Page 9 - BoAML Plan Handbook 17 V2.0

Joining

You are automatically enrolled in the Plan from the first day of the second month of your
employment. When you join, a Member Account is set up in your name. You will then need
to complete the following five key actions.

1 Transfers in Opting out (for employee members)
Explore the Plan’s new joiner guide
It sets out what you need to do, when and how, as well as the
key benefits of being a Plan member. Read it here. Subject to the approval of the Trustee and your With HMRC Protection Without HMRC Protection
employer, you may transfer in savings from a previous
employer or a personal pension scheme. Complete the Members with Fixed, Enhanced or Individual Protection will You can opt out of the Plan in other cases by giving at least
2 Transfer-in forms available on the Plan administration be aware of the risk of losing their HM Revenue & Customs 15 working days’ written notice to the Trustee.
Register to manage your Plan savings online website (see left for details). (HMRC) Protection if they build up further savings. If this applies to you and you decide not to receive contributions
on the Plan administration website If this applies to you, you can opt not to receive contributions from your employer, please note:
Then you will need to get a current transfer value from into the Plan but please note:
Sign up to the Plan administration website. your previous pension provider. Once completed, please • Your employer will not contribute to any other pension
return the Transfer-in forms and your transfer value • Your employer will not contribute to any other pension arrangement on your behalf. You will not receive an adjustment
• If you are an employee member, use the links to SSO
via HR Connect (or via HR Interchange if you are an quotation to the Plan Administrators; see page 36 arrangement on your behalf. You may receive an adjustment to your salary to reflect the loss of employer contributions.
MBNA employee). for details. in your salary to reflect the loss of employer contributions. • You may still be entitled to receive lump sum death benefits
• All members can go to www.hartlinkonline.co.uk/boaml. Any transfers into the Plan that take place in the first • You may still be entitled to receive lump sum death benefits if you die in service; see page 30 for details.
two years of you becoming a member can remain in the if you die in service; see page 30 for details. • You need to inform the Plan Administrators and your employer.
Plan until you retire. This is also the case if you leave • You will be treated for all purposes as not having become
3 your employer's employment within two years. an active member of the Plan if you opt out within 1 month
Decide who to nominate to receive any Please note: the Trustee does not accept transfer-ins of joining. Opting out and re-enrolment
benefits in the event of your death from previous pension arrangements without the • You need to inform your employer, and provide a copy of If you opt out of the Plan without Protection while you are still

Complete the online Expression of Wish form on the Plan appropriate guarantees from the transferring scheme your Fixed, Enhanced or Individual Protection application working for your employer, you will automatically be re-enrolled
into the Plan, usually every three years (depending on your
administration website. Once you have registered for online that savings have been equalised for men and women. or certificate. circumstances) as required by law. Your employer will write to
administration, you can make changes to your nominations Please contact the BofAML Pensions team at you at the time and you will have the option to opt out again.
at any time. emea.pensions@baml.com if you wish to opt out of the
Death benefits are payable at the absolute discretion of the Transfers out Plan with HMRC Protection. Re-joining
Trustee. It is therefore important that you inform the Trustee Review your options, including other helpful information
of your wishes by completing your Expression of Wish details, about Protections, on the Government website. If you have opted out of the Plan, you may be able to opt
and keep these details up to date. The Trustee will take your If you leave the Plan, you have the option to transfer back in at a later date. Requests must be made in writing
wishes into account but, for tax reasons, is not bound by them. your savings to an alternative approved pension to the Plan Administrators; see page 36 for details.
arrangement (see page 32 for details).

4 The value of the savings to be transferred will be the Important: keep your personal
Select how much to contribute to your Member total value of your Member Account on the day that details up to date
your unit holdings are sold. Please note that it is not
Account (if you are an employee member) the day you return your completed documentation. Help us to administer the Plan as efficiently

When you first join the Plan, you will receive an email to make as possible. If your personal details change –
your choice. Once a member, you can review and amend your for example if you have moved house or changed
contribution choices on the MyBenefitChoices website at any your marital status – please let us know as soon
time during the year – log on via SSO (or here if you are an as possible:
MBNA employee).
• If you are an employee member you can
You can also choose to pay Additional Voluntary Contributions update your details on Workday > Personal
(AVCs) – see page 11. Information.
Finally, please note that you can choose to opt out of the Plan • If you no longer work for your employer,
while you are still working for your employer. you can update your details by logging
on to the Plan administration website at
www.hartlinkonline.co.uk/boaml
5 or by writing to the Plan Administrators;
Choose the best way to invest your see page 36 for contact details.
Member Account

Complete the online Investment Decision form, available on the
Plan administration website. You can make changes at any time.

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