HALCROW Consulting Engineers

ANN){NCIMENl' ID. 1

IJAI.an\T PENS ION SCHH\ffi

Sir William Halcrow & Partners Ltd Burderop Park, Swindon, Wiltshire SN4 000, England Telephone (0793) 812479 International Telephone +44 793812479 Telex 44844 Halwil G Fax 0793 812089 International Fax +44 793812089

And at Vineyard House, 44 Brook Green, London W6 7BY, England Telephone 01-6027282

On 17 January 1989 Sir Willirun Halcrow & Partners Limited issued an Announcement to Staff giving notice that it will establish a new Scheme, the Ha 1 crow Pension Scheme (T1PS) to provide retirement and death benefits for staff, in place of Halcrow Staff Pension Scheme crISPS).

On 21 February 1989 a meeting was held and an Interim Trust Deed was executed by Sir William Halcrow & Partners Limited and by the Trustees establishing HPS with effect fran 1 March 1989. Employees joining Halcrow employment fran 1 March onwards will be eligible to join HPS rather than HSPS and existing members of HSPS will be autanatically admitted to menbership under HPS on 6 April 1989.

As you will have seen fran the attached AnnolIDcement issued by the Trustees of HSPS, the Trustees of HPS have considered, with the Trustees of HSPS, various matters in connection with the tennination of HSPS and the establishment of \{PS.

As a result, the Trustees of BPS are pleased to be able to lNrite to you to infonn you that:

1. Your pensionable service will commence under BPS on 6 April 1989. As you wi 11 have seen frem the attached Announcement, the Trustees of HPS have agreed to accept your entitlement to benefits under HSPS in respect of pensionable service up to and including 5th April 1989. It has therefore been decided that under HPS you will be treated as having continuous pensionable service from your original date of entering pensionable service under HSPS. This will mean that your benefits in respect of your pensionable service up to 5 April 1989 will be calculated by reference to your final pensionable salary under qpg at the date of actual retirement, or earlier withdrawal, from HPS .

2. The Trustees of HPS accept liability for all benefits under HSPS including benefits for pensions in payment and for deferred pensions where the member ceased to be in pensionable ser.rice before 5th April 1989. The transfer of the benefits is being accomplished under the Rules of HSPS, wi thout any requirarent that individual rnerrbers give their consent. Because the transfer is being lIRde in this way you have a legal right to take the 'cash equivalent' of your benefits as at 5 April 1989 as a transfer value to a personal pension plan or suitable insurance contract ('Section 32 annuity contract') at any time in the future without jeopardising the remainder of your benefits. Of course, if you take the cash equivalent of your benefits up to 5 April 1989, your entitlement under HPS will be correspondingly reduced •

.......... 0tIIce: Vineyard House, 44 Brook Green, London W6 7BY. Registered in England 1722541

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3. A benefit statement will be provided for you in May or June 1989, to give you details of your prospective benefits under HPS , based on your total period of pensionable service and based on your salary as at 1 January 1989. This will also show you the 'cash equivalent' mentioned in paragraph 2 . above as at 6 April 1989. It should be noted that, as is the case for all transfer values, the value of the 'cash equivalent' will be valid for three months only, and would then need to be recalculated.

4. As you were advised in the Announcement to Staff issued by Sir William Halcrow & Partners Limited the 'contribution holiday' for members which has applied under HSPS since 1 January 1987, will apply under TlPS until 30 June 1990 . Contributions will then be payable at the normal rate as explained in the Booklet (see paragraph 7.).

5. If you have paid Additional Voluntary Contributions under HSPS the accrued value of these will be autamtically transferred to a new account, with the same insurance company or building society, to be held by the Trustees of HPS. If you are paying a regular amount in Additional Voluntary Contributions as at 5 April 1989, it will be assuned that you wish to continue to pay at the same rate unless you advise Pensions Department otherwise.

6. If you have transferred benefits into HSPS fran a previous employer's scheme, the additional benefits to which you are entitled as a result under HSPS will be automatically transferred to HPS. These will be included in the benefits statement to be issued in �y.

7. A Booklet has been prepared giving full details of HPS and a copy is attached together with a personal covering letter.

The Trustees of HPS. for the time being, �re:

A C Cadwa llader T D Casey C P Barnard

As has been stated in the Booklet, it is interned that two further Trustees will be appointed after conSUltation with Staff Council. For administrative reasons it has not been expedient to make these furthe� appointments on the establishment of HPS , but it is intended that they should be made fairly soon. You will be infonned at the time.

Sir William Halcrow & Partners Limited has issued a formal notice detailing its intention to elect to contract out employees who qualify for Guaranteed Minimum Pensions under HPS fran 6 April 1989. A copy of this notice is attached.

/�/ � U�£ � . . 1 Mlrch 1989

/ HAL CROW Consulting Engineers

~l'D.14

HALCRCW STAFF PENS ION sa-IfME

Sir William Halcrow & Partners Ltd Burderop Park. Swindon . Wil tshire SN4 000. England Telephone (0793) 812479 International Telephone +44 793 812479 Telex 44844 Halwil G Fax 0793 812089 International Fax +44 793 812089

And at Vineyard House. 44 Brook Green. London W6 ?BY. England Telephone 01-602 7282

On 17 January 1989 Sir William Halcrow & Partners Limited issued an Announcanent to Staff giving notice that it will cease to participate in the HalcrOH Staff Pension Scheme (HSPS) and will establish a new Scheme, the HalcrOH Pension Scheme (HPS) to provide retirement and death benefits for staff.

Since then Sir William Halcrow & Partners Limited has formally notified the Trustees of HSPS that it intends to cease to participate in the Scheme from 5th April 1989. The new Schane is to be established from 1 ~rch 1989 and existing enployees will be admitted to membership on 6 April 1989.

'Ihe Trustees of HSPS met on 31 January 1989 and the Trustees of HPS met on 21 February 1989 to consider various rnatters arising out of the decision by Sir William HalcrOH & Partners Limited. As a result of these meetings, the Trustees of HSPS are pleased to be able to inform you that:

1. Your pensionable service under HSPS will terminate on 5 April 1989. This is a requirement of the Rules of HSPS when an Einployer ceases to participate. See paragraph 6. below for details of your legal rights following this termination of pensionable service.

2. The Trustees of HSPS have agreed with the Trustees of HPS that all entitlements to benefits fran HSPS will be transferred to HPS on 6 April 1989. These include benefits for pensioners as well as benefits for members whose pensionable service has terminated, either on 5 April 1989 (see paragraph 1. above) or on an earlier date (e.g. when they left HalcrOH employment).

3. The Trustees of HSPS have agreed with the Trustees of HPS that they wi 11 t .ransfer to the Trustees of HPS assets calculated by Hal crow's Actuary, on the Superannuation Fund Office of the Inland Revenue's prescribed valuation basis, to represent a minimum of 105% of the aggregata value of the entitlements to benefits which are transferred as described in paragraph 2. above, plus sufficient assets to allow the continuation until 30 Jlllle 1990 of the present contribution holiday for all members.

4. The Trustees of HSPS are satisfied that the assets being transferred to the Trustees of HPS could be sufficient to enable the Trustees of BPS to continue the current practice of reviewing annually the level of increases in pensions, both in payment and in deferment, with a view to giving discretionary increases over and above the guaranteed increases of 5% per annum.when inflation exceeds 5% pe!" anntm.

AeglaWred Otllce: Vineyard House, 44 Brook Green, London W6 ?BY. Registered in England 1722541

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5. A full valuation will be carried out by the Actuary as at 5 April 1989 and then, wt th the advice of the Actuary, the Trustees of HSPS will decide how they should distribute the rerm.ining assets of HSPS. 'Ille proposals for the distribution will require the prior approval of the Superannuation Funds Office of the Inland Revenue and when this has been obtained you wi 11 be advised of the outcane.

6. Because pensionable service under HSPS will termi~te on 5 April 1989 it is a legal requirement that each member be given certain information. 'Ille Trustees of HPS will issue benefit statements in May or June 1989.

'Ille Trustees of HPS have prepared an Annrnmcement to advise the basis of menbership of HPS fran 5 April 1989, and this is attached.

Sir William Halcrow & Partners Limited has issued a fornRl notice detailing its intention to surrender its contracting-out certificate by reference to

1'.ISPS on 6 April 1989, and a copy of this also is attached.

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