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Notification of Wind-Up of the Surrey & Berkshire Newspapers Lifestyle Plan

Fri, 18 Nov 2011 12:45:47 GMT

Following the closure of the Woking Papers, there are now no active members (current employees) of the Lifestyle Plan and therefore no further contributions will be paid into the Plan after 30 April 2011.

On behalf of the Trustees we have written to all members on 24th May 2011 informing them that, in accordance with the Rules of the Plan, the wind-up of the Lifestyle Plan has commenced.

A full pack of the options available was sent to each member on 17th October 2011.

If you are not in receipt of any of the above correspondence, and think you have benefits in the Surrey & Berkshire Newspapers Lifestyle Plan, please contact the Pensions Department

Pensions Department
November 2011

Invitation for Member Nominated Trustee

Wed, 03 Aug 2011 12:53:11 GMT

APPOINTMENT OF MEMBERS' TRUSTEE

Andy Beven, who will retire by rotation as a Members' Trustee at the Annual Meeting of Members of the GMG Lifestyle Plan in December, has confirmed his willingness to serve for a further term of office.

Further nominations are now invited from all active members of the Plan. If more than one valid nomination is received then a ballot will be conducted.

Nominations should be sent to the Secretary, in writing, signed by a proposer and a seconder (who are themselves active members of the Plan), and accompanied by a signed statement from the member nominated signifying his/her willingness to stand and to act as a Trustee if elected.

If you are interested in becoming a Trustee but would like to know more about the role and responsibilities, please call John Woodman on 020 3353 3118 for more information.

Nominations should reach the Secretary at Guardian Media Group, Pensions Department, Centurion House, 129 Deansgate, Manchester M3 3WR not later than 5.00 p.m. on Friday 9th September 2011.

J Woodman
SECRETARY

2nd August 2011

Annual Benefit Statements have been posted

Wed, 06 Jul 2011 08:28:00 GMT

Annual Benefit Statement packs have recently been posted to member's home addresses.

If you have not received your pack within the next couple of weeks, please contact the pensions department

July 2011

Pension Contributions - tax relief changes from April 2011

Thu, 17 Mar 2011 10:24:00 GMT

Pension Contributions - tax relief changes from April 2011

In the Lifestyle Plan, the company takes pension contributions from your
pay before deducting tax and National Insurance (if you pay contributions via PaySmart). You only pay tax on what's left. So whether you pay tax at basic, higher or additional rate you get the full relief straightaway.

Use our pension contribution calculator to see how much your own contributions cost you after tax relief, as well as showing the amounts that actually go into your pension account from you and the Company.

If you want to change your contributions please click here to download the contribution change form.

The maximum amount of contributions that can be paid into all pension
schemes in any year for which tax relief can be received is capped by the
Annual Allowance. From 6th April 2011, the annual allowance is going to
be reduced from £255,000 to £50,000 and will be fixed at this amount until at least 2015/16.

This change will not affect the vast majority of members who do not have annual contributions exceeding £50,000.

The Annual Allowance includes all contributions paid (including contributions paid by an employer) to the Lifestyle Plan and any other pension arrangements that are eligible for tax relief. Contributions in excess of the Annual Allowance can be made but will be subject to tax at your full marginal rate of tax.

Where the Annual Allowance is exceeded in any given year, the unused
element of the Annual Allowance from up to three previous years will be
available to offset against the excess. This commences from April 2011 with a notional annual allowance of £50,000 applying for the last three years.

If you have any queries please contact us on 020 3353 2000 or e-mail pensions@gmgplc.co.uk

GMG Pensions Department

contributions

Tue, 08 Feb 2011 09:00:00 GMT

Headlines

• You can pay standard contributions of 5% of your monthly pay
• The Company pays a contribution based on your age - between 8% and 12% of your monthly pay
• You can choose to pay at half rate and the Company will pay at half rate too
• You can also pay more if you want - up to 10% of pensionable earnings plus up to 15% of non pensionable earnings as AVCs - and the Company will add on half as much again
• On top of AVCs you can also pay Extra Contributions (ECs) to the Lifestyle Plan, or just pay into other pension plans
• All your contributions into the Plan come from your pay without being taxed
• The Company pays extra to meet the general administration costs of running the Plan and to pay for your Life Assurance

Behind the Headlines

• What contributions can I pay?
• How much will the Company pay?
• Why does the Company pay more as I get older?
• How do I make contributions?
• How does tax relief work?
• How do I change the contributions I pay?
• Can I pay a lump sum?
• Where do my contributions go?
• Are any charges taken from my contributions before they go into my Lifestyle account?
• How do I know if I'm paying enough?
• Do I have to pay?
• What's the most I can pay?
• Am I getting the highest Company contribution?
• Why does what I pay affect how much the Company pays?
• Do I pay for a State Pension too?
• What happens to my contributions if I'm on maternity leave/off sick/or away from work?

What contributions can I pay?
Contributions are based on your pensionable earnings. You can choose to pay at one of four levels:

• Half rate of 2.5%
• The standard rate of 5%
• An additional, voluntary rate, through Additional Voluntary Contributions (AVCs), of up to 10% of pensionable earnings (plus up to 15% of non pensionable earnings) in addition to your standard rate contributions
• Extra Contributions (ECs) on top of both your standard rate contributions and AVCs, up to the whole of the remainder of your earnings once statutory deductions such as National Insurance contributions, have been paid

There is also an option to be a member and pay nothing. This is designed to help you if you are just starting out and cannot afford to pay anything yourself. It should not be considered a long-term option if you want the Plan to provide a sufficient income in retirement.

How much will the Company pay?
This depends on your age and how much you have decided to pay. Again, contributions are based on pensionable earnings.

If you choose to pay at half rate, the company will also pay at half rate.

The company will also add 50% to any Additional Voluntary Contributions (AVCs) you choose to make. There are no company contributions payable in respect of any Extra Contributions (ECs) you pay.

On top of this, the Company pays for the general administration costs of running the Plan and all of the insurance premiums for both the life assurance cover and Continued Income in the Event of Disability Cover.

Why does the Company pay more as I get older?
The nearer you are to retirement, the less time there is for contributions paid into your Lifestyle account to benefit from any growth in your investments. So more money has to be paid in "up front" to compensate for this.

How do I make contributions?
The money you pay into the Plan comes out of your pay before you receive it. This happens automatically through Payroll.

How does tax relief work?
Money you pay into the Plan is automatically taken out of your pay before income tax is calculated. From April 2008, if you participate n PaySmart you will also pay less National Insurance contributions.

How do I change the contributions I pay?
If you participate in PaySmart you can increase your monthly ordinary contributions, AVCs or ECs at any time. However, you can only reduce your contributions annually, each 1st April, unless there is a fundamental change in your personal circumstances. If you do not participate in PaySmart, you can increase or reduce your montly contributions at any time.

You need to fill in a Contribution Form and return it to the Pensions Department.

Can I pay a lump sum?
Yes you can, as long as you don't pay more than the maximum in any year. Contact the Pensions Department for more details.

However, please note that to maximise company contributions, it is usually better to pay regular AVCs. This is because in any one month, only 10% of pensionable earnings and only 15% of non pensionable earnings are classed as AVCs, i.e. any lump sum contribution exceeding these AVC limits would be classed as Extra Contributions (ECs) and would not attract any Company contributions.

Where do my contributions go?
Your contributions, together with the Company's contributions, are allocated to your Lifestyle account and invested in the funds you choose from the range available. There is more information on Your Options in Your Lifestyle Investment Choices.

Are any charges taken from my contributions before they go into my Lifestyle account?
No. Contributions are invested in full. The Company pays the general administration costs of running the Plan in addition to the pension contributions made on your behalf. There are very small charges made by the investment managers, which are paid for out of the funds they manage.

How do I know if I'm paying enough?
Each year you will receive a statement showing how much is in your Lifestyle account and an illustration of the income it might buy if you continue paying until retirement. Remember this is only an estimate and it depends on a number of assumptions. Although we have tried to make these assumptions as realistic as possible, what happens in practice may be different.

For more help on deciding how much to pay you can look at the Financial Planning section.

Do I have to pay?
You have the option of joining the Plan and not paying any contributions. The company will pay 2.5% of your pensionable earnings. This amount does not change as you get older. This category of membership is designed to help you make a start with your pension savings even if you cannot afford to pay anything yourself. It must be stressed that, on its own, a contribution at this level is unlikely to provide a sufficient income in retirement. Also, if you don't contribute, the benefits payable to your dependants should you die will be lower.

What's the most I can pay?
There is an overall limit, known as the Annual Allowance, on the total contributions (eligible for tax relief) from you and the Company in a tax year. The Annual Allowance will be £50,000 from 2011/12 and will be fixed until at least 2015/16.

Am I getting the highest Company contribution?
To get the most help from the Company you may need to increase your own contributions. To start with, you'll get twice the Company contribution if you pay at the standard rate (5%) rather than half rate. Then, for every extra £1 you pay in AVCs on top, the Company will add 50p. (Maximum AVCs payable are 10% of pensionable earnings and 15% of non pensionable earnings per month). You can also pay Extra Contributions (ECs) which do not attract any company contributions.

Why does what I pay affect how much the Company pays?
Saving for a pension is a joint effort. If retirement saving is important to you and you demonstrate this by paying into the Plan, the Company will support you in your efforts.

Do I pay for a State Pension too?
Yes. Contributions towards the two State Pensions are included in the National Insurance Contributions automatically deducted from your pay each month.

What happens to my contributions if I'm on maternity leave/off sick/or away from work?
Special terms apply if you are absent from work for a long time. Generally your contributions will continue as long as you are being paid. You can find out more in More Information.

Joining

Tue, 08 Feb 2011 09:00:00 GMT

Headlines

• Being a member of the Lifestyle Plan is voluntary
• Benefits from earlier pension arrangements can be transferred into the Plan
• The Lifestyle Plan provides a pension in addition to both State Pensions
• There is an option to join the Plan and pay nothing
• You can contribute to external pension arrangements as well
• You can opt-out by giving 28 days' notice

Behind the Headlines

• What do I need to do to join?
• If I'm not already a contributing member can I still join?
• If I have other pension benefits, should I move them into the Plan?
• Is this the only pension plan I can pay into?
• Is it right I can join and pay nothing?
• What do I do if I don't want to be a member anymore?

What do I need to do to join?
Subject to your terms and conditions of employment, all permanent employees automatically become members and receive a welcome pack containing information about the Plan when they join the Company. If you need more information, contact the Pensions Department.

If I'm not already a contributing member can I still join?
This is usually possible, although joining may be subject to special terms. Contact the Pensions Department for more information.

If I have other pension benefits, should I move them into the Plan?
It's not always the best thing to do, so you should speak to an Independent Financial Adviser before transferring other pension benefits into the Lifestyle Plan. The Trustees decide whether or not transfers can be accepted.

Is this the only pension plan I can pay into?
No. You may also want to save for a pension using other funds outside the Lifestyle Plan, by paying into:

• Free Standing AVCs (FSAVCs);
• A Personal Pension, e.g. a Self Invested Personal Pension (SIPP) or Stakeholder Pension.

In addition, all members have the option of taking out a personal pension to "contract-out" of the State Second Pension - see Can I opt-out of S2P?.

Is it right I can join and pay nothing?
Yes - there is an option to be a member and pay nothing. This is designed to help you if you are just starting out and cannot afford to pay anything yourself. It should not be considered a long-term option if you want the Plan to provide a sufficient income in retirement. See Do I have to pay?

What do I do if I don't want to be a member anymore?
You can opt out of the Lifestyle Plan by giving 28 days' notice. You will need to fill in an "opt out form" and return it to the Pensions Department. We would always recommend you see an Independent Financial Adviser before opting-out and remember, you can opt to be a member of the Lifestyle Plan and pay nothing.

Answers to common Questions

Tue, 08 Feb 2011 09:00:00 GMT

What are the trustees key investment objectives?

• To get long term returns above inflation
• To protect members from sudden market volatility as they approach retirement
• To avoid investments under-performing the market.

Details of the trustees' investment rationale, which is regularly reviewed, are set out in their Statement of Investment Principles.

How do the trustees achieve these objectives?

"Long-term returns above inflation" - Whilst there are no guarantees of what returns will be and returns can be highly volatile, "equities" (company shares) are expected by most investment advisors to provide returns above inflation over the long-term. The Lifestyle Plan, therefore, includes several funds with equity investments.

"Protection against sudden market volatility as members approach retirement" - The Lifestyle Plan default switching arrangements move your funds into less volatile investments (bonds and cash) as you approach retirement. This is an automatic switching process, typically done gradually over 10 years to retirement.

"Avoid investments under-performing the market" - To ensure that investments don't under-perform the market, the investments are passively managed. This means the investment manager tracks market indices for equities, bonds and cash. On the other hand, an actively managed fund aims to out-perform the market index, but there is the risk of under-performance. Our passive strategy has given higher returns than the average "actively managed" fund over many years. Another advantage of index tracking for members is the very low investment management fees compared with "active management".

What other steps have the trustees taken to reduce the impact of market volatility?

• From January 2010, the Long Term Fund distribution was gradually reduced from 85% equities/15% corporate bonds to 70% equities/15% corporate bonds/5% fixed interest gilts/5% index-linked gilts.

• Since 2005, the absolute maximum that is invested in any one company is 5% of the UK equity element of the Long Term Fund (and the stand-alone UK Equities fund). This is because the trustees changed the tracking index from the FTSE All Share Index to the FTSE All Share Capped 5% index.

• Since 2005, 50% of the overseas equities element of the Long Term Fund (and the stand-alone Overseas Equities fund) has been "hedged" to protect against currency fluctuations.

• In 2003, the switching period (over which members' investments are moved from the Long Term fund to Short Term bonds and cash) was changed from 5 years to 10 years (for some members the switching period is 5,6,7,8 or 9 years dependent on how far away from Target Retirement Date they were at 1st April 2003).

• In 2003 the Long Term Fund moved from being invested 100% in equities to 85% equities plus 15% corporate bonds.

Why don't the trustees manage the funds … for example by moving investments out of equities when the market is falling?

The Lifestyle Plan includes members of all ages from 16 - 70, everyone has their own circumstances and priorities. The role of the trustees is to provide an appropriate range of funds and to review the investment strategies of the various funds from time to time, but it should be stressed this does not include the trustees trying to either forecast, or react to, market movements.

If the Trustees don't manage my funds, can I do it myself?

The Lifestyle Plan has always had a range of index tracking funds available to members. You can choose to invest in any of those funds, which include investments in equities, bonds and cash. You can therefore decide on funds that suit your own personal circumstances. The trustees would, though, wish to caution against members trying to make short-term predictions about which way the markets will go, because no-one knows. There can also be a temptation to move away from a particular fund after a period of poor performance, which would "lock-in" any losses.

Where can I get details of the range of funds available under the Lifestyle Plan?

The Lifestyle Plan Investment Guide is available here.

... or simply ask the Pensions Department…

Are our investments well spread?

Yes - diversification is crucial when investing ….. Our equity and bond investments are widely spread, tracking global equity markets and UK corporate and government bond markets. Within our UK equity investments for example, we track the FTSE All Share (5% capped) Index. This covers the top 700 or so companies and the maximum proportion invested in any one company is 5%.... so when an individual company's share price falls dramatically this has a limited impact on the overall value of our investments.

How secure are the Lifestyle investments?

The Lifestyle investments are held under trust, entirely separate from the company investments. They are managed on behalf of the Trustees by Legal and General. All underlying assets are invested with Legal and General, but are held by external custodians and are therefore ring-fenced.

What about the security of the Cash Fund?

Legal and General carefully monitor the banks where they place cash deposits, to the extent that deposits are only ever held with financial institutions that have the highest credit ratings. The cash deposits are spread across a number of these top rated banks.

How can I keep track of investment performance?

Every week, the updated unit prices for each of the funds are added to the website

You can also ask the Pensions Department for an update on your individual Lifestyle account at any time.

The trustees employ independent advisers to monitor the funds investment returns. Each summer a detailed investment bulletin is sent to all members giving details of the investment performance for each of the funds.

If I decide that I want to either change my Target Retirement Date (TRD) or specify my own mix of investments, what do I need to do?

Complete the relevant form.

Details of forthcoming weekly dealing dates, and Pensions Department deadlines are shown here.

Where can I get more financial information?

There are numerous sources…. here are a few …

guardian.co.uk/money
Latest news and information on personal finance.

guardian.co.uk/business
Latest financial, market & economic news and analysis.

news.ft.com/yourmoney
Latest news and information on a range of personal finance issues

unbiased.co.uk
Contains listings of local independent financial advisers plus a large amount of savings information

learnaboutmoney.org
A financial education site sponsored by the Pre-Retirement Association in association with a number of blue chip companies

Answers to common Questions

Tue, 08 Feb 2011 09:00:00 GMT

What are the trustees key investment objectives?

• To get long term returns above inflation
• To protect members from sudden market volatility as they approach retirement
• To avoid investments under-performing the market.

Details of the trustees' investment rationale, which is regularly reviewed, are set out in their Statement of Investment Principles (pdf)

How do the trustees achieve these objectives?

What other steps have the trustees taken to reduce the impact of market volatility?

• From January 2010, the Long Term Fund distribution was gradually reduced from 85% equities/15% corporate bonds to 70% equities/20% corporate bonds/5% fixed interest gilts/5% index-linked gilts.

• Since 2005, 50% of the overseas equities element of the Long Term Fund (and the stand-alone Overseas Equities fund) has been "hedged" to protect against currency fluctuations.

• In 2003 the Long Term Fund moved from being invested 100% in equities to 85% equities plus 15% corporate bonds.

Why don't the trustees manage the funds … for example by moving investments out of equities when the market is falling?

If the Trustees don't manage my funds, can I do it myself?

Where can I get details of the range of funds available under the Lifestyle Plan?

The Lifestyle Plan Investment Guide is available here.

... or simply ask the Pensions Department…

Are our investments well spread?

How secure are the Lifestyle investments?

What about the security of the Cash Fund?

How can I keep track of investment performance?

Every week, the updated unit prices for each of the funds are added to the website

You can also ask the Pensions Department for an update on your individual Lifestyle account at any time.

Complete the relevant form

Details of forthcoming weekly dealing dates, and Pensions Department deadlines are shown here

Where can I get more financial information?

There are numerous sources…. here are a few …

guardian.co.uk/money
Latest news and information on personal finance.

guardian.co.uk/business
Latest financial, market & economic news and analysis.

news.ft.com/yourmoney
Latest news and information on a range of personal finance issues

unbiased.co.uk
Contains listings of local independent financial advisers plus a large amount of savings information

learnaboutmoney.org
A financial education site sponsored by the Pre-Retirement Association in association with a number of blue chip companies

Library

Tue, 08 Feb 2011 09:00:00 GMT

Target Retirement Date (TRD) Change Form (pdf)

Investment Choices Form (pdf)

Lifestyle Plan Investment Guide (pdf)

GMG Current Statement of Investment Principles (pdf)

GMG Investment Policy Docment 2011 (pdf)

GMG Investment Bulletin 2010 (pdf)

GMG Investment Bulletin 2009 (pdf)

Your Pension Your Choice (pdf)

Financial Planning Questionnaire (pdf)

Library

Tue, 08 Feb 2011 09:00:00 GMT

Target Retirement Date change form (pdf)

Investment Choices Form (pdf)

Lifestyle Plan Investment Guide (pdf)

GMG Current Statement of Investment Principles (pdf)

GMG Investment Bulletin 2010 (pdf)

GMG Investment Bulletin 2009 (pdf)

Your Pension Your Choice (pdf)

Financial Planning Questionnaire (pdf)

Library

Tue, 08 Feb 2011 09:00:00 GMT

Contribution Change Form - GMG (pdf)

Target Retirement Date change form(pdf)

Investment Choices Form(pdf)

Member Guide (pdf)

Lifestyle Plan Investment Guide (pdf)

Income Protection (pdf)

Your Pension Your Choice (pdf)

Member Newsletter 2011 (pdf)

Member Newsletter 2010 (pdf)

GMG Current Statement of Investment Principles (pdf)

GMG Investment Policy Docment 2011 (pdf)

GMG Investment Bulletin 2010 (pdf)

GMG Investment Bulletin 2009 (pdf)

Report and Accounts (pdf)

Financial Planning Questionnaire (pdf)

Surrey and Berkshire Newspapers Lifestyle Plan - all members

Tue, 08 Feb 2011 09:00:00 GMT

Welcome to the Surrey & Berkshire Newspapers Lifestyle Plan website.

Following the closure of the Woking Papers, there are now no active members (current employees) of the Lifestyle Plan.

The wind-up of the Lifestyle Plan has therefore commenced (please see news item below for further information).

Latest news

• Notification of Wind-Up of Surrey & Berkshire Newspapers Lifestyle Plan

• Important Investment Changes from January 2010

Useful resources

* Library
* Frequently asked questions
* Trustees

GMG Lifestyle Plan - ex-employees

Tue, 08 Feb 2011 09:00:00 GMT

Welcome to the GMG Lifestyle Plan website. We have selected information that should be useful to you as a former employee.

You can access the information by clicking on the links to the right. Look above for contacts and other useful links.

Latest news

• Important Investment Changes from January 2010

Useful resources

* Library
* Frequently asked questions
* Trustees

GMG Lifestyle Plan - current employees

Tue, 08 Feb 2011 09:00:00 GMT

Welcome to the GMG Lifestyle Plan website. This is the first place to look for information about your Lifestyle Plan pension. We deal with real pension issues that affect real people, whatever your level of interest or understanding.

It's about your money and there will be something here for you whether you're a pension beginner or a pension enthusiast.

So look right for more information on the GMG Lifestyle Plan and what it means to you, and for broader help with your financial planning. Look above and below for contacts and other useful links.

Latest news

• Pension Contributions - tax relief changes from April 2011

Useful resources

• Library
• Frequently asked questions
• Trustees

Surrey & Berks all members: Changes to the Short Term Fund - Cash

Tue, 08 Feb 2011 09:00:00 GMT

The Trustees have been considering the performance achieved over the 1st quarter 2008 as the Fund's return was 0.0% over this period compared with an expectation of 1.4%. As set out in the current Investment Guide, the Fund has been 75% invested in Legal & General's Money Market Fund and 25% invested in Legal & General's Cash Fund. Whilst the Cash Fund invests exclusively in cash deposits, the Money Market Fund also invests in cash instruments which have historically given a slightly higher return than cash deposits.

Members will be aware that the 'credit crunch' that began in the summer of 2007 has affected financial markets, including equity, bond and money markets. The impact on the Money Market Fund has been that some of the underlying assets have been marked down. Whilst the Trustees have been reassured that there is minimal risk of any permanent loss if the Short Term Fund remained invested in the Money Market Fund, the Trustees agreed that it would be appropriate to switch out of the Money Market Fund into the Cash Fund to limit the risk of any further setback in the prices of the underlying assets of the Money Market Fund. This switch has been completed and the Short Term Fund is now invested 100% in Legal & General's Cash Fund.

Members should however be aware that even with the Short Term Fund being invested solely in the Cash Fund, there is no absolute guarantee that the money is completely secure - this depends on the creditworthiness of the banking counterparties. The Trustees are however comfortable that Legal & General monitor carefully the banks where they place deposits and, furthermore, the deposits are spread across a number of banks to limit the risk to the Cash Fund of any one bank getting into difficulty.

On behalf of the Trustees of the Surrey and Berkshire Newspapers Lifestyle Plan