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A GUIDE TO YOUR
SCHEME SAVINGS
AGILENT TECHNOLOGIES
LDA UK LIMITED PENSION SCHEME
Contents
Welcome3
The Scheme at a glance
4
The big picture: know where to start
5
Joining6
Tools and resources at your fingertips
7
Contributions8
Investments9
Retirement10
Your retirement options in detail
11
Temporary absence and leaving the Scheme
12
Death benefits
13
About the Scheme
14
Glossary15
TRUSTEE INFORMATION
The Scheme is set up under Trust and the assets are held
completely separately from those of the Company.
The Trustees are responsible for ensuring that the Scheme
is efficiently run and that the investment providers are
carrying out their duties correctly. The Trustees also ensure
that the Scheme is run in accordance with the terms of
the Scheme Rules. These set out the legal basis on which
the Scheme operates.
The Trustees are individuals that have been appointed to
act as Trustees and include Member Nominated Trustees
that have been selected by the membership.
A copy of the annual report of the Trustees containing
audited accounts, an investment report and a list of
Trustees and professional advisers, is available on ePA.
You can also request a copy of the Rules of the Scheme
from the Trustees or the Pensions Department.
THE SMALL PRINT
This guide is a general summary of the Scheme and does not
replace the formal Scheme documents (see below) which
contain the definitive provisions.
The more formal documents (Trust Deed and Rules and
policies, for example) are the legal documents that govern
the Scheme. You can request a copy of these at any time.
Contact the administration team for details (see page 14).
Where there are any discrepancies between this guide and
the Scheme documents, the Scheme documents prevail.
The information given in this guide is also subject to the
Company’s and Trustees’ right to amend the provisions of the
Scheme at any time, and to overriding statutory legislation.
2
The Scheme is established under a trust with Trustees
nominated by the Company and the members. The Trustees
administer the Scheme on behalf of the members. For details
on the Trustees see above.
The Scheme is a registered pension scheme for the purposes
of Part 4 of the Finance Act 2004.
The information in this guide is based on our understanding of
tax regulations and legislation in force at the time of
publication. The provisions may be changed if required by
amendments in legislation, taxation, Revenue practice, or
Company policy. Before making any decisions, you may wish
to seek financial advice. See page 14 for more details about
financial advice.
WELCOME
The Company wants to provide all of its employees with valuable benefits. An important part of this is
helping employees provide for their retirement. The Agilent Technologies LDA UK Limited Pension Scheme
(the Scheme) helps you save for your future.
The Scheme is an attractive means of planning for your retirement. It aims to provide you with a savings ‘pot’ to use when you choose to.
It is flexible. You choose how much to save in addition to the Company’s contributions, how your contributions are invested and how
to take your savings.
It is cost effective. Not only are any SMART Pension contributions free from National Insurance, as these are made through Salary
Sacrifice, you also receive full tax relief (up to certain limits; see page 8 for details on all contributions). Additional Voluntary
Contributions (AVCs) receive tax relief but are not paid through Salary Sacrifice.
The Company meets the Scheme’s administration costs and you pay the investment management charges.
SCHEME COMMUNICATIONS
You will receive a number of communications and have access to tools to help you plan for retirement.
These will help you to:
Each year, we remind you that your contribution rate can be updated on 1 February.
You receive a personalised annual benefit statement so you know what you’ve
already saved and what you’re on track to receive.
KEEP YOUR SAVINGS
AND INVESTMENTS ON TRACK
This Scheme guide gives you everything you need to know about the Scheme.
The Investment guide provides more detail on your investment options, to help
you make an informed investment decision.
The decision tree will walk you through the things you need to think about when
deciding how to take your savings and how to be invested as you approach retirement.
PREPARE FOR RETIREMENT
Your Countdown to retirement leaflet will be sent to you eight years before your
target retirement age. This lets you know what to expect in the lead up to retirement and
what you need to start thinking about.
Around six months before your target retirement age, you will receive the Scheme’s
At-retirement pack – giving you detailed information about your options and what
you need to do to access your savings.
Access all Scheme communications at www.makeagooddecision.co.uk
3
THE SCHEME AT A GLANCE
YOU JOIN THE SCHEME AND AN
ACCOUNT IS SET UP IN YOUR NAME
Just complete the Application form
we sent to you when you joined
the Company.
YOU CONTRIBUTE TO YOUR ACCOUNT
Experts estimate that throughout
your career, contributions of around
half your age would buy you a
secure income of around 66%
of your final earnings.
You can decide to make SMART contributions of between 1%-4%. SMART contributions
are made through Salary Sacrifice and can be changed once a year – see page 8
for details.
You can make Additional Voluntary Contributions (AVCs) at any time during the year.
THE COMPANY CONTRIBUTES TO YOUR ACCOUNT
The amount depends on how much you contribute.
YOU CHOOSE HOW TO INVEST YOUR ACCOUNT
The Scheme offers a range of different investment options to meet your different needs.
If you do not contribute at least 4%,
you will not receive the higher
Company contribution.
Read the Investment guide for full
details of your options – available at
www.makeagooddecision.co.uk
VALUE YOU’VE BUILT UP IN YOUR ACCOUNT:
Accessing your account at retirement
You can access your account at any time from the minimum pension age (currently 55).
You can do one or a combination of the following:
Buy an Annuity
(secure income for life)
Whichever option you choose,
up to 25% will be tax-free,
with the rest taxed as income.
Keep your savings
invested, taking funds
as and when you
need them over a
period of time –
Income drawdown
Take it all in one go
as a Cash lump sum
THE SCHEME ALSO PROVIDES YOU WITH LIFE
ASSURANCE BENEFITS; FIND OUT MORE ON PAGE 13.
Find out what happens if you leave the Scheme on page 12.
4
Read more about your retirement
options from page 11.
THE BIG PICTURE: KNOW WHERE TO START
Retirement may seem a long way off. But if you do not take steps early enough, you could find that your
savings are not what you expected.
You need to prepare. And you need to check regularly that you’re heading in the right direction. The following three simple steps should
help you on your way to retirement. It’s not about saving more than you can afford or becoming an investment expert – it’s about having
a plan for retirement, making the right choices for your personal circumstances and checking your progress at least once a year.
STEP 1 KNOW YOUR TARGET
Set yourself a target for what you’ll need when you retire, even if retirement is years away.
Check the money you’ll have coming in from your pension(s), the State Pension
and other savings.
Then think about your everyday outgoings, like your household bills.
Are your sums adding up?
The Financial Conduct Authority (FCA)
suggests you need an annual income of
around 60% of your basic salary to
live on in retirement.
The online budget planner will help you put your plan in place.
www.moneyadviceservice.org.uk/yourmoney/interactive/budget_planner.aspx
STEP 2 ARE YOU SAVING ENOUGH?
If you contribute at least 4% through SMART Pension, you can benefit from the
maximum Company contribution (8%).
Any SMART Pension contributions are free of NI contributions.
You can change your SMART Pension contributions (up to 4%) once a year.
You can make Additional Voluntary Contributions (AVCs) (contributions over 4%)
to build up additional benefits at any time.
You receive tax relief on all contributions (up to certain limits).
Manage your account at
www.makeagooddecision.co.uk
For more information on contributions, see page 8.
STEP 3 MAKE YOUR MONEY WORK HARDER
Another way to help you bridge any ‘pension gap’ is to make your contributions
work harder by making the right investment choices for you.
There’s a wide range of investment options and funds to choose from.
Whatever your circumstances, there’s an option for you.
And as with your contribution choice, choosing your investments isn’t a one-off
decision. Your investment priorities are likely to change as you get older and
your personal circumstances change, so you need to keep your investments
under review.
In addition, your investment choices need to align with how you plan to take
your savings from the Scheme. That means you’ll will need to think carefully
from around eight years before your target retirement age.
For more information on investments, see page 9.
Read the Investment guide for more
details about your investment choices.
You can make any changes to how you
are invested at
www.makeagooddecision.co.uk
5
JOINING
Joining the Scheme won’t take you long and it’ll be worth it. You need to be a permanent employee and
your employment contract needs to confirm your eligibility.
Once you know you’re eligible, follow these simple steps:
1. COMPLETE THE APPLICATION FORM
You will receive a copy by email after you have joined the Company. Here you will choose
how much to contribute and how to invest your account. The Trustees may ask you to
provide identification and other documents, such as a birth and/or marriage certificate.
We will let you know if this is the case.
2. DON’T FORGET YOUR BENEFICIARIES AND DEPENDANTS
Your beneficiaries and dependants may be eligible to receive benefits in the event of your
death, so make sure you also complete and return the Expression of Wish form – see page
13 for more details. You will receive a copy with your Application form. You will be able to
review and update your details online once you have registered to manage your account.
KEY ACTIONS ON JOINING
Choose how much to contribute
Choose how to invest your account
Complete your Expression of Wish details
Register to manage your account online
3. REGISTER TO MANAGE YOUR ACCOUNT ONLINE
You will receive details of how to access your account online within four weeks of joining
the Scheme.
Send your completed form and any required documents to the Pensions
Department. Find their details on page 14.
DECIDED NOT TO JOIN THE SCHEME?
Joining is voluntary. If you decide not to join, please note:
The Company will not contribute to any other pension arrangement on your behalf.
You may be able to join at a later date – if this is after one year of joining the Company,
acceptance into the Scheme will be at the discretion of the Company and the Trustees,
and you will be required to complete a medical questionnaire for our death benefit
insurers (this is completely confidential).
You will continue to be covered for a lump sum life assurance benefit if you die while
in service. This would be four times your Annual Salary as at your date of death. It is
important that you complete the Expression of Wish form (see above). Please note
however that you will not receive any pension from the Scheme nor will your Spouse,
Dependants or Children receive any pension in the event of your death.
From 2016, the Company will be required to automatically enrol employees that meet
certain criteria. Relevant employees will still be able to ‘opt out’ of joining the Scheme.
6
TRANSFERRING YOUR
BENEFITS FROM
ANOTHER SCHEME?
If you have benefits in a previous
employer’s pension arrangement
or in a personal pension, you may
consider transferring their cash value
into the Scheme.
This can be done with the consent of the
Trustees and the Company on a basis
agreed with the Trustees. You will receive
a Transfer-in form with your Application
form, or you can get one from
www.makeagooddecision.co.uk
Before transferring any benefits, we
recommend you seek independent
financial advice. Details of how to find
an adviser are on page 14.
TOOLS AND RESOURCES AT YOUR FINGERTIPS
MAKE A GOOD DECISION
Find out more about the Scheme, access other useful tools and resources and manage your account online
at www.makeagooddecision.co.uk
MANAGE YOUR ACCOUNT ONLINE
You can:
Get up-to-date information on your investments,
including unit prices and transaction history
See your current balance
View your contribution and investment decisions
Make changes to your investment decisions
Update your address and nomination details
Access this Scheme guide and the Investment guide
You will receive log-in details within four weeks of joining the Scheme.
UNLOCK ePA’S FULL POTENTIAL
Read the ePA user guide and find out
how to download the ePA ‘app’.
You should receive a copy in the post.
You can also find it in the Library at
www.makeagooddecision.co.uk
HAVING ACCESS PROBLEMS?
Contact the administration team;
see page 14 for details.
7
CONTRIBUTIONS
By contributing to the Scheme, you can build up valuable benefits for your future. The more you contribute,
the bigger those benefits will be.
Your contributions will receive tax relief up to the Annual Allowance – see tax limits below – so they won’t cost
you as much as you think. SMART Pension contributions are also free of National Insurance (NI).
To see the benefit of contributing more, use the Pension Planner by logging on to your account at www.makeagooddecision.co.uk
We encourage you to keep a regular check on the value of your Scheme savings so you can adjust how much you are contributing.
Log on to your account at any time at the link above – your annual benefit statement also provides details.
CONTRIBUTION TYPE
SMART Pension contributions
IF YOU CONTRIBUTE*
THE COMPANY
CONTRIBUTES*
TOTAL CONTRIBUTION
INTO YOUR ACCOUNT*
1%
5%
6%
2%
6%
8%
3%
7%
10%
4%
8%
12%
*% of your Annual Salary
SMART PENSION CONTRIBUTIONS
When you join the Scheme, you’ll be automatically enrolled into SMART
Pension. SMART Pension is a cost-effective way to make contributions to
the Scheme. The minimum SMART Pension contribution is 1% of your
Annual Salary. Read how it works on the right.
You will normally only be able to change your SMART Pension contributions
on 1 February each year (you will receive a reminder). This is unless your
personal situation changes significantly – known as a ‘lifestyle event’.
See details on page 15.
ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVCS)
AVCs help you build up additional savings as 12% (total contributions) may
not meet your needs in retirement.
AVCs can be invested in exactly the same way as your SMART Pension
contributions or you may choose a different investment style. Plus, you can
also choose how you would like to use the value of your AVCs, depending
on your personal circumstances. Please note, AVCs are not made through
SMART Pension.
How SMART Pension works
You agree to give up a part of your Annual
Salary, equivalent to what you choose to be
your contribution.
The Company then pays an amount equal
to this contribution into the Scheme,
on your behalf (in addition to its normal
Company contribution).
It then adjusts your base salary/target pay
by an amount equal to the contribution.
Normally this means you pay lower NI
contributions, increasing your take-home pay.
SMART Pension does not however affect your
income tax position as contributions to the
Scheme are not subject to income tax.
TAX LIMITS
ANNUAL ALLOWANCE (AA)
Although there is no limit on the contributions you can pay, there is a limit on the amount of tax relief you receive
on pension contributions each year. For the 2015/2016 tax year, this is £40,000. Read more on page 15.
LIFETIME ALLOWANCE (LTA)
The Lifetime Allowance limits the amount of tax-efficient pension savings you can build up over your lifetime.
This has been set at £1.25 million for the tax year 2015/2016. Read more on page 15.
8
WHAT ARE MY INVESTMENT CHOICES?
In addition to your contribution choice, you also need to decide
how you want to invest your account. You can choose from one
of the following approaches:
FLEXIBLE LIFESTYLE
The “Help me do it” approach where your Scheme savings are automatically
invested in pre-selected funds.
DEFAULT LIFESTYLE
If you don’t make a choice, you’ll be invested in the default lifestyle strategy.
SELF-SELECT
The “Do it yourself” approach where you decide which funds you’d like
to invest in and what percentage to invest in each fund.
Details of your investment choices, as well as information to help you decide
what to do, are set out in the Scheme’s Investment guide. Find a copy on
www.makeagooddecision.co.uk > Library
You can change how your account is invested at any time via ePA.
Visit www.makeagooddecision.co.uk > Take me to my account
9
RETIREMENT
CHOOSING WHEN YOU WANT TO TAKE YOUR SAVINGS
The earliest age at which you can take your savings is age 55* (younger in cases of incapacity). However, you can delay taking your savings
until age 75. So you just need to decide the right age for you – known as your target retirement age.
The Scheme’s normal retirement age is age 60. So unless you choose otherwise, this will automatically be your target retirement age.
This age may be too early depending on individual circumstances.
*From 2028, this will increase to 57, and then always be 10 years below the State Pension age.
THE IMPORTANCE OF YOUR TARGET RETIREMENT AGE
Choosing the right target retirement age for you is particularly important when it comes to your investment choices. If you’re invested in a
lifestyle option, this age determines when your account moves between investing in funds that aim to maximise growth (the Growth phase)
and the Pre-retirement phase, where your investments align with how you plan to take your savings at retirement.
If your target retirement age is set too early for your circumstances, your investments will change too soon, and you may lose out on
potential growth. If it’s set too late, you would be exposed to a higher level of investment risk just before you want to take your benefits,
leaving you vulnerable to changes in the market.
STATE PENSION
In addition to the benefits from the Scheme you may be entitled to a State Pension. The basic State Pension is a regular payment from the
Government that you can get when you reach State Pension age. If and how much you receive will depend on your National Insurance record.
Calculate what you’re due to receive and when, using the State Pension Calculator: www.gov.uk/calculate-state-pension
YOUR RETIREMENT OPTIONS
Since April 2015, you now have complete flexibility over how you take your savings.
You can choose one or a mixture of the following options:
THE VALUE OF YOUR ACCOUNT
25% tax-free cash
Whichever option you choose, you’re entitled to take 25% as a tax-free lump sum.
ANNUITY
INCOME DRAWDOWN
TAXABLE CASH LUMP SUM
Available via the Scheme
You’ll need to transfer your savings
out of the Scheme to take
advantage of this option.
One-off cash payment available
from the Scheme. The Scheme
is not able to offer multiple,
taxable cash lump sums and
you would need to transfer out
to make use of this option.
GUIDANCE GUARANTEE
When you come to retire, you’ll receive free impartial guidance via the Government (Pension Wise) about your options.
10
YOUR OPTIONS IN DETAIL
ANNUITY
When it’s time to retire, you can take your savings
and buy a pension income (known as annuity)
with an insurer outside of the Scheme.
Annuities work by converting your account to provide an
income for the rest of your life. There are a few options
to consider when purchasing a lifetime annuity, such as
deciding whether to buy an increasing income to keep
up with the cost of living or providing an income for your
spouse if you were to die first.
There are lots of options to choose from and they’ll
depend on your personal circumstances, so you’ll need
to shop around.
Key facts to consider
Income
Secured for a fixed period, or for life – depending on the type you choose.
Tax-free
cash
Before you buy your annuity, you can choose to take 25% of your account as tax-free
cash. It’s normally paid at the same time as buying your annuity in line with
HMRC guidelines.
Income tax
Annuity income (after tax-free cash) is taxed at your marginal rate.
Decisions
Once you buy an annuity, you cannot change your mind.
Options
There are many different insurance companies and annuity options to choose from.
Inheritance Chosen beneficiaries would only receive benefits if you select an annuity on a
planning
joint-life basis.
You can buy an annuity using the whole value of your account, or you can use part of your account and then take the rest using one or both
of the other options available:
Key facts to consider
INCOME DRAWDOWN
It’s your choice how much and how often
you want to draw money from your
retirement savings.
Income drawdown is not currently offered through
the Scheme, so you’ll need to transfer your savings
to an income drawdown provider.
Income
You keep your savings invested and withdraw cash as and when you need it.
Tax-free
cash
Total tax-free cash of 25% of your account. You can choose to take tax-free cash
in a single lump sum or in stages as you ‘draw down’ your savings.
Income tax
Cash withdrawals (after tax-free cash) are taxed at your marginal rate.
Decisions
You will have ongoing decisions to make over how to invest your savings, how
much to withdraw and when.
Options
There are many different income drawdown providers; you’ll need to shop
around.
Any ‘undrawn’ funds would pass directly to your chosen beneficiaries. Before age 75,
Inheritance
these will be passed on tax-free. After age 75 undrawn funds will be taxed at a
planning
marginal rate of 45%.
Key facts to consider
CASH LUMP SUM
Take your savings as cash in one go
You can take all of your account as a cash lump sum.
The first 25% will be tax-free with the remainder taxed
as income in the year that you take it. Be aware that
taking your savings in one lump sum could affect your
overall tax rate and therefore increase the amount of
income tax you pay.
Income
You take all of your benefits in one go.
Tax-free
cash
You can take up to 25% of the value of your account as tax-free cash.
Income tax
Your savings (after tax-free cash) are taxed at your marginal rate.
Decisions
You should consider how you want to invest your cash once you’ve withdrawn
it so it doesn’t lose value as inflation rises.
Options
You have the flexibility over how to spend or save your cash.
Inheritance
Any money you do not spend could pass to your estate.
planning
We’ll send you more information on these options when you’re eight years from your target retirement age.
11
TEMPORARY ABSENCE
LEAVING EMPLOYMENT
ILL HEALTH
DEFERRED MEMBERSHIP
If you’re off work due to ill health and are continuing to receive
your salary from the Company, or are receiving income benefits
from the Company’s Long Term Disability (LTD) Scheme, you’ll
be required to continue making SMART Pension contributions
to the Scheme.
If you are in receipt of a LTD income benefit, your SMART Pension
contributions will be based on the amount you actually receive.
Company contributions will continue on an unreduced basis.
MATERNITY LEAVE
During your ordinary maternity leave period (and additional
paid maternity leave, if taken) the Company will continue to
contribute to your account, based on your full Annual Salary.
Your membership of the Scheme will continue as normal.
You’ll be required to make SMART Pension contributions during
your absence. These will be based on any pay you actually receive.
Please see the Maternity Policy on MEIDAS for further details.
ADOPTION OR PATERNITY LEAVE
During periods of paid adoption leave or paternity leave,
the Company will continue to contribute to your account.
These contributions will be based on your full Annual Salary
and your membership of the Scheme will continue.
You will be required to make SMART Pension contributions
during your absence. These will be based on any pay you
actually receive.
If you stop working for the Company, you would automatically
become a deferred member of the Scheme. This means:
You’ll no longer be able to contribute to the Scheme.
Company contributions will also stop.
You’ll receive a leaver’s statement that shows the units
held in your account.
Your account will grow in line with the funds in which you
are invested. You will be able to change how you are
invested at any time.
You’ll continue to receive annual benefit statements from
the Scheme and be able to manage your account
at www.makeagooddecision.co.uk
It would be important to keep the administration team
updated if you change address.
Normally you will not be able to take your benefits
until age 55 (57 from 2028). This is unless you suffer
from incapacity.
TRANSFERRING OUT
When you stop working for the Company, you can choose to
transfer the value of your account to another registered pension
arrangement – your new employer’s scheme or a personal
pension, for example. Please note however that a transfer
will only be possible if the other scheme agrees to accept it.
TRANSFERRING OUT OF THE
WORKING ABROAD
If you take an overseas assignment or work on secondment,
whilst remaining legally employed in the UK, both you and the
Company will continue to contribute to your account.
UNPAID LEAVE
If you remain in continued employment and do not receive
a salary from the Company, then contributions will not be
payable from either you or the Company.
SCHEME WHILE STILL
WORKING FOR THE COMPANY
You may decide to transfer out of the Scheme even if you
are still working at the Company. You can do this at any time
by giving one month’s notice to the Company and Trustees.
We recommend you seek independent financial advice if
you’re considering transferring your benefits. Details of how
to find an adviser are on page 14.
If you leave the Scheme and later wish to rejoin, you may be
able to do so with the consent of the Company.
If you wish to transfer your
benefits out of the Scheme:
12
You should write to the trustees or the administrator of your new pension arrangement.
We encourage you to carefully consider your choices before leaving the Scheme.
DEATH BENEFITS
AT A GLANCE
DEATH IN SERVICE
ACTIVE MEMBERS
If you die in service, the Trustees will provide the following benefits:
A lump sum equal to four times your Annual Salary (before any
SMART Pension contribution reductions) at the date of your death.
A refund of the value of your contributions (not Company
contributions) in your account. This will include your SMART
Pension contributions, AVCs or transfers in from previous
pension arrangements.
If you die while you’re an active member of the
Scheme, a lump sum of four times your Annual
Salary and a refund of the value of your
contributions in your account will be paid.
If you die before you take your Scheme savings but
you’ve left the Company, the value of your savings
will be paid as a lump sum or pension.
If you die in retirement, the benefits paid will
depend on the choices you made when you retired.
Your spouse/dependant will also receive a pension equal to 25% of
your Annual Salary at the date of your death, payable for life.
YOUR CHILDREN
A pension equal to one-third of the spouse/dependant’s pension will
be paid for each child, up to a maximum of three. If you leave more
than three children, the pension will be divided among all of them
equally. Please refer to the glossary on page 15 for the definition of a
Pensionable Child.
Agilent Technologi
es LDA UK Limited
Pension Scheme
Expression of
Wish form
Please complet
e
Edinburgh EH12 in BLOCK capitals and return
to: Agilent LDA
9DJ. Before you
the Scheme member
Pension
do, we
guide and please recommend that you read s, 5 Lochside Avenue, Edinburg
for a mortgage.
the death-in-service
note that benefits
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are not assignab
All non membe
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e should also
1. Personal details
complete this
form.
WHO WILL THE TRUSTEES
PAY MY BENEFITS TO?
Full name:
Employee ID:
Date of birth:
Location:
Marital status:
NI number :
Telnet:
2. Your nomin
ations
I would like the
Trustees of the
Agilent Technolog
Scheme to the
ies
people named
below. I understan LDA UK Limited Pension Scheme
deciding to whom
d that the Trustees
to consider paying
the benefits should
are not bound
the death benefits
be paid.
by my nominatio
If you would like
ns and have complete provided by the
to nominate more
You may alternative
than three people,
discretion when
ly request that
please continue
‘To my estate’
the Trustees consider
on the
in the name field
paying all or some reverse. Please make sure
below.
your nominatio
of your death
ns total 100%.
benefits to your
estate; to do so,
please write
Full name:
So that any lump sums payable
can be paid free of inheritance
tax (under current rules), the
Trustees must, by law, be able
to decide who to pay benefits
to on your death. The Trustees
will always take your wishes into account and
you can let them know to whom you’d like benefits
paid by completing an Expression of Wish form. If your
circumstances change, please make sure you review
your wishes and complete and return a new form
when appropriate.
Address:
Date of birth:
Relation ship:
Postcode:
Proport ion
Full name:
Address:
Relation ship:
Full name:
Address:
Relation ship:
of benefit:
%
Date of birth:
Postcode:
Proport ion
of benefit:
%
Date of birth:
Postcode:
Proport ion
This form supersede
of benefit:
s any earlier nominatio
%
information being
ns that I may have
held and processed
made about death
by the Trustees.
benefits provided
by the Scheme.
DEFERRED MEMBERS
If you die after you have left the Company but before you retire and you
have not transferred the value of your account out of the Scheme, the
Trustees will use your account to pay a lump sum or to provide a pension
for your spouse, children or dependants.
You may be required to complete a medical questionnaire or attend a
medical examination and your benefits may be restricted based on the
evidence of health required by the insurer. The results of any medicals
are confidential and are not disclosed to the Company. You will be notified
if you are affected.
Signed:
I consent to the
above
Date:
Go to www.makeagooddecision.co.uk to
download the form, send it back to the Pensions
Department – details are on page 14.
13
ABOUT THE SCHEME
Find out more about the Scheme, access other useful
tools and resources and manage your account online
at www.makeagooddecision.co.uk
ADMINISTRATION DETAILS
PENSIONS DEPARTMENT
ADMINISTRATION TEAM
Writing to:
Agilent Technologies LDA UK Ltd
Pensions Department
5 Lochside Avenue
Edinburgh Park
Edinburgh
EH12 9DJ
Writing to:
Agilent Technologies LDA UK Ltd Pension Scheme
Towers Watson
PO Box 545
Redhill
Surrey RH1 1YX
(for questions about the Scheme)
Telephone: 0131 452 0613
Email: [email protected]
(for questions about your savings in the Scheme)
Telephone: 0113 390 7172
Email: [email protected]
If the Pensions Department is unable to deal with your query or if you wish to make a formal
written complaint, please request an Internal Dispute Form from the Pensions Department.
Once completed and returned, your complaint will be considered by the person the Trustees
nominated to review such disputes. You will receive a formal response to your complaint within
five weeks, or be sent a letter explaining the reason for the delay and when a formal response
will be provided. If you are not satisfied with the decision reached, you can escalate the matter
to the full Board of Trustees. Details of this option will be provided with the response.
Other professional organisations that can help you are set out below.
WANT ADVICE ABOUT CHOOSING
YOUR INVESTMENTS?
Please note that by law, the Trustees, the
Pensions Department and the administration
team cannot give you financial advice.
However, some organisations offer free
financial advice; visit
www.moneyadviceservice.org.uk/en/
articles/free-financial-advice-your-options
And if you want to speak with a financial
adviser, you can find one near you at
www.unbiased.co.uk
All queries about the Agilent Technologies LDA UK
Limited Pension Scheme should be raised with the
Pensions Department in the first instance.
USEFUL INFORMATION
PENSIONS OMBUDSMAN
THE PENSIONS REGULATOR (TPR)
The Pensions Ombudsman has the power to investigate and determine
complaints or disputes of fact or law in relation to occupational pension
schemes. The Pensions Ombudsman will expect the administrators and
the trustees of a scheme and TPAS to have been approached, and both
stages of the Internal Disputes Resolution procedure have been
completed before they will investigate any complaint. The Pensions
Ombudsman can be contacted by:
TPR is able to intervene in the running of schemes where trustees,
employers or professional advisers have failed in their duties and
in other circumstances. TPR can be contacted by:
Writing to:
Pensions Ombudsman
11 Belgrave Road
London SW1V 1RB
Telephone: 0207 630 2200
Online: www.pensions-ombudsman.org.uk
THE PENSIONS ADVISORY SERVICE (TPAS)
An independent body which is available at any time to assist
members and beneficiaries of pension schemes with any pension
queries they may have, or with difficulties that they have failed
to resolve with the trustees or administrators of their scheme.
TPAS can be contacted by:
Writing to:
The Pensions Regulator
Napier House
Trafalgar Place
Brighton BN1 4DW
Telephone: 0845 600 0707
Online: www.thepensionsregulator.gov.uk
THE PENSION TRACING SERVICE
Details of the Scheme have been submitted to the Pension Tracing
Service who keeps a register of UK workplace pension schemes.
This means that if you leave the Scheme and cannot trace the
Trustees when benefits are due, you can obtain information about
the Scheme from the Pension Tracing Service. This includes an
address at which to contact the Trustees. The Pension Tracing
Service can be contacted by:
Writing to:
The Pensions Advisory Service
11 Belgrave Road
London SW1V 1RB
Writing to:
The Pension Tracing Service
The Pension Service 9
Mail Handling Site A
Wolverhampton WV98 1LU
Telephone: 0300 123 1047
Online: www.pensionsadvisoryservice.org.uk
Telephone: 0845 600 2537
Online: www.gov.uk/find-lost-pension
14
GLOSSARY
A number of special terms are used in this guide to describe your benefits. Here are their brief definitions to
help you understand more about the Scheme. For more information about investments and your investment
choices, see the Scheme Investment guide.
ADDITIONAL VOLUNTARY
CONTRIBUTIONS
Member contributions which are paid in addition to
ordinary member contributions. The Company does
not match these contributions. SMART Pension does
not apply to Additional Voluntary Contributions.
ANNUAL ALLOWANCE
DEPENDANT
children who the Trustees agree to treat as
pensionable children. Benefits are usually paid
up to age 18, and for a child in full-time education
or training approved by the Trustees, may be paid
up to age 23. However, in certain circumstances,
benefits may be paid beyond age 23.
LIFESTYLE EVENTS FOR
SMART PENSION
PENSION INPUT PERIOD
pension. Annuity rates are also dependent upon
gender and age.
Anyone who the Trustees agree is financially
dependent on you at the time of your death.
This is the limit on the amount of pension
benefits you can build up and receive tax relief
on each year. For the 2015/16 tax year, the
maximum amount of pension contributions on
which you can receive tax relief is £40,000.
This includes payments to all pensions including
the amount paid by you and the Company to
the Scheme and any other pension contributions
you pay outside of the Scheme. If your pension
savings exceed the Annual Allowance in the
relevant Pension Input Period (see below), you
may be liable to pay an additional tax charge.
If you need to discuss a lifestyle event in terms
of the impact on SMART Pension, please contact
the Pensions Department, details available on
page 14.
ANNUAL SALARY
LIFETIME ALLOWANCE
Your yearly rate of salary, excluding shift
allowances, overtime and any other fluctuating
payments. If you are receiving benefits under your
employer’s Long Term Disability scheme or are on
Maternity Leave, for the purposes of determining
the Company’s contributions, it means the
notional Annual Salary as determined by your
employer. If you are contributing to the Scheme
through SMART Pension, this is the salary you
receive before the SMART Pension adjustment.
ANNUITY
The name given to your pension, a series of
payments, which may be subject to increases,
purchased with the proceeds of your personal
account from an insurance company (or financial
institution) on your behalf by the Scheme
Trustees, (or your independent financial advisor).
Annuities cease to be payable after the death of
a Member, unless a contingent spouse’s annuity
has been purchased.
ANNUITY RATE
The unit cost of a pension purchased from an
insurance company or financial institution.
Annuity Rates are linked to interest rates: the
higher the current rate of interest, the lower the
cost of the pension. Conversely, the lower the
current rate of interest, the higher the cost of the
This includes the following:
10% or more increase or decrease in salary
change in working hours
maternity/paternity/adoption leave
marriage or divorce
death of a dependant.
This is the amount of pension savings you can
build up and receive tax relief on over your life
time. This includes any personal pensions and
pensions from other employers as well as your
pension under the Scheme, but excludes State
Pension. For the 2015/16 tax year, the Lifetime
Allowance is set at £1.25 million.
If the combined total of all your pension funds is
higher than the Lifetime Allowance when you
retire, you will have to pay an additional tax
charge on the excess.
At retirement, you will be able to take the value
of benefit above the Lifetime Allowance as a
lump sum payment and pay tax at your individual
rate (55% if you are a higher-rate tax payer
paying 40% for example) on that amount.
Alternatively, you may be able to take the value
of benefit above the Lifetime Allowance as a
pension, in which case a charge of 25% tax will
be deducted from the excess at retirement and
your remaining pension will be subject to income
tax (again at your individual rate).
PENSIONABLE CHILD
Any child (or children) of the member at the date
of his/her death (including a legally adopted child
or stepchild who is financially dependent on the
member at the date of death) or any other
The Pension savings in the ‘Pension Input Period’
will be included in an annual test against the
Annual Allowance. This includes payments to all
your pension savings, including the SMART
Pension contributions and the contributions paid
by the Company to the Scheme, any Additional
Voluntary Contributions and any personal
contributions you make outside of the Scheme to
any other pension arrangement. If you complete
a self-assessment tax form, you will be able to fill
in the information needed to pay the relevant
sum of tax, which will be incurred on the excess
above the Annual Allowance and will be based
on your marginal tax rate.
Alternatively, if the amount of pension savings in
the Pension Input Period in this Scheme alone
exceeds £40,000 and the total tax surcharge
(across all pension savings you made) is greater
than £2,000 you can elect to pay it through the
‘Scheme pays’ option. Under this option, you
can direct the Trustees to pay the surcharge and
to make a deduction for the same amount from
your account.
Please note, the Pension Input Period for the
Scheme runs from 1 February to 31 January
each year. Any contributions paid into the
Scheme from 1 February to 31 January will be
tested against the annual allowance of the
appropriate tax year. Therefore, any:
contributions paid in the year to 31 January
2015 are assessed against the Annual
Allowance for the 2014/15 tax year.
contributions paid in the year to 31 January
2016 are assessed against the Annual
Allowance for the 2015/16 tax year.
ACCOUNT
This means your account in the Scheme which
contains all of your contributions and the
contributions made by the Company, along with
any investment returns you have received.
April 2015