Page 3 - BoAML Plan Handbook 17 V2.0

Contents The Plan at a glance

You join the Plan and a Member Account is set up in your name

Your employer contributes to your Member Account
The amount your employer pays depends on your length of service and any grandfathering you may have received from your membership
before 1 January 2013. If your earnings are above a certain level, the way in which you receive your core bank contribution will change.
See page 10 for more details.

You can contribute to your Member Account to increase your savings
• If you are an employee member, you can make regular member contributions through Salary Sacrifice on the MyBenefitChoices flexible
The Plan at a glance 3 benefit website:
– during the MyBenefitChoices Annual Enrolment period each November, and
A valuable benefit 4 – at any time during the year; see pages 11 and 36 for more details.
• You can also make Additional Voluntary Contributions (AVCs) outside of Salary Sacrifice and MyBenefitChoices at any point during the year.
The big picture 5 • We encourage you to review your personal circumstances and tax position before updating your pension contributions.
Contributions 10
Retirement 6 You choose how to invest your Member Account
Investments 14 planning online The Plan currently offers you two ways of managing your investments and a wide range of funds. See page 14 for more details.

Using your savings 28 Joining 8 If you leave the Plan… When you access your savings... If you die…

On death 30
and have up to one month’s From the minimum pension age before retirement while still employed
membership, you can: (currently age 55), you will have a number by your employer:
• Take a refund of any contributions you of options in how you use your savings. A) If you were an active member of the
have made (less tax). Find out more on page 28. Merrill Lynch (UK) Pension Plan or Merrill
Lynch (UK) Defined Contribution Plan on
31 December 2012, the following will be paid:
and have over one month’s membership, You may be entitled to
Leaving and absence 32 you can: • A lump sum for your Dependant(s),
• Transfer the full value of your Member benefits if you are off work due equal to four times your Plan Salary.
State benefits 34 Account to an alternative registered to illness or injury (see page 33). • An annual pension benefit for your Spouse
pension arrangement, or of one-third of your Plan Salary at your
date of death.
Help and information 36 • Leave the full value of your Member
Account in the Plan until you retire, or • Annual pension benefits for any
eligible children.
Jargon buster 40 • Depending on your age and retirement If the total value of these benefits is less
plans, you may be able to use your than the value of your Member Account, it
Member Account to access benefits. may be used to provide additional benefits.
These benefits are payable at the
absolute discretion of the Trustee.
You can choose to opt out of the Plan B) If you joined the Plan on or after
while you are still working for your employer. It is therefore important that you 1 January 2013 or if you are a former Bank of
See page 9 for more details. inform the Trustee of your wishes America member, the following will be paid:
by completing your Expression of • A lump sum for your Dependant(s), equal
Wish details, and keep these details to eight times your Plan Salary.
up to date.
• The value of your Member Account.
The Trustee will take your wishes
into account but is not bound by • If you have Dependants, part of this
amount may be used to provide annual
them. Find out how to inform the pension benefits for your Dependant(s).
Trustee on page 31.
You can choose a different level of cover
through MyBenefitChoices.

as a Deferred Member:
The Trustee will use the value of your Member
Account to provide one or both of the
following benefits:
• A lump sum payment.
• Annual pension benefits payable to
a Spouse and eligible children.

after you have accessed your savings
from the Plan:
The benefits will depend on the choices
you made at retirement.

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