8 x 8 Group Personal Pension Plan Pension

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8 x 8 – Group Personal Pension Plan Pension presentation – 11 th &

8 x 8 – Group Personal Pension Plan Pension presentation – 11 th & 13 th September 2018 Steve Trett – Willis Towers Watson © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Agenda n Who are Willis Towers Watson? n Why have a pension? n How

Agenda n Who are Willis Towers Watson? n Why have a pension? n How does the pension scheme work? n How do I review and manage my pension? n Retirement options n What happens next? n Any questions? © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Who Are Willis Towers Watson? 40, 000 colleagues In 140 countries Scale, diversity and

Who Are Willis Towers Watson? 40, 000 colleagues In 140 countries Scale, diversity and financial strength $8. 2 billion revenue Source: Willis Towers Watson October 2017 Over 400 years 0 f combined experience Over 3, 000 specialise in Employee Benefits UK Defined Contribution team: 84 DC Associates 6 Full-time research and development 13 Financial Planning Group © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 84

Working Together © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For

Working Together © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

When will you get your State Pension? Year you were born Age eligible for

When will you get your State Pension? Year you were born Age eligible for State Pension 6/11/1953 – 5/10/1954 65 -66 6/10/1954 - 5/3/1961 66 -67 6/3/1961 - 5/4/1978 67 -68 6/4/1978 onwards 68 Source : https: //www. gov. uk/government/publications/state-pension-age-timetable © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

State Pension Benefits Basic State Pension n From April 2016, a new flat rate

State Pension Benefits Basic State Pension n From April 2016, a new flat rate State Pension was introduced n Relatively low benefit (£ 164. 35 per week for 2018/19 tax year) n However, you may get more or less than this full amount, depending on your individual circumstances n The full amount will be given to people with at least 35 years National Insurance (NI) contributions or credits n To qualify for any new State Pension, people will need at least 10 years of NI contributions n It is an individual entitlement, so in general there will be no special rules for people who are married or in civil partnerships, bereaved or divorced © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Your retirement could last a lot longer than you think……. 65 84 Projected life

Your retirement could last a lot longer than you think……. 65 84 Projected life expectancies for men and women now at age 65 Source: UK National Statistics Office website 04/11/2015 © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 86

Pension Auto-Enrolment n Government concern over number of workers in UK with no pension

Pension Auto-Enrolment n Government concern over number of workers in UK with no pension provision n Not unique to the UK n Australia, New Zealand, Chile, Singapore, USA n Not just Employees – Employers join in as well n Auto-enrolment but with “opt out” n New Joiners will be enrolled n Anyone who opted-out will be re-enrolled three years after the company’s staging date © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source –The Pensions Regulator 2015

How does the pension scheme work? © 2018 Willis Towers Watson. All rights reserved.

How does the pension scheme work? © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Summary of the scheme n Series of individual plans – your own plan n

Summary of the scheme n Series of individual plans – your own plan n Additional personal contributions can be made n Salary Sacrifice option - employer National Insurance saving is reinvested ✔ n Default investment fund n Wide range of other investment options n Fully portable n Flexibility at retirement © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Pension charges n Single charge contract n Annual Management Charge (AMC) 0. 50% per

Pension charges n Single charge contract n Annual Management Charge (AMC) 0. 50% per annum for default n External managers / specialist funds will attract an additional charge n No charge for; • Transfers in or out • Switch / redirection • Contribution holidays • Taking benefits early or later than planned © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Contributions n Contributions are paid monthly and based on a percentage of basic annual

Contributions n Contributions are paid monthly and based on a percentage of basic annual salary n Salary sacrifice option – employer National Insurance saving is reinvested n A tax effective way of paying contributions into a Pension n The Plan is also able to accept transfer payments from other UK pension schemes © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

How does your pension work? Your Contributions Potential Fund Growth & Charges Your pension

How does your pension work? Your Contributions Potential Fund Growth & Charges Your pension fund © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Tax efficient Salary sacrifice

Salary Sacrifice n Agreement to alter your employment T&C’s to reduce your salary by

Salary Sacrifice n Agreement to alter your employment T&C’s to reduce your salary by an amount equal to that which the company will pay into the Pension Plan n Immediate tax relief on contributions (incl. higher/additional rates) n No need to claim higher/additional rate tax relief n Less National Insurance Contributions n 13. 8% Employer NI saving is being reinvested too ✔ Salary post salary sacrifice NI saving applied to sacrificed amount (2018/19 rates) Above £ 46, 350 2% Between £ 8, 424 - £ 46, 350 12% Less than £ 8, 424 0% © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Benefits linked to your salary n The salary sacrifice arrangement will not affect your

Benefits linked to your salary n The salary sacrifice arrangement will not affect your employment benefits. n Your notional salary (your salary before any salary sacrifice/reference salary) for calculating/confirming: - Future salary increases - Overtime - Bonuses - Death Benefits - Related Benefits - references, Mortgages, etc. Potential Drawbacks n May affect certain State benefits that are based on actual earnings n Cannot sacrifice your earnings below the National Minimum Wage or National Living Wage © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only

Salary Sacrifice Example £ 30, 000 pensionable salary – Employer 4 %, Employee 4

Salary Sacrifice Example £ 30, 000 pensionable salary – Employer 4 %, Employee 4 % Without Salary Sacrifice With Salary Sacrifice Gross Salary £ 30, 000 £ 28, 800 Tax £ 3, 630. 00 £ 3, 390. 00 National Insurance £ 2, 589. 12 £ 2, 445. 12 Employee Pension (net) £ 960 Employer NI Cash Back N/A £ 165. 60 Take Home Pay £ 22, 820. 88 £ 22, 964. 88 Employer Pension £ 1, 200 £ 2, 400 Total Invested in Pension £ 2, 400 £ 2, 565. 60 Employee NI Saving N/A £ 144 + £ 240 BRT © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. N/A

Salary Sacrifice Example £ 60, 000 pensionable salary – Employer 4 %, Employee 4

Salary Sacrifice Example £ 60, 000 pensionable salary – Employer 4 %, Employee 4 % Without Salary Sacrifice With Salary Sacrifice Gross Salary £ 60, 000 £ 57, 600 Tax £ 11, 880. 00* £ 11, 400. 00 National Insurance £ 4, 824. 12 £ 4, 776. 12 Employee Pension (net) £ 1, 920 N/A Employer NI Cash Back N/A £ 331. 20 Take Home Pay £ 41, 375. 88 £ 41, 423. 88 Employer Pension £ 2, 400 Total Invested in Pension £ 4, 800 £ 5, 131. 20 Employee NI Saving N/A £ 48 + £ 480 BRT *assumes you have reclaimed higher rate tax relief on employee contribution (£ 480) © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. £ 4, 800

Contributions n Maximum employee contributions 100% of earnings or £ 3, 600 whichever is

Contributions n Maximum employee contributions 100% of earnings or £ 3, 600 whichever is the higher. n Total contributions to all pensions capped by the Annual Allowance (AA) - £ 40, 000 – 2018/19, and includes all contributions - Annual Allowance tapered for those earning more than £ 150, 000 n Lifetime Allowance - Maximum amount you can accrue within all your pension plans. - When benefits are taken, if total benefits valued at more than £ 1, 030, 000 (2018/19) then a tax charge of up to 55% will apply. © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

The tapered AA from 6 April 2016 n From 6 April 2016, the £

The tapered AA from 6 April 2016 n From 6 April 2016, the £ 40, 000 AA is tapered down for “higher” earners n AA remains at £ 40, 000 if “Threshold Income” is £ 110, 000 or less n The AA will reduce by 50 p for each £ 1 of “Adjusted Income” above £ 150, 000, until it reaches £ 10, 000 for people whose Adjusted Income is £ 210, 000 or more 45, 000 Annual Allowance (£) 40, 000 35, 000 30, 000 25, 000 20, 000 15, 000 10, 000 5, 000 0 130 140 150 160 170 180 190 Adjusted income (£ 000 s) © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 200 210 220 230

Provider Selection – Why Aviva ? n Financial Strength n Fund Choice n Committed

Provider Selection – Why Aviva ? n Financial Strength n Fund Choice n Committed to Pensions Market n Competitive Charges n Quality of Administration Support n Strong Employee On-Line Systems Capability n Aviva is one of the UK leading Pension Providers © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Pension Investment Choices n Wide choice of funds and Lifestyle Profiles n Simple default

Pension Investment Choices n Wide choice of funds and Lifestyle Profiles n Simple default investment strategy option available n Passive and active choices n External fund managers n Choose the funds that suit you – your attitude to risk n Ethical, social, and religious options available n Switch / redirect funds at no extra cost © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Group Personal Pension Plan Investment Funds Risk versus reward © 2018 Willis Towers Watson.

Group Personal Pension Plan Investment Funds Risk versus reward © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Lifestyle Default Approach Future Focus Drawdown 2 – source January 2018 © 2018 Willis

Lifestyle Default Approach Future Focus Drawdown 2 – source January 2018 © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

The Aviva Diversified Asset funds in detail Aviva diversified assets II © 2018 Willis

The Aviva Diversified Asset funds in detail Aviva diversified assets II © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

The Aviva Diversified Asset funds in detail Aviva diversified assets I © 2018 Willis

The Aviva Diversified Asset funds in detail Aviva diversified assets I © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Leaving my 8 x 8 Group Personal Pension Plan remains invested and owned by

Leaving my 8 x 8 Group Personal Pension Plan remains invested and owned by you n Company contributions will cease n Continue personal contributions n Paid up n Pension from age 55 n Transfer your fund to a new pension plan . © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Pension What happens if you die? …and you haven’t taken your pension, or are

Pension What happens if you die? …and you haven’t taken your pension, or are in drawdown, or annuity and are under age 75 n Lump sum - tax free (value protection for annuity) n Income - tax free by drawdown/annuity (any dependant/nominated beneficiary) …and if you are 75 or over? n Lump Sum – taxed as income (dependants/beneficiary rate) for payments from 6 th April 2016 n Income - taxed as income (dependant/beneficiary rate) via an annuity or drawdown © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

How do I review and manage my pension? © 2018 Willis Towers Watson. All

How do I review and manage my pension? © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Source Aviva website Jan 2017 for illustrative purposes only © 2018 Willis Towers Watson.

Source Aviva website Jan 2017 for illustrative purposes only © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Source Aviva website Jan 2017 for illustrative purposes only © 2018 Willis Towers Watson.

Source Aviva website Jan 2017 for illustrative purposes only © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Source Aviva website Jan 2017 for illustrative purposes only. Not intended to be representative

Source Aviva website Jan 2017 for illustrative purposes only. Not intended to be representative of past performance © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Source Aviva website Jan 2017 for illustrative purposes only. Not intended to be representative

Source Aviva website Jan 2017 for illustrative purposes only. Not intended to be representative of past performance © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Pension Consolidation n Contact Aviva n Aviva can arrange for your legacy pension pots

Pension Consolidation n Contact Aviva n Aviva can arrange for your legacy pension pots to be transferred to their pension; n On a non-advised basis, so you should check that -Like for like pension -You will not be penalised for doing so -No charge for transferring from your current provider -Not giving up valuable guarantees – annuity conversion or with profit return -No enhanced PCLS (greater than 25%) n Only contact Aviva once you have joined the Pension Scheme! n Obtain fund and transfer values and answers to questions from current provider n If in any doubt take independent financial advice n Aviva transfer service centre can be contacted; 0800 2600360 | F: +44 (0) 1603 878733 E: tvi@aviva. com © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Retirement options © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For

Retirement options © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Retirement choices - Simplified Retirement Options – Post April 2015 Cash Annuity 25% Tax

Retirement choices - Simplified Retirement Options – Post April 2015 Cash Annuity 25% Tax Free Guaranteed income for life with 25% of fund tax free 75% subject to tax Small pot rules apply No death benefits unless utilise Guarantee Period or Value Protection options Drawdown UFPLS* No limits and totally flexible Not widely available Initial 25% tax free withdrawals subject to tax 25% of each withdraw tax free remaining 75% subject to tax Preserves death benefits You cannot access your pension fund until age 55, with the possibility of this increasing to 57 from April 2028. Amount of pension depends on how much you pay in, how long you invest for, how well the investments perform, the charges your provider takes, and your income tax rate upon withdrawal. *Uncrystalised Funds Pension Lump Sum © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

What is next ? © 2018 Willis Towers Watson. All rights reserved. Proprietary and

What is next ? © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Recap/Reminder Keep your pension under review n Contributions n Investment choice n Retirement age

Recap/Reminder Keep your pension under review n Contributions n Investment choice n Retirement age n Update your address n Complete/Update death benefit nomination form n Register to view your plan online http: //www. aviva. co. uk/existing-customers/ © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Thank You Any Questions? Willis Towers Watson Friar Street Ipswich , IP 1 1

Thank You Any Questions? Willis Towers Watson Friar Street Ipswich , IP 1 1 TA Steve Trett Associate Director Telephone: 01473 222423 Email: steven. trett@willistowerswatson. com © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Important Information This presentation is based on our understanding of present law and HM

Important Information This presentation is based on our understanding of present law and HM Revenue and Customs practice, which may be subject to change. The presentation is for information only, not advice. Towers Watson Limited is a division of Willis Towers Watson and is authorised and regulated by the Financial Conduct Authority. Registered office: Watson House, London Road, Reigate, Surrey RH 2 9 PQ. Registered company number 05379716 in England Wales © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Important Information • It must be stressed that this document is a summary only

Important Information • It must be stressed that this document is a summary only and whilst every effort has been made to ensure that it is accurate, if there any differences between the terms and conditions of the plan and this document, the plan terms and conditions will apply. It is based on Willis Towers Watson`s understanding of current legislation and practice which may change in the future. You should seek independent financial advice if you are unsure of the suitability of the Group Personal Pension Plan (GPPP ) for you. • • Towers Watson Limited (trading as Willis Towers Watson) has approved this presentation as a financial promotion on behalf of 8 x 8 • How investments have performed in the past is no guarantee to how they will perform in the future. The value of investments may go down as well as up and you may not get back the amount you invested. • Aviva Life & Pensions UK Limited is authorised and regulated by the Financial Conduct Authority in the conduct of UK investment business. • If you have any doubt about the suitability of the investment (GPPP), which is the subject of this promotion, you should contact an Independent Financial Adviser for advice. You can obtain the name, address and telephone number of your nearest Independent Financial Adviser by visiting the IFA promotions website at. https: //www. moneyadviceservice. org. uk/en/articles/choosing-a-financial-adviser • The tax rates stated in this document are those which apply at the current time (2018/19 tax year) and you should note that your own tax position will depend on your individual circumstances. Tax rates may change in the future and there may be changes to your personal circumstances which affect your entitlement to tax relief • This material incorporates information made available by certain third parties. Towers Watson Limited makes no representations or warranties as to the accuracy, completeness or reliability of any third party information made available hereunder and shall accept no responsibility for any errors or misrepresentations in respect of the same • This presentation is valid until 5 th April 2019 Towers Watson Limited, Watson House, London Road, Reigate, Surrey, RH 2 9 PQ is authorised and regulated by the Financial Conduct Authority. Our FCA number is 432886. You can check this on the FCA’s register by visiting the FCA’s website https: //register. fca. org. uk/. or by contacting the FCA on 0800 111 6768 or at 12 Endeavour Square , London, E 20 1 JN. © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Handy contacts Independent financial advice https: //www. moneyadviceservice. org. uk/en/articles/choosing-a-financial-adviser What is my State

Handy contacts Independent financial advice https: //www. moneyadviceservice. org. uk/en/articles/choosing-a-financial-adviser What is my State Pension Age? https: //www. gov. uk/calculate-state-pension Guidance guarantee https: //www. pensionwise. gov. uk/ State pension forecast https: //www. gov. uk/state-pension-statement Aviva member website www. aviva. com Overseas pension http: //www. hmrc. gov. uk/pensionschemes/qrops-list. htm © 2018 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.