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Wood Group Offshore & Site Group Personal Pension

Wood Group Offshore & Site Group Personal Pension. Energy Supporting Energy. June 2012. Wood Group Offshore & Site Group Personal Pension (GPP). Changes affecting pensions for our Offshore & Site colleagues A summary of the ‘new’ plan features The benefits for you Your choices

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Wood Group Offshore & Site Group Personal Pension

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  1. Wood Group Offshore & Site Group Personal Pension Energy Supporting Energy June 2012

  2. Wood GroupOffshore & Site Group Personal Pension (GPP) Changes affecting pensions for our Offshore & Site colleagues A summary of the ‘new’ plan features The benefits for you Your choices Scottish Widow’s ‘MyMoneyWorks’ More information 2

  3. Changes What, when and why? • Consolidation of pensions into one Wood Group pension for all offshore and site colleagues in all Wood Group businesses – July 2012 • This will make sure the business and members can benefit from efficiencies and economies of scale, meaning lower charges and enhanced services for members • Reduction in Annual Management Charge (AMC) – 1 July 2012 • All regular contributions, single and transferred payments will benefit from a further reduction in the Annual manage Charge (AMC) from 0.65% to 0.53% • Introduction of MyMoneyWorks – 1 September 2012 • Giving all members free access to a web based financial service providing you with a new way to help manage your finances and provide support with your wider financial planning needs

  4. The Plan features The Wood Group Offshore & Site GPP is provided by Scottish Widows • An individual policy with Scottish Widows • Wood Group will pay 5% of your pensionable earnings into your plan • You pay a minimum of 5% of your pensionable earnings (net deduction from pay of 4%) • You receive tax relief 20% at source + a further 20% for higher rate tax payers • You can manage your retirement savings online • You can choose to save more by paying additional contributions from your pay or directly from your personal bank account • No additional charges if you transfer your plan or if you retire early • Annual Management Charge (AMC) reduced to 0.53%

  5. Benefits to you • Secure - Members own and control their individual plan • Value - Low charges means more of your savings are there for you at retirement • Control - Members select retirement date - normally from age 55 to age 75 • Access - On death before SRD full fund paid to beneficiaries - tax free • Tailored Investment - Members select investment funds / risk profile • Flexible - Contributions can be changed/stopped/started - no additional charge • Portable - transferred to new employer’s or personal plan - no exit charge • Choice - Funds switched at any time - no additional charges • Options - At retirement: buy annuity, phased retirement or draw down

  6. Your Choices Your Plan offer a range of option that you can choose to suit your individual needs You choose: • Your retirement date • Your investment funds • Your contribution level

  7. MyMoneyWorks From September 2012, all members of the new Wood Group GPP will have free access to Scottish Widows ‘My Money Works’ - a web based financial service providing you with a new way to help manage your finances: • A way to view all your financial information in one place • Access to short, medium and long term savings options, including Cash and Stocks & Shares ISAs, Self Select ISAs and Savings accounts • Competitive charges on savings products • Useful information, tools, case studies and calculators to help you learn and plan • Accessed either at work or at home, when it suits you • Safe, secure and confidential and only you can view their account. • Access to advice on a wide range of financial planning matters • Guides on a wide range of everyday and once in a life time financial planning needs

  8. More Information WG Offshore & Site GPP Website -http://www.scottishwidows.co.uk/woodgroup/ Mercer Tel. 0800 085 2480, email -wood.group@mercer.com Scottish Widows Tel. 08457 556 557, email -CSTEBC@scottishwidows.co.uk

  9. Wood Group Wood GroupOffshore & Site Group Personal Pension Thank you

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