The TJX UK Pension Plan

The Plan for Your Future

Pension Booklet

Welcome to the TJX UK Pension Plan

To look after your financial future, you need to take a little time out of your present. Setting aside time

today allows you to reap benefits in retirement. Take a few minutes now to look through this guide – it

will be time well invested.

Whether you are in your early 20s or late 50s, it’s never too early or too late to start planning a more

secure future.

Of all the benefits offered by TJX UK, the plan is one of the most valuable. It’s an important benefit that

makes it easy to save for your retirement.

Although it may seem a long way off, retirement is something we should all be saving for now. In fact,

the earlier you start, the better. The trouble is, most people think it’s hard to make the commitment to

save, and even harder to find a good way to make your money grow.

The government has introduced ‘automatic enrolment’ - a law designed to help more people save for

their retirement. Currently many workers fail to take up valuable pension benefits because they don’t

apply to join their employer’s pension plan. Automatic enrolment aims to overcome this.

Automatic enrolment means that every employer in the UK is required by law to provide a ‘qualifying

company pension’ into which they can automatically enrol eligible employees if they aren’t already in one.

Changes to how you can access your pension savings have also been introduced and the options

available under the plan are highlighted in this guide.

This guide gives you information on the main features of the plan, a summary of your investment options

and to tell you how you join the plan.

Introduction This guide contains the following sections:

Page

1. How your pension account works - includes details of how much you need to

contribute as a member of the plan and how much the company will pay into your pension account

4

2. Membership of the plan - sets out when you join the plan, including auto enrolment

7

3. Investing your pension account - describes the default fund and the range of funds available for you to choose from

9

4. Your benefits - outlines your options

10

5. Benefits for your family – gives details of the benefits payable to your dependents in the event of your death whilst a member of the plan, and how you nominate your beneficiaries

12

6. If you leave - sets out your options should you leave TJX UK

13

7. Joining the TJX UK Pension Plan - some thoughts that might help you make your retirement savings decisions

15

These appendices contain some useful information, and the technical details of the plan:

I. Some terms you should know - an explanation of some of the key terms used throughout the guide

16

II. Help and information - what help is available to you, and where you can get this, as well as a brief description of the legal structure of the plan

18

III. Your state pension benefits - a brief outline of how state pension benefits work 22 The plan is managed by Aviva, the plan administrator.

1. How your pension account works

Key facts

You save a core contribution into your pension account – starting at 2.5% if joining through automatic

enrolment

The company pays a matching contribution, and you can increase your contribution with matching

from the company

The amount of the company’s matching contribution depends on your pension group and your length

of service

The company may pay an additional profit-sharing contribution

You can decide how to invest the money in your pension account, otherwise all your contributions will

be invested in the Lifestyle Fund.

You can contribute Additional Voluntary Contributions (AVCs) to make your pension account grow

faster

If you do decide to make your own choices when deciding where to invest, you should bear in

mind that the value of funds can go down as well as up and is not guaranteed. You may not

receive back the full value of contributions.

Step 1: Investing your pension account You can decide how to invest your pension account. You can choose from a range of 6 freestyle

investment funds carefully chosen by the Trustees. You can choose to spread your investments across

the range of freestyle funds to suit your investment objectives or invest in just one fund. Whatever your

situation, there should be a fund to suit you. More details of the funds available are given in the Investment

Guide. An investment fund is a pool of money from investors like you. A professional manager uses the

total amount to purchase individual investments such as shares, bonds or property. You use the

contributions paid into your pension account to buy ‘units’ in one or more of these funds. The units in

each fund have a value based on the assets held. This value changes from day to day according to

market conditions, and may fall as well as rise.

If you don’t make a choice about the funds you want to invest in, all your contributions will be invested

in the Lifestyle Fund.

Step 2: Reviewing your choices You’re not locked-in to your initial investment decision. Because your circumstances will change over

time, you may change the way your pension account is invested at any time at no extra cost.

Step 3: Taking benefits When you take your benefits, the units bought over the years are sold. You then use the amount that

has built up in your pension account to buy your benefits, which can be tailored to suit your personal

circumstances.

When deciding where to invest, you should bear in mind that the value of funds can go down as

well as up and is not guaranteed. You may not receive back the full value of contributions.

Service-related Contribution (Optional)

Pension Group Core

Contribution

After 5 Years Max

Contribution

After 10 Years Max

Contribution

1 1.00 - 2.50% 3.0% 3.5% 2 1.00 - 3.00% 3.5% 4.0% 3 1.00 - 4.00% 4.5% 5.0% 4 1.00 - 4.25% 5.0% 6.0% 5 1.00 - 6.00% 7.0% 8.0%

The TJX UK ‘match’ TJX UK will fully match your contributions (excluding any AVCs). If and when you are eligible for the

service-related contribution but do not elect it, the company will only match up to your core contribution.

Additional Voluntary Contributions (AVCs) If you want to maximise your pension contributions, you can make Additional Voluntary Contributions

(AVCs). You invest AVCs along with the other money in your pension account. AVCs are deducted from

your pay in the same way as your core contributions - before tax is calculated.

Your total contributions to the plan, including your core contributions, service-related contributions and

any AVCs, can be up to 100% of your earnings. You should note that if your total contributions (this

means contributions paid by you or on your behalf, plus any other contributions to other registered

pension arrangements) exceed the annual allowance, a tax charge may apply. Please contact Aviva for

more information.

Should you save AVCs? This depends on your personal situation. You need to consider:

the level of income you want in retirement

if you plan to retire early

how much you can afford to save today, and

other tax effective investments such as Individual Savings Accounts (ISAs).

If you wish to save AVCs, you will need to contact the HR Service Centre. If you have any questions

about AVCs, please contact the plan administrator or a financial adviser. A financial adviser may charge

you for their services.

Like your original investment, any additional investment can fall as well as rise in value and is

not guaranteed.

Tax relief Your contributions are deducted from your pay before tax is calculated. This means that you automatically

receive full tax relief on your contributions, so the actual cost to you is less. For example, if you are a

basic rate tax payer (20%) and contribute £100 to your pension account each month, currently (tax year

2017/2018) it will only cost you £80 a month. If you are a higher rate tax payer (40%) it will only cost you

£60. This is because your income tax savings (i.e. £20 or £40) go directly towards improving your

pension.

Example

Cost to you

Pension group 1

Pensionable salary £15,000

Monthly core contribution (2%) £25.00

Tax relief at the current (tax year 2017/2018) basic rate (20%) £5.00

Net monthly contribution £20.00

Total invested

Reduction in take-home pay £20.00

Tax relief £5.00

TJX UK ‘match’ £25.00

Total amount invested in your pension account each month £50.00

Total annual amount invested in your pension account

(your total annual net contribution is £240.00) £600.00

The amount of contributions which are eligible for tax relief in any year is capped at the Annual Allowance.

The Annual Allowance is tapered for high earners (those earning over £150,000). You should seek

financial advice if you believe that you are affected by the Annual Allowance.

Tax details are subject to interpretation, change and individual circumstances.

Profit sharing contribution At the end of each financial year, the Board of Directors may determine that the company will pay a

further pension contribution (in addition to the core and service-related contribution match) if the company

achieves its profit target. The additional contributions are a percentage of your pensionable salary

received in the previous financial year, and depend on your pension group, as shown in the table overleaf.

Any profit sharing contribution payable by the company will not require a ‘matching’ contribution from

you.

Pension group Profit related contribution**

1 0.25%

2 0.25%

3 0.50%

4 1.00%

5 1.50% - 3.00%

**depending on company profits - will normally be paid in March.

2. Membership of the plan

Key facts

If you meet the auto-enrolment criteria you will be automatically enrolled.

Membership of the plan is voluntary and is not a condition of your employment – you may opt out

If you join the plan, you save a core contribution (minimum 1%) which the company will match.

You can also increase your core contribution which the company will match as outlined in Section 1.

If you are an Hourly Paid Associate (Stores and Distribution) you are eligible for pension group 1

If you are a Salaried Associate you will be advised of the pension group level upon joining the

company or upon promotion

Your membership continues during family leave, authorised absence and sickness

How do I join?

If you meet the auto-enrolment criteria you will be automatically enrolled to the plan. There are no forms

or paperwork to complete - it will happen automatically. You may opt-in to the plan without being auto-

enrolled by contacting the HR Service Centre.

Making your investment choices

When you join the plan you may wish to think about your investment choices. If you do not make a

choice, all your contributions will be invested in the lifestyle fund. Please refer to the separate investment

guide for details

Your other pensions

While you are a member of the plan, you can pay into any number of other pension arrangements. If

you exceed the annual allowance, a tax charge may apply.

Your membership of the plan doesn’t affect your entitlement to State pensions or previous pension

entitlements you may have from your previous jobs.

When you aren’t able to work

Your membership in the plan continues even when you are absent from work due to:

Authorised absence or ill health: The Company’s contributions will be based on the actual

salary you receive while you are on authorised absence or ill health in accordance with the

company absence/sickness policy.

Family leave: Absence in connection with maternity, paternity and adoption is referred to as

‘family leave’. If you are on ordinary family leave, your pension account continues to receive

contributions. The company contributions are based on the pensionable salary you received

prior to commencing family leave. Your contributions will continue, based on your actual

earnings during ordinary family leave. Once your ordinary family leave ends, the contributions

stop. But if you take additional family leave, it may be possible for you to pay contributions for

this period when you return to work, If you do decide to make up contributions for your

additional family leave, the company will match your core and service-related contributions.

Changing your mind about membership

If you have been automatically enrolled into the plan, you may opt out of the plan while you are still

working for the company by giving an opt-out notice to the company within one month of your joining date

or automatic re-enrolment date as the case may be. An opt out form can be obtained from the plan

microsite or from Aviva.

The company will refund to you any contributions you have made to the plan and you will be treated as

not having become an active member of the plan on that occasion. You will be automatically re-enrolled

to the plan on your automatic re-enrolment date unless you again opt out.

If you are an active member for more than one month after being automatically enrolled (or re-enrolled)

and subsequently decide to leave the plan after you’ve joined and while you are still working for the

company, you will need to give the HR Service Centre one month’s notice. Your pension benefits from

the plan will be the same as if you had left the company’s employment (see Section 6).

3. Investing your account

Key facts

You can choose where to invest your pension account from a range of different funds

It is important to choose carefully where you invest your pension account

You can change how your pension account is invested as often as you wish to

If you do not wish to choose freestyle investment funds you will automatically be invested in the

default Lifestyle Fund and investment decisions will be made for you

Details of the various funds are set out in the Investment Guide

If you do decide to make your own choices when deciding where to invest, you should bear in mind that

the value of funds can go down as well as up and is not guaranteed. You may not receive back the full

value of contributions.

Step 1: Investing your pension account

You can decide how to invest your pension account. You can choose from a range of 6 freestyle

investment funds carefully chosen by the Trustees. You can choose to spread your investments across

the range of freestyle funds to suit your investment objectives or invest in just one fund. Whatever your

situation, there should be a fund to suit you. More details of the funds available are given in the Investment

Guide. An investment fund is a pool of money from investors like you. A professional manager uses the

total amount to purchase individual investments such as shares, bonds or property. You use the

contributions paid into your pension account to buy ‘units’ in one or more of these funds. The units in

each fund have a value based on the assets held. This value changes from day to day according to

market conditions, and may fall as well as rise.

If you don’t make a choice about the funds you want to invest in, all your contributions will be invested in

the Lifestyle Fund.

Step 2: Reviewing your choices

You’re not locked-in to your initial investment decision. Because your circumstances will change over

time, you may change the way your pension account is invested at any time at no extra cost.

Step 3: Taking benefits

When you take your benefits, the units bought over the years are sold. You then use the amount that has

built up in your pension account to buy your benefits, which can be tailored to suit your personal

circumstances.

4. Your benefits

Key facts

You can take part of your benefit from the plan as a tax-free lump sum

Your benefits are based on the amount in your pension account

You can take all of your benefit as a cash sum (some of which will be taxable)

You may be able to take your benefits early if the company agrees

The level of your benefits depends on:

how much you and the company have paid in to your pension account

how much your pension account has grown

how much of your pension account you take as a tax-free lump sum

the cost of buying a pension (known as the ‘annuity rate’) should you wish to do so and the options

you choose for your annuity (e.g. pension for a surviving dependent, how much the pension increases

each year, minimum guaranteed payment periods).

When you can take benefits

Your normal retirement date is your 65th birthday. But if the company agrees, you can take your benefits

early provided you have reached age 55. When you take your benefits early, however, any pension is

generally smaller. This is because your pension is being paid earlier and potentially for a longer period

of time so the cost of buying a pension is higher. In addition, it is likely you will have less money in your

pension account when you take your benefits early, because it will have received fewer contributions and

had been invested for less time.

If you continue to work for the company past age 65 your pension account would continue to receive

contributions until you actually retire. Pensions paid for late retirements are generally larger than those

paid at your normal retirement date, because the pension is potentially paid for a shorter period of time,

and because your pension account may have received more contributions and investment earnings.

In a few cases you may be affected by the lifetime allowance. This affects very few people but if you

exceed the lifetime allowance a tax charge will apply.

Your benefit options

When you’re ready to take your benefits, you’ll have a number of benefit options to consider.

You can transfer your pension account to a contract based arrangement with Aviva or another

provider and take 25% of your arrangement as a tax free lump sum and flexi access drawdown

for the remainder. Flexi access drawdown allows you to draw variable income whilst your ‘pot’

remains invested.

You can take 25% of your pension account as a tax free lump sum (or a lesser amount if you

wish) and purchase a guaranteed income policy (i.e. guaranteed regular income for life) with Aviva

or another provider with the remainder.

You may, with the Trustees’ consent, withdraw all of your pension account as an uncrystallised

funds pension lump sum (ufpls). 25% of this lump would be tax free with the remainder taxed at

your marginal rate of income tax. At present if you wish to take more than one ufpls you would

have to transfer your pension account to another provider.

If your pension account under the plan is less than £10,000 (small pots payment), this may also

be withdrawn as a cash sum and taxed as above.

You can transfer all or part of your pension account any time whilst you are an active member of the plan

or if you leave at any time before you take your benefits.

You can re-join the plan and continue to make contributions in any scenario above where a full payment

or transfer of your pension account is made.

What decisions do I have to make now?

None. You’ll get full details of your options when you near retirement. There are no decisions to be made

regarding how you would like to receive your benefits until that time.

If you want to receive an illustration of your potential benefits you can contact the plan administrator at

any time. Their contact details are in Appendix II. You can also get illustrations to show the possible effect

on your benefits of paying Additional Voluntary Contributions.

5. Benefits for your family

Key facts

If you die while you’re still working, the plan pays a lump sum to your family or the people you

nominate

Don’t forget to complete a nomination form and keep it up to date

While the main purpose of the plan is to provide you with retirement benefits, it also offers financial

protection to your family.

If you die before you draw your benefits, the full value of your pension account will be payable to your

family or the people you nominated. The value of your pension account is paid as a lump sum or used to

buy a pension

If you die after you draw your benefits, any benefit paid to your family is determined by the choices you

made at retirement.

In order to pay the lump sum tax free, the Trustees must have the discretion to decide who receives it. In

most cases the Trustees are guided by your wishes. You should complete the Nomination form in your

pension pack and send it to the pension administrators. Don’t forget to send in a new form whenever your

personal circumstances change.

6. If you leave

Not every Associate retires from the company. Some people move on to other jobs before retiring. If you

leave the company before you retire, you need to know how your benefits under the plan are handled.

The rules that apply to you depend on the number of years you were a member of the plan.

If your membership commenced before 1 October 2015

If you have been a member of the plan for less than 3 months

you will receive a refund of the value of the contributions you have paid, less tax. The Company’s

contributions will be returned to the company.

If you have been a member of the plan for 3 to 24 months

you can elect to transfer the value of your pension account (including company contributions)to

another registered pension scheme or

you will receive a refund of the value of the contributions you have paid, less tax. The Company’s

contributions will be returned to the Company.

If you have been a member of the plan for two or more years

you may leave your pension account in the plan until retirement. You can’t contribute any more

to your pension account, and the company won’t pay any more contributions, but it will remain

invested in your choice of funds. If you choose this option and then die after leaving the plan, but

before you begin receiving retirement benefits, the amount in your pension account will be

available to your dependents.

you can choose to transfer the value of your pension account to another registered pension

scheme . This is known as a ‘transfer value’. The transfer value normally includes your AVCs.

If your membership commenced on or after 1 October 2015

If you have been a member of the plan for less than 30 days

you will receive a refund of the value of the contributions you have paid, less tax.

If you have been a member of the plan for 30 or more days

you may leave your pension account in the plan until age 65. You can’t contribute any more to

your pension account, and the company won’t pay any more contributions, but it will remain

invested in your choice of funds. If you choose this option and then die after leaving the plan, but

before you begin receiving retirement benefits, the amount in your pension account will be

available to your dependants.

you can choose to transfer the value of your pension account to another registered pension

scheme . This is known as a ‘transfer value’. The transfer value normally includes your AVCs.

You can ask for the current transfer value of your pension account once a year, free of charge. This

value varies with changing investment conditions and is not guaranteed. You’ll receive information on

how to get a transfer value quotation if you leave.

You can transfer all or part of your pension account any time before you take benefits from your pension

account.

7. Joining the TJX UK Pension Plan

Because of auto enrolment you will automatically join the plan if you are eligible, if you are not eligible for

auto-enrolment you will be informed of this and can still join the pension scheme by contacting the HR

Service Centre. When you are automatically enrolled yours and the company’s contributions will based

on the minimum required under the automatic enrolment legislation and the contributions will be invested

in the Default Lifestyle Fund. You can however, decide to contribute more to the plan and obtain a

matching contribution from the company and make your own investment choices. Putting aside a little

today can add up to a lot tomorrow.

You can re-join the plan where full payment or a full transfer of your pension account is made.

You can do it... these thoughts may help you:

Take your pension planning into your own hands - you can’t depend on State benefits to provide

for your retirement.

Start investing as soon as you can so you benefit from the company’s matching contributions.

When considering which investment choice is best for you, think about how long it will be until you

will access your benefits. If you have more than 10 years before retirement, think about taking a

long-term approach more details are available in the investment guide.

Take a look at your pension account investments at least once a year and make any necessary

changes according to your goals.

Appendix I - Some terms you should know

This guide is written as simply as possible. However, there are some words and phrases which have

special meaning. These terms are explained here, and they appear in italic type throughout the guide.

annual allowance The maximum annual contributions that the law allows to be contributed

into all of your registered pension arrangements tax-free. This amount is

set by the Government each year. The current amount can be obtained

from Aviva.

annuity A form of pension bought for you, your spouse, registered civil partner or

dependants, which provides an income.

Automatic enrolment date The date on which a person qualifies as an eligible jobholder.

automatic re-enrolment date The date on which an eligible jobholder who has opted out of the plan will be automatically re-enrolled. Currently 3 years after initial enrolment date.

company TJX UK and any associated or subsidiary company which participates in

the plan.

core contribution Contribution range allowed based on pension group. This is the percentage of your pensionable salary you are required to save.

dependants Normally, your spouse, registered civil partner, children under the age of 18 or in full time education and any other person who is either financially dependent on you, or financially interdependent with you. If you are not married, the Trustees can recognise someone you are living with when awarding pension benefits.

eligible jobholder A worker who is working in Great Britain under a contract, is aged at least 22, has not reached state pension age and to whom earnings of more than £10,000 (tax year 2017/18) are payable by the company in relevant pay reference period.

HMRC Her Majesty’s Revenue & Customs, formerly known as the Inland Revenue.

jobholder A worker who is working or ordinarily works in Great Britain under a contract, is aged at least 16 but is under age 75 and is paid gross earnings between £5,876 and £45,000 (tax year 2017/18) by the company in the relevant pay reference Period.

joining date A date no more than 3 months after an eligible jobholder’s automatic enrolment date.

normal retirement date Your 65th birthday

pension account Your pension account comprises:

your core contribution

the company’s matched contribution

service-related contributions

any Additional Voluntary Contributions you have made

investment returns on these contributions

profit sharing contributions.

pension group You will be advised separately which pension group applies to you.

pensionable salary Your basic pay plus bonus payments, where applicable.

plan The TJX UK Pension Plan.

plan administrator Aviva are the appointed administrators. You can contact Aviva on the

helpline or by email (see Appendix II).

plan service The length of time you have been a member of the plan.

relevant pay reference period means the company’s normal pay cycle.

worker without qualifying

earnings

A worker who is working or ordinarily works in Great Britain under his

contract, is aged between 16 and 74 and earns less than £5,876 (tax year

2017/18) from the company in a relevant pay reference period.

Appendix II - Help and information

The trustees want you to know about the plan and how your pension grows. The plan year runs from 1

July to 30 June, and after the end of each plan year you’ll get a personal statement showing the value of

your pension account.

This guide is intended as a summary only and is not legally binding. The full rules governing the plan are

set out in a legal document known as the Trust Deed and Rules which will always override this guide.

You can ask for a copy of the plan’s Trust Deed and Rules. You can also see the plan’s annual Report

and Accounts and the Trustees’ Statement of Investment Principles by contacting the Trustees through

the HR Service Centre.

Further information

Aviva, as the plan administrator, will be able to answer any general questions you may have about the

plan. You can contact them via the helpline on 0345 602 9221.

You can also email Aviva at: ngp.questions@aviva.com

The link to the Aviva microsite is as follows: http://www.avivapensiondocuments.co.uk/tjxuk

Please note, however, that Aviva is only able to give you general guidance and cannot give you financial

advice under the terms of Financial Services legislation. If you need financial advice, please contact a

financial adviser. If you do not have a financial adviser but want to contact one, visit www.unbiased.co.uk.

Financial advisers may charge you for their services. If you do not have internet access at home, most

libraries have computers with internet access for the public use.

How the plan is set up

The plan is set up as a trust. Its assets are completely separate from those of the company and may only

be used for the benefit of plan members and their families or dependants.

The Trustees of the plan regularly monitor the plan’s available investment options and are responsible

for the proper management of the plan.

The plan is a registered pension scheme under the Finance Act 2004. This means that contributions to

the plan receive full tax relief. In exchange for this favourable tax treatment, the HMRC imposes certain

tax thresholds on the plan’s contributions and benefits. All benefits described in this guide are subject to

these tax thresholds.

Details of your pension record are held on computer. The Data Protection Act 1998, gives you the right

to inspect your record. For further details, contact the HR Service Centre.

You cannot assign your benefits under the plan or use them as security for a loan.

Transfers in

You may transfer benefits from previous pension arrangements into the plan, provided the trustees give

their consent. For further information, please contact Aviva.

Aviva’s charges

Aviva apply both a scheme charge and an additional fund charge to all investments under management.

This fee is taken by deducting units from your pension account. Further details can be found in the

Investment Guide.

Internal complaints procedure

If you are dissatisfied with anything to do with the plan, in the first instance you should contact the HR

Service Centre, who will arrange for you to receive details of the complaints procedure. These details will

be sent to you within 14 days. Once you have submitted your complaint you will normally receive a formal

response within one month. If your complaint is not dealt with within one month, you will receive a letter

explaining the reason for the delay and when you should expect a full response.

If your complaint is not resolved to your satisfaction, you have the right to ask the Trustees to consider

the matter. You should make a written application to the Trustees within six months of receiving the

decision. Your application must enclose a copy of the decision and explain why you are dissatisfied with

it.

The Trustees will acknowledge receipt of your complaint within 14 days, and you will normally receive a

formal response to your complaint within one month. If your complaint is not dealt with within one month,

you will receive a letter explaining the reason for the delay and when you should expect a full response.

If you feel that your complaint has not been dealt with to your satisfaction, you are able to contact the

following organisations.

The Pensions Advisory Service (TPAS)

TPAS helps members and beneficiaries of pension schemes sort out any difficulties about their

pension arrangements which they have failed to resolve with the plan’s trustees or plan administrator.

Contact TPAS at:

11 Belgrave Road

London

SW1V 1RB

Telephone: 0300 123 1047

Fax: 020 7592 7000

Website: www.pensionsadvisoryservice.org.uk

The Pensions Ombudsman

If your complaint or dispute cannot be resolved using the internal complaints procedure or TPAS, you

can apply to the Pensions Ombudsman for a final decision. The Ombudsman can investigate and

determine any complaint or dispute of fact or law involving occupational pension schemes. The services

of the Ombudsman are available to plan members, beneficiaries and prospective members of schemes.

The Ombudsman’s address is the same as for TPAS.

Telephone: 020 7630 2200

Fax: 020 7821 0065

Email: enquiries@pensions-ombudsman.org.uk

Website: www.pensions-ombudsman.org.uk

The Pensions Regulator

The Pensions Regulator can take action on certain reported breaches of pension legislation. They aim to

get problems put right and make sure schemes comply with the law. If issues are not put right quickly

then they can impose civil penalties on those responsible. They have the power to take criminal breaches

of pension law to court. You may wish to visit their website www.the pensionsregulator.gov.uk for further

information.

Staying in touch

The Pensions Tracing Service

It’s important for you to stay in touch with TJX UK, even if you no longer work for the company, so that

the trustees can give you information on the plan from time to time. If, for some reason, you lose touch

with the company, the Pension Tracing Service can help you re-establish contact.

The Pension Tracing Service’s main purpose is to provide a tracing service for ex-members of schemes

with pension entitlements (and their dependants) who have lost touch with earlier employers. The tracing

service is free and enquiries can be made by phone (0845 6002 537) for an application form or online at

www.goc.uk/find-lost-pension.

Changing or closing the plan

Although the company expects to continue the plan, it can change the plan with the consent of the

Trustees. If the plan is wound up, the Trustees have to use the plan’s assets for the benefit of members

and other beneficiaries, as set out in the Trust Deed and Rules.

The information in this guide relating to HMRC tax thresholds and State benefits is based on current

legislation. These details are subject to change.

Guidance following the introduction of the new flexibilities

The Government is keen that individuals making the decision on how to draw their pension savings should

have access to information on the decision-making process. A formal "guidance guarantee" – called

Pension Wise – is available to provide guidance. Broadly speaking, all individuals with money purchase

savings are entitled to receive (at no cost) guidance at the point of taking benefits about the options they

have.

The guidance providers are the Citizens Advice Bureau (CAB), who will provide members with face to

face guidance and the Pensions Advisory Service (TPAS), who will provide telephone guidance.

A Pension Wise website has been created and you can find it at the following link:

www.pensionwise.gov.uk

You should be clear though that whilst guidance will give you information on the decision-making process,

it will not amount to advice (i.e. a recommendation) as to what is best for you. That would require a

detailed examination of your personal circumstances by a qualified financial adviser.

The Trustees are not authorised to give you that advice but you can find a qualified financial adviser in

your own area at: www.unbiased.co.uk. Alternatively, you can speak with a qualified financial adviser

from the plan’s Pensions Advisers, JLT Employee Benefits, through a request to the Trustees. You should

note that the cost of financial advice will have to be borne by you personally.

Appendix III - Your state pension benefits

The State currently provides two levels of pension:

Basic State Pension: This is a flat-rate pension that is paid to everyone with a sufficient record of

National Insurance contributions.

Your membership in the plan does not affect your entitlement to the basic State Pension. Basic State

Pension benefits begin at your State retirement age (see below).

State Second Pension (S2P): This is an earnings related State pension scheme payable in

addition to the basic State Pension. Please see the Department for Work and Pensions (DWP)

website for more details at www.direct.gov.uk.

The government has announced that for those reaching state retirement age from 6 April 2016 a simpler

flat rate state pension (a payment of about £144 a week in today’s prices) will replace the current basis.

State retirement age

State retirement age is currently 65 for men. From 6 April 2010, State retirement age for women started

to increase gradually from 60 to reach 65 by November 2018. The state retirement age for both men and

women will then start to increase from December 2018, to reach 66 by April 2020 and will increase to

age 67 by March 2028. Eventually, state retirement age is due to reach age 68 for those born on or after

6 April 1978.

Further details regarding the new flat rate state pension and the state retirement age can be found at

www.gov.uk/browse/working/state-pension