Fidante Benefits Package

Overview

To help individuals genuinely impacted by the TAA, Fidante offers the Personal Contribution Waiver (PCW) program.

An individual should carefully check to see if they are impacted by the TAA. It is important to remember that standard pension membership is most likely to be the best of the available options. Only if standard pension membership is negatively impacted by the TAA should an individual consider applying for the CIL. Rules are in place to prevent non-essential requests for participation.

How Does PCW Work and What Are The Rules of Participation?

TAA Impacted Individuals

• The key objective is to help individuals facing restricted annual pension contribution allowances (as a result of the TAA). • For individuals that qualify for (and opt-in to) PCW, the Fidante employer pension contributions continue at the normal level. This is 8% of salary up to a maximum of £10,000 per year (the amount of pension contribution that can be paid, no matter how severely an individual is impacted by the TAA). • For those genuinely impacted by the TAA, the requirement to contribute personally will be waived (the PCW). • To emphasise, the most efficient contribution of all is the employer pension contribution (as opposed to using some of the limited allowance with mandatory personal contributions). • For individuals who are only partially affected by the TAA (where standard pension contributions are still within the partially tapered allowance or where sufficient carry forward allowance remains to justify full pension membership for at least another year), PCW should possibly not be selected (you can elect to switch to PCW at a subsequent review point). • Individuals with an annual salary of £150,000 or greater (and have total taxable income of >£260,000) can request to participate in the PCW Program. • The PCW has been created to help only those genuinely affected by the legislation. They are strictly unavailable to any other members. • Members applying for the TAA related PCW will be asked to prove that they are sufficiently impacted by the TAA – and that they have insufficient Carry Forward allowance remaining (this can be provided to JMA). • The PCW does not form part of your contractual salary – it is a completely separate item on the payroll. In this way, the PCW does not affect any future basic salary related pay changes or anything else linked to basic salary (e.g. Group Life, Group Income Protection). • In the event of a future basic salary change, the PCW will be recalculated accordingly from the same calendar month. • The PCW will start from the month of opt-in. • No requests for different levels of PCW will be considered – the options are either standard Pension membership or the standard PCW explained above. • A review period will be set for March each year. During this period, members will have the option General Rules of the Fidante Personal Contribution Waiver (PCW):

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