Wood Group
Offshore & Site Group Personal Pension
June 2012
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Energy Supporting Energy
Wood Group
Offshore & Site Group Personal Pension (GPP)
1. Changes affecting pensions for our Offshore & Site colleagues
2. A summary of the ‘new’ plan features
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The benefits for you
Your choices
Scottish Widow’s ‘MyMoneyWorks’
More information
Changes
What, when and why?

Consolidation of pensions into one Wood Group pension for all offshore and site
colleagues in all Wood Group businesses – July 2012
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
Reduction in Annual Management Charge (AMC) – 1 July 2012
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
All regular contributions, single and transferred payments will benefit from a further reduction
in the Annual manage Charge (AMC) from 0.65% to 0.53%
Introduction of MyMoneyWorks – 1 September 2012
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This will make sure the business and members can benefit from efficiencies and economies of
scale, meaning lower charges and enhanced services for members
Giving all members free access to a web based financial service providing you with a new way
to help manage your finances and provide support with your wider financial planning needs
The Plan features
The Wood Group Offshore & Site GPP is provided by Scottish Widows
 An individual policy with Scottish Widows
 Wood Group will pay 5% of your pensionable earnings into your plan
 You pay a minimum of 5% of your pensionable earnings (net deduction from pay of 4%)
 You receive tax relief 20% at source + a further 20% for higher rate tax payers
 You can manage your retirement savings online
 You can choose to save more by paying additional contributions from your pay or
directly from your personal bank account
 No additional charges if you transfer your plan or if you retire early
 Annual Management Charge (AMC) reduced to 0.53%
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Benefits to you
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
Secure - Members own and control their individual plan

Value - Low charges means more of your savings are there for you at retirement

Control - Members select retirement date - normally from age 55 to age 75

Access - On death before SRD full fund paid to beneficiaries - tax free

Tailored Investment - Members select investment funds / risk profile

Flexible - Contributions can be changed/stopped/started - no additional charge
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Portable - transferred to new employer’s or personal plan - no exit charge
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Choice - Funds switched at any time - no additional charges

Options - At retirement: buy annuity, phased retirement or draw down
Your Choices
Your Plan offer a range of option that you can choose to suit your individual needs
You choose:
 Your retirement date
 Your investment funds
 Your contribution level
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MyMoneyWorks
From September 2012, all members of the new Wood Group GPP will have free access
to Scottish Widows ‘My Money Works’ - a web based financial service providing you with
a new way to help manage your finances:
 A way to view all your financial information in one place
 Access to short, medium and long term savings options, including Cash and Stocks &
Shares ISAs, Self Select ISAs and Savings accounts
 Competitive charges on savings products
 Useful information, tools, case studies and calculators to help you learn and plan
 Accessed either at work or at home, when it suits you
 Safe, secure and confidential and only you can view their account.
 Access to advice on a wide range of financial planning matters
 Guides on a wide range of everyday and once in a life time financial planning needs
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More Information
WG Offshore & Site GPP Website - http://www.scottishwidows.co.uk/woodgroup/
Mercer Tel. 0800 085 2480, email - wood.group@mercer.com
Scottish Widows Tel. 08457 556 557, email - CSTEBC@scottishwidows.co.uk
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Wood Group
Offshore & Site Group Personal Pension
Thank you
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