial planning. As specialists in workplace advice and communications, they work with some of the largest organisations in the UK. They are wholly owned by AEGON, one of the world’s largest insurance groups. Origen has worked before with Michelin employees, and former employees who have now retired, and the Origen advisers have an excellent understanding of the Michelin Pension Plan. Paying for advice As you would expect, advice is not free. The Trustees have agreed competitive charges with Origen which are shown on the table overleaf. You will be able to pay by credit or debit card. If you have defined contribution savings in the Michelin pension plan you can make use of The Pension Advice Allowance. This enables you to use up to £500 of your defined contribution pension savings to pay for advice connected to your pension and retirement savings. You can do this up to three times during your lifetime, but only once in any tax year. If you are interested you need to ask Capita for the relevant forms. If you decide to receive advice from Origen, you will need to pay an initial fee at the start of the advice process. There may be an additional fee at the end of the process depending on the advice you receive. The Trustees have agreed very competitive terms with Origen which are shown on the table overleaf. Any fees will be fully explained to you when you contact Origen to discuss booking an advice meeting. Charges The cost of advice varies depending on the action you take. CHARGES If you keep your money in the Michelin pension plan – either because you do nothing or you retire with £550 a pension paid from the Plan If you take advice and transfer to a conventional or enhanced annuity £650 If you take advice and transfer to Income Drawdown immediately (this includes implementation) £750 If you take advice and transfer to Income Drawdown in the future (this includes implementation) £850 ADDITIONAL CHARGES For an Individual Transfer Value Analysis and Transfer Value Comparison – this is billed by an appointed £100 third party provider and is required if a transfer of defined benefit pension is being considered If your total pension provision is over the Lifetime Allowance; or £150 If you are impacted by the Tapered Annual Allowance (i.e. broadly someone with taxable income over £150,000) For additional administration such as completion of forms to allow a transfer out £25 If there is contact that does not proceed to a report £20 (This charge is made only if you have contacted Origen and a Welcome Pack has been issued, but you decide not to proceed to a written report) If a one to one meeting is required, travel and accommodation expenses will be charged in addition to the above fees with rail / air travel paid at cost and mileage charged at 45p per mile. Travel time incurred by Origen Personnel will be charged at £50 per hour (rounded up to the next whole hour). Wherever possible Origen will source all Consultants locally to keep travel costs to a minimum. Some of these payments may be subject to VAT. Note: the charges negotiated by Michelin are competitive. Typically Financial Advisors charge between 2.5%-3% of the transfer value, so for a transfer value of £200,000 this charge would equate to £5,000-£6,000. February 2019.