This letter informs Mrs. Amanda Jones about upcoming changes to her company's pension scheme that will take effect on January 1, 2016. She has two options: 1) remain in the defined benefit section with an increased contribution rate of 8% of salary, or 2) transfer to the defined contribution section and continue contributing 4% of salary. The letter provides estimates of Mrs. Jones' projected benefits and contributions under each option, as well as answers to frequently asked questions, to help her decide which option best suits her needs for retirement. She must return a form selecting her choice by December 31, 2015.

1. Mr JasonEber
MACS Actuarial LLP
25 Watt Street
Edingow
EH1 2HW
Mrs AmandaJones
3 Imaginary Street
Glasburgh
G12 3AB
5 November2015
Dear Mrs Jones,
I am writingtoinformyou of changesto the Template ManufacturingPensionScheme (“the
Scheme”) thatwill be implementedon1 January2016. Approachingthisdate youmustmake a
decision betweentwooptionsthatwill affectyourfuture contributionsandthe benefitpayments
that resultfromthem;
 Option 1 - RemaininDefinedBenefit(DB) sectionof the Scheme withanincreased
contributionrate of 8% of pensionable salary(currentcontributionrate 4%);or
 Option 2 - Transferto the DefinedContribution(DC) sectionof the Scheme, andcontinueto
pay contributionsof 4%of pensionablesalary.
It isimportantthat youunderstandthe changes tothe Scheme will onlyaffectyourfuture service
benefits,andanypast service benefitswillbe valuedastheyare currently.
We hope thatthe followinginformationisusefulandthatit will helpyouplanforyourfuture. This
letterandthe supportingdocumentshave beendesignedtogive youaninsightintoyourprojected
benefitsunderbothoptionsavailable,tohelpyoudecide whichwouldsuityoubest.If youare still
unsure aboutwhichto choose,please seekadvice fromanIndependentFinancial Advisor(IFA)for
unbiasedadvice.Youcanfindan IFA nearyou at: https://www.unbiased.co.uk/
Scheme Changes
The changesbeingmade are to improve the robustnessof the Scheme’sabilitytopaythe full value
of benefitsthathave beenaccruedbyall members,andprotectthe Scheme fromadverse market
conditions. The changeswill alsoensure thatthe Scheme will be able toprovidebenefitsforfuture
service.
Your estimatedcontributionsforthe year1 Januaryto 31 December2016, basedona pensionable
salaryof £29,500, dependingonyourselectedoptionare listedbelow;
Option
Contributions (of
pensionable salary)
Estimated value of
contributions
1 8% £2,360
2 4% £1,180

2. Further Options
If you decide totransfertothe DC sectionyouwill be able toinfluence the balance betweensecurity
and investmentgrowth.Youwill be able tochoose froma selectionof premadeinvestment
strategieswithvaryinglevelsof investmentreturn.
Option Assetsinvestedin Expected
investmentreturn
Volatility
Growth Growth assets* High High
Balanced UK Gilts,Growth
Assets*
Medium Medium
Secure UK Gilts Low Low
* asset classes which areexpectedto return more than gilt yields over thelonger term.
You can alsoopt to investinthe Scheme’s‘Lifestyle’option,whichwill investinitiallyinthe ‘Growth’
optionandthen graduallylowerthe investmentriskof yourinvestmentsasyouapproachretirement
to ensure the value of yourcontributionsismaintained. Thisisthe Scheme’sdefaultoptionandwill
be the initial strategyyouwillbe enteredintoshouldyounotchoose another. Anillustrationof the
expectedinvestmentstrategyunderthe ‘Lifestyle’optionisgivenbelow;
You will findanattachedbenefitstatementthatwill outline yourannual contributionsand expected
benefitsunderbothoptions.
Alsoattachedisa form,detailingwhichoptionyouwouldlike toselect,whichmustbe returned to
the company by 31 December2015 (Please note thatthere will be nofurtheropportunitiesto
transferbetweensectionsof the Scheme afterthe deadline).
KindRegards,
Jason Eber
MACS Actuarial LLP
0%
20%
40%
60%
80%
100%
10 9 8 7 6 5 4 3 2 1
Years to retirement
Secure
Balanced
Growth

3. Benefit Statement
Option 1: Defined Benefit Section
If you choose to remaininthe DefinedBenefit Scheme,we have estimated yourbenefitsinline with
our salaryscale assumptionsanddefiningFinal Pensionable Salaryas the average of yourfinal three
yearsworking.Yourestimatedbenefitsforretiringatage 60 and 65 are includedbelow:
Retirementat 60:
1 January 2041
Retirementat 65:
1 January 2046
Past Service £15,484 £18,860
Future Service £27,650 £42,097
Total Income per annum £43,134 £60,957
Option 2: Defined Contribution Section
If you choose to move tothe DefinedContributionsectionof the Scheme,the benefitsthatyouhave
accrued inrelationto past service willbe paidasa DB pensionandyourfuture contributionswillbe
paidas a DC pension.We assume yourfuture DCcontributionsgaininvestmentreturnsof 5% each
yearto estimate yourpensionandaspart of a DC sectionyouwill be entitledtotake 25% of your DC
pot tax free.BelowIhave included;anestimate of the valuationof youraccruedbenefits if youtake
the full tax free lumpsum,andalternativelyif youdecide totake none of it:
Retirementat 60:
1 January 2041
Retirementat 65:
1 January 2046
Lump Sum (minimum) £0 £0
Past Service £15,484 £18,860
Future Service £10,856 £19,855
Total Income per annum £26,340 £38,715
OR
Lump Sum (maximumtax-free) £34,712 £54,852
Past Service £15,484 £18,860
Future Service £8,142 £14,891
Total Income per annum £23,626 £33,751

4. Leaving Service Benefit
If you decide toleave the Scheme atanygiventime,youare still entitledtothe pastservice benefits
youhave accrued, whenyouretire.Includedbeloware the valuesyoucouldreceiveatretirement,if
youwere to leave atage 40 or 45:
Date of Leaving Pensionreceivedat age 65
Age 40: 1 January2016 £10,841
Age 50: 1 January2021 £12,983
Death Benefit
Under bothsectionsof the Scheme youwill be entitledto5timesyoursalaryas a deathbenefit
before retirement.If youselect totransfertothe DC sectionandyourfundis worthmore than 5
timesyoursalary,youare entitledtothislargervalue instead.The value of the benefitsyoucouldbe
expectedtoreceive atages40 and 45:
Date of Death Death BenefitReceived
Age 40: 1 January2016 £147,500
Age 50: 1 January2021 £184,707

5. Frequently Asked Questions
What if I don’t like either of the options available, I want things to stay
as they are?
To remainin the Scheme youmust make a decisionbetweenthe twooptions. These changesare
beingmade toincrease the securityof The Scheme includingyourownpensionplan.
Will there be other opportunities to transfer between the new
sections?
After1 January 2016 youwill notbe able to transferbetweenthe twosectionsof the scheme.
Can I take my benefits now from the Defined Benefit section and
move to the Defined Contribution section for future service?
No,your pastservice will remaininthe scheme,aspart of the definedbenefitsection, until you
retire.
Can I transfer all of my benefit entitlements into the Defined
Contribution section?
No,your pastbenefitswill remainastheyare.If youwere to move tothe definedcontributions
sectionthenonlyyourfuture service benefitswouldbe calculatedonthisbasis.
Will the Company guarantee that the Defined Contribution section
will be better for me?
The company cannotguarantee thatthe Defined Contribution sectionwillbe betterforany
individual.The value of yourpensionatretirementisnotguaranteedinthe same mannerasthe
DefinedBenefitsectionandthe variationinthe investmentreturnsmayresultinahigheror lower
pensionentitlementonretirement.
Will this change affect my state pension entitlements?
No,your state pensionentitlementswill notbe affectedbythischange.The state pensionis
completelyseparate fromretirementbenefitsofferedbythe TemplateManufacturingPension
Scheme.
Who can I contact if I still have questions?
An IndependentFinancialAdvisor(IFA) wouldbe the mostuseful contactastheywill be able tooffer
youtailoredadvice andhelpyouconclude whichchoice wouldsuityoubest.Youmayfindan IFA
nearyou at the followingaddress: https://www.unbiased.co.uk/

6. Please complete and hand in thisform by the 31 December2015
Option 1
RemaininDefinedBenefitsectionof the
scheme,withincreased of 8%of
pensionable salary.
Option 2
Transferto the DefinedContribution
sectionof the scheme,and continue topay
contributions of 4%of pensionable salary.
If Option2 has beenselected,please selectaninvestmentstrategy:
Secure Balanced Growth Lifestyle
(Default)
Name: _______________________________________________________________________
Signature: ___________________________________________ Date: __________________