Level 100+ provides a pension based on two elements:

• A final salary pension based on your salary near to the date you leave or retire and the number of years that you contribute. For this part of your pension, the Company agrees to pay the balance of the cost of the pension.

and

• A money purchase pension based on the contributions paid to the Retirement Account and the investment returns achieved. The Company pays a fixed percentage of your salary into your Retirement Account. The value of your Retirement Account builds up over your working life and can normally be taken as a lump sum or is used to buy a pension when you retire. The risk that the value of your investments will fall,or that the cost of buying a pension may increase, is with you, not the Company.

Level 100+ provides final salary linked benefits for your dependants on your death and the possibility of an ill-health pension if you are unable to work.