Page 38 - BoAML Plan Handbook 17 V2.0

About the Plan

Management of the Plan Detailed information about the Plan Data Protection Security of assets

The Plan is set up under trust and is managed by a corporate If you would like more detailed information about the Plan, The Trustee uses your personal information to run the Plan The investment options available to members of the Plan are
trustee, Bank of America Merrill Lynch UK Pension Plan there are a number of documents that are available from the and calculate and administer the savings payable under it. offered through an insurance policy with FIL Life Insurance
Trustees Limited (the ‘Trustee’). As a result, the Plan’s assets Plan Administrators. To fulfil these activities, the Trustee may pass your Limited (‘Fidelity’). That means the Trustee does not invest
are held quite separately from your employer. The Trustee The Statement of Investment Principles explains the Trustee’s information to professional advisors involved in the Plan. directly with the fund managers, but Fidelity does. Using
is responsible for running the Plan in line with its Rules and strategy for investing the money that is paid into the Plan, In addition, in administering the Plan, the Trustee may transfer insurance policy funds helps the Trustee manage the Plan
pensions law. more effectively than if Plan funds were directly invested
and the arrangements that are in place for making sure it is your personal information to members of the Bank of America with the underlying managers because it:
implemented effectively. Merrill Lynch Group, Lloyds Banking Group or to third parties
Rules who may provide services and/or products to the Trustee in • Creates greater efficiency when administering the Plan’s
relation to the Plan. These third party services and products investment options e.g. if changes to funds are needed,
The provisions of the Bank of America Merrill Lynch UK Tax approval of the Plan may, for example, range from administrative and actuarial
Pension Plan are set out in detail in the Rules, and the Plan services to insurance for the Plan. Where your information is • Reduces risk and potential costs to members when
is run by the Trustee strictly according to that document. All statements regarding tax are based on the current disclosed to the Trustee’s advisors or other third parties as switching investments between funds within the Fidelity
If there are any discrepancies between this Plan Handbook understanding of the legal position. From April 2006, the Plan described above, the Trustee will ensure that such recipients insurance policy, and
and the Rules, the latter will prevail. The Rules are available has been registered under the Finance Act 2004. Prior to this, treat the information transferred to them as confidential and • Improves the investment fund reporting – making
on request from the Plan Administrators; see page 36 the Plan was exempt approved under Chapter I, Part XIV of the will only be permitted to use or disclose this information for information consistent between funds helps Trustee
for details. Income and Corporation Taxes Act 1988. This status currently limited purposes. and members with decision making.
brings the following tax advantages:
Professional advice • You receive full income tax relief on both your member It is possible that the Trustee may transfer some of your The Trustee’s policy with Fidelity is covered by the Financial
Services Compensation Scheme (FSCS). The FSCS is the
personal information to countries outside the European
contributions through MyBenefitChoices and AVCs.
The Plan Administrators, Trustee and your employer cannot Economic Area (EEA), which may not have data protection compensation fund of last resort for customers of financial
give you financial or investment advice. If you are not sure what • The lump sums payable on retirement or death are free of tax. laws as comprehensive as those in the EEA. The Trustee services firms. In the unlikely event that Fidelity is declared
is right for you, we strongly recommend you get professional • The Plan savings form some tax advantages in respect takes the obligation to keep your personal information secure in default by the FSCS, then up to 100% of the value of the
advice. For details on how to contact a professional adviser in of its investment income. very seriously, so where information is transferred outside policy in liquidation can be recovered from the FSCS by the
your local area, visit www.moneyadviceservice.org.uk/en/ the EEA, the Trustee will ensure that this is done under Trustee, with no upper limit.
categories/financial-help-and-advice. In return for these valuable tax concessions, HM Revenue & obligations of confidentiality. The investments options offered through Fidelity are run by
Customs impose overall limits on savings and contributions that
can be paid. This means that, in certain circumstances, savings You have the right to request more information relating to fund managers and other organisations external of Fidelity.
Amendment or Discontinuance and contributions under the Plan may have to be restricted. how your personal information is used as well as a copy of In the unlikely event of these fund managers or other
the personal information held about you in the Plan records. organisations being declared in default, Fidelity would make
Your employer reserves the right to amend or discontinue Tax is a complicated subject. If you are unsure of your tax To request more details relating to how your personal a claim against the fund manager or other organisation in
(with the agreement of the Trustee) the Plan at any time. position or whether you are affected by the Annual Allowance information is used or a copy of your information, an attempt recover the money. However, a risk remains that
If the Plan were to be terminated, your savings would be and Lifetime Allowance, you should consider contacting please contact the Plan Administrators. some or all of your investments would be unrecoverable.
secured out of the Plan’s assets in accordance with the Rules. a professional adviser.
The assets invested with fund managers are entrusted for
safekeeping to a custodian that must be duly authorised and
Annual Report and Financial Statements Benefit statements must act solely in the interests of the parties whose assets they
A formal Annual Report and Financial Statements for the Members of the Plan are regularly informed about its hold. Fidelity and the fund managers are also subject to strict
Plan are produced each year, and copies are available on performance and will receive an individual online benefit financial regulation to ensure the security of investors’ assets.
the Plan administration website, in the Plan Library. statement once a year. If you hold additional voluntary contribution (AVC) investments
with Aviva, Equitable Life or BlackRock, (which are held under
• If you are an employee member, use the links to SSO
via HR Connect (or via HR Interchange if you are an separate policies to the Fidelity policy) then depending on the
MBNA employee). See page 6 for details. legal structure of the underlying investment vehicle, in the
event of any of these providers being declared in default by
• Go to www.hartlinkonline.co.uk/boaml. the FSCS up to 100% of the value of these policies may be
recovered from the FSCS by the Trustee.
The Trustee believes the current arrangements are in line with
the industry standard and will continue to monitor security
of your investments and the protections in place.

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