RS section provides a way for you to save for your retirement. Money from you and the Company is invested in your Account. When you retire your Account is used to buy a pension (an annuity) from an insurance company. The amount of pension you end up with depends on:

• how much you and the Company contribute;
• how those contributions are invested;
• how well your investments perform; and
• how much a pension costs to buy when you retire.

The Company are here to help you as much as possible with reviewing your Account and buying an annuity. However, they are not authorised to give financial advice, so when it comes to the big decisions it’s sensible to speak to a professional financial adviser.

1. When you join, an Account is opened in your name
2. You choose whether to pay Core Contributions of 3%, 4% or 5% of your salary and the Company puts in double
3. You can also make Extra Contributions whenever you want to
4. You choose how to invest your Account
5. You review your choices regularly and make changes if appropriate
6. You reach retirement and use your Account savings to buy an annuity (pension) from an insurance company.

To find out the details of how RS section works you should review the RS section website and booklets.

This type of pension is called a Defined Contribution (DC) or Money Purchase arrangement. Apart from the fact you are working towards your target pension there are many other benefits to joining RS section. For example, did you know that as a contributing member, if you were to become seriously ill and permanently unable to return to work, the Company would pay a lump sum into your Account that could be used to provide Incapacity income? There is also income for your dependants if you die as a contributing member (in addition to a cash lump sum for all eligible employees). Another benefit is that you can take your pension at any time from age 55. For full details please refer to the website, www.bocpensions.co.uk.

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© BOC Pension Services and AHC Ltd 2012.