THE RSM (2006) RETIREMENT BENEFIT SCHEMENovember 2017

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Contents

Chairman’s update 03

Keeping you up to date with your pension scheme’s financial health 05

In focus - Roger Sheldon 08

How are assets are performing 09

Important update 11

Our membership 15

Trustee, their advisers and service providers 16

Where can I get more information? 17

Appendix - The Pensions Regulator, Pension scams 18

The RSM (2006) Retirement Benefit Scheme

Hello and welcome ...

... to the 2017/18 Scheme newsletter. Depending on your viewpoint this newsletter arrives either a little late or somewhat early. The directors were keen to complete the triennial Actuarial Valuation Report (“AVR”) due 31 March 2016 and agree our plans with the employer before writing to you. Accordingly, this newsletter provides you with updates at 31 March 2016, which would usually have been issued earlier in the year as well as the updates to 31 March 2017, which are not normally issued until early in the new year.

The AVR was completed in June 2017 and further information on the results can be found later in this newsletter. I am pleased to confirm that the strong covenant that the employer offers the Scheme, together with our successful negotiations over a new Recovery Plan, provides a firm platform for the Scheme to continue its growth seeking investment strategy and be able to continue to meet its liabilities in full. The new Recovery Plan agreed with the employer will see continuing contributions to the Scheme of between £3 million and £3.5 million, depending on the future levels of deficit.

I am also pleased to report that all deficit contributions due have been received in accordance with the existing and new Schedule of Contributions and Recovery Plans. The Directors continue to monitor the strength of the employer’s covenant at each Trustee meeting and with meetings and discussions with the employer when appropriate.

You will by now all be aware that in July 2014 the Government confirmed that the new options announced in the budget earlier in that year will also be available for members of private sector Defined Benefit pension schemes, such as our Scheme, typically via a transfer to a Defined Contribution (“DC”) arrangement. To achieve this though, there is also a requirement for members to take advice before transferring to a DC scheme.

The Trustee has now made appropriate changes to the Scheme rules to ensure that it can assist members, who wish to take advantage of the new flexibilities. The Trustee has also been looking at whether it can help members find

appropriate advice in relation to the new flexibilities and I’m pleased to advise that we will be writing to you again in the coming months to confirm what we have arranged.

We are also currently reviewing our communications to ensure that we can provide fuller information about your benefits in the Scheme on an annual basis, without you having to ask for it.

I am very sad to advise that Philip Parish, our long-standing Member Nominated Director passed away unexpectedly in June last year. His work as a Director was extremely valuable to the Scheme and he represented the membership very well. In addition, Peter Lunio, the remaining MND left the firm in October 2016 and in accordance with the MND provisions resigned as a Director.

In October last year, in accordance with the MND provisions, we sought nominations for two new MNDs and in November we appointed Peter Davis who is an Active Member currently working as a tax specialist in our London Office and Karen Tasker, who was at the time also an Active Member working in the south-east specialising in pension accounting. Karen was subsequently appointed as a partner in April 2017.

In March 2017, we made a minor amendment to the MND provisions so that when Active Members become Deferred Members by reason of being appointed as a partner, they are able to remain as a MND until the end of their existing term. Hence Karen can continue in the MND role until we seek further nominations in 2020.

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In July 2015, following advice received from LCP, the Scheme appointed Insight Investment Funds Management Limited to manage a Liability Driven Investment (“LDI”) mandate. This change is part of the Trustee’s on-going plan to de-risk the Scheme’s investments as opportunities arise. In September 2015 the Trustee disinvested its entire index-linked gilts investment portfolio managed by Legal & General and invested the proceeds in the LDI mandate with Insight.

This fund has increased in value significantly during the past Scheme year and contained more capital than was expected to be required to support the liability hedging. Therefore, the fund returned some capital, which took the form of special dividend payments to investors. These dividends were invested in the cash fund managed by Legal & General.

In January 2017, following advice received from LCP, the Scheme appointed Hayfin Capital Management LLP to manage a portfolio of private credit. The agreed investment will take place on a gradual basis as investment opportunities arise. The potential income yield is attractive relative to most other asset classes and in addition private credit provides further diversification to the Scheme’s return-seeking assets. So far we have invested £4.3m of our intended £12m investment.

In June 2016, we had the referendum resulting in the decision of the UK to leave the European Union. The heightened market volatility immediately following the result had an immediate impact on the assets of the Scheme and the value placed on the Scheme’s liabilities. Whilst the Scheme’s assets were slightly down by around 2 per cent in the 2015/16 Scheme year I am pleased that when looking at the whole of the 2016/17 Scheme year our investments performed well showing a positive return of 19 per cent.

The Trustee, with the assistance of LCP, continues to monitor the asset allocation of the Scheme and identify attractive investment opportunities on a quarterly basis.

The Scheme’s liabilities are valued using long-term gilt yields, which are currently at near all-time low returns. Accordingly, this means that the overall result is that the Scheme deficit has increased from £30.1million at 31 March 2015 to £37.6 million at 31 March 2016 and to £51.6m at 31 March 2017.

As you may imagine, there has been a significant increase in the request for transfer values over the past 2 years. However, the Scheme generally remains in a cash positive position and where there are surplus funds in any month, the Trustee directs these in to investments as advised by LCP.

The Directors continue to meet at least each quarter and I would like to thank them, our advisors and the Scheme’s administrator for their work during the past year.

David Gwilliam Chairman of the Directors RSM Pension Trustees Limited

The RSM (2006) Retirement Benefit Scheme

October 2017

Every year the Trustee of the RSM (2006) Retirement Benefit Scheme produces a Summary Funding Statement, like this one, to give you an update on the Scheme’s funding position.

We use independent advisers to help us to monitor the Scheme’s finances, and this statement gives you a snapshot of the Scheme on 31 March 2016 and 31 March 2017.

On a more personal note, if you are considering making any changes to your own pension arrangements, you should think about taking financial advice. Financial advisers local to your home or workplace can be found at unbiased.co.uk.

Yours faithfully

David Gwilliam Chairman of the directors RSM Pension Trustees Limited

Keeping you up to date with your pension scheme’s financial healthRSM (2006) Retirement Benefit Scheme

Further informationIf you have any questions or would like to see a copy of a Scheme’s financial accounts, rules, investment policy or other documents, please contact Roger Sheldon.

You can find his contact details on page 16.

Are your details up to date?Please let us know if your contact details have changed.

If you would like to change the people you have nominated to receive benefits upon your death, please ask for an Expression of Wish form.

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At 31 March 2016 the target level of assets was £157.2m, but the actual assets were £37.6m less than this. The £37.6m shortfall does not affect pensions being paid out of the Scheme – we have always paid members their full pensions.

In order to fill the gap, RSM paid £3.4 million into the Scheme between 1 April 2016 and 31 May 2017. It has also agreed with the Trustee to make further payments of £3 million each year from 1 June 2017 to 30 September 2026, plus up to a further £0.5m in 2018, 2019 and 2020 depending on whether the Scheme’s funding position is better or worse than expected.

When we wrote to you earlier last year, the snapshot on 31 March 2015 showed a shortfall of £30.1 million.

The Scheme’s financial position has therefore deteriorated by £7.5 million over the year. This is primarily due to less favourable investment markets, as well as the

Results of the actuarial valuation at 31 March 2016

improvements made to the Scheme’s commutation terms. However, the resulting increase in the shortfall was partially offset by the contributions paid by RSM.

We expect the snapshot to change from year to year because the Scheme’s finances depend on changes in global financial markets.

Assumptions The Trustee employs an independent expert to provide regular checks on the Scheme’s finances. These regular check-ups involve calculating a target level of assets.

The target level of assets is the amount that is expected to be enough to continue to pay out all the pensions that members have already built up in the Scheme.

Nobody knows exactly how much money will be needed to pay everybody’s pensions. This will depend on how long members live, the level of inflation, and the returns earned on the Scheme’s investments, amongst other factors.

Assets of the Scheme The assets of the Scheme come from contributions to the Scheme, together with investment growth.

The assets of the Scheme are held separately from RSM and the Trustee is responsible for investing this money.

The assets are held in a common fund – they are not held in separate pots for each member.

Pensions are paid to retired members out of this common fund.

Actual assetsShortfalls

£119.6m

£37.6m

Target level of assets:

£157.2m

The RSM (2006) Retirement Benefit Scheme

At 31 March 2017 the target level of assets was £192.1m, but the actual assets were £51.6m less than this.The previous snapshot on 31 March 2016 showed a shortfall of £37.6 million.

The Scheme’s financial position has therefore deteriorated by £14 million over the year. This is primarily due to less favourable investment markets, in particular a fall in government bond yields which has increased the target level of assets. The deterioration in the funding position is not unique to this Scheme; the changes in government bond yields will have had a similar impact on other pension schemes.

However, the increase in shortfall has been partially offset by better than expected asset returns over the year, along with contributions paid by RSM.

We expect the snapshot to change from year to year because the Scheme’s finances depend on changes in global financial markets.

A snapshot of the Scheme on 31 March 2017

Q: What if the Scheme has to wind-up? RSM and the Trustee do not intend to wind-up the Scheme. We do however monitor the impact on the Scheme should RSM no longer be able to support the scheme. In this event, a wind-up of the Scheme is likely to begin and the responsibility for paying members’ pension benefits would be transferred to an insurance company.

The Trustee monitors the cost of securing all members’ benefits with an insurance company. The most recent estimate provided by our independent advisers looked at the position on 31 March 2016. This estimate showed that RSM would have to make an additional final contribution of about £129m to make sure all members’ pensions could be paid in full by an insurance company. This is larger than the shortfall shown, but this is common amongst similar UK pension schemes.

If RSM became insolvent and could not afford to pay this, you might not get your full pension benefits.

Q: Is my pension protected? The Government has set up the Pension Protection Fund which provides pension scheme members with added security should their employer become insolvent and unable to pay the final contribution. If the Scheme were to enter the Pension Protection Fund, the amount members receive may be less than the pension benefits built up for them in the Scheme. The Pension Protection Fund rules are complex. The amount they will pay depends on the rules of the scheme, whether a pension is already being paid, a member’s age and the type of pension benefit.

More information and guidance about the Pension Protection Fund is available at pensionprotectionfund.org.uk or by contacting the Pensions Protection Fund, Renaissance, 12 Dingwall Road, Croydon, CR0 2NA (tel 0845 600 2541).

Q: Is there anything else I need to know? Regulations require us to confirm that RSM has not taken any money out of the Scheme and the Pensions Regulator has not intervened in the running of the Scheme. We are happy to confirm this.

Actual assetsShortfalls

£140.5m

£51.6m

Target level of assets:

£192.1m

Your questions answered

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I have worked with the Scheme for 7 years managing the administration services that the firm provides to the Trustee. I’ve been employed at RSM and a predecessor firm, since 1998, with a short break in the middle!

My experience in the pensions arena reaches back to 1976, where I began my career in final salary pensions administration with Friends Provident. Over a 22 year period I have managed many types of schemes, helped develop their pensions administration software and provided consultancy on a wide range of issues. I first came to Baker Tilly in 1999, though acquisition, as a financial adviser.

Alongside the day job of managing this Scheme, I also look after many of the other staff arrangements and insured benefits.

I am single and living happily in deepest East Sussex. Like Tony, who provided his profile last year, I also follow Arsenal, which means you can find me most weekends (and now Thursdays!) in North London, where I grew up.

When not at football, I’m never happier than when on the golf course (preferably somewhere warm in America), sampling my local brewery’s finest ale, or at home cooking to good music and making a mess.

In focus – Roger Sheldon

1%

The RSM (2006) Retirement Benefit Scheme

How our assets are performing

The investment information below focuses on the Scheme’s invested assets during the Scheme years to 31 March 2016 and 2017. There is also a brief update on the impact of markets following the last Scheme year end. The Scheme’s assets performed well over the year to 31 March 2017, and since March they have marginally increased to 30 June 2017.

Where are the Scheme’s assets invested? The Trustee’s policy is to invest in a broad range of assets. The Scheme’s asset allocation as at 31 March 2017 and 2016 is shown below.

During the year to 31 March 2016, the Trustee appointed Insight to manage a Liability Driven Investment (“LDI”) mandate. This was funded using the proceeds from the index-linked gilt holdings in September 2015. During the year to 31 March 2017, the Trustee appointed Hayfin to manage a private credit mandate, committing to investing around 10 per cent of the Scheme’s assets with Hayfin. The Trustee decided to invest in this private credit mandate as the yield is attractive relative to most other asset classes and also because it would provide further diversification to the Scheme’s return-seeking assets.

The investment strategy for the Scheme is regularly reviewed by the Trustee and on-going discussions between the Trustee and RSM ensure a solid foundation for the Scheme.

Return-seeking assets

EquitiesDiversified growthEmerging market multi assetPrivate credit

Matching assets

BondsLDICash

42% 6%

37%

10%

5%

45%7%

31%

9%

5%

2%

20162015

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Investment performance for the years to 31 March 2017 The following chart shows the performance of the invested assets of the Scheme during the year to 31 March 2016 and 2017. Performance is not shown for any investments which were not invested for the whole year although its impact will be reflected in the total Scheme performance.

During the year to 31 March 2016, the Scheme’s assets delivered modest returns of around 2 per cent in what was a challenging year for return-seeking assets. The Scheme’s allocation to LDI was the largest contributor to performance while the Scheme’s allocation to corporate bonds was next best, returning around 1 per cent. Meanwhile the Scheme’s allocation to emerging market multi asset returned around -6 per cent over the year.

During the year to 31 March 2017, the Scheme’s assets performed well returning around 19 per cent. The Scheme’s allocation to LDI was largest contributor to performance returning around 75 per cent. The rest of the Scheme’s assets also performed well over the period.

Investment performance since 31 March 2017Subsequent to 31 March 2017, the Scheme’s assets have increased slightly by 0.2 per cent to 30 June 2017. The Scheme’s LDI portfolio was the biggest detractor to performance returning around -10 per cent over the quarter to 30 June 2017 while the return-seeking assets helped to offset this. However, this was also a period when the Scheme’s corresponding liabilities have also decreased; resulting in an overall improvement in the Scheme’s funding position.

8%

4%

0%

-4%

-8%

Equities Diversified growth

Bonds Total scheme

Emerging market

multi asset

Investment performance 1 year to 31 March 2016

75%

60%

45%

30%

15%

0%Equities Diversified

growthBonds Total

schemeEmerging

market multi asset

Investment performance 1 year to 31 March 2017

LDI

The RSM (2006) Retirement Benefit Scheme

It has been possible to register civil partnerships in the UK since December 2005. Same sex marriage has been possible in England and Wales since March 2014. Generally speaking, civil partners and same sex spouses are accorded by law the right to receive the same treatment as opposite sex spouses. However, the Equality Act 2010 contains a limitation for benefits provided by an occupational pension plan: benefits payable to surviving civil partners and same sex spouses earned by reference to their partner’s length of pensionable service could be restricted to those benefits accrued on and from 5 December 2005. On 12 July 2017, the Supreme Court ruled that this limitation contained in the Equality Act 2010 is incompatible with EU law and must be disapplied.

What Does This Mean?The limitation allowing occupational pension plans to pay no more than what has previously been referred to as the “statutory minimum” was, according to the Supreme Court, never valid under EU law and cannot be relied on by occupational pension plans to restrict benefits payable in respect of civil partners or same sex spouses.

This applies for all members and all occupational pension plans (including those that closed to accrual before 5 December 2005).

Pension plans must now provide equal benefits for opposite sex spouses, same sex spouses and civil partners. The test to ensure that equal benefits are provided arises at the point at which the benefit becomes payable, i.e. when a pension plan member dies. If the pension plan member leaves a surviving civil partner or same sex spouse, that survivor is entitled to receive the same benefit that an opposite sex spouse would have received at that point in time. For example, if an opposite sex spouse would have received a spouse’s pension calculated by reference to pension accrued prior to 5 December 2005, then a civil partner or same sex spouse should also receive a spouse’s pension calculated by reference to the same amount of pension accrued prior to 5 December 2005.

Important update for members with civil partners or same sex spouses

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1. Benefits earned under the RSM (2006) RBSprevious names beingThe Conway & Co R&DBSThe Baker Tilly (2006) RBS

1.1 Former Conway membersOnly staff previously employed by Conway & Co were members of this scheme prior to 1 April 2006.

These benefits were earned up to 30 June 2006. The spouse’s benefit under this scheme is 50 per cent of the member’s pension. The definition of a spouse is the spouse you are married to at the date of death. Accordingly, we record a spouse’s benefit for all benefits earned and will always value this when calculating a transfer value or quoting retirement benefits. We will request full spouse details when a retirement is set up and you should provide us with full information at that time.

Therefore, there is nothing that you need to do at the present time.

1.2 CARE scheme membersFrom 1 April 2006 and from 1 July 2006 in respect of Former Conway Members, this section of the scheme is where all benefits were accrued. The scheme ceased accruing benefits on 31 March 2010.

The spouse’s benefit under this scheme is 2/3rds of the member’s pension. The definition of a spouse is the spouse you are married to at the date of death, providing

you were married to the same spouse when you ceased to be an Active Member. Accordingly, we only record a spouse’s record and benefit if you were married or in a civil partnership when you ceased to be an Active Member.

Please note you cease to be an Active Member on retirement, leaving service or reaching normal retirement age. Therefore, even though this scheme ceased accruing benefits on 31 March 2010, Active Members at that time remain Active Members until they subsequently retire, leave employment or reach normal retirement. This means that new marriages and civil partnerships qualify until that later date.

If you married or entered into a civil partnership but had already ceased to be an Active Member there will be no spouse’s entitlement.

Accordingly, we do not include the value of a spouse’s benefit when calculating a transfer value or quoting retirement benefits, unless we have a qualifying spouse recorded.

Historically we have recorded details of civil partners for members.

If you are in a civil partnership, there is nothing further for you to do.

If you have a same sex spouse and are an Active Member or married before you ceased to be an Active Member, please contact me so that we can record details of eligibility.

What Action have we taken?The RSM (2006) RBS provides a pension for a spouse in the event of the death of a pensioner. However, as is usual with pension schemes the definition of a spouse is not straightforward as there are differing definitions of a spouse dependent upon the part of the scheme where you accrued your pension and when you left. Therefore, it is important to understand how your benefits were earned. It is also important to recognise that you may have earned benefits in more than one of the four sections of the Scheme:

The RSM (2006) Retirement Benefit Scheme

2. Benefits earned under the Baker Tilly P & LASprevious names being The Baker Todman & Co P & LASThe Baker Rooke P & LAS

Including benefits transferred in from The Howard Tilly & Co RBS

These benefits were earned up to 31 March 2006. The spouse’s benefit under this scheme is 2/3rds of the member’s pension for the majority of members. If you were an Active Member on 31 March 2006, you may have then earned benefits under the CARE section of the RSM (2006) RBS too.

2.1 Leavers prior to 1 April 1972 For members leaving before 1 April 1972, the spouse’s pension is only payable in respect of male members.

The definition of a spouse is the spouse you are married to at the date of death. Accordingly, we record a spouse’s benefit for all benefits earned and will always value this when calculating a transfer value or quoting retirement benefits. We will request full spouse details when a retirement is set up and you should provide us with full information at that time.

Therefore, there is nothing that you need to do at the present time.

2.2 Leavers between 1 April 1972 and 31 March 1999The definition of a spouse is the spouse you are married to at the date of death. Accordingly, we record a spouse’s benefit for all benefits earned and will always value this when calculating a transfer value or quoting retirement benefits. We will request full spouse details when a retirement is set up and you should provide us with full information at that time.

Therefore, there is nothing that you need to do at the present time.

2.3 Leavers on or after 1 April 1999The definition of a spouse is the spouse you are married to at the date of death, providing you were married to the same spouse when you ceased to be a Participating Member.

Please note you cease to be a Participating Member on retirement, leaving service or reaching normal retirement age. However, for the purposes of this rule, the Trustee will apply the rule to be “when you ceased to be a Participating member of this scheme, or ceased to be an Active Member of the RSM (2006) RBS, if later”. Therefore, even though this scheme ceased accruing benefits on 31 March 2006, Participating Members at that time remain Participating Members until they cease to be Active Members in the RSM (2006) RBS.

Accordingly, we only record a spouse’s record and benefit if you were married or in a civil partnership when you ceased to be a Participating Member (up to 31 March 2006) or an Active Member (from 1 April 2006).

If you married or entered into a civil partnership but had already ceased to be a Participating Member of this scheme, or an Active Member of the RSM (2006) RBS, there will be no spouse’s entitlement.

We do not include the value of a spouse’s benefit when calculating a transfer value or quoting retirement benefits, unless we have a qualifying spouse recorded.

Historically we have recorded details of civil partners for members who ceased to be Active Members on or after December 2005 and we will now amend our benefit records to show that a spouse’s pension for civil partners is 2/3rds of all pension earned, not just the pension earned from 5 December 2005.

If you are in a civil partnership, there is nothing further for you to do.

If you have a same sex spouse and are an Active Member or married before you ceased to be an Active Member, please contact me so that we can record details of eligibility.

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3. Benefits earned under the BDO Staff Pension FundIncluding benefits transferred in from The Binder Hamlyn Pension Fund

These benefits were earned up to 31 March 2006. If you were a member on 31 March 2006, you may have then earned benefits under the CARE section of the RSM (2006) RBS too.

The Spouse’s benefit under this scheme is 50 per cent of the member’s pension. The definition of a spouse is the spouse you are married to at the date of death. Accordingly, we record a spouse’s benefit for all benefits earned and will always value this when calculating a transfer value or quoting retirement benefits. We will request full spouse details when a retirement is set up and you should provide us with full information at that time.

Therefore, there is nothing that you need to do at the present time.

4. Benefits earned under the HLB Kidsons R & DBSprevious names being The Kidsons Group RBS The Kidsons Impey RBS

Including benefit transferred in from The Hodgson Impey RBS No1

previous names being The Hodgson Harris & Co GPF & LASThe Hodgson Harris & Co RBSThe Hodgson Harris RBS

These benefits were earned up to 31 October 1996.

The Spouse’s benefit under this scheme is 50 per cent of the member’s pension. The definition of a spouse is the spouse you are married to at the date of death. Accordingly, we record a spouse’s benefit for all benefits earned and will always value this when calculating a transfer value or quoting retirement benefits. We will request full spouse details when a retirement is set up and you should provide us with full information at that time.

Therefore, there is nothing that you need to do at the present time.

5. Guaranteed Minimum PensionsNote that the above deals with scheme pension in excess of any guaranteed minimum pension (“GMP”) you have may accrued because of contracted-out service prior to 6 April 1997. Where a member who is entitled to or in receipt of a GMP from the scheme dies a GMP will become payable to his/her surviving widow or widower. The widow’s/widower’s GMP is calculated in accordance with underlying legislation. Broadly, a widow’s GMP is equal to 50 per cent of the member’s entire GMP whereas a widower’s GMP will be equal to 50 per cent of the member’s GMP accrued after 5 April 1988. A surviving civil partner/same sex spouse will be treated as a widower for these purposes (in accordance with the legislation).

The RSM (2006) Retirement Benefit Scheme

Our membership

The table below shows the changes to our membership in the 2015/2016 and 2016/17 Scheme years:

Active members with deferred pensions

Non-active members with deferred pensions

Pensioner members Total

At 1 April 2015 406 1,766 326 2,498Leavers (43) 43 - -

Members retiring (1) (25) 26 -

Deaths - (3) (6) (9)

Spouse’s pensions - - 4 4

Transfers out (1) (16) - (17)

Commutations - (4) (4)

At 1 April 2016 361 1,765 346 2,472Adjustment (1) (1)

Leavers (27) 27 - -

Members retiring (2) (30) 32 -

Deaths (1) (2) (7) (10)

Spouse’s pensions - - 3 3

Transfers out - (22) - (22)

Commutations - (2) (2)

At 31 March 2017 331 1,738 371 2,440

An Active Member is a member who was accruing benefits on 31 March 2010, when the Scheme ceased accrual and is still in the Company’s employment.

All pensioner members have their pension paid form the fund and the payroll process is operated by Baker Tilly Management Limited on behalf of the Scheme.

Roger SheldonBaker Tilly Management Limited

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Trustee, their advisers and service providersTrusteeRSM Pension Trustees Limited

Directors of RSM Pension Trustees LimitedDavid Gwilliam (Chairman) Robert Ross Tony Pierre Peter Davis – member nominatedKaren Tasker – member nominated

Secretary to the Trusteec/o Roger SheldonBaker Tilly Management LimitedPortland25 High StreetCrawleyWest SussexRH10 1BG

Principal Employer Baker Tilly Management Limited

Participating Employer RSM UK Tax & Accounting Limited

Actuary M Wright FIALane Clark & Peacock LLP95 Wigmore StreetLondonWD1 1DQ

Registered Auditor Grant Th ornton UK LLP 4 Hardman SquareSpinningfi eldsManchesterM3 3EB

Investment Managers Legal and General Investment Management LimitedStandard Life Investments LimitedPhoenix Life Capital International Management Company Sarl Pyrford International LimitedInsight Investment Management (Global) LimitedHayfi n Capital Management LLP

Investment Advisor Lane Clark & Peacock LLP95 Wigmore StreetLondonWD1 1DQ

AVC providers Aviva PLCTh e Equitable Life Assurance SocietyRoyal London Mutual Assurance Society Limited

BankerLloyds TSB PLC4th Floor, 25 Gresham StreetLondonEC2V 7HN

SolicitorSquire Patton Boggs (UK) LLPRutland House148 Edmund StreetBirminghamB3 2JR

Scheme Administrator Baker Tilly Management LimitedPortland25 High StreetCrawleyWest SussexRH10 1BGroger.sheldon@rsmuk.compensions@rsmuk.com

Payroll provider Baker Tilly Management LimitedPortland25 High StreetCrawleyWest SussexRH10 1BG

Th e RSM (2006) Retirement Benefi t Scheme

Statement of Investment Principles - this explains how the Trustee invests the money paid into the Scheme

Statement of Funding Principles - this sets out the funding basis for the Scheme agreed by the Trustee and RSM

Recovery Plan - this shows how the funding shortfall is being met

Schedule of Contributions - this shows how much money is being paid into the Scheme

Th e Annual Report and Accounts of the Scheme - this shows the Scheme’s income and expenditure each year

Actuarial Valuation Report – this is the report prepared by the Scheme’s Actuary on the valuation at 31 March 2016

By law, we cannot give you advice about your pension arrangements. If you are thinking of making any changes for any reason, or are thinking of leaving the Scheme, you should consider obtaining independent fi nancial advice before taking any action. Th e Financial Conduct Authority has useful information about fi nding fi nancial advice. Th eir website is: www.moneyadviceservice.org.uk. In addition, the Pensions Advisory Service can answer any questions on all aspects of pension schemes. Th eir website is http://www.pensionsadvisoryservice.org.uk.

Where can I get more information?

A number of diff erent documents about the Scheme, which are listed below, are available to members on request. If you want us to send you any of these documents, or if you have any questions, please contact the Scheme Administrator.

£ £

? Thinking of doing something with your pension pot? Before you go any further, read these five tips to protect yourself from scammers

1 If you think you’ve been scammed – act immediately

If you've already signed something you're now unsure about, contact your pension provider straight away. They may be able to stop a transfer that hasn't taken place yet. Then call Action Fraud on 0300 123 2040 to report it.

If you have doubts about what to do, ask The Pensions Advisory Service for help. Call them on 0300 123 1047 or visit the TPAS website at www.thepensionsadvisoryservice.org.uk for free pensions advice and information.

If you're aged 50 or over and have a defined contribution pension (a pension not based on your final salary), Pension Wise is there to help you investigate your retirement options. Visit the Pension Wise website at www.pensionwise.gov.uk to find out more.

2 Cold called about your pension? Hang up!

Unsolicited phone calls, text or emails about your pension are nearly always scams. Scammers will often claim they’re from Pension Wise or other government-backed bodies. These organisations would never phone or text to offer a pension review.

3 ‘Deals’ to look out for

Beware of unregulated investments offering ‘guaranteed returns’. These include exotic sounding investments like hotels, vineyards or other overseas ventures, and deals where your money is all in one place – and therefore more at risk. Visit the FCA’s Scamsmart website at www.fca.org.uk/scamsmart to see if the deal you’re being offered is a known scam, or has the hallmarks of a scam.

Don’t be rushed into making a decision. Scammers will try to pressure you with ‘time limited offers’ or send a courier to your door to wait while you sign documents. Take your time to make all the checks you need – even if this means turning down an ‘amazing deal’.

Appendix - Courtesy of the Pensions Regulator - Pension Scams

4 Using an adviser? Make sure they’re registered withthe FCA

Scammers sometimes pose as financial advisers. Check your adviser is registered on the FCA website at www.fca.org.uk/register, and that they’re authorised to give advice on pensions. If you deal with someone who is not regulated you may not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong. And don’t be taken in by smart websites or brochures – professional-looking marketing materials are not a guarantee of a company’s authenticity.

5 Don’t let a friend talk you into an investment– check everything yourself

People have fallen for scams because they’d been recommended by a friend. Do your homework, even if you consider yourself or your friend to be financially savvy. False confidence can lead to getting stung and with a pension, it might be years before you discover you’ve been scammed.

What do you need to look out for? If you’re thinking of transferring your pension, ask yourself these questions, and call TPAS on 0300 123 1047 if you have any doubts

The company • Did you get cold called?

• Is the firm or individual FCA registered?And are they authorised to give adviceon pensions?

• Have there been complaints aboutthe adviser, firm or investment? Do athorough internet search. Also check onforums and social media for mentions.

• Is their address a PO Box or a servicedoffice? Again, do a thorough internetsearch of the address to check.

• Can you contact the business at theirregistered office?

• Is the contact number a mobile number?

The deal • Are you being offered guaranteed returns?

• Are the investments regulated by the FCA? Check at www.fca.org.uk/scamsmart

• What are the tax implications? As well as losing your life savings, you could also get a huge tax bill.

Visit www.pension-scams.com

Appendix - Courtesy of the Pensions Regulator - Pension Scams

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