This area is designed to provide information on the InBev Pension Schemes.

• Smart Pensions
• Final Salary Section
• Defined Contribution Section
• AVC's (Additional Voluntary Contributions)
• Helplines and Information Updates
• Reports and Accounts 
• Pension Council Meetings - Key Points
• Forms
• Feedback and Queries
• Useful addresses and websites

Smart Pensions

Find out more about Smart Pensions

Smart pensions is a salary sacrifice scheme that is widely used by many large and small companies and InBev has decided to take advantage of the savings that can be made by both the pension plan members and the company.  This scheme is fully recognised by HMRC as being an acceptable way to structure pension contributions.  It works by Plan members giving up an amount of their contractual salary that is equal to the contributions they would otherwise have been making to the Plan.  In return InBev pays these contributions to the Plan.  The result is that neither the Plan members nor the company pay National Insurance (NI) contributions on this money.

 There are four easy steps to Smart pensions:

1. You stop making normal pension contributions
2. InBev UK increases its contributions to the Plan by the amount you used to pay, so that exactly the same amount of money goes into the Plan as before
3. Your contractual pay is reduced by the amount that you no longer contribute to the Plan
4. Your take-home pay is increased because your National Insurance Contributions (NIC’s) are reduced

We have designed Smart pensions in such a way that most members will benefit from taking part.  Therefore you will be automatically included from 1 August 2008 unless we contact you separately to advise you that you will not benefit (see section 3) or you tell us that you would like to opt out.

Smart pensions will not affect any other salary-related payments or benefits that you receive from InBev UK such as salary increases, life assurance and overtime.  These will be based upon your “notional salary” which is your salary before Smart pensions.

Smart pensions is a change to your terms and conditions of employment from 1 August 2008, because you’ll be giving up the same amount of money that you would otherwise pay into the pension plan.

InBev Savings Modeller

Here you can access the InBev Savings Modeller to calculate your potential savings:

• InBev Savings Modeller

If you experience any difficulty with Macro security when accessing this Modeller tool, please follow the instructions provided below:

• In Excel go to 'Tools'
• Select 'Options'
• Select the 'Security' Tab
• Click on the 'Macro Security' button and change the setting to 'Low'

Information Booklets

• Defined Contributions -Smart Pensions Booklet
• Final Salary Scheme - Smart Pensions Booklet
• 2002 Scotland and Ireland section

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Final Salary Section

The Final Salary scheme is now closed to new Members. Please refer to the scheme booklet and your annual benefit statement to obtain an idea of the likely benefits available to you.

Your Administrators for this scheme are: Watson Wyatt.

Got a Pensions Query? Contact the InBev UK Pensions Helpline on 01737 788148 or email InBevUK@eu.watsonwyatt.com.

Useful Documents

• Expression of Wish form
• Opting Out form
• Transferring In form

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Defined Contribution Section

Your Administrators for this scheme are: Fidelity.

Got a Pensions Query? Contact the Fidelity Helpline on 08457 234235 or email pensions.service@uk.fid_intl.com

See Also:

• What is a Defined Contribution Plan?
• Contributions
• Investments
• Working Life Strategy
• Benefits of Working Life Strategy
• Leaving Employment
• Absence from work
• Advantages of joining the Plan
• Useful information and documents

What is a Defined Contribution Plan?

The definition of a Defined Contribution Plan (DC) is a Plan whereby the contributions are defined on a fixed basis and the final benefits payable are related to the size of those contributions, their subsequent investment performance and any related management charges. These schemes are also known as Money Purchase schemes. With these schemes your contributions and the employers contributions are invested in your own individual “pot”. At retirement the accumulated “pot” is used to buy a pension and other benefits.
The InBev UK Pension Plan - Defined contribution section is contracted in to the second state pension. In addition to the benefits you will receive from the plan on retirement you will also receive the basic state pension and the second state pension.

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Contributions

Employee can pay contributions of up to 100% of pensionable salary. (subject to remaining within the annual allowance). The company will pay double the employee contribution up to a maximum employer contribution of 8%.

Examples:
Employee contribution 2%, employer contribution 4%
Employee contribution 4%, employer contribution 8%
Employee contribution 5%, employer contribution 8%

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Investments

The investment managers for the scheme are Fidelity Investments. You can chose from a variety of funds or select the Working Life Strategy.

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Working Life Strategy

Under this strategy you do not have to take an active part in the management of your pension investments.
Your pension account is divided between equities, bonds and cash. In the early years of your working life your fund is invested 100% in equities As you near retirement your account is adjusted so that the balance is towards bonds and cash so that you won’t be at such a risk from drops in the stock market. At retirement the account will only be invested in bonds and cash.

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Working Life Strategy - Benefits

Annual pension - your account at retirement (65) will be used to purchase an annual pension for the rest of your life. In addition if you wish you can use part of your account to provide spouse/dependants benefits.
Lump sum - you can chose to give up part of  your pension to provide a tax-free (under current legislation) lump sum at retirement.

Early retirement - you can retire after age 50 (55 from the 2010) and draw your pension. You need to bear in mind that the earlier you retire the smaller your account will be.

Death-in-service - your dependants can take a tax-free lump sum of four times your earnings. In addition another four times your earnings and the balance of your pension account will be used to provide spouse/dependants pensions.

Ill health - if you become too ill to work you may receive an income of half your pre-disability income until your normal retirement age.

Flexible retirement - You can elect to draw your pension whilst remaining in employment with the company.(Further details on this option can be obtained from your Pension Manager).

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Leaving Employment

You can choose to leave your account invested until you retire. You can transfer the value of your account to another approved pension arrangement. If you have under two years in the pension plan you can elect to take a return of your contributions (Not the company contributions) less tax.

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Absence from work

Maternity - your contributions will continue as a percentage of your actual earnings. Employer contributions will continue, whilst you are still being paid, based on the salary you were earning when you went on leave.

Long-term sickness - contributions cease.

Life cover and incapacity cover continues during maternity and long-term sickness.

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Advantages of joining the Plan

- Employer contributions
- Tax advantages – you receive full tax relief on your contributions
- Tax-free lump sum at retirement
- Life Assurance
- Incapacity cover
- Three pensions at retirement, one from the Plan, the basic state pension and the second state pension

Useful Information and documents

Forms

• Enquiry Form for Transfer In
• Expression of Wish form
• Increase in Contribution Form
• Opting Out Form

Other information

• Defined Contribution Scheme - Helpline - 08457 234235
• DC Overview Booklet (this booklet is applicable at the current time)
• DC Presentation
• PHI Policy
• Back to Defined Contribution menu section

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AVC's (Additional Voluntary Contributions)

So, How can I get a bigger pension?

By saving AVC's Additional Voluntary Contributions. This means choosing to save an extra amount, either as regular monthly or weekly savings or as a single contribution when you can afford it.

When you save AVC's you build a second pension alongside your main pension. However, unlike your pension in the Final Salary Section which promises you a specific size of pension in return for your contributions, your AVC's are invested separately in your own AVC account. You choose where your savings are invested within a range of options selected by the Trustees. The size of your AVC account will depend on how much you save and the investment return achieved.

How much will AVC's cost me?

There is no fixed contribution level for AVC's. You decide how much you need to save to pay for the lifestyle you want in retirement or how much you can afford to save.

You can pay up to 100% of your earnings into a pension scheme and obtain tax relief, subject to not breaching the annual allowance.  The minimum you can pay is normally £5 a month. 

InBev UK Pensions can estimate how much you'd need to save in AVC's if you want to top up your pension to the maximum. If you feel you can't afford to save up to your limit InBev UK Pensions can still estimate what difference you can make to your pension by saving a set amount or a percentage of your salary each pay period.

See Also:

• Final Salary Scheme - Helpline - 01737 788148
• Defined Contribution Scheme - Helpline - 08457 234235 
• AVC Presentation
• AVC Change Form (Contributions)
• AVC Booklet (this booklet is applicable at the current time)

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Helplines and Information Updates

InBev UK Pensions Manager

Contact the InBev UK Pensions Manager, Rebecca Shevill - email: Rebecca.Shevill@inbev.co.uk

Pension Contacts

If you have a query with regards to your pension, your first point of contact should be your Scheme Administrator:

• Final Salary Scheme

Watson Wyatt - Helpline 01737 788148 or email: InBevUK@eu.watsonwyatt.com.
Postal Address: Watson Wyatt, PO Box 545, Redill, Surrey, RH1 1YX

• Defined Contribution Scheme

Fidelity - Helpline 08457 234235 or email: pensions.service@uk.fid_intl.com.
Postal Address: Fidelity Pensions Service Centre, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP

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Reports and Accounts

The InBev UK Ltd Pension Plan - Trustee’s Report and Accounts:

• Trustee’s Report and Accounts (For year ended 31 December 2007)
• InBev Pensions Summary Report (To 31 Dec 2007) 

Please Note: These files are password protected - you should have received notification of the password. If not please contact pensions@inbev.co.uk.

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Pension Council Meetings - Key Points

IUK Pension Plan - Pension Council Meeting - Key Points

• Key points from meeting of 17 July 2008
• Key points from meeting of 10 April 2008
• Key points from meeting of 10 January 2008
• Key points from meeting of 11 October 2007
• Key points from meeting of 19 July 2007
• Key points from meeting of 12 April 2007

Please Note: These files are password protected - you should have received notification of the password. If not please contact pensions@inbev.co.uk.

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Forms

The Final Salary Section

• Expression of Wish form
• Opting Out form
• Transferring In form

Defined Contribution Section

• Enquiry Form for Transfer In
• Expression of Wish form
• Increase in Contribution Form
• Opting Out Form

AVC's (Additional Voluntary Contributions)

• AVC Change Form (Contributions)

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Feedback and Queries

Please email your feedback or queries to pensions@inbev.co.uk.

We will reply to you as soon as possible.

Thank you for your enquiry.

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Useful addresses and websites

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LINKS TO THIRD PARTY WEBSITES
The Website or Services may include links to third party websites that are controlled and maintained by others. InBev is not, directly or indirectly, implying any approval, association, sponsorship, endorsement or affiliation with the linked site, unless specifically stated therein. You acknowledge and agree that InBev has not reviewed all sites linked to this Website and is not responsible for the content or availability of any such sites. Your linking to other off-site pages or other sites is at your own discretion and risk.

LINKS FROM THIRD PARTY WEBSITES
You may link to the home page of the Website, provided you do so in a way that is fair and legal and does not damage InBev or any of its products reputation or take advantage of it, but you must not establish a link in such a way was to suggest any form of association, approval or endorsement on InBev’s part where none exists. You must not establish a link from any website that is not owned by you.

See full Terms and Conditions.