Common use of PENSIONS AND RETIREMENT Clause in Contracts

PENSIONS AND RETIREMENT. As from 1 October 2011 the company will have no fixed retirement age. Subject to you meeting the statutory eligibility criteria for age and earnings, you will be automatically enrolled into the Company’s Group Stakeholder Pension plan (“the Plan”) immediately on joining us (or such other registered pension scheme as may be set up by the Company to replace the Plan). Information about the Plan is available from the CBSO Finance / HR departments Around the time of your auto-enrolment, you will be sent details of your membership of the Plan together with information on how to opt out, should you chose to do so, by the Plan provider (currently Aviva). Note that membership of the Plan is entirely your choice and you will not be subjected to any detriment if you choose to remain opted in or to opt out. If you do not meet the minimum age/earnings requirements, you will not be automatically opted in until such time as you do meet the minimum requirements, but if you wish to join the Plan earlier you may do so at any time by contacting the CBSO Finance / HR department. A contracting-out certificate is not in force in respect of your employment. Further details are available on request from Human Resources.