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Marston’s Group Personal Pension Plan

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CONTENTS

Introduction 3

Common Terms 4

About the Plan 5

Joining the Plan 6

Smart Pensions 7

Contributions to the Plan 7

Your Investments 8

Retirement Benefits 8

Death Benefits 9

Sickness Benefits 9

Leaving the Company 10

Transferring Your Pension 10

Maternity Leave 10

Temporary Absence 10

Change in Working Hours 10

Other Information 11

Marston’s PLC Marston’s House, Brewery Road, Wolverhampton. WV1 4JT

Last Revised: October 2018

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IntroductionMost of us think about our retirement every now and then but are often too busy to stop and think about how we are going to save for it.

The good news is that at Marston’s PLC (the Company), we believe that saving and planning for your retirement is important and should be shared between you and the Company. Because of this, you are provided with the opportunity to join the Marston’s Group Personal Pension Plan (the Plan).

Here are some of the reasons why it is a good idea to join the Plan:

• You can take your retirement savings on top of any State pension you receive.

• You will have several options available to you when you decide to access your retirement savings.

• You have the flexibility to take your pension plan with you if you leave the Company.

• Your dependants will receive free Life Assurance and long term sickness cover whilst you and the Company are contributing to the Plan (this may be subject to medical approval).

• Your contributions are taken directly from your pay. All you have to do is complete your Application Form.

• You normally benefit from tax-relief on any contributions you pay into the Plan and you are not taxed on the contributions that the Company make into the Plan. You also have the option (should it be advantageous to you) to make your employee contributions on a salary sacrifice basis.

• The Company will also contribute to the Plan on your behalf – making it easier for you to save.

• You have access to a wide choice of funds to invest in.

It is worth bearing in mind that if you were to arrange a personal pension on your own, many of the benefits listed above would have to be paid for in addition to your main contributions and higher charges may apply.

The purpose of this booklet is to give you an easy to read summary of the Plan. We have tried to avoid using technical terms as much as possible throughout the booklet. However, you will come across a few terms, which are shown in bold. For an explanation of what these mean, please see ‘Common Terms’ on page four.

Please note that the information was correct at the time this booklet was printed but you should be aware that pension legislation and terms and conditions relating to the Plan or related benefits may have been varied since then, so please also read carefully any other documents you get relating to the Plan or associated benefits.

If, after reading this booklet, you have any questions about its contents or would like more information on a particular topic, please contact a member of your HR Shared Services Team. You may also want to consider taking independent financial advice before making any final decisions. To find an adviser local to you, simply visit www.unbiased.co.uk or call their helpline on 0800 023 6868.

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Common TermsAlthough we have tried to keep pension jargon to a minimum, there are some pension terms which we have not been able to leave out. The definitions below should help you understand any technical terms used that may not be familiar to you.

Company Marston’s PLC and any subsidiary or associated Company.

Dependant(s) Someone who is financially dependent upon you or someone who relies upon your joint income to maintain a standard of living.

Pensionable Earnings Your basic salary excluding bonuses and allowance such as a car allowance.

First Available Currently defined as the six month period starting from the first date you would

Opportunity be eligible to join the Plan.

Aviva This is the pension provider of the Plan. Note that prior to 1 October 2017, the Plan was with Friends Life until the Friends Life business was acquired by Aviva. There were no changes to the Plan as a result of the Aviva acquisition of Friends Life. The Plan has used Friends Life/Aviva as its provider since 1 June 2014.

Retirement Date This is the date that you choose when you intend to retire from the Plan. This can be any date from age 55. Currently the State Pension Age is between 65 and 68 and depends upon when you were born.

The Plan The Marston’s Group Personal Pension Plan.

Spouse This is the person to whom you are legally married or your registered civil partner at the date of your death.

Lifetime Allowance There is a limit on the value of benefits that you can draw from all approved schemes before tax penalties apply. That limit is called the Lifetime Allowance.

Annual Allowance This is the annual limit of contributions to pension plans set by Her Majesty’s Revenue and Customs. Contributions paid in excess of this amount are un limited but will give rise to a tax charge on you. The standard Annual Allowance in the 2018/2019 tax year is £40,000.

In addition to the standard Annual Allowance there is a Tapered Annual Allowance, which can potentially impact anyone with a total income in excess of £110,000 per annum and the Money Purchase Annual Allowance impacting anyone who has accessed any pension savings in a flexible manner.

The Tapered Annual Allowance currently (2018/2019 tax year) ranges from £10,000 to £39,999.

The Money Purchase Annual Allowance currently (2018/2019 tax year) is £4,000.

A tax charge will be incurred on you, where either the Tapered Annual Allowance or Money Purchase Annual Allowance is breached.

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About the PlanWhat type of plan is it?

The Plan is what is known as a Defined Contribution or Money Purchase pension plan. With this type of Plan, your money and the Company’s contribution is paid into your own individual account and kept separate from the Company’s assets. The contributions paid are invested by professional investment managers either in the Plan’s default investment option or funds you have chosen yourself. The amount of benefit you could get depends on how much you and the Company pay in, how well your investments perform and how you decide to use your retirement savings.

Who administers the Plan?

The Plan is provided by Aviva and this booklet is based on its terms as they stood at the time the booklet was printed. Should Aviva terms or the terms of any associated benefits change in the future these will replace the terms detailed in this booklet.

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Joining the PlanWho can join?

The Plan is open to all Head Office/Supply Chain staff and Retail General Managers.

When can I join? If, on joining the Company, you fall into one of the categories listed above you are able to join the Plan immediately. If you initially join in another role and are not eligible to join the Plan, but you become eligible to join at a later date (for example you change your job role or receive promotion) you can join the Plan as soon as you start your new position.

How do I join? Once you have read through this booklet and decide you would like to join the Plan, just complete the application form and return to us in the prepaid envelope provided.

What happens if I do not join at my first opportunity? If you do not join the Plan at the First Available Opportunity, Life Assurance and Income Protection Insur-ance may not be available to you and may be conditional on satisfactory medical evidence.

Please note that Government legislation dictates that a Company is required to automatically enrol you into a pension plan (if eligible) and therefore, if you cease membership of the Plan, you will be automatically re-enrolled into an alternative Company pension plan. The Company must re-enrol any eligible employees not in a pension plan on a three yearly basis. Marston’s currently uses NEST (National Employment Savings Trust) as it’s provider for workplace pension responsibilities.

Will I have the opportunity to cancel my membership? Yes, once you receive your documentation from Aviva you will have 30 days in which to cancel your membership of the Plan.

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Contributions to the PlanHow much do I have to contribute? To join the Plan you must contribute a minimum of 5% of your monthly Pensionable Earnings (salary excluding bonuses). You are able to pay more than this if you want to, although you may be subject to additional tax charges if you pay more than the Annual Allowance (or Money Purchase Annual Allowance or the Tapered Annual Allowance, if applicable to you). Your contributions will be automatically deducted from your pay each month by the Payroll Department and sent directly to Aviva. Your contributions qualify for tax relief at the highest rate you pay and the Company will also pay money into your account.

How much will the Company contribute? You can contribute 5%, 6% or 7% of your monthly Pensionable Earnings and the Company will match this. If you decide to contribute more than 7% the Company contribution is capped at 7% of monthly Pensionable Earnings.

SMART Pensions The Plan is able to offer members the opportunity to participate in SMART pensions (also known as Salary Sacrifice or Salary Exchange).

SMART pensions is designed to increase members take home pay and reduce National Insurance (NI) costs for both the employee and the Company. By making your pension contributions through SMART pensions, you effectively reduce the amount of NI/tax payments that you pay.

Please ensure that you take time to read through information included in the GPPP information pack/ application pack for full details of how SMART pensions works and how it can affect you. This is important, as SMART pensions is not advantageous to all members of the Plan.

How long do I contribute for? Your contributions to the Plan will continue until you decide to stop contributing, reach the age of 75 (whilst remaining in employment), retire or leave the Company, whichever comes first. If you leave the Company, you can continue to contribute to the Plan but the Company’s contributions will stop.

Can I change the amount I contribute? You can change or stop your contributions to the Plan at any time. However, note that the Company will only pay its contributions if you pay at least 5% of your monthly Pensionable Earnings. If you wish to change the level of contributions you are paying, you should contact the HR Shared Services Team.

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Your investmentsWhere can I invest my contributions? The funds you choose to invest your money in can have a big impact on the level of your savings and therefore, your options when you come to access your savings. We realise that for some, choosing how to invest your contributions can be daunting, while for others, it is a familiar decision. Because of this, the Plan offers a range of funds that aim to meet everyone’s needs from those who are confident with choosing their own investments, through to a highly governed default investment strategy (referred to in the Aviva brochure as the “Default Investment Solution”) for those who would prefer not to take an active role in managing their investments.

You can move money between funds, either on a one-off basis or you can choose to redirect all future contributions to a new fund or combination of funds. This can be done via the Aviva ‘MyMoney’ website (www.avivamymoney.co.uk). Prior to doing this, you may wish to seek independent financial advice.

Retirement BenefitsWhen can I take my benefits? You are able to take your benefits at any time after age 55. You should bear in mind that the earlier you take your benefits, the lower your benefits are likely to be, as you will have paid fewer contributions and your investments will have had less time to grow. You may be able to access your benefits before the age of 55, if you are in ill health and meet the criteria set by Aviva.

What choices do I have at retirement? • You can take 25% of your savings as a tax-free cash sum, with the balance being used to provide a guaranteed regular income (known as an annuity), which is typically paid for the rest of your life.

• Income Drawdown – Allows regular withdrawals whilst the balance stays invested.

• You can choose to take all or some of your savings as cash.

How much retirement income will I get? This will depend on how you decide to access your savings (as per the options outlined above), in addition to how much you and the Company have contributed to the Plan and how well your investments have performed.

Will my savings from the Plan provide for my dependants?

Again, this is subject to how you decide to take your savings. There are lots of options to consider when making the important decision of how to access your savings.

To find out more about the funds available to you, please see the ‘Flexible Retirement Account Investment’ brochure and the ‘Make the Most of Saving Online with Marston’s’ brochure. These are available from the Aviva MyMoney website.

Note: There are a number of things to consider regarding the options available, in particular the tax implications of taking cash lump sums and/or receiving income which will be based on your personal circumstances. It is also important to remember that tax benefits and the options available today may change in the future. For those options where you are still invested, it is important to note that the value of your savings can fall as well as rise and is not guaranteed. You could get back less than you invest.

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Death Benefits What happens to my Plan if I die before I draw from my savings? If you die before you start to receive your pension, the full value of your Plan will be available to be paid as a lump sum, this is subject to the Statutory Lifetime Allowance limit and would be separate to any lump sum you might be eligible for under the terms of the Company’s Life Assurance Scheme (detailed below).

You can nominate a specific person(s) to receive the lump sum. However, Aviva has the discretion to either pay the person(s) nominated or your residuary estate.

If you do not make a nomination, Aviva will generally pay the lump sum to your surviving spouse or civil partner and if this does not apply to you, Aviva may pay it to the person(s) entitled to your residuary estate.

It is important to note that any changes you make to your nomination, via Aviva, will NOT automatically be applied to the Company’s own Life Assurance arrangements and vice versa. Should you want the same nomination wishes to apply to any Life Assurance payment, you will need to ensure you complete an entirely separate form, which you should obtain from and return to the HR Shared Services Team (see below).

Life Assurance In addition to the repayment of the fund value of your Plan, if you have been accepted for life assurance cover and then subsequently die in Company service (whilst you and Company are contributing to the Plan), a payment of three times your Pensionable Earnings rising to four times your Pensionable Earnings, after

ten years’ service will be made.

Expressing your wishes relating to Life Assurance The Trustee of the scheme has the discretion over who your benefits are paid to. This is because, under current legislation, benefits are normally free from Inheritance Tax using this process. In making their decision, the Trustee will take your wishes into account – as expressed on your Life Assurance nomination form.

It is very important that you complete a Life Assurance nomination form and keep it up to date should your circumstances change – for example after marriage, divorce, births or deaths. Your nomination form relat-ing to Life Assurance should be sent to the HR Shared Services Team. However, as stated in the previous section, it is important to note that sending any changes to the Company relating to life assurance will not be sent to or shared with Aviva for repayment of your Plan.

The terms of this benefit do vary from time to time and should you become eligible for consideration, the exact terms of the benefit applicable at that time will be explained to you by a member of the HR Shared Services Team. Please note that this benefit is not contractual and maybe withdrawn or amended at any time.

If you decide not to join the Plan, you will not receive this benefit. Also, if you do not join at your First Available Opportunity, the Insurer may refuse you cover.

Sickness Benefits As part of the Plan, the Company currently offers an additional Income Protection insurance benefit. An application can be made for this insurance benefit, if you can no longer work because of long term illness or injury, you will (subject to approval of the Insurer) receive an incapacity salary following 12 months absence and continue your membership of the Plan for either a defined period of time or until you are able to start working again, whichever occurs first.

If you wish to make or amend a nomination, you must contact Aviva on 0345 600 6303 or update your records via your online account on the MyMoney website.

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The terms of this benefit do vary from time to time. Should you become eligible for consideration, the exact terms of the benefit applicable will be explained to you by a member of the HR Shared Services Team. Please note that this benefit is not contractual and maybe withdrawn or amended at any time.

If you decide not to join the Plan, you will not receive this benefit. Also, if you do not join at your First Available Opportunity, the insurer may refuse you cover.

Leaving the Company If you leave the Company before you take the benefits, the Plan remains yours. As a general rule you can continue to pay contributions into it, although the Company contributions will stop. If you choose to stop paying contributions into the Plan, your arrangement will remain invested and you will be able to access your benefits in line with the options explained earlier in this booklet.

In either case, both your Life Assurance and Income Protection cover would cease. Her Majesty’s Revenue & Customs legislation does not allow you to receive a refund of your personal contributions to the Plan on leaving the Company. You are also not normally allowed to take benefits from the Plan before the age of 55.

Transferring your Savings You can choose to transfer the value of your savings to another registered pension scheme at any time. You may also have the option to transfer benefits into the Plan from other registered pension schemes. If you are interested in transferring benefits into the Plan you should speak to Aviva directly. Before you consider the transfer of any benefits, we strongly recommend that you speak to an independent financial advisor. Any advice you take in relation to this will be at your own expense.

Maternity Leave For the duration of the maternity leave period, up to a maximum of 52 weeks, the Company will maintain the employer pension contributions based on your pensionable salary. Your contributions will be based on the pay you are receiving. If you decide not to return to work after maternity leave, you will have options outlined in this section headed ‘Leaving the Company’.

Temporary Absence For any periods of absence due to certified sickness, the Company will continue to make its contributions to the Plan, based on the pay you are receiving. Should you apply and be accepted for a period of extended unpaid leave (e.g. sabbatical) both the Company’s and your own contributions would be suspended for the duration of this absence.

Change in Working Hours If you change your working hours, this will have no impact on the contributions you and the Company have already paid into the Plan. As contributions are based on a percentage of Pensionable Earnings, the amount of contributions paid going forward will change in line with revised Pensionable Earnings.

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Other InformationBeware of Pension Scams Unfortunately, the introduction of more freedom and choice connected with retirement savings has led to a rise in pension scams. You should be vigilant to any such scams in the same way as you would be in respect of your personal bank account. The following link details some of the things to look out for: thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx

Pension Wise Pension Wise is a government service offering free and impartial guidance to anyone over the age of 50, in relation to their retirement options. This tailored guidance is available online, over the phone or face to face. Go to www.pensionwise.gov.uk or call 0300 0330 1001.

Independent Financial Advice Retirement income products can be complicated and the choices you make will affect your income for the rest of your life. If you are not sure which option is right for you, a financial adviser can give you individual advice about how to make the most of your money in retirement. They can review your personal circumstances, talk you through your options and recommend a provider that could offer the right product for you. You will normally have to pay for their services. If you have not got a financial adviser, you can find one in your area by visiting www.unbiased.co.uk.

Aviva Complaints Procedure Please refer to your Aviva documents or contact their helpline on 0345 600 6303.

The Pensions Regulator The Pensions Regulator is able to intervene in the running of pension schemes where trustees, employers or professional advisors have failed in their duties and in certain other circumstances. The Pensions Regulator may be contacted at The Information Team, The Pensions Regulator, Napier House, Trafalgar Place, Brighton BN1 4DW.

The Pension Advisory Service (TPAS) TPAS is an independent and voluntary organisation giving free help and advice to members of the public who have a problem concerning either a company or personal pension scheme. TPAS will also assist with general enquiries on State Pension schemes. TPAS is available to you and anyone who believes they have pension rights: this includes working members of pension schemes, pensioners, those with deferred pensions from previous employment and dependants. You may contact TPAS at any time if you need assistance dealing with a query or difficulty that you have been unable to resolve with the Trustees or Plan administrators. TPAS can be contacted at the following address: TPAS, 11 Belgrave Road, London SW1V 1RB.

Pensions Ombudsman If you are still dissatisfied with matters after TPAS has attempted to resolve them, you may wish to contact The Pension Ombudsman at 11 Belgrave Road, London SW1V 1RB. The Ombudsman is empowered by the law to investigate and determine any complaint or dispute in fact or laws. The Ombudsman will expect you to use TPAS before contacting him.

Help and Advice For further information on processes or administration you should talk to the Aviva Helpline on 0345 600 6303

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