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Wood Group Offshore & Site Group Personal Pension

Energy Supporting Energy

June 2012

Wood Group Offshore & Site Group Personal Pension (GPP)

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1. Changes affecting pensions for our Offshore & Site colleagues

2. A summary of the ‘new’ plan features

3. The benefits for you

4. Your choices

5. Scottish Widow’s ‘MyMoneyWorks’

6. More information

Changes

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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- This will make sure the business and members can benefit from efficiencies and economies of

scale, meaning lower charges and enhanced services for members

Reduction in Annual Management Charge (AMC) – 1 July 2012- 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- 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

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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The Wood Group Offshore & Site GPP is provided by Scottish Widows

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

Portable - transferred to new employer’s or personal plan - no exit charge

Choice - Funds switched at any time - no additional charges

Options - At retirement: buy annuity, phased retirement or draw down

Your Choices

You choose:

Your retirement date

Your investment funds

Your contribution level

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Your Plan offer a range of option that you can choose to suit your individual needs

MyMoneyWorks

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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

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:

More Information

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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

Wood Group

Thank you

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Wood Group Offshore & Site Group Personal Pension