IF YOU'VE LEFT

You’re a deferred member if you either:

• stopped working for the Company (e.g. you resigned or were made redundant)
  or
• you opted out of the Plan, (i.e. stopped paying contributions) but you still work for the Company
  and
• you decide to leave your pension account invested in the Plan.

You no longer pay contributions into the Plan and nor does the Company.

As a deferred member, there is an administration charge applied of, currently, no more than 0.25% of the balance of your fund per annum. (When you were an active member of the Plan, this cost was paid on your behalf by the Plan or the Company; this was at the Company’s discretion.) However, when you became a deferred member, you became responsible for these charges, which will be deducted quarterly by way of cancellation of units. The charge is for third party costs incurred by the Plan, for example the costs of the third party administration contract. The amount is calculated across the funds of all members so that there is no cross subsidy by deferred members of active members. The deductions are made quarterly; the cap of 0.25% per annum referred to above is applied quarterly, at 0.0625% of fund value (i.e. one quarter of 0.25%). This deduction is in addition to the investment charges applied by the investment manager or underlying funds to cover the cost of investment management services and fund costs. Further details in respect of charges are available in the ‘Your Investment options’ leaflet.