AGPP Guide 1

Joining the AECOM Group Personal Pension
A guide to help prepare for the retirement you want
Whats on this CD?

Supporting tools and information to help you make decisions about your company pension
Key Features & Example Illustrations

The Key Features and example illustrations provide important information about your company pension. Please read these documents before joining.
Pension planner
Use this to show how much you might get when you retire.
Booklets
Pension Investment Approach Guide Pension Funds Investors Guide Your guide to with-prots Policy Provisions Important notes for application
Investment Decision Tool

Use this to automatically match yourself to the most suitable investment option for you.
Literature & Tools

To access the literature and tools on this CD you will require internet access. After reading this literature, we recommend that you either save or print a copy and keep this safe for future reference.
Indulge-o-meter
Find out if spending a bit less on treats could give you spare cash for your company pension.
Loading Instructions
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Virus Protection We have checked this CD for computer viruses and we have taken every reasonable precaution to ensure that no viruses which may be present on our computers are transmitted to yours. However, we strongly recommend that you check the CD with your preferred virus scanning software before you use it in your computers. Scottish Widows accepts no responsibility for any loss or damage resulting directly or indirectly from the use of the CD or its contents. 2007 Scottish Widows. Copyright Scottish Widows 2007. All rights reserved. Unauthorised reproduction of any material or programming contents contained on this disc is prohibited. All trademarks recognised.
If you are unable to access this CD or would prefer a paper copy of the contents, please call 08457 556 557. We may record and monitor calls to help us improve our service.
Contents
What we mean when we say Whats in it for me?
2 3
Why you should consider joining your company pension 5 5 6 6 8 9 10 11 13 15 15 18 21 26 27 29 29 29 30 31 31 31 32 32 32
Whats best for me?

Your invitation to join Why join? Salary sacrifice How much can I contribute? What about the State Pension? What else could you be relying on in your old age? How much income will I need to live on when I stop work? How much should I pay into my company pension? What are the charges? How will my pension fund be invested? Use our Investment Decision Tool Want to take a more hands on approach to investing your company pension? Self investment option Changing your investment choice later on Retirement/death/leaving What happens if I die before I retire? What happens if I leave before I retire? Why your employer has chosen Scottish Widows?
How to join

What next? Need advice? Online access Useful contacts Feedback
We hope this guide answers all your questions, but if not, please speak to the pensions department or go to your plan website. Your plan website is shown at the bottom of each page.
www.scottishwidows.co.uk/agpp 1
What we mean when we say:

Company pension/your plan
The AECOM Group Personal Pension administered by Scottish Widows.
Retirement date
The retirement date will be 65 but you can normally start taking your pension at any age from 5575.
Pension fund
The payments to your company pension that build up in your name. When you retire, this fund will be used to pay an income for life together with a tax-free cash sum if chosen.
Total annual fund charge

The charge we make for managing and investing your plan.
Pensions department
This is the AECOM Ltd pensions department.
Your employer
AECOM Ltd or other AECOM operating company as appropriate.
Your pension adviser

This is TISCO Financial Planning Ltd. TISCO is a rm of independent nancial advisers based in St. Albans with corporate clients countrywide. TISCO specialises in the delivery of pensions advice in the workplace and this can be done by a variety of communication methods such as face-to-face, group presentations, webinar and telephone. TISCO Financial Planning Ltd has been voted Winner in the Corporate Adviser Awards 2009, category of Small Firm of the Year.
Tax-efcient investment
Our pension investment funds are generally free of UK income and capital gains tax. However, we cant reclaim tax deducted at source from the dividends of UK company shares. Tax rules can change.
We/us
Scottish Widows.
Income for life

The money your pension fund will pay out once you retire, which is taxed in payment. If you decide to take a cash sum when you retire, its normally tax-free.
www.scottishwidows.co.uk/agpp
Whats in it for me?

Whats in it for me? Here are some reasons why you should consider joining your company pension Your employer will make contributions in addition to the amount of your salary that you choose to sacrice Using salary sacrice to pay your pension contributions means you pay reduced National Insurance contributions It is a very tax-efcient way of saving for retirement You have the opportunity to pay more into your plan to help boost your savings for retirement The sooner you start paying in, the longer your pension fund has the opportunity to grow If you leave your job, you can take your plan with you, including the payments your employer has made When you retire, you can take a tax-free cash lump sum, plus a taxable income for life To help make your investment decision easier, we have designed some simple investment tools Its easy for you to join. Your plan has been awarded a Pension Quality Mark in recognition of being a high quality dened contribution pension scheme. For further information please visit www.pensionqualitymark.org.uk
Whats in it for me?
By sacricing 80 of your reference salary per month, your net pay after income tax and National Insurance Contribution deductions will reduce by just over 55 a month to save 180 a month into your plan* *This assumes a basic rate tax payer with a reference salary of 24,000 a year sacricing 4% of their salary and their employer paying 5% of reference salary.
Whats best for me?

A step-by-step look at making your pension decisions
Your invitation to join

Your employer is working in conjunction with us and your pension adviser to provide this company pension. We hope you will decide to join. If you do, it could be of life-long benet to you. By giving you this opportunity, your employer is showing how much they value: your contribution to their business, and helping you with your nancial security in retirement.
Whatever you want your retirement to be, having a pension could help you enjoy it more
Giving up work doesnt mean giving up living. When you retire, what do you think youll be looking forward to most?
Whats best for me?
Enjoying the simple pleasures in life? your choice No longer having to work Spending more time at home and with your family Taking up new activities that you havent had time for to date Or something more exotic? Seeing more of the world Buying a place in the sun Moving abroad
Avoid having to work til you drop

Whatever your personal ambitions, youll need money to enjoy life to the full. Thats where this company pension could help. State retirement ages are going up. Depending on your age now, you may have to wait until 68 before getting your Basic State Pension. But, by joining this company pension you may be in a position to retire earlier or have a better lifestyle when you eventually stop work.
Why join?
A company pension is a good way to help get the retirement income you need
Unless your retirement is already on the horizon, you may struggle to picture exactly what youll be doing in 2040 years time. But, whatever you want your retirement to be, a company pension should help give you a nancial cushion to enjoy it that bit more. When you join, theres the feel-good factor of knowing your company pension is there in the background, quietly doing its job. Because its earmarked for your retirement, you cant dip into your company pension or fritter it away. So, although its tied up until you retire, you should be able to rely on it being there when the time comes. You dont have to retire or stop work before taking your company pension. Your plan has a retirement age of 65 but currently you can start taking your pension at any age from 5575.
Salary sacrice
Your company pension has been set up on a salary sacrice basis. This has the advantage of effectively reducing the amount of National Insurance contributions you pay. With a typical company pension with no salary sacrice arrangement you get tax relief at source on the contributions you make, but there is no exemption from National Insurance contributions, so you pay National Insurance contributions on your salary before pension contributions are deducted. However, with salary sacrice, you dont make regular employee contributions into your pension plan. Instead, your gross salary is reduced and the same amount is paid as an employer contribution to your company pension on your behalf. The result is: and Your net income increases slightly as you pay less National Insurance contributions. Exactly the same amount will be paid into your pension plan
Why join?
But remember, the earlier you take your pension, the less time your pension fund has the opportunity to grow.
Your employer continues to maintain a reference salary i.e. the salary you would receive if you had decided not to sacrifice some of it. This is used for things like overtime, life assurance multiples, and salary reviews. The pensions department can give you more information on this.
Heres how salary sacrice works

Lets assume: Youre a basic rate tax payer with a reference salary of 24,000 a year
The example assumes that You have a personal allowance of 6,475 a year (so you only pay tax on any amount earned above that) and You only pay NI contributions on any amount earned over 5,720. This is the primary earnings threshold for tax year 2010/11.
You agree to sacrice 4% of your reference salary into your plan which amounts to 80 a month.
Non Salary Sacrice 24,000 3,505* 2,011 768 net (960 gross) 17,716 Salary Sacrice 23,040 3,313 1,906 n/a amount has been sacriced 17,821
Tax year 2010/11 Salary Tax you pay National Insurance (NI) you pay Minus current pension contribution Salary after tax, NI and current pension contribution
You should remember that this is only an example and not guaranteed. The value of the tax benets of a pension plan depend on your personal circumstances. Your circumstances and tax rules may change in the future.
Salary sacrice
If you choose to sacrice 4% of your reference salary, your employer will pay an additional 5% into your plan. By sacricing 80 of your reference salary per month, your net pay after income tax and National Insurance Contribution deductions will reduce by just over 55 a month to save 180 a month into your plan. *Please note that in a non salary sacrice arrangement members receive income tax relief as a result of their net pension contribution being grossed up by basic rate tax when it is paid to the pension plan. This means the final income tax liability in the above example is the same regardless of whether the gross pension contribution of 960 is paid by you, or exchanged for an employer contribution of the same amount.
How much can I contribute?

As your company pension is set up as a salary sacrice arrangement you dont contribute directly to your plan. When you have chosen how much you want to sacrice, your employer pays this amount into your plan and then takes an equal amount from your reference salary (the amount taken is called a Flex charge). You cannot normally change the amount you contribute until the next Flex renewal. Your employer also pays an extra contribution into your plan on your behalf, depending on the Flex charge you choose (see below).
Flex Charge What your employer contributes Total Contribution
Additional contributions
You can also make additional contributions to your plan using salary sacrifice. Currently, your employer increases any additional contributions you make by 10% which means for every extra 100 you pay into your plan, they will add 10. Your employer pays these into your plan together with your main contributions. You can also make single contributions to the plan or pay in transfer payments from other pension plans. These contributions will not receive a contribution from your employer. Your employer will ask you if you want to increase or reduce your additional contributions at each Flex renewal. You may be able to change these contributions at another time if you have a lifestyle event (see the FlexAbility rules for the denition of a lifestyle event).
How much can I contribute?
As a percentage of your reference salary 3% 4% 5% More than 5% 4% 5% 6% 6% 7% 9% 11% More than 11%
Your employer works out what they contribute as a percentage of your reference salary. You may choose to pay a Flex charge greater than 5% of your reference salary but your employer will not contribute more than 6% of your reference salary. Your employer will treat any amount you pay which is more than 5% of your reference salary as an additional contribution.
The sooner you start contributing, the longer your contributions have the potential to grow
Your retirement may seem a long way off, but dont fall into the trap of putting off joining because youve got plenty of time. Take it from people retiring today, it will come round much faster than you think. The ip side, of course, is that the longer you delay the more youd need to pay in to try and get the same size of pension income.
The longer you live, the more money youre likely to need
Most people retiring at 65 will live to their early-80s (based on current gures from the Ofce for National Statistics). With new medical advances helping to tame many killer diseases, your life expectancy could continue to rise.
Its never too late

Dont assume its too late for you to join. The chances are you could still have a lot to gain. In most cases even a small pension is better than none at all especially when your employer and the taxman are helping to pay for it.
What about the State Pension?

Like most people, youll probably get something from the Basic State Pension. Currently men get this at 65 and women at an age between 60 and 65, depending on when they were born. By 2020 it will be 65 for both men and women, and by 2046, it will be 68. So many of us may have to work longer than we thought. Here are the current amounts for the tax year 2010-11.
Basic State Pension Weekly amount Monthly total Yearly total Single Person 97.65 423.15 5077.80 Married Couple 156.15 676.65 8119.80
How do I get a State Pension forecast?

You can nd out exactly how much money to expect by contacting The Pension Service. You can ask for a forecast by ringing them on 0845 3000 168 or applying for one online at www.direct.gov.uk
Will I get the State Second Pension?

How much State Second Pension (this is sometimes paid in addition to the Basic State Pension) you receive will be based on a combination of factors, including: Your average earnings How long youve been employed
What about the State Pension?
Will I get a full State Pension?

How much you get will depend on how much you have paid in National Insurance Contributions (NICs) during your working life. People reaching their State Pensionable Age will need to have paid them for a full 30 years. As a result of salary sacrice, your NICs will be lower. This may impact your Basic State Pension if your earnings are lower than the National Insurance lower earnings limit which is 5,044 for 2010/11.
Whether this part of your pension has been built up within State Second Pension (S2P) or by contracting out of it.
The forecast will also tell you what you may get from the S2P. Your plan will not be used to contract you out of the S2P unless you request us to do so. However, if you have contracted out using another plan you will remain contracted out. You can nd out more on contracting out at: www.direct.gov.uk/en/Pensionsandretirement planning/StatePension/DG_183780 Please ask your pension adviser if youd like to know more about contracting out.
What else could you be relying on in your old age?

Some people enjoy planning their nances and being in control. Others avoid thinking about it for as long as possible, and some do nothing at all. There are a wide range of investments out there and some or all of them may play a part in your thinking, alongside this company pension. Take a look below at some other options, and see how well they compare.
See how your company pension compares to some other investment options
Investment Options Your company pension Your employer can pay in# Buy-to-let property Inheriting money ISAs
**

n/a
**
What else could you be relying on in your old age?
You can sacrice your salary and increase your take home pay You cant spend the investment before you retire You can take some of the proceeds or benets tax-free All of the income or proceeds is tax-free You dont have to give up your time to manage things
*
Your employer may change its level of contributions. Any employer contributions would stop if you leave the company.
* If under the inheritance tax nil rate limit, this can be tax-free. ** Please note its not possible to reclaim the 10% tax credit on UK dividends.
Tax treatment depends on your personal circumstances and may be subject to change in the future. For more information on any of these investment options or their tax implications, please speak to a nancial adviser.
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How much income will I need to live on when I stop work?

About two thirds of your earnings may be a good yardstick
Everyones lifestyle, expectations and spending habits are different. But most people could live on about two thirds of their earnings. Would two thirds of your current income be enough to live on? Have a think about your expenses now and what theyll be like when you stop working. Below weve tried to give you some ideas on ongoing, reducing, increasing and one-off expenses. Think about your own circumstances...
Expenses
Ongoing food drink clothing bills The income needed to cover these various expenses can come from a number of sources e.g.: buy-to-let property income from savings freelance work Reducing mortgage paid off travel to work work clothes Increasing leisure activity costs medical or care costs One-off buying a car holidays replace the washing machine
But a pension plan could be key to helping you put a bit more away to help make sure you have enough money in retirement to do all the things you plan. The next section will help you think about how much to pay in.
11
Giving up work doesnt mean giving up living. When you retire, what do you think youll be looking forward to the most?
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How much should I pay into my company pension?

Very few pensioners complain about having too much money. So its probably best to pay in as much as you can comfortably afford. Your employer is also paying into your plan, so that helps to spread the cost.
How much extra could you nd in your budget?

If you kept a close eye on your shopping this month, how much extra do you think you could nd to pay into your pension? Try using the Indulge-o-meter on the enclosed CD (if youre reading this on paper) to nd out how much youre spending on lifes little luxuries.
Finding enough spare cash for your company pension

With all the pressures on your bank account mortgage, credit cards, bills, car, kids, leisure activities etc you may wonder where youll nd enough money to pay into your company pension each month. If so, it might be worthwhile taking a closer look at your spending. You may be surprised by how quickly little items of non-essential expenditure add up. This may encourage you to pay some of this money into your company pension instead without spoiling your fun!
I could nd about
a month
How much should I pay into my company pension?
Increasing your payments as the years go by

A lot could happen to the value of todays money by the time you actually retire. So youll need to think about how ination could affect you. To help you judge how quickly the rising cost of living can affect the buying power of money, heres an example. Increasing your payments to your pension each year can help protect against the effects of ination, and may help maintain the purchasing power of your pension.
What 1,000 is worth based on 3% a year ination
Little cutbacks could give you some spare cash to pay into your company pension.
Approximate monthly saving Walk to work once a month instead of taking a bus Eat one less chocolate bar a week Buy one less magazine a week Catch one less taxi a month Smoke one less cigarette a day (20p each) Hire one less DVD a month Have one less take away for two, a month Buy one less CD or DVD a month Have one less glass of wine at the pub each week Make one less mobile phone call a day Money you could sacrice into your company pension instead 1.00 2.20 3.80 7.50 6.00 3.50 11.00 11.00 12.00 12.00 70.00
today after 10 years after 20 years
1,000 744 553
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How much should I pay into my pension fund?
A company pension is a good way to help get the retirement income you need. Unless your retirement is already on the horizon, you may struggle to picture exactly what youll be doing in 20-40 years time. But whatever you want your retirement to be, a company pension should help you give a financial cushion to enjoy it that bit more.
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What are the charges?

Regular charges based on the value of your plan are deducted automatically and the amount depends on the type of payments being made and your choice of investment fund(s). Some of our funds are externally managed you may have to pay more for these and certain other specialised funds we offer. The yearly rates of all these charges are expressed as percentages of fund values. The charges are reected in the unit price of the fund(s) youre invested in. As an example, if the value of your plan was 5,000 throughout the year and the yearly charge of the fund it was invested in was 0.3%, the charge for that year would be 15. Your employer has negotiated with Scottish Widows to reduce the charges that apply to your plan while you remain in their employment and regular monthly payments continue to be paid into your plan. This reduction is known as a scheme member discount. If you leave your employer or regular monthly payments stop being paid into your plan for more than 12 months, the scheme member discount will stop and higher charges will apply. If you leave your employer and wish to continue to receive a scheme member discount you can do so by continuing to pay the current minimum gross contribution of 100 a month directly into your plan. If at any time the scheme member discount stops applying to your plan, we will write to let you know. Please note that charges, limits and terms can change.
% Target fund holding 100
80
60
40
20
15
10
Number of years to retirement date
UK and Global equity SW SSgA 50:50 Global Equity Index Fund Gilts & Bonds Scottish Widows Corporate Bond Fund Scottish Widows Indexed Stock Fund Scottish Widows Pension Protector Fund Cash Scottish Widows Cash Fund
What are the charges?
What other investment choices will I have?

You can choose to stay in the Balanced Pension Approach or you can: Simply choose one of our other Pension Investment Approaches based on your feelings about risk, and let us manage this through to your retirement,
How will my pension fund be invested?

Your employer, in conjunction with your pension adviser, has chosen the Balanced Pension Approach as the default option for contributions. Your rst contribution will be invested in the Balanced Pension Approach. The graph explains how the Balanced Pension Approach works. It illustrates how your pension fund is invested and the gradual switch to different investment funds as you approach your retirement date. The percentages shown are approximate and the fund mix and funds used in the approach may vary in future.
or Be very hands-on selecting from our wide range of internally and externally managed investment funds.
The next section of the guide explains whats involved with these options.
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About our three risk-based Pension Investment Approaches

Not everyone wants to be actively involved with picking investments and keeping a close eye on whats happening in the market. If this sounds like you, one of our three specially designed Pension Investment Approaches may be just what you need. Simply tell us which one suits you best. They all work in a similar way. The difference between them is how much investment risk they take in trying to help your pension fund grow. With all three approaches, we gradually reduce the risk the closer you get to retirement, to help protect the nal value of your pension fund.
Need help choosing?

If youre unsure which approach may suit you best, use our Investment Decision Tool to nd your match. It asks you 10 simple questions to help you decide your risk approach. Youll nd an interactive version on the enclosed CD (if youre reading this on paper) and if youre online at www.scottishwidows.co.uk/idt Or, use the paper version on pages 18 to 20 of this guide.
The discounted total annual fund charge for the Pension Investment Approaches is currently 0.3% and the non-discounted total annual fund charge is currently 0.8%.
Adventurous Pension Approach
Adventurous Balanced Cautious
A plan using this Pension Investment Approach is expected to have the most frequent and noticeable ups and downs in value. It has the potential to provide the highest growth over the longer term, but it could also make the biggest losses.
Balanced Pension Approach

This Pension Investment Approach should have moderate ups and downs compared with the other two approaches.
Cautious Pension Approach

A plan invested in this Pension Investment Approach should experience smaller and less-frequent ups and downs in value than the other two approaches. But its growth potential is lower as a result.
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Whats special about these approaches?

They take into account the fact that investments need to do different jobs for your company pension at different times:
In the last ve years before your retirement date we gradually start switching to lower risk investment funds, to help protect the value of your pension fund during the run-up to your retirement. At your retirement date your pension fund will be split approximately: 25% in our Cash Fund 75% in our Pension Protector Fund
for the main part they aim to grow your pension fund as much as possible whilst matching the level of investment risk youve chosen the closer you get to retirement, they gradually switch from an aim of going for growth to helping protect what youve built up.
ready to provide your tax-free cash and income for life. If you retire earlier than your selected retirement date this will have an impact on any lifestyling as your investments will be at a different stage of switching than originally intended.
How do we decide which investments to use?

Thats easy. Everything is decided in advance, based on rigorous investment testing. Instead of switching investments in reaction to whats happening day to day in the stockmarket, we invest according to the approach youve selected and how close you are to retiring. When originally designing our Pension Investment Approaches, we put a huge range of investments under the microscope. This enabled us to: Rule out unsuitable ones too risky or not enough potential growing power Select types we felt were right for company pensions Identify what we believe are the best investment combinations for people with different ideas about risk and different terms to retirement.
Governance
An important benet of the Scottish Widows Pension Investment Approaches is the robust governance review undertaken by us each year. This process looks in detail at a number of key components of the approaches including: The asset mixes used The proportions of those assets used at the various stages of the lifestyle switching The switching timeframes within the lifestyle switching phases The funds used to provide exposure to the required assets Assessment of new asset classes for possible inclusion in the Approaches.
How do we monitor your investments?

We constantly monitor your company pension to ensure it is invested according to your chosen approach. This is known as lifestyling and works like this: Up to 15 years before your retirement date we check every three months to see if any investment ups and downs have caused the investment mix to go adrift. If it has, we adjust it. The new mix will be based on how much closer you are to retirement at that time. From 15 years before your retirement date we gradually start replacing some of the higher risk investment funds with lower risk ones.
We undertake to communicate the results of this review process, highlighting any changes which affect your plan.
Want more information?

Please see our Pension Investment Approach Guide. For more information on our fund aims and risks, please refer to our Pension Funds Investors Guide. Youll nd these on the CD (if youre reading this on paper) or on your plan website at www.scottishwidows.co.uk/agpp
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Use our Investment Decision Tool

Our Investment Decision Tool is a quick questionnaire to show you which of our three Pension Investment Approaches may suit you best
An interactive version is also available on the CD (if youre reading this on paper) or online at www.scottishwidows.co.uk/idt
1. Your employer offers you a bonus, which you can take as cash, shares or a mixture of both. The shares have a 50/50 chance of doubling in value, or becoming worthless over the next year. What would you do?
your choice
0 1 2 Take it all in cash Take half cash and half shares Take it all in shares
What to do
Using the tool, which you can do in just a few minutes: 1. First answer the questions in the panels starting opposite, using the tick boxes as you go.
There arent any right or wrong answers, so go with your instinct! 2. At the end, add up your scores (these are shown within the tick boxes). 3. Then mark your total score on the investment scale overleaf. Doing this will match you to one of our three Pension Investment Approaches Adventurous, Balanced or Cautious.
2. When it comes to investing, how would you describe yourself?
your choice
0 1 2 Inexperienced Reasonably experienced Experienced
Thats all there is to it

But the nal decision is yours. If you dont agree with the result, youre free to choose a different approach. Youll be responsible for deciding which investment approach suits you best. If you need any more help deciding please speak to your pension adviser.
3. When it comes to investing, what are you most concerned about?
your choice
0 Limiting loss is more important than getting above-average returns Limiting loss and achieving above-average returns are equally important Achieving above-average returns is more important than limiting loss
4. If you were investing in the UK stockmarket and it suddenly fell by 40%, what would you do?
your choice
0 1 2 Get out quickly Sell some of my investment Stay put
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5. This chart shows how much you could make or lose in a year, with three imaginary investments of 10,000. But you wont know in advance what the result will be. Which one would you invest in?
8. How would you end this statement? With a long time to go before I retire its important to invest my pension ...
your choice
2 All in shares Mostly in shares, but also other investments Mostly in lower risk investments but also some in shares
your choice
Potential Loss Potential Prot
1 0
0 1 2
-6,000 -4,000 -2,000
10,000
+2,000
+4,000
+6,000
9. When making a big investment decision, what is more important to you?
6. You are appearing on the hit game show Win a Million! But you dont know the answer to the next question. What would you do?
your choice
0 2 1 Avoiding losses Wanting to make money Both are equally important
your choice
0 1 Not answer and take the 5,000 Eliminate 2 wrong answers, leaving a choice of 2. If you guess right youll have 7,500. If not, youll get only 2,500 Guess the answer. If youre right, youll have 10,000. If not, youll get nothing
10. Two years ago you invested 10,000 in a stockmarket fund. But the value recently fell to 8,500. What would you do?
your choice
0 Switch whats left into something safer thats less likely to fall, but offers lower returns Stay where you are, in the hope of recouping your losses when the market picks up again Stay where you are and invest more money while share prices are low, in the hope of making more money when the market picks up again
7. Youre offered a new sales job with a choice of three pay options. Which one would you take?
your choice
0 1 15,000 a year 10,000 a year, plus a performance bonus of 0 to 10,000 5,000 a year, plus a skys the limit performance bonus
My total score is
19
Your result
Mark your total score on this investment scale, to see which of our three investment approaches might suit you best. If youd like to know more about each approach, please see the Pension Investment Approach Guide. Youll nd it on the CD (if youre reading this on paper) or on the literature page if youre online.
20
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Using your result

How you invest your company pension is entirely up to you. If youre happy with your result, all you need to do is select that approach. You can do this online via the online member services or by contacting us. If you were on the border of two approaches, you will need to decide which one you prefer. Taking your retirement date into account may help you do this. For example, if it is: Quite a way off, you might go for the approach that has the higher growth potential of the two, or Just round the corner, you may want to opt for the one that should have fewer ups and downs.
Adventurous
18 17 16
15
14 13 12 11
Balanced
10
9 8 7 6
Of course, you may decide you want to be a hands-on investor instead. In which case, you can link your company pension to a selection of pension funds from our range. Please see pages 22-25.
5
4
Cautious
3 2 1
20
Want to take a more hands-on approach to investing your company pension?

Your other option
If you decide to invest in our investment funds instead of using our Pension Investment Approaches, you will be responsible for choosing funds that suit your attitude to risk. You can invest in up to 10 of them at one time (but there may be restrictions on the amount you can invest in some funds) and switch between them free of charge, whenever you wish: Some funds are managed by Scottish Widows Investment Partnership (SWIP), and
Want to take a more hands-on approach . . . ?
Some by other UK investment managers, such as Fidelity, Schroders, Invesco Perpetual, Jupiter and Newton.
Most of the investment funds have been placed into our different risk approach ratings to help make your investment choice easier. The funds and their charges are listed in the coming pages but you can nd out more about them in our Pension Funds Investors Guide on the enclosed CD. Please remember, if you go down this route: You should regularly review your choice to decide whether its still right for you. If you decide it isnt, you can ask us to switch to another fund (or funds) or you can do this online via the online member services as we wont automatically do this for you, and Some of the funds may have a higher yearly charge compared to those used for the Pension Investment Approaches. A complete list of our fund range and total annual fund charges can be found on pages 2225. We may change the selection of funds we make available at any time.
Is being hands-on right for you?

Have you done something like this before? If youre not condent about making the right moves at the right time, you may want your pension adviser to help you. These funds have been placed into our different risk approach ratings to help you choose but youll be responsible for deciding when and where to invest and if/when to switch.
21
Scottish Widows Investment Funds at a glance

There are a number of different ways to evaluate risk, Scottish Widows use the following denitions to help you decide on the appropriate investment approach for you. You should read the Pension Funds Investors Guide on the CD. SECURE CAUTIOUS BALANCED PROGRESSIVE ADVENTUROUS SPECIALIST
INCREASING RISK
The following table categorises our funds in accordance with these investment approach risk categories. The funds are listed alphabetically in each risk category, with Scottish Widows Internally Managed Funds rst. It also details information on the annual fund charges that apply to each fund. Scottish Widows do not offer any funds that are categorised as secure. Secure investments provide safety to the amount invested and can be expected to offer relatively low growth over the medium to long-term. They cannot fall in actual value but can fall in real value due to the effects of ination. Types of secure investments would be National Savings Accounts and Bank/Building Society Term Accounts. We may change the risk categorisation of funds in the future. Please go to your plan website to see if any changes have been made. Information regarding the fund aim and any associated risks can be found within our Pension Funds Investors Guide on the CD.
Scottish Widows Investment Approach Rating
Fund Name
Scottish Widows Cash Fund Scottish Widows Cautious Portfolio Fund Scottish Widows Corporate Bond Fund Scottish Widows Fixed Interest Fund
Discounted Total Annual Fund Charge (%)

0.300 0.900 0.300 0.304 0.300 0.300 0.773 1.093 1.105 0.605 0.300 0.300
Non Discounted Total Annual Fund Charge (%)

0.800 1.400 0.800 0.804 0.800 0.800 1.273 1.593 1.605 1.105 0.800 0.800
CAUTIOUS
Scottish Widows Pension Protector Fund* Scottish Widows UK Fixed Interest Tracker Fund SW Fidelity MoneyBuilder Income Fund SW Invesco Perpetual Corporate Bond Fund SW JPM Cautious Total Return Fund SW Schroder Gilt & Fixed Interest Fund SW SSgA Sterling Corporate Bond All Stocks Index Fund SW SSgA Sterling Liquidity Fund
* This fund has a cautious approach when used for investment approaching retirement. Scottish Widows Balanced Portfolio Fund Scottish Widows Cautious Managed Fund Scottish Widows Defensive Managed Fund Scottish Widows Diversied Assets Fund Scottish Widows High Income Bond Fund Scottish Widows Indexed Stock Fund 0.900 0.652 0.612 0.900 0.800 0.303 1.172 0.300 0.300 * 1.467 1.197 1.094 0.839 1.097 0.953 1.400 1.152 1.112 1.400 1.300 0.803 1.672 0.800 0.800 * 1.967 1.697 1.594 1.339 1.597 1.453
BALANCED
Scottish Widows Multi-Manager Diversity Fund Scottish Widows SafetyPlus Fund Scottish Widows Strategic Income Bond Fund Scottish Widows Unitised With-Prots Fund SW Fidelity Multi-Asset Strategic Fund SW Invesco Perpetual Distribution Fund SW Invesco Perpetual Global Bond Fund SW Investec Cautious Managed Fund SW Jupiter Distribution Fund SW New Star Fixed Interest Fund
22
Fund Name
SW New Star Managed Distribution Fund

1.084 0.640 0.640 0.300 0.300 0.300

1.584 1.140 1.140 0.800 0.800 0.800
BALANCED
SW Newton International Bond Fund SW Newton Managed Income Fund SW SSgA Index Linked Gilts All Stock Index Fund SW SSgA Index Linked Gilts Over 5 Years Index Fund SW SSgA UK Conventional Gilts Over 15 Years Index Fund
* There is an equivalent charge for with-prots units which we currently expect to be at a yearly rate of about 0.8% for the Non-Discounted Total Annual Fund Charge basis or 0.3% for the Discounted Total Annual Fund Charge basis.
Scottish Widows Consensus Fund Scottish Widows Dynamic Property Fund Scottish Widows Mixed Fund Scottish Widows Opportunities Portfolio Fund Scottish Widows Progressive Portfolio Fund
0.300 0.978 0.308 0.900 0.900 1.038 0.620 0.905 1.026 0.844 0.736 1.481 0.490 0.619
0.800 1.478 0.808 1.400 1.400
PROGRESSIVE
Scottish Widows Property Fund SW Baillie Gifford Managed Fund SW BlackRock Managed Fund SW Fidelity Managed Fund SW Invesco Perpetual Managed Fund SW JPM Managed Fund SW New Star UK Property Fund SW Newton Managed Fund SW Schroder Managed Fund
1.538 1.120 1.405 1.526 1.344 1.236 1.981 0.990 1.119
Scottish Widows Environmental Fund Scottish Widows Ethical Fund Scottish Widows European Fund Scottish Widows European Real Estate Fund Scottish Widows Global Equity Fund Scottish Widows International Fund Scottish Widows Multi-Manager Global Real Estate Fund Scottish Widows Multi-Manager International Equity Fund
0.300 0.300 0.300 0.800 0.300 0.338 1.139 1.000 2.000 1.000 1.000 1.000 0.312 0.300 0.303 0.920 0.528 1.156 1.161 0.600 0.700 1.174
0.800 0.800 0.800 1.300 0.800 0.838 1.639 1.500 2.500 1.500 1.500 1.500 0.812 0.800 0.803 1.420 1.028 1.656 1.661 1.100 1.200 1.674
ADVENTUROUS
Scottish Widows Multi-Manager Select Boutiques Fund Scottish Widows Multi-Manager UK Equity Focus Fund Scottish Widows Multi-Manager UK Equity Growth Fund Scottish Widows Multi-Manager UK Equity Income Fund Scottish Widows North American Fund Scottish Widows UK All Share Tracker Fund Scottish Widows UK Equity Fund Scottish Widows UK Opportunities Fund Scottish Widows UK Real Estate Fund SW Artemis UK Growth Fund SW Artemis UK Smaller Companies Fund SW Baillie Gifford 60:40 Worldwide Equity Fund SW Baillie Gifford North American Equity Fund SW BlackRock UK Dynamic Fund
23
Fund Name
SW BlackRock UK Smaller Companies Fund SW BlackRock UK Special Situations Fund SW Fidelity 50:50 Special Situations Fund SW Fidelity American Fund SW Fidelity European Fund SW Fidelity Global Special Situations Fund SW Fidelity Special Situations (2006) Fund SW Invesco Perpetual High Income Fund SW Investec American Fund SW Investec Global Free Enterprise Fund SW JPM Europe Dynamic (ex-UK) Fund SW Jupiter Income Fund SW Jupiter UK Growth Fund

1.174 1.178 1.232 1.222 1.269 1.238 1.227 1.236 1.114 1.131 1.155 1.254 1.332 1.343 1.259 1.274 0.854 0.640 0.796 0.640 0.855 1.175 1.216 1.201 1.203 1.217 0.300 0.300 0.300 0.300 0.300

1.674 1.678 1.732 1.722 1.769 1.738 1.727 1.736 1.614 1.631 1.655 1.754 1.832 1.843 1.759 1.774 1.354 1.140 1.296 1.140 1.355 1.675 1.716 1.701 1.703 1.717 0.800 0.800 0.800 0.800 0.800
ADVENTUROUS
SW Jupiter Undervalued Assets Fund SW New Star Higher Income Fund SW New Star UK Alpha Fund SW Newton 60-40 Global Equity Fund* SW Newton Growth Fund SW Newton Higher Income Fund SW Newton International Growth Fund SW Newton UK Equity Fund SW Schroder European Alpha Plus Fund SW Schroder Global Property Securities Fund SW Schroder Income Maximiser Fund SW Schroder UK Alpha Plus Fund SW Schroder UK Mid 250 Fund SW SSgA 50:50 Global Equity Index Fund SW SSgA Europe ex UK Equity Index Fund SW SSgA International Equity Index Fund SW SSgA North America Equity Index Fund SW SSgA UK Equity Index Fund
* From April 2010 this fund will be changed to SW Newton 50:50 Global Equity Fund. Scottish Widows Emerging Markets Fund Scottish Widows Japanese Fund SW Baillie Gifford Japanese Equity Fund SW Fidelity Japan Fund 0.800 0.300 0.750 1.251 1.323 1.155 1.155 0.870 1.215 1.215 0.300 0.300 1.300 0.800 1.250 1.751 1.823 1.655 1.655 1.370 1.715 1.715 0.800 0.800
SPECIALIST
SW Fidelity South-East Asia Fund SW JPM Emerging Markets Fund SW JPM Natural Resources Fund SW Newton Oriental Fund SW Schroder Tokyo Fund SW Schroder US Smaller Companies Fund SW SSgA Asia Pacic ex Japan Equity Index Fund SW SSgA Japan Equity Index Fund
24
We also have four Pension Portfolios which are used in our Pension Investment Approaches. The Pension Portfolios have not been risk rated in line with our other fund links as they were primarily constructed to provide specic asset class exposure within our Pension Investment Approaches. These portfolios form the building blocks with which we operate our Pension Investment Approaches and as such the same portfolio can be used in more than one Pension Investment Approach. Please see the Pension Investment Approach guide on the CD for more details. The table below details the total annual fund charges that apply to the four pension portfolios. Discounted Total Annual Fund Charge% 0.300 0.300 0.300 0.300 Non Discounted Total Annual Fund Charge% 0.800 0.800 0.800 0.800
Fund Name Scottish Widows Pension Portfolio One Scottish Widows Pension Portfolio Two Scottish Widows Pension Portfolio Three Scottish Widows Pension Portfolio Four
Notes
1. The Discounted Total Annual Fund Charge is equal to the Non-Discounted Total Annual Fund Charge less the scheme member discount. If you leave your employer or regular monthly payments stop being paid into your plan for more than 12 months, the scheme member discount will stop and the Non-Discounted Total Annual Fund Charges will apply to your plan. If you leave your employer and wish to continue to receive a scheme member discount you can do so by continuing to pay at least the minimum monthly contributions applying at the time. This is currently a gross contribution of 100 per month. The applicable Total Annual Fund Charge of a fund is the sum of: a) the Scottish Widows Annual Management Charge, b) if applicable, an External Fund Management Charge, c) if applicable, a Multi-Manager Fund Management Charge, and d) if applicable, an allowance for any Other Expenses. The Management Charges of a), b) and c) above cover fund management, administration, marketing and the cost of sales, and also for c) the multi-manager selection service. Other Expenses include, for example, trustees fees, auditors fees and regulators fees. For the Scottish Widows Multi-Manager Diversity Fund weve not allowed for any annual management fees or performance fees charged by investment trusts or certain investment companies which the fund may invest in. The allowance for Other Expenses can change on a regular basis. If any of a) to d) above changes for a fund, the applicable Total Annual Fund Charge for that fund will also change. We may add or take away units from your plan in order to arrive at the correct level of charges for your plan. Please see your policy documents for more information. 4. This leaet should be read in conjunction with the relevant product literature, including our Pension Funds Investors Guide and any Key Features illustrations. 5. The value of an investment is not guaranteed and can go up and down depending on investment performance (and currency exchange rates where a fund invests overseas). 6. What you get back from investing in the With-Prots Fund depends mainly on the investment prots and losses of the fund and the decisions we make about their distribution, and is only guaranteed in certain circumstances. If you cash in at other times we may apply Market Value Reductions. You could get back less than you invested. Please read the Key Features and With-Prots Guide for further details. 7. Full terms and conditions are available on request from Scottish Widows. Charges, terms and limits may change. 8. We may change the selection of funds that we make available. There may be restrictions on the amount that can be invested in certain funds. Please contact us for details of any restrictions that apply. 9. The Total Annual Fund Charges are those current at the time of going to print (May 2010). 10. SafetyPlus is a registered trademark of Scottish Widows Plc. 11. Details provided in this leaet reect the fund charges available for the AECOM Group Personal Pension. For details of the fund charges for other Scottish Widows Pension products please contact us. 12. Please see our Pension Investment Approach guide for information on the underlying investment funds used by each approach. The Total Annual Fund Charges shown in this section are applied to these underlying investment funds. 3.
2.
25
Self investment option

If you want greater investment choice and control you can establish a Retirement Account using our self investment option which will link to your company pension. You can use it in addition to your company pension to invest in a wider range of investments. As long as you keep a minimum amount in your company pension, its up to you how you allocate your retirement savings between the two pension plans. As well as access to Scottish Widows internal and externally managed funds and our Pension Investment Approaches you have access to: Fund Supermarket Share Dealing Discretionary Fund Managers Commercial Property Purchase
Share Dealing
Separate Share Dealing accounts can be set up for each part of your Retirement Account. This allows direct investment in stocks and shares instead of an HM Revenue and Customs recognised stock exchange. Once set up this will allow you or your pension adviser to invest directly in stocks and shares with our Share Dealing partner Stocktrade. Full details of the assets available to you and the charges applying are available in our Retirement Account guide.
Discretionary Fund Management Services

Your pension adviser may decide that your investment needs require a more bespoke service to manage your Retirement Account investments. We offer access to a panel of Discretionary Fund Managers who your pension adviser can choose to work with to look after your Retirement Account investments. Your chosen Discretionary Fund Manager(s) will develop an investment strategy taking your individual objectives and requirements into account.
Self investment option
Fund Supermarket
Many clients may feel that theres more than enough choice within our range of Scottish Widows Pension Funds. However, perhaps you have a specic fund in mind that youd like your Retirement Account to invest in. Within the Retirement Account we offer a Fund Supermarket which provides access to a large range of external funds. Whats more, because weve negotiated terms on behalf of our customers, you could benet from lower investment charges on the funds offered through the Fund Supermarket than if you were buying them direct.
Commercial Property
Under current tax rules, your Retirement Account can help you gain signicant tax efciency from commercial property investments, although this does mean, for example, that you will be unable to access the value of the property until you retire. A Retirement Account will not be suitable for everyone and different charges will apply. You should contact your pension adviser for more information. You can also nd more information on the self investment option on your plan website at www.scottishwidows.co.uk/agpp
26
Changing your investment choice later on

Whatever investment choice you make at the start, youre free to change your mind and switch to something else later on
Switching is currently free and you can: Do it at any time Move from investment funds into one of our Pension Investment Approaches, or from an Approach into one or more investment funds Spread your company pension in up to 10 investment funds at once.
Time to decide
What investments will you choose for your company pension? Are you going to be a hands-on investor and self-select investment funds from our wide range of funds, or Choose one of our Pension Investment Approaches, and let us do the work?
You may want to make a note of your investment choices below.

Your investment choice
your choice
Adventurous Pension Approach Balanced Pension Approach Cautious Pension Approach Hands-on Number of years until you retire
But you cant invest: In more than one Pension Investment Approach at a time, or In both investment funds and a Pension Investment Approach at the same time.
Delays in switching may apply in certain circumstances. Please refer to your Policy Provisions for further information.
Will my pension fund go up and down in value?

Yes, ups and downs are part and parcel of investing. But over the longer term the aim of our investment funds and the three Pension Investment Approaches is to achieve long-term growth. Whatever you decide, remember that the value of the investment is not guaranteed and may go up and down depending on investment performance (and currency exchange rates where a fund invests overseas). For the Unitised With Prots fund, please refer to note 6 on page 25.
27
Whatever your personal ambitions, youll need money to enjoy life to the full. Thats where this company pension could help.
28
Retirement
When you retire, you can use the value of your plan to provide you with benets. In general, this is a cash sum and a pension often referred to as an annuity. An annuity is an income you receive for the rest of your life. Under current law, you can take up to 25% of your fund as a tax-free cash sum and use the rest to buy an annuity. You can choose what type of annuity you receive, as follows. You can choose whether to receive increases to your annuity each year and at what rate (for example, 3%). You can choose to have a percentage of your annuity paid to your husband, wife, partner or dependant if you die (for example, 50%). You can have your annuity guaranteed to be paid for a specic period (for example, for ve years).
What happens if I leave before I retire?

If you leave your employer before you retire, there is no refund option and you can take your plan with you, including the payments your employer has made. No further contributions will be made by your employer but you have the option to continue to make personal contributions direct if you wish. The scheme member discount will normally stop and higher charges will apply. If you wish to continue to receive a scheme member discount you can do so by continuing to pay the current minimum gross contribution of 100 per month directly into your plan. You will continue to receive a statement each year from us and you have the same options regarding investment choices and when you are able to take your benets. If you get a new job you can ask your new employer to make payments to your plan or you may be able to transfer the value of your plan into your new employers scheme. You should take independent nancial advice before deciding to transfer. Delays may apply to transfers in certain circumstances. Please refer to your Policy Provisions for further information.
Retirement/death/leaving
Your plan also offers you an open market option when you retire which allows you to buy your annuity from another pension provider if you want to. Your employer offers an annuity service to help with the open market option. Your pension adviser will search for the best rates available from a pool of leading annuity providers based on what type of annuity you choose and the value of your plan. For more information please contact the pensions department.
What happens if I die before I retire?

If you die before you retire, we will normally pay the value of your plan as a lump sum to your nominated beneciaries (the people you have chosen to receive the benets of your plan when you die). Your employer also pays for a separate life assurance scheme which provides benets if you die whilst you work for them for your nominated beneciaries. This is not provided by us. Please refer to your pensions department for further information. Your dependants will have to pay tax on the value of any lump sum death benet that is above the lifetime allowance, but very few people are likely to be affected by this.
29
Why your employer has chosen Scottish Widows

A name you can trust
After researching the market, your employer has chosen us to provide your company pension. Here are some reasons why they felt we came out top: In a February 2010 Ipsos survey, consumers rated us as one of the top nancial organisations they most want to deal with. Ipsos run these surveys across the nancial services sector. Ipsos is an independent company whose sole focus is survey-based market research. Were part of the Lloyds Banking Group, currently one of the top 100 companies listed on the London Stock Exchange. Were experts in group pensions, we currently look after over 40,000 schemes. Giving an excellent and thoughtful service is very important to us. Weve been around for nearly 200 years, and thats important. Weve been helping people save for a long time and we want to see if we can help you do the same.
Why your employer has chosen Scottish Widows
All these success factors help to make Scottish Widows one of the UKs leading nancial institutions and a company you can rely on.
30
How to join
You can join via Flex Online
Youll need to ll in the relevant section and choose how much you want to sacrice. If you dont join at your rst opportunity your employer will give you the chance to join at the Flex renewal each year.
After you join

A few weeks after you join, we will send a number of documents which include: Your policy documents, including the terms and conditions (known as policy provisions) that apply to your company pension. This is a legal document covering ne detail about the pension. A personal illustration Cancellation details, in case youve changed your mind about joining Log-in and password for online access.
What next?
Deciding to join will help increase your chances of a nancially secure retirement. Please read the Key Features and example illustration. These give you important details about how your company pension works.
Regular updates
Need advice?
We have not provided you with advice. If youre not sure if this product is suitable for you, or if youre not condent about deciding how to invest, you can: or Use your own nancial adviser, if you have one. Speak to your pension adviser
Every year well also send you a statement showing how much has been paid into your pension fund and what its currently worth. Remember that all payments will show as employer payments because you are using salary sacrice.
How to join
31
Online access
By joining your company pension, you have online access to your plan. This includes: Current and historic fund values Access to unit purchase history Change address/contact details Request copies of previous annual benet statements Fund switching. What if? calculator.
Useful contacts
Pensions Department Tel: 01727 535832 Email: pensions.europe@aecom.com Scottish Widows Helpline Tel: 08457 556 557 TISCO Financial Planning Ltd Tel: 01727 734 040 website: www.tisco.co.uk
Feedback
The pensions department welcomes any feedback on any aspect of your plan. If you have any comments or suggestions please visit the pension feedback area on your employers intranet, myAECOM.
Our range of online services provides you with a quick and simple way to keep track of your plan. You can access these facilities online at www.scottishwidows.co.uk/agpp Your employer takes its responsibility seriously and would like to make sure it provides the best possible services to members. Therefore your employer may sometimes obtain details of the value of your pension fund for the purposes of administering your plan.
Online access
32
As part of the Lloyds Banking Group, Scottish Widows is proud to be an Official Provider of the London 2012 Olympic and Paralympic Games. Scottish Widows plc. Registered in Scotland No. 199549. Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: 0131 655 6000. Scottish Widows plc is authorised and regulated by the Financial Services Authority. Our FSA Register number is 191517. 47957 (AGPP) 04/10

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Joining the AECOM Group Personal Pension

A guide to help prepare for the retirement you want

Whats on this CD?

Key Features & Example Illustrations

Investment Decision Tool

Literature & Tools

Why you should consider joining your company pension 5 5 6 6 8 9 10 11 13 15 15 18 21 26 27 29 29 29 30 31 31 31 32 32 32

Whats best for me?

What next? Need advice? Online access Useful contacts Feedback

What we mean when we say:

Total annual fund charge

Your pension adviser

Income for life

Whats in it for me?

Whats in it for me?

Whats best for me?

Your invitation to join

Whats best for me?

Avoid having to work til you drop

Heres how salary sacrice works

How much can I contribute?

How much can I contribute?

Its never too late

What about the State Pension?

How do I get a State Pension forecast?

Will I get the State Second Pension?

What about the State Pension?

Will I get a full State Pension?

What else could you be relying on in your old age?

What else could you be relying on in your old age?

How much income will I need to live on when I stop work?

How much income will I need to live on when I stop work?

How much income will I need to live on when I stop work?

How much should I pay into my company pension?

How much extra could you nd in your budget?

Finding enough spare cash for your company pension

How much should I pay into my company pension?

Increasing your payments as the years go by

today after 10 years after 20 years

1,000 744 553

How much should I pay into my pension fund?

What are the charges?

% Target fund holding 100

Number of years to retirement date

What are the charges?

What other investment choices will I have?

How will my pension fund be invested?

About our three risk-based Pension Investment Approaches

Need help choosing?

How will my pension fund be invested?

Adventurous Pension Approach

Adventurous Balanced Cautious

Balanced Pension Approach

Cautious Pension Approach

Whats special about these approaches?

How do we decide which investments to use?

How will my pension fund be invested?

How do we monitor your investments?

Want more information?

Use our Investment Decision Tool

How will my pension fund be invested?

2. When it comes to investing, how would you describe yourself?

Thats all there is to it

3. When it comes to investing, what are you most concerned about?