Brentwood - London

Section A

Actuarial factors

From time to time the Trustee carries out a formal review of the actuarial factors which are used to calculate certain pension benefits. Such a review has recently been completed and the Trustee has decided to update the actuarial factors used to calculate member’s benefits on retirement with effect from 1 June 2018. If you retired before 1 June 2018, this will not affect the retirement benefits provided to you. If you have already requested to retire on or after 1 June 2018 your pension benefits will automatically be calculated on the new factors for your selected retirement date.

The terms on which pension benefits are calculated are reviewed regularly by the Trustee and will continue to change from time to time.

Please note that if you receive improved benefits (relative to those in your quote issued before 1 June 2018) as a result of the change to actuarial factors then this may impact your tax position in relation to the annual or lifetime allowances. If you think you may be in this position and wish to reconsider your retirement choices as a result, please contact us on 0800 731 1919 and ask for a new quote. Please remember that when considering your tax position in relation to the annual or lifetime allowance you must take into account all your pension arrangements and not just your BTPS benefits.

For more information on the current lifetime and annual allowances, please see the government website https://www.gov.uk/tax-on-your-private-pension/overview.