aviva master trust – workplace retirement account ... · p6 | workplace retirement account member...

Member guide

Aviva Master Trust – Workplace Retirement AccountMorrisons Personal Retirement Scheme

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p2 | Workplace Retirement Account Member guide

Workplace Retirement Account Member guide

Contents

4 Why should I save into a pension?

5 How does the pension scheme work?

7 Joining

8 Paying in

14 Reviewing your savings

15 Choices at retirement

18 Stopping contributions

20 Your limits

22 Help and further information

23 Data Protection and the Trustees’ Privacy Notice

24 Useful organisations

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Workplace Retirement Account Member guide | p3

This guide is produced by Aviva on behalf of the Trustees and tells you how the pension scheme chosen for you by Morrisons works.

You and Morrisons pay into the pension scheme. These contributions are invested for you and will remain invested until you decide to retire or access your pension savings from age 55.

You should read the Investment guide and Investment fund aims and risk guide

which can be found online at https://library.aviva.com/ib40751a.pdf and https://library.aviva.com/ngs40751c1.pdf. The Investment guide explains how you can invest your pension savings.

We, us or our in this guide means the Trustees.

About this guide

4 Why should I save into a pension?

5 How does the pension scheme work?

7 Joining

8 Paying in

14 Reviewing your savings

15 Choices at retirement

18 Stopping contributions

20 Your limits

22 Help and further information

23 Data Protection and the Trustees’ Privacy Notice

24 Useful organisations

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https://library.aviva.com/ib40751a.pdf

https://library.aviva.com/ib40751a.pdf

https://library.aviva.com/ngs40751c1.pdf


Saving into a pension gives you the chance to build up a pot of money to see you through your retirement.

You may even choose not to retire completely, but to continue working part‑time. Whatever you decide to do, providing financially for your future is vitally important.

Even if retirement seems a long way off, the sooner you start saving, the better. The State Pension by itself is unlikely to be enough to pay for the lifestyle you want in retirement.

Saving into a pension provides you with a tax efficient way to prepare financially for your retirement.

By starting to save for retirement as early as you can, your investments will have more time to grow and you can look forward to

the prospect of a higher income than if you had started later. Also, if you have a particular level of pension income in mind, starting early means that you may not have to contribute as much as your pension savings have more time to grow.

A pension is a long‑term savings product that invests in funds that can go down as well as up in value. Their value is not guaranteed, which means you could get back less than what has been paid in.

To encourage all of us to save more for retirement, all employers have to automatically enrol eligible employees into their company pension scheme.

Why should I save into a pension?

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Morrisons and you (if applicable) contribute to your pension Account, called the Workplace Retirement Account, which is part of the Aviva Master Trust (this is referred to as ‘your Account’ in this guide).

These contributions are invested in funds designed to increase in value over the long term.

The size of your Account will depend to a large extent on how much you save but also:

• the length of time between when you start saving and the age at which you decide to retire

• the charges taken from your Account

• the investment performance of your pension savings.

Normally, any time from age 55, you can access the money you have built up in your Account. You don’t have to stop working to access the money in your Account. We explain the options available for taking your pension savings on page 15.

If you die before taking your pension savings your Account normally pays a cash lump sum to your dependants or beneficiaries. The Trustees will take your wishes into account but are not bound by them. Lifetime allowance limits may apply on death. We explain this in more detail on pages 20 and 21.

You will be able to nominate who you would like to receive the cash lump sum by completing the online beneficiary form.

How does the pension scheme work?

Return

Any investmentreturn

Charges

Admin, investment &management

Savings

Your pensionsavings

Contributions

Contributions paid inby Morrisonsand you*

+or_

– =

How your Account works

*If applicable

The diagram above shows an example of how your pension plan works with contributions being made, potential investment growth being added and, charges being taken out. Please note that the diagram is for illustrative purposes only.

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Charges and expensesTo cover the costs of running your Account and managing your investments, some charges apply.

The Scheme Annual Management Charge (scheme AMC) covers the cost of running your Account. It is a percentage of your Account value that is calculated and applied daily, but deducted monthly from your Account by selling fund units.

Your Account is a unit‑linked account. Investments are split up into notional units. Payments into your Account buy notional units in the investments you have chosen. The price of the unit depends on the value of the investment fund.

The Investment guide includes details of the Total Annual Management Charge (total AMC), which is made up of the scheme AMC plus any fund AMC and additional expenses.

Additional charges may be applied when you access your pension savings. If charges apply full details will be provided at that time.

Who looks after the pension scheme?Although it is your responsibility to regularly review your pension savings, the scheme is managed by us on your behalf as Independent Professional Trustees*.

In our role as Independent Professional Trustees we have extensive experience of managing pension schemes, so you can be assured that the scheme is well run and that you are able to invest in a suitable range of funds. We will also ensure that any costs and charges are reasonable and offer value for money.

The scheme is part of the Aviva Master Trust pension scheme. Aviva administer the scheme on behalf of the trustees and has developed its experience and expertise over 300 years.

*Independent Trustees ‑ PTL, Rebecca Cooke, Anne Hunt and Jonathan Parker

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Joining

How do I join? You may choose to join the scheme as part of your contract of employment or you may be enrolled to comply with automatic enrolment regulations.

You will have a secure online individual Account which Morrisons cannot look at.

Activating your Account is simple, just complete the steps below:

• Access My Money workplace.aviva.co.uk/morrisons1

• Enter your Username, which Aviva will send to you, and personal information to verify your identity

• Follow the online instructions to activate your Account.

• Then simply log in and start using My Money.

I didn’t want to be automatically enrolled; what can I do? You can opt out within a month of being automatically enrolled and it will be as if you had never joined the scheme. Any contributions paid into your Account will be refunded to your employer, who will then pay you back any contributions they deducted from your pay.

After the first month, you can choose to stop contributing to your Account. Please see the Stopping contributions section on page 18 for more information.

Please bear in mind that if you opt out or choose to stop contributions into your Account:

• Your pension savings will be lower than if you had stayed in the pension scheme.

• Your employer will stop paying contributions into your Account.

• The State Pension alone is unlikely to be enough to meet your needs in retirement.

• You will be automatically re‑enrolled, if eligible, into a company pension scheme, every three years.

• You may be able to re‑join at a later date if we and your employer agree.

• Charges will continue to be taken from the Account.

What if I work overseas?If you live and work in the EEA* (excluding the UK) you will not be able to join the scheme.

If you work outside the EEA, the tax advantages of saving in the scheme and the benefits you may get at retirement may be different to those detailed in this guide. We recommend you check the implications of joining with the relevant regulatory authorities of the country you’re living in. We recommend you speak to an independent financial adviser.

*EEA is European Economic Area

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http://www.avivamymoney.co.uk

https://workplace.aviva.co.uk/morrisons1



Paying in

How will contributions be paid into my Account?Salary exchangeYour employer runs a ‘salary exchange’ scheme (also known as ‘salary sacrifice’), which reduces the cost of your contributions, this is how it works:

• You agree to give up part of your salary in return for a non‑cash benefit from your employer, which in this case is an additional pension contribution.

• In exchange for you accepting a reduced salary, your employer makes a contribution to your Account equivalent to the amount you have exchanged. This is in addition to your employer’s normal contribution.

• Because you don’t actually get paid the amount you have ‘exchanged’, you don’t pay income tax or National Insurance Contributions on the exchanged amount.

• This agreement is between you and your employer and will result in a change to your contract of employment.

Morrisons will reduce your pay through ‘salary exchange’ and send their increased contributions directly to Aviva so that they can invest them for you.

Page 11 gives details of the contribution rates.

Salary exchange isn’t suitable for everyone because, for some people, it could reduce their entitlement to certain State benefits, income protection payments and the amount that they can borrow. As your employer runs salary exchange, they will be able to give you more information about how it will work for you under the scheme. If you are in

any doubt about its suitability for your own personal circumstances, you should contact an independent financial adviser. If you don’t have an independent financial adviser you can find one at www.unbiased.co.uk.

Personal contributionsIf salary exchange isn’t suitable for you then you can make personal contributions. Your employer will deduct any contributions due from your pay and send them together with their own contributions directly to us to be invested for you. Your employer will provide details of the contribution rates.

The following diagrams demonstrate the two ways contributions can be made.

• The first is through salary exchange where the employer pays the amount you have exchanged from your salary along with any employer contributions into your Account.

• The second diagram shows the non‑salary exchange option. Two payments will be made into your Account: your contributions, deducted from your pre‑tax pay, and your employer contributions. These will be shown as two separate payments into your Account.

Your contributions

Employer’s contribution

Your Account

Contributions paid inemployee’s exchanged salary

and employer contributionsYour Account

Non salary exchange

Salary exchange contributions

OR

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http://www.unbiased.co.uk


Your contributions

Employer’s contribution

Your Account

Contributions paid inemployee’s exchanged salary

and employer contributionsYour Account

Non salary exchange

Salary exchange contributions

OR

It won’t cost as much as you thinkWhether you participate in salary exchange or you make personal contributions, saving into a pension won’t cost as much as you might think. Under both methods you don’t pay tax on the amount paid in.

The amount exchanged or the personal contribution is deducted from your pay before income tax so each £10 you save will only cost you £8 if you pay basic rate tax, or £6 if you’re a higher‑rate taxpayer.

Tax benefits are subject to change, interpretation and depend on your main place of residence as advised to us by HMRC and your other individual circumstances.

HM Revenue and Customs (HMRC) puts a limit on how much you can pay into pension schemes each year before a tax charge applies. Please see Your limits on pages 20 and 21.

What if I don’t pay tax?When paying into a pension scheme, members may receive tax relief on contributions they make. This means that money that would have gone to the government as tax goes into an individuals’ pension instead.

Your pension contribution is deducted from your pay before tax is calculated. If your earnings are below the starting rate for income tax you do not benefit from the tax relief a taxpayer would receive.

However, this doesn’t affect the amount that is paid into your pension and you’ll continue to benefit from the money that your employer pays in.

Salary exchange – Example:

Rebecca’s Contribution £200Less income tax ‑ £40Less NIC ‑ £24Real cost to Rebecca £136

Here’s an example of salary exchangeRebecca earns £24,000 a year and wants to save £200 a month to her Account.

Normally her contributions are deducted from her pay before income tax, so her take‑home pay will only reduce by £160.

Because Rebecca participates in salary exchange her contributions cost even less. Each year, she exchanges £2,400 of her salary in return for an extra £200 contribution every month from her employer. As she doesn’t pay income tax or NIC on the £200 she exchanged, this saves Rebecca another £24 a month (she pays National Insurance at 12%*).

So every £200 Rebecca contributes only costs her £136. And this is on top of her employer’s contributions. Which is one reason why workplace pensions are a great way to save for your future retirement.

* The savings you make through salary exchange will depend on the rate of tax and NIC you pay.

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How much should I pay in?Page 11 gives details of the contribution rates. You can save more if you want. To work out how much you should save there are two main considerations:

1. How much you will need in retirement? Some of your outgoings in retirement will be lower, for example you may have paid off your mortgage and your daily travel costs should be less, but other costs, like your energy bill, may increase as you will be at home more.

2. How much you will need to save to provide that level of income? How much can you afford to save? We all have conflicting financial priorities but the earlier you save the better. The more you save now will benefit your future.

You may be able to pay lump sums into your Account through payroll.

Can I save more?There are a few things you can do:• Think about what you could give up so

you can save a bit more and potentially maximise the level of contributions from your employer.

• Plan to increase your contributions regularly when you have more disposable income.

• Think about other sources of income you may have in retirement. Review your entitlement to State Pension or pensions from other employers. Some people may even receive financial support from their family.

• Plan to retire later. You will have longer to save and give your pension savings more chance to grow but the value of your Account can go up or down and is not guaranteed.

• Rethink your target pension income, or perhaps consider working part‑time to supplement your pension income.

• You are able to make additional voluntary contributions (AVCs) from your salary and these will also benefit from tax relief as explained in the Paying in section of this guide. Please contact your employer for further information.

Pension forecaster

Once your Account has been set up Aviva have a useful tool that lets you add together the different pensions you may have and work out how close you will be to your target pension income. You can also see the impact of saving more and moving your selected retirement age.

Go to: workplace.aviva.co.uk/morrisons1


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What contributions can be paid into my Account?If you’re automatically enrolled into the Morrisons Personal Retirement Scheme, you’ll automatically make default contributions, as shown below:

Default:Colleague Employer Total

From April 2019 3% 5% 8%

Default contributions are taken from full pay, including overtime and bonuses, less £472 per each 4 week period (the lower earnings limit for the 2019/20 tax year).

Step up:You have the option to increase your contribution and you may benefit from higher company contributions, depending on your work level, as shown below;

Work level Colleague Employer Total

Level 1, 2, 3 and Hourly Paid

5% 5% 10%

Level 4 5% 8% 13%

Level 5 and 6 5% 10% 15%

Level 7 and 8 5% 12% 17%

Step Up Contributions are made from full basic pay, which does not include overtime, bonuses or the lower earnings limit deduction.

To see how much the four weekly contributions made by you and the company would be, for both the Default and Step Up option, please use the ready reckoner available on MyMorri.


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Can I change my contributions?As you contribute through salary exchange, Morrisons may limit how often you can change your contributions – ask them for more information.

We would encourage you to review your contributions regularly so that you build up enough pension savings to provide the pension income you need.

Think carefully before reducing or stopping your contributions, even for a while. Not only will you risk not having enough money to live on in retirement, you may also miss out on your employer’s contributions to your pension and charges will continue to be taken.

What if I’m temporarily out of work?Your contributions (if applicable) and Morrisons contributions will continue to be paid, as long as you continue to be paid.

If you take unpaid leave, all contributions will stop until you return to work, when they will restart. Your membership will remain continuous and any pension savings you’ve already built up will continue to be invested.

What if I take maternity, paternity or adoption leave?Morrisons must continue to pay their contributions in full while you are being paid but your contributions may reduce. You should ask Morrisons for more information.


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Can I transfer a previous pension into my Account?Yes, your Account can accept transfers that comply with government rules and regulations. Further information will be supplied in your transfer in pack which can be requested by contacting Aviva. By transferring a previous pension into your Account you may find it easier to keep track of your pension savings, and charges could be lower.

Before transferring a previous pension we strongly recommend that you speak to an independent financial adviser. Financial advisers can help you with all aspects of pension planning, although there will be a cost for this advice. In some cases, you must take advice before you can transfer your benefits.

If the transfer value is from a defined benefit pension scheme and is more than £30,000, the law requires you to take independent financial advice before Aviva can go ahead with the transfer.

If the transfer value from a defined benefit pension scheme is less than £30,000, you can decide to transfer it without taking independent financial advice. Aviva will complete the transfer on a non‑advised basis. This means Aviva can only give you factual information ‑ Aviva cannot make a recommendation. You can make your own decision about how you want to proceed.

There’s no guarantee you’ll be any better off by transferring to a new arrangement. You should be aware of charges, loss of guarantees, loss of protections or loss of potential growth to your existing pension if you do transfer. The pack we will send you will cover these points and more.

Tax reliefTransfers don’t get any tax relief. This is because your previous scheme already added tax relief to the payments which make up the transfer value.

You can find a financial adviser from:• www.unbiased.co.uk

Information can also be found from:• The Pensions Advisory Service• The Money Advice Service

Find out more about transferring into your Account online at:workplace.aviva.co.uk/morrisons1


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https://www.pensionsadvisoryservice.org.uk

http://www.moneyadviceservice.org.uk



Reviewing your savings

How do I keep track of my Account?Once you have joined, you can view full details of your Account online at workplace.aviva.co.uk/morrisons1

Also on the website you can:

• Change the funds in which you are currently invested and/or change where future contributions are to be invested.

• Update your personal details.

• Change your selected retirement date.

Aviva will provide a statement each year, showing:• How much has been paid in.

• The value of your pension savings.

• How much your pension savings could be worth in the future.

If you can’t find what you’re looking for on the website, contact Aviva – their contact details are on the back page.


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Choices at retirement

Six months before your selected retirement date, Aviva will write to you and explain the options available for taking your pension savings.

Your retirement choices are some of the most important decisions you’ll make. There are currently several options available to you, some are explained below.

Start by asking yourself what you want from your pension savings. Are you looking for the security of a guaranteed income? Or do you want to take your pension as a cash sum? Perhaps you’d rather leave your pension savings invested, but withdraw an income from it as you need.

Whichever option you choose, you can usually take 25% of your pension savings as a tax‑free cash sum. And you don’t have to select just one option – you may be able to combine any of the choices shown on the next page.

Currently the Trustees make all options available. We strongly recommend you speak to Pension Wise or an independent financial adviser for help in determining which option(s) suits your needs best.

When you are ready to consider the options available, it’s important to shop around different providers to find the best deal. Whatever option(s) you choose it’s important to think about provision for your lifetime.


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Your choices at retirement

Tax-free cash sum

With all of the following options, you can take up to 25% of your pension savings as

a tax-free cash sum.Please note any tax-free cash would be paid by your new provider if funds have

been transferred out.

Annuity You can use your pension savings to

purchase an annuity which provides a guaranteed regular income, typically

paid for the rest of your life.

DrawdownDrawdown allows regular flexi-access withdrawals while the balance of your

pension savings stays invested.

CashYou can choose to take all or some of

your pension savings as cash while any remaining balance of your pension savings

stays invested.

Transfer

This plan o ers all of the options above but other providers will also o er these options. Transferring to another registered pension

scheme may be beneficial to you so it's important to shop around.

There are a number of things to consider regarding the options available, in particular the tax implications of taking cash lump sums and/or receiving income which depend on your main place of residence as advised to us by HMRC and your other individual circumstances. It’s also important to

remember that tax benefits and the options available today may change in the future.

For those options where your pension savings are still invested, it’s important to note that the value of your pension savings can go down as well as up and is not guaranteed. You could get back less than you invest.


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How will my pension income be taxed?You can normally take a tax‑free cash sum of up to 25% of your Account value. After your tax‑free cash sum has been paid,any income you take from your pension will be taxed through PAYE. The amount of tax you have to pay will depend on your income tax rate at the time the pension income is paid.

There is a limit on the value of pension savings that you can draw from a registered pension scheme before a tax charge applies. This limit is called the lifetime allowance. Please see Your limits on pages 20 and 21 for further details.

Information available to youPension Wise is a government service offering free and impartial guidance for those aged 50 and over. This tailored guidance is available online, over the phone or face to face. Go to www.pensionwise.gov.uk or call 0800 138 3944.

We recommend you get guidance or advice to help you decide what to do with your pension savings. The Money Advice Service publish a free printed guide, ‘Your pension – it’s time to choose’, which is available on their website, www.moneyadviceservice.org.uk.


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http://www.pensionwise.gov.uk

http://www.moneyadviceservice.org.uk

You can stop making contributions at any time. Below we explain the options that are available to you.

If you leave having completed 30 days pensionable service, your Account will be paid up. This means it will remain invested in the fund(s) of your choice and will then be available to provide pension benefits on your retirement or death. If you leave the scheme before completing 30 days any contributions will be refunded to you, less income tax. You won’t get anything from your employer’s contributions.

Fewer and/or reduced contributions will reduce the value of your Account potentially available at retirement (compared with more or increased contributions).

If you stop contributing to your Account, you can start again at any time provided you are still eligible to do so. If contributions are reduced they must not fall below the minimum contribution level set by your employer.

You can ask for an illustration of the effect of increasing, decreasing, stopping or restarting contributions from Aviva using the contact details on the back page.

As an alternative to leaving your pension pot paid up in the scheme, you can, subject to our agreement, transfer your pension pot to another registered pension scheme of your choice.

If you transfer or receive a refund there is currently no charge.

Stopping contributions


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Contributions paid through salary exchange Your pension savings will be treated in the same way as described on the previous page with an important difference:

• Any refund of contributions will be made to your employer who may choose to make a payment to you, although they are not required to do so by law because your contributions were not paid directly by you. Your employer will be able to give you further information on this.

If you leave your employer All contributions to your Account will automatically stop. You won’t be able to pay any more money in but you will be able to continue to manage your Account in the same way. You will have the same options for your Account as explained on page 18.

If you’re aged over 55 If you are aged over 55, you also have the option of taking your pension savings now. Please see page 16 for further information on the options available to you.


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Your limits

Tax reliefEach year you can get income tax relief on your personal contributions to all registered pension schemes as long as your total gross contributions are not more than the greater of your UK taxable earnings.

If your pension contribution is deducted from your pay before tax is calculated and your earnings are below the starting rate for income tax, you will not benefit from the tax relief a taxpayer will receive.

Annual allowanceHMRC puts a limit on the total amount that can be paid into all your pension schemes each year before a tax charge is payable. For the 2019/20 tax year this annual allowance is £40,000. Anything paid in above this may incur a tax charge.

If you earn more than £110,000 (2019/20 tax year) your annual allowance may be reduced.

If you flexibly access your pension savings, your annual allowance in respect of money purchase pension arrangements* is reduced for the current and future tax years. For the 2019/20 tax year this reduced annual allowance, the money purchase annual allowance (MPAA), is £4,000. The provider of the arrangement you have accessed will notify you if this applies.

If you haven’t used all of your annual allowance in the previous three tax years you may be able to ‘carry forward’ this unused amount. The total amount of your unused annual allowance can be added to the current tax year’s annual allowance.

You can find out more about the Annual allowance on the HMRC website at www.gov.uk/tax-on-your-private-pension. If you think you might be affected then we strongly recommend that you take individual tax advice. For more information about tax please refer to an independent financial adviser.

If you don’t have a financial adviser you can find one at www.unbiased.co.uk

HMRC set limits on how much tax relief you can benefit from, how much you can pay into your pension schemes – the Annual allowance, and how much you can take out as retirement benefits – the Lifetime allowance.

*A money purchase pension arrangement builds up a pension pot based on contributions from you and/or your employer.


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http://www.gov.uk/tax-on-your-private-pension


Lifetime allowanceHMRC puts a limit, called the lifetime allowance, on the total amount that can be taken from pension schemes before a tax charge is payable. The standard lifetime allowance is £1,055,000 for the tax year 2019/20. Your remaining lifetime allowance reduces each time you take benefits.

If, when you take benefits, or at age 75 if earlier, the value of benefits being taken exceeds your remaining lifetime allowance then the excess will be subject to a tax charge, known as the lifetime allowance charge.

Your personal lifetime allowance may be higher than the standard lifetime allowance, if you have been granted one or more types of protection by HMRC.

You can find out more about the lifetime allowance on the HMRC website at www.gov.uk/tax-on-your-private-pension. If you think you might be affected then we strongly recommend that you receive individual tax advice. For more information about tax please refer to an independent financial adviser.

Tax details in this document are based on our interpretation of current law and HMRC practice for the 2019/20 tax year. It’s important to remember that they can change and how they affect you depends on your main place of residence as advised to us by HMRC and your other individual circumstances.


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If you have a question about the schemeThe Aviva My Money website has lots of useful information, as well as a pension forecaster that helps you work out how to achieve your target pension income. Go to workplace.aviva.co.uk/morrisons1.

If you can’t find what you’re looking for on the website, please contact Aviva. Their contact details are on the back page.

If you would like to let the Trustees know what you think about the pension schemeWe, the Trustees run the pension scheme for your benefit and are interested in hearing what you think about the scheme, what you like and what you think could be improved. We can’t promise to make changes based on every suggestion but your views will help them make decisions based on your direct feedback. If you want to let us know what you think you can get in touch by email at [email protected].

If you have a complaintWe hope that any issues can be resolved informally with Aviva.

If this isn’t possible, there is a formal procedure to resolve any complaints or disputes, known as the Internal Disputes Resolution Procedure. For details of the internal dispute resolution procedure please contact us.

Help and further information


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mailto:[email protected]

Some important legal information:• We, the Trustees, have taken care to

make sure that this guide reflects the Trust Deed and Rules as accurately as possible. It doesn’t cover everything and the Trust Deed and Rules will always take priority. This version was published in December 2019. It covers your membership in the Aviva Master Trust pension scheme (which is a defined contribution scheme) and applies to you on joining. We will keep this guide under regular review and will update it from time to time.

• You can request a copy of the Trust Deed and Rules from Aviva at any time.

• This scheme is a registered pension scheme with HMRC for tax purposes under Chapter 2 Part 4 of the Finance Act 2004.

• Each year we produce an Annual Report. You may request a copy from Aviva.

• All information about you and your dependants will be treated confidentially.

• The information in this guide is based on the Trustees and Aviva’s understanding of current legislation, taxation and HMRC practice. These can change without notice.


Data Protection and the Trustees’ Privacy NoticeWe, the Trustees, need to hold and process certain information (or personal data) about you in order to administer and manage the Scheme, including calculating and paying your benefits and managing the Scheme’s investments. As you may be aware, there are laws in place which govern the processing of personal data which changed significantly on 25 May 2018, and we have taken steps to make sure we comply with these laws.

We have prepared a ‘privacy notice’ which describes in detail the personal data we hold about you, the legal basis for using it (including when we may ask for your consent) and your rights, how we use it, who we share it with, and the safeguards that are in place to protect it.The privacy notice can be viewed online https://workplace.aviva.co.uk/amt-fpn/Alternatively a paper copy of the privacy notice can be requested by contacting Aviva.

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https://workplace.aviva.co.uk/amt-fpn/

There are a number of organisations that can help you find out more about workplace pension schemes.

GOV.UKThe GOV.UK website – www.gov.uk – is a great source of information from the Government. On the website you can find information about pensions and retirement, including the State Pension, Pension Credit, National Insurance in retirement and much more.

Pension Tracing ServiceThe Pension Tracing Service provides a tracking service for people who have left benefits in pension schemes and also for dependants of members, who have lost touch with previous employers.

The address of the Pension Tracing Service is: The Pension Service 9 Mail Handling Site A Wolverhampton WV98 1LU

Call: 0800 731 0193

Website: www.gov.uk/find-lost-pension

The Pensions Advisory Service (TPAS)The Pensions Advisory Service (TPAS) is an independent non‑profit organisation that can assist members and beneficiaries of the scheme with pension questions and issues they have been unable to resolve with the Trustees of the scheme.

The address of TPAS is:11 Belgrave Road, London, SW1V 1RB

Call: 0800 011 3797

Email: [email protected]

Website: www.pensionsadvisoryservice.org.uk

Any questions about the scheme or your entitlement under it should be addressed to the Trustees in the first instance.

Useful organisations


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http://www.gov.uk

http://www.gov.uk/find-lost-pension


http://www.pensionsadvisoryservice.org.uk

Pension WiseA free and impartial Government service that helps you understand the options for your pension pot for those aged 50 and over.

The address of Pension Wise is:Pension Wise, PO Box 10404, Ashby de la Zouch, Leicestershire, LE65 9EH

Call:0800 138 3944


Website:www.pensionwise.gov.uk

The Pensions OmbudsmanThe Pensions Ombudsman can investigate and determine pension complaints in accordance with the Pension Schemes Act 1993.

The address of the Pensions Ombudsman is:Pensions Ombudsman Service, 10 South Colonnade, Canary Wharf, London. E14 4PU

Call: 0800 917 4487


Website: www.pensions-ombudsman.org.uk

The Pensions RegulatorThe Pensions Regulator is an independent body, accountable to Parliament and the general public. Its main objectives are to protect the benefits of members of work‑based pension schemes and to promote good administration. The Pensions Regulator keeps a register of schemes and holds information about the scheme and the employer. It may intervene in the running of schemes where trustees, managers, employers or professional advisers have failed in their duties.

The address of the Pensions Regulator is:Napier House, Trafalgar Place, Brighton, Sussex, BN1 4DW

Call:0845 600 1011


Website: www.thepensionsregulator.gov.uk


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http://www.pensionwise.gov.uk


http://www.pensions-ombudsman.org.uk


http://www.thepensionsregulator.gov.uk

Financial Services Compensation SchemeThe Financial Services Compensation Scheme (FSCS), as approved by the Prudential Regulation Authority (PRA), provides protection for the customers of an authorised firm, such as Aviva. This means the FSCS can pay compensation to customers if a financial firm, such as Aviva, becomes unable, or becomes likely to be unable, to pay claims against it. Please refer to the FSCS website for more information about FSCS protection with regard to pension schemes at – https://www.fscs.org.uk/what-we-cover/products/pensions/fscs-compensation-for-pensions/.

Aviva provides its customers with access to externally managed funds and these funds are also covered under the FSCS. It is important to note that in each example the assets are held outside of the fund management company for safe‑keeping. As a result, a customer’s assets should not be affected by the insolvency of the underlying fund manager.

There is a different legal arrangement in place if Aviva, which is categorised as a life company, invests in the funds of another life company, including funds managed by BlackRock or Legal & General. In this case, Aviva is required to enter into a reinsurance agreement with the other life company to invest in that company’s funds.

The reinsurance agreement enables Aviva to put in place a ‘floating charge’ in order to help protect its pension plan holders in the event where a life company, whose funds Aviva’s customers are invested in, runs into financial problems. Under the floating charge, and in the event of the insolvency of the other life company (or reinsurer), Aviva can recover up to the amount it would have done if the sums owed to Aviva by the life company were characterised as ‘insurance debts’.

However, it is worth bearing in mind that the fund could be wound down, or another fund manager could take on the management of the fund. This situation could affect the performance of the fund and ultimately impact the value of the policy holder’s assets.


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https://www.fscs.org.uk/what-we-cover/products/pensions/fscs-compensation-for-pensions/



How to contact Aviva

MG40751A MM39051 12/2019

Aviva Life & Pensions UK Limited.

Registered in England No. 3253947. Registered office: Aviva, Wellington Row, York, YO90 1WR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 185896. Telephone 0345 602 9189 – calls may be recorded. www.aviva.co.uk My Money is a registered trade mark of the Aviva group.

Call Aviva on 0345 030 7385 on Monday to Friday between 8am and 5.30pm. They may record calls to improve their service. Calls may be charged and these charges will vary; please speak to your network provider.

Visit their website at workplace.aviva.co.uk/morrisons1

Email them at [email protected]

Write to them at Aviva, PO Box 2282, Salisbury, SP2 2HY

These documents are available in other formats.If you would like a Braille, large print or audio version of this document, please contact Aviva.

PTL is a trading style of PTL Governance Ltd.

Registered in England and Wales with company number 02952373. Registered Office at 4th Floor, The Anchorage, 34 Bridge Street, Reading, Berkshire RG1 2LU.

A list of the directors of the company is open to inspection at the company’s registered office.

Rebecca Cooke

Anne Hunt

Jonathan Parker

TM14012 TEMP IMM WRA August 2019

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http://www.aviva.co.uk



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