Xerox UK Pension Schemes

All UK contracted employees are eligible to join the Main Plan and all you have to do is complete this form and submit it to AEGON. If you do not complete the form and you meet the criteria set by the UK government, you will be enrolled into The AE Plan automatically and your contributions will match those described by the government. If you want to join the Main Plan but forget to complete the form when you first join Xerox, you can do it at any time but your new contribution rate cannot be backdated so it’s best to get it done to maximize the company’s contributions.

Both you and Xerox will pay contributions into your plan every month regardless of the plan that you are enrolled in.

The contributions to the AE Section are set by the government and, are liable to change from time to time. The current rate is:

• 5% contribution by you

• 3% contribution by Xerox

These contribution percentages apply to the part of your earnings set by the government.

The Main Section of the Plan offers greater flexibility and you can choose your own contribution rate:

The minimum contribution you may pay in each month as a member of the Main Plan is 3%.

The following table shows how much Xerox will contribute to your pension account, depending on how much you choose to pay. However, you should check with your manager what contribution rates apply to you.

These contribution rates will be calculated on your base salary. (If you were hired before 1st January 2009, contributions are based on your base salary plus 2/3 of your planned variable earnings.)

* Employees joining The Main Section can only receive the corresponding higher company contribution rates – after completing 4 years’ and 6 years’ service respectively (before that it will cap at 6%).

The percentages will apply to your whole base salary (unless you were hired before 2009 – see your contract for more details)

Xerox reserves the right to amend this contribution structure from time to time to make sure we are providing a suitable plan.

Paying More

You may choose to pay more than 6% and, providing you pay through SMART, Xerox will add an 'uplift' of 10% of your contribution in excess of 6%. 

For example, if you choose to pay 9%, the company contribution would be its maximum of 8% plus an uplift of 0.3% (i.e., 10% of 9% minus 6%). So, the total contribution would be 17.3%.

You may also make extra one-off payments, either through payroll or by personal cheque direct to AEGON.

Contribution Small Print

All contributions must be expressed as a whole number percentage (before any uplift if relevant).

The maximum amount you save each year toward a pension from which you benefit from tax relief is subject to an Annual Allowance set by HMRC. This includes all contributions to all plans you may be in.

The minimum contribution is 3%

Your regular pension contributions will be made through Xerox’s 'salary sacrifice' arrangement, known as SMART. If you would prefer not to use SMART, simply send this form to AEGON.

Contribution choices can be changed from time to time through Xerox’s HRConnection system.

You can temporarily stop contributions to the Main Plan by contacting AEGON directly. If this lasts longer than 3 months you will automatically be moved into the AE Section in line with government requirements.

Opting out of the Plan

You can opt out of The AE Section at any time after you have been automatically enrolled (you cannot opt out before you have been enrolled).

If you want to opt out of The AE Section, you should either:

• call the AE opt-out helpline on 0345 600 1376.

or

• visit opt-out on-line at https://lwp.aegon.co.uk/targetplan/aeoptout

If you opt out, you will be automatically re-enrolled at a later date (usually every three years after you become eligible for auto-enrolment), unless you hold Lifetime Allowance tax protection from HMRC and notify Aegon of this.

Leaving Xerox

Your pension account in The Main Section is not tied to your current job, so you may continue to pay your own contributions into your pension account even if you change your job.

Your pension account will continue to be invested and you can continue to switch between the different investment funds.

If your new employer offers a company pension scheme, it is usually best for you to join that scheme. However, you will need to consider your options at the time and may want to independent financial advice.

You may have the option of transferring the value of your pension account in the Plan to your new employer's pension scheme or to another pension arrangement.