Bank of America
Please note:


Taking your savings in one go will be subject to the discretion of the bank and the Trustee.
To take more than one cash lump sum, you would need to transfer your Member Account out of the Plan.

If you are planning to access your savings soon and are interested in taking cash:
Find out more in the Cash Factsheet.
Contact the Plan Administrators to take action.

Note that you will receive information packs as you near your Target Retirement Date (TRD):
One year before your TRD, and
Four months before your TRD.

Please note: if you want to buy an annuity on the open market, you can either:
Use the Open Market Annuity Service (TOMAS). TOMAS compare the open market to provide you with the most competitive options. The Plan Trustees meet the cost of providing this service. OR
Choose your own annuity provider independently.

If you are planning to access your savings soon and are interested in buying an annuity:
Use the quick quote tool.
Find out more in the Annuity Factsheet.
Contact the Plan Administrators to take action.

Note that you will receive information packs as you near your Target Retirement Date (TRD):
One year before your TRD, and
Four months before your TRD.


Please note: You would need to transfer your Member Account out of the Plan to use income drawdown.

If you are planning to access your savings soon and are interested in income drawdown:
Find out more in the Income drawdown Factsheet.
Contact the Plan Administrators to take action.

Note that you will receive information packs as you near your Target Retirement Date (TRD):
One year before your TRD, and
Four months before your TRD.

Which retirement path will you take?

As you approach retirement, you need to consider how you plan to access your savings. This is important to ensure you are invested in a way that will get you the best value for money.

What is right for you will depend on your personal circumstances and your future plans. This tool is designed to help you consider your options. To get started, simply answer the questions below to explore the different choices you have.

If you are still some way from accessing your savings or simply wish to review your attitude towards investment risk and control, use the investment profiler at www.baml.com/investmentprofiler.

Remember: The content of this tool is designed to help you consider your options and is for general information purposes only. You may choose to combine some of the options if you wish. You are also likely to have other sources of savings outside of the Plan and may choose to use each source differently.

How would you prefer to access your Plan savings?

Sounds like an annuity may be for you

Does this sound right for you and your personal situation?

But have you considered the disadvantages too?


Then you should consider looking at the other options or
combining an annuity with another option.

Considering all that, is an annuity still right for you?




Then you should consider looking at the other options
or combining an annuity with another option.



Now that you know you would like to access your savings to buy an annuity,
you need to understand which investment option is right for you as you approach when you plan to access your savings.

How much control do you like to have over your investments now?


Lifestyle — Annuity

Looks like you are a Lifestyler

+ Remind me, what is Lifestyle?

    The three Lifestyle approaches, Thames, Severn and Tay, are pre-determined investment strategies. Each one differs in the way it balances potential for growth and risk. To find out more about which of these options is right for you before you approach the Pre-retirement phase, read the Plan Handbook, available at www.baml.com/pensionupdate or use the Plan investment profiler at www.baml.com/investmentprofiler.

    Each Lifestyle option is made up of two phases:

    Growth phase: Lifestyle aims to grow your Member Account during this phase when you are further from accessing your savings by investing in funds that have the potential for good return. It then gradually moves your Member Account to more diversified assets to provide some protection to the value of your savings as you approach the second Lifestyle phase.

    Pre-retirement phase: During this phase, Lifestyle aims to align your Member Account with how you plan to take your savings at your Target Retirement Date whether it is:

    • buying an annuity,
    • taking your savings as cash, or
    • using income drawdown.

    Target Retirement Date (TRD): This is the date you decide you want the Lifestyle option to complete. This should be the date at which you expect to access your savings from your Member Account. It can be any date from the age of 55. As this date will determine when your investments begin switching between the Growth and Pre-retirement phases, it is important that you review your TRD regularly to ensure it is in keeping with your retirement plans. If you do not choose otherwise, your TRD will be your 62nd birthday. To change your TRD, please contact the Plan Administrators.

    The default option: If you do not choose otherwise, your Member Account will be invested in the Thames Lifestyle investment approach. This approach invests in the Thames Flexible option during the Pre-retirement phase. You should review your investment selection and remember you can change how you are invested at any time.


Considering your retirement plans, it seems you are looking for an annuity after you have stopped working. So, to make the most of your savings, it is good to align your investments with how you want to use them at retirement.

The Annuity Pre-retirement phase option

The Annuity Pre-retirement phase option in Lifestyle might be a suitable choice for you. This option is intended to be appropriate for members who believe they will buy an annuity at retirement. You still have the option to take 25% of your savings as a tax-free cash lump sum.

The Annuity Pre-retirement phase option automatically invests in bonds and cash (through the Pre-Retirement and Money Market Lifestyle Funds) as you reach your Target Retirement Date.

If you do not select an option...

...and are not already in the Pre-retirement phase, you will be entered into the Flexible Pre-retirement phase as the default option. This may be suitable if you are considering taking a combination of the options. It is important that you review how you are invested. You can change how you are invested at any time. Find out more in the next steps section.

If you would like to take more control of how your Member Account is invested, you can choose the Freestyle approach.

Before you finish this tool, read the next steps section.


Freestyle — Annuity

Looks like you are a Freestyler

+ Remind me, what is Freestyle?

    The Freestyle approach is an investment strategy where you choose and manage a combination of the available funds.

    You:

    • Choose what funds to invest in and how much of your Member Account to invest in each fund.
    • Monitor these investments yourself.
    • Change your Freestyle choices when you like.

    There are 19 Freestyle funds to choose from. To find out more about the Freestyle approach, refer to the Plan Handbook available at www.baml.com/pensionupdate.


Considering your retirement plans, it seems you are looking for an annuity after you have stopped working. So, to make the most of your savings, it is good to align your investments with how you want to use them at retirement.

If you are planning to buy an annuity, then investing your Member Account in bonds and gilts would help to reduce conversion risk at retirement. So, when you are near retirement, lower-risk funds like the Pre-Retirement and Money Market Funds might be an option for you.

Are you still some way off when you plan to access your savings? If yes, then you may want to think about growing the value of your savings with long-term growth investments.

Remember that the funds suggested are examples only. You should choose funds that best meet your own investment aims and objectives.

For more information about your retirement and investment choices, see the Plan Handbook, available at  www.baml.com/pensionupdate.

Before you finish this tool, read the next steps section.

Next steps

How you choose to use your savings will depend on the amount of savings you have and your retirement plans.

More than 15 years from accessing your savings?

  • Review your investment choices to ensure they continue to be right for you, and understand your options.
  • Consider if your Member Account is working as hard as it could. The further you are from accessing your savings, the more investment risk you are likely to be able to take in order to achieve better potential returns.
  • Use the Retirement modeller tool on Orbit, the Plan administration website, to see how the amount that you save determines your future benefits.

Within 15 years from accessing your savings?

  • Consider whether how you are and will be invested is in line with how you plan to access your savings.
  • Remind yourself of the investment choices available to you.
  • Consider taking impartial financial advice if you are not sure what to do. Do not leave it to just before you plan to access your savings — by then it is too late to update how you are invested.

Tools and Resources

Now review and update your investments on Orbit, the plan administration website.

You can change how your Member Account is invested at any time. Either:

  • use the links to SSO if you are an employee member, or
  • go to Orbit
Sounds like cash is for you

Does this sound right for you and your personal situation?

But have you considered the disadvantages too?


Then you should look at the other options or
combining cash with another option.

Considering all that, is taking cash still right for you?

Then you should look at the other options or
combining cash with another option.


Now that you know you would like to access your savings as cash,
you need to understand which investment option is right for you as you approach when you plan to access your savings.


How much control do you like to have over your investments now?


Lifestyle — Cash

Looks like you are a Lifestyler

+ Remind me, what is Lifestyle?

    The three Lifestyle approaches, Thames, Severn and Tay, are pre-determined investment strategies. Each one differs in the way it balances potential for growth and risk. To find out more about which of these options is right for you before you approach the Pre-retirement phase, read the Plan Handbook, available at www.baml.com/pensionupdate or use the Plan investment profiler at www.baml.com/investmentprofiler.

    Each Lifestyle option is made up of two phases:

    Growth phase: Lifestyle aims to grow your Member Account during this phase when you are further from accessing your savings by investing in funds that have the potential for good return. It then gradually moves your Member Account to more diversified assets to provide some protection to the value of your savings as you approach the second Lifestyle phase.

    Pre-retirement phase: During this phase, Lifestyle aims to align your Member Account with how you plan to take your savings at your Target Retirement Date whether it is:

    • buying an annuity,
    • taking your savings as cash, or
    • using income drawdown.

    Target Retirement Date (TRD): This is the date you decide you want the Lifestyle option to complete. This should be the date at which you expect to access your savings from your Member Account. It can be any date from the age of 55. As this date will determine when your investments begin switching between the Growth and Pre-retirement phases, it is important that you review your TRD regularly to ensure it is in keeping with your retirement plans. If you do not choose otherwise, your TRD will be your 62nd birthday. To change your TRD, please contact the Plan Administrators.

    The default option: If you do not choose otherwise, your Member Account will be invested in the Thames Lifestyle investment approach. This approach invests in the Thames Flexible option during the Pre-retirement phase. You should review your investment selection and remember you can change how you are invested at any time.


Considering your retirement plans, it seems you want to have a cash sum available when you retire. So, to make the most of your savings, it is good to align your investments with how you want to access them at retirement.

The Cash Pre-retirement phase option

The Cash Pre-retirement phase option in Lifestyle might be a suitable choice for you. This option is intended to be appropriate for members who believe they will take their entire savings as a cash lump sum. Remember that 25% will be tax free and the remaining 75% may be subject to income tax – more details on how your Member Account would be taxed will be sent to you at retirement (if you were interested in this option).

The Cash Pre-retirement phase option automatically transitions your investments from your chosen Growth phase option to 100% in the Money Market Lifestyle Fund at your Target Retirement Date.

If you do not select an option...

...and are not already in the Pre-retirement phase, you will be entered into the Flexible Pre-retirement phase as the default option. This may be suitable if you are considering taking a combination of the options at retirement. It is important that you review how you are invested. You can change how you are invested at any time. Find out more in the next steps section.

If you would like to take more control of how your Member Account is invested, you can choose the Freestyle approach.

Before you finish this tool, read the next steps section.


Freestyle — Cash

Looks like you are a Freestyler

+ Remind me, what is Freestyle?

    The Freestyle approach is an investment strategy where you choose and manage a combination of the available funds.

    You:

    • Choose what funds to invest in and how much of your Member Account to invest in each fund.
    • Monitor these investments yourself.
    • Change your Freestyle choices when you like.

    There are 19 Freestyle funds to choose from. To find out more about the Freestyle approach, refer to the Plan Handbook available at www.baml.com/pensionupdate.


Considering your retirement plans, it seems you want to have a cash sum available when you retire. So, to make the most of your savings, it is good to align your investments with how you want to take them at retirement.

If you are planning to take your savings as cash, then investing your Member Account in the Money Market Fund, when you are near retirement, would help to reduce exposure to market volatility.

Are you still some way off when you plan to access your savings? If yes, then you may want to think about growing the value of your savings with long-term growth investments.

Remember that the funds suggested are examples only. You should choose funds that best meet your own aims and objectives.

For more information about your retirement and investment choices, see the Plan Handbook, available at www.baml.com/pensionupdate.

Before you finish this tool, read the next steps section.


Next steps

How you choose to use your savings will depend on the amount of savings you have and your retirement plans.

More than 15 years from accessing your savings?

  • Review your investment choices to ensure they continue to be right for you, and understand your options.
  • Consider if your Member Account is working as hard as it could. The further you are from accessing your savings, the more investment risk you are likely to be able to take in order to achieve better potential returns.
  • Use the Retirement modeller tool on Orbit, the Plan administration website, to see how the amount that you save determines your future benefits.

Within 15 years from accessing your savings?

  • Consider whether how you are and will be invested is in line with how you plan to access your savings.
  • Remind yourself of the investment choices available to you.
  • Consider taking impartial financial advice if you are not sure what to do. Do not leave it to just before you plan to access your savings — by then it is too late to update how you are invested.

Tools and Resources

Now review and update your investments on Orbit, the Plan administration website.

You can change how your Member Account is invested at any time. Either:


So, maybe think about income drawdown


Does this sound right for you and your personal situation?


But have you considered the disadvantages too?


Then you should look at the other options or
combining income drawdown with another option.



Considering all that, is income drawdown still right for you?


Then you should look at the other options or
combining income drawdown with another option.



Now that you know you would like to access your savings as income drawdown, you need to understand which investment option is right for you as you approach when you plan to access your savings.


How much control do you like to have over your investments now?

Lifestyle — Flexible

Looks like you are a Lifestyler

+ Remind me, what is Lifestyle?

    The three Lifestyle approaches, Thames, Severn and Tay, are pre-determined investment strategies. Each one differs in the way it balances potential for growth and risk. To find out more about which of these options is right for you before you approach the Pre-retirement phase, read the Plan Handbook, available at www.baml.com/pensionupdate or use the Plan investment profiler at www.baml.com/investmentprofiler.

    Each Lifestyle option is made up of two phases:

    Growth phase: Lifestyle aims to grow your Member Account during this phase when you are further from accessing your savings by investing in funds that have the potential for good return. It then gradually moves your Member Account to more diversified assets to provide some protection to the value of your savings as you approach the second Lifestyle phase.

    Pre-retirement phase: During this phase, Lifestyle aims to align your Member Account with how you plan to take your savings at your Target Retirement Date whether it is:

    • buying an annuity,
    • taking your savings as cash, or
    • using income drawdown.

    Target Retirement Date (TRD): This is the date you decide you want the Lifestyle option to complete. This should be the date at which you expect to access your savings from your Member Account. It can be any date from the age of 55. As this date will determine when your investments begin switching between the Growth and Pre-retirement phases, it is important that you review your TRD regularly to ensure it is in keeping with your retirement plans. If you do not choose otherwise, your TRD will be your 62nd birthday. To change your TRD, please contact the Plan Administrators.

    The default option: If you do not choose otherwise, your Member Account will be invested in the Thames Lifestyle investment approach. This approach invests in the Thames Flexible option during the Pre-retirement phase. You should review your investment selection and remember you can change how you are invested at any time.


Considering your retirement plans, it seems you are looking to leave your Member Account invested in retirement and to take money from your savings as and when you need to. So, to make the most of your savings, it is good to align your investments with how you want to access them at retirement.

The Flexible Pre-retirement phase option

The Flexible Pre-retirement phase option in Lifestyle might be a suitable choice for you. This option is intended to be appropriate for members who believe they will use income drawdown in retirement.

As the name suggests, the option invests in a broad range of investments until you reach your Target Retirement Date.

If you do not select an option...

...and are not already in the Pre-retirement phase, you will be entered into the Flexible Pre-retirement phase as the default option. This may be suitable if you are considering taking a combination of the options. It is important that you review how you are invested. You can change how you are invested at any time. Find out more in the next steps section.

If you would like to take more control of how your Member Account is invested, you can choose the Freestyle approach.

Before you finish this tool, read the next steps section.


Freestyle — Flexible

Looks like you are a Freestyler

+ Remind me, what is Freestyle?

    The Freestyle approach is an investment strategy where you choose and manage a combination of the available funds.

    You:

    • Choose what funds to invest in and how much of your Member Account to invest in each fund.
    • Monitor these investments yourself.
    • Change your Freestyle choices when you like.

    There are 19 Freestyle funds to choose from. To find out more about the Freestyle approach, refer to the Plan Handbook available at www.baml.com/pensionupdate.


Considering your retirement plans, it seems you are looking to leave your Member Account invested in retirement and to take money from your savings as and when you need to. So, to make the most of your savings, it is good to align your investments with how you want to access them at retirement.

If you are planning to drawdown your savings, you might consider investing your Member Account in a range of funds aiming to:

  • continue to grow the value of your savings (such as the Diversified Growth and Equity Funds) as well as others that
  • provide some stability to protect the value of your Member Account against market volatility (such as Fixed and Index Linked Gilts, Corporate Bonds and Money Market Funds).

Are you still some way off when you plan to access your savings? If yes, then you may want to think about growing the value of your savings with long-term growth investments.

Remember that the funds suggested are examples only. You should choose funds that best meet your own aims and objectives.

For more information about your retirement and investment choices, see the Plan Handbook, available at  www.baml.com/pensionupdate.

Before you finish this tool, read the next steps section.


Next steps

How you choose to use your savings will depend on the amount of savings you have and your retirement plans.

More than 15 years from accessing your savings?

  • Review your investment choices to ensure they continue to be right for you, and understand your options.
  • Consider if your Member Account is working as hard as it could. The further you are from accessing your savings, the more investment risk you are likely to be able to take in order to achieve better potential returns.
  • Use the Retirement modeller tool on Orbit, the Plan administration website, to see how the amount that you save determines your future benefits.

Within 15 years from accessing your savings?

  • Consider whether how you are and will be invested is in line with how you plan to access your savings.
  • Remind yourself of the investment choices available to you.
  • Consider taking impartial financial advice if you are not sure what to do. Do not leave it to just before you plan to access your savings - by then it is too late to update how you are invested.

Tools and Resources

Now review and update your investments on Orbit, the Plan administration website.

You can change how your Member Account is invested at any time. Either:

  • use the links to SSO if you are an employee member, or
  • go to Orbit