The Open Pension Trust

1 Opt Pensions, 3 Bakehouse Court, 19 High Street, Saffron Walden, Essex, CB10 1AT 01799 581200 1 Member Booklet The open Pension Trust Date of Issue: April 2018 Opt Pensions, 3 Bakehouse Court, 19 High Street, Saffron Walden, Essex, CB10 1AT 01799 581200 2 Member Booklet Contents 1. INTRODUCTION .. 4 HOW DO I KNOW HOW MUCH MONEY IS IN MY RETIREMENT POT? .. 4 HOW TO REGISTER .. 4 WHEN CAN I TAKE MY BENEFITS? .. 4 WHO GETS MY MONEY? .. 4 2. ABOUT THE open Pension Trust .. 5 HOW IS THE open Pension Trust OPERATED? .. 5 HELPING YOU SAVE FOR YOUR RETIREMENT .. 5 MAKING PENSIONS EASIER .. 5 3. WHY A WORKPLACE Pension SCHEME.

2 6 YOUR FUTURE .. 6 BEING A MEMBER OF THE SCHEME .. 6 OUR ONLINE SYSTEM ROOT .. 7 4. CONTRIBUTING TO THE SCHEME .. 8 CONTRIBUTING TO YOUR RETIREMENT POT .. 8 WHAT DOES THE VALUE OF MY RETIREMENT POT DEPEND ON? .. 8 CONTRIBUTIONS .. 8 CHARGES .. 9 GROWTH .. 9 TAX RELIEF .. 9 HOW ARE MY CONTRIBUTIONS CALCULATED? .. 9 HOW ARE MY ADDITIONAL VOLUNTARY CONTRIBUTIONS CALCULATED? .. 10 MINIMUM CONTRIBUTIONS .. 11 ANNUAL & LIFETIME ALLOWANCE LIMIT .. 11 CAN I MOVE MONEY INTO THE SCHEME FROM ANOTHER Pension SCHEME? .. 12 INVESTMENTS .. 12 YOUR INVESTMENT FUNDS .. 13 WHAT IF A MEMBER DOESN T WISH TO INVEST IN THE GROWTH FUND? .. 13 WHAT IF A MEMBER DOES NOT WISH TO USE THE LIFESTYLING FACILITY?

3 13 MAKING THE MOST OF YOUR RETIREMENT POT .. 14 5. RETIREMENT BENEFITS .. 15 WHEN CAN I RETIRE OR TAKE MY MONEY OUT OF THE SCHEME? .. 15 UNDERSTANDING YOUR OPTIONS AT RETIREMENT .. 15 6. YOUR DEATH BENEFITS .. 17 WHAT WILL HAPPEN IF I DIE BEFORE TAKING MY MONEY? .. 17 HOW DO I MAKE SURE THE RIGHT PERSON GETS MY MONEY? .. 17 WHAT HAPPENS IF I DON T NOMINATE ANYONE? .. 17 IS MY LUMP SUM TAXABLE? .. 17 7. OPTING OUT .. 18 CAN I OPT OUT OF Pension SAVING? .. 18 OPTING OUT ONLINE .. 18 OPTING OUT BY POST .. 18 WHAT HAPPENS IF I CAN T AFFORD TO CONTRIBUTE TO THE SCHEME? .. 19 WHAT HAPPENS IF I LEAVE MY EMPLOYER S SERVICE?.. 19 Opt Pensions, 3 Bakehouse Court, 19 High Street, Saffron Walden, Essex, CB10 1AT 01799 581200 3 Member Booklet OTHER DETAILS ABOUT TRANSFERS.

4 19 8. FURTHER INFORMATION .. 20 HOW IS THE SCHEME SET UP? .. 20 SCHEME CONTACT DETAILS / QUERIES .. 20 WHAT HAPPENS TO MY RETIREMENT POT IF I GET DIVORCED? .. 20 COMPLAINTS .. 20 PENSIONS OMBUDSMAN .. 21 THE Pension ADVISORY SERVICE .. 21 THE PENSIONS REGULATOR .. 21 Pension TRACING SERVICE .. 22 PRIVACY .. 22 Opt Pensions, 3 Bakehouse Court, 19 High Street, Saffron Walden, Essex, CB10 1AT 01799 581200 4 Member Booklet 1. Introduction How do I know how much money is in my retirement pot? By logging on to Root , Opt Pensions user friendly online account system, you are able to check what the exact value of your retirement pot is whenever you want. By accessing your account online, you ll be able to: see your up-to-date retirement fund value at a time that suits you; check what your employer is contributing; make sure we have up-to date details for you; tell us whether you want to start, pay more, or stop contributions; request investment fund switches; inform us of who you want to receive your money if you die.

5 How to register Once you have been set up as a member of the Scheme, and we have your email address, we will automatically issue you with login details for Root. If you have not automatically received your login details, please email us at: When can I take my benefits? You can choose any date from your 55th birthday to start receiving your retirement benefits. It s a good idea to let us know when you plan to take your retirement benefits. You can do this by logging into your account on Root . For more information about taking your retirement benefits please refer to the Retirement Benefits section on page 15. Who gets my money? Your retirement pot is there for you and your loved ones, so it is important that you tell us who you d like to receive it if you die.

6 This could be your partner or spouse, a family member or a charity. For more information about how you can do this please refer to the Death Benefits section on page 17. Opt Pensions, 3 Bakehouse Court, 19 High Street, Saffron Walden, Essex, CB10 1AT 01799 581200 5 Member Booklet 2. About The open Pension Trust How is The open Pension Trust operated? The open Pension Trust is established as a master Trust . There are three professional, independent trustees of the Scheme and The open Pension Trust is administered on a day to day basis by Opt Pensions ( Opt ). The trustees are obliged by law to ensure the Scheme is run in the best interest of all members. Helping you save for your retirement The open Pension Trust is in place to help you build up a retirement pot.

7 The scheme has been designed to not only meet all the legal requirements but more importantly look after you, your money and your future. Making Pensions easier We understand that pensions can be confusing. That s why The open Pension Trust has been designed to keep things simple and put you in control. We strive to make sure the information about your Pension is easy to follow so that you can say with confidence that you understand your retirement benefits and options. Experience tells us that your Pension won t always be a day to day concern, and that you may just want to keep on contributing and let us take care of the rest. The open Pension Trust is designed to let you do exactly that with a straightforward approach designed to help you plan for retirement.

8 Opt Pensions, 3 Bakehouse Court, 19 High Street, Saffron Walden, Essex, CB10 1AT 01799 581200 6 Member Booklet 3. Why a workplace Pension scheme Your future It s always been wise to save, but in deciding whether you need a Pension scheme you need to ask yourself how am I going to meet my living costs in later life? If you plan to rely mainly on the Basic State Pension , it s worth remembering that this is currently worth per week (2018/2019). Although this will give you a foundation for your income in retirement, when you stop working, you may find that without having saved for your retirement this may not be as much money as you would like or need. Between now and your retirement, the cost of things such as food, petrol and holidays is likely to increase.

9 Saving your money in a workplace Pension scheme can help it to grow more than the rising cost of living. By saving into your workplace Pension you will get extra money from your employer and receive money from the government in the form of tax relief*. All this means that over the years there ll be more money going into your retirement pot than if you just saved in a bank account. As well as helping to look after your future a Pension scheme can offer some long term security for your family and loved ones. * For further information about tax relief please see page 9. Being a member of the Scheme You ve become a member of the Scheme for one of two reasons: Your employer automatically enrolled you or; You asked your employer to enrol you.

10 Individuals are generally eligible to join the Scheme if they are employed by a UK employer that has decided to use the Scheme. In most cases, enrolment into membership of the Scheme will be automatic. The only exceptions will be where you do not meet the statutory conditions for auto enrolment (which are based on your age and earnings). Those aged under 16 and 75 or over will not be eligible to join the Scheme. No other conditions apply unless they have been confirmed to you by your employer. Admission will take place automatically unless you do not meet the conditions for auto-enrolment (in which case you will generally be able to join simply by asking your employer). Opt Pensions, 3 Bakehouse Court, 19 High Street, Saffron Walden, Essex, CB10 1AT 01799 581200 7 Member Booklet If you opt-out / leave the Scheme but remain with your employer, your employer may be required to automatically enrol you into the Scheme at some point in the future.