The tables give a summary of the projected fund and the impact of costs and charges up to a normal retirement age of 65. The figures are presented against three member examples; youngest member, average member and a member approaching retirement. Additionally, the tables include the performance of the funds over different time periods depending on the age of the member.

When considering a suitable investment choice, charges are only one aspect and other areas should be considered by members (such as potential for investment return and various risks of each fund choice). It is important to highlight that lower charges do not necessarily equate to better outcomes.

The following assumptions and notes apply to the illustrations:

1. Example members 
   • Youngest: age 18, total contribution: £2,250 a year, starting fund value: nil
   • Average: age 40, total contribution: £9,000 a year, starting fund value: £75,000
   • Approaching retirement: age 60, total contribution: £11,250 a year, starting fund value: £250,000
2. Projected pension account values are shown in today’s terms.
3. Contributions and costs/charges that are shown as a monetary amount reduction are paid halfway through the year.
4. Investment returns and costs/charges as a percentage reduction per annum are assumed to be deducted at the end of the year.
5. Charges and costs are deducted before the application of investment returns.
6. Inflation is assumed to be 2.5% each year.
7. Contributions are assumed from age 18 to 65 and increase in line with assumed earnings inflation of 1% per year in real terms.
8. Values shown are estimates and not guaranteed.
9. The gross projected growth rates for each fund are as follow:
   • Medium Risk Lifecycle (Default) – from 2.100% to 3.690% (adjusted depending on term to retirement)
   • Global Equity Index Tracker – 3.69%
   • Diversified Growth Fund – 2.92%
   • Money Market Fund – -0.36%
   • Active Emerging Markets Equity Fund – 4.25%
10. Transactions costs have been provided by Fidelity and cover the period to 31 December 2021, where available.

Normal retirement age is 65.

The tables give a summary of the projected fund and the impact of costs and charges up to a normal retirement age of 65. The figures are presented against three member examples; youngest member, average member and a member approaching retirement. Additionally, the tables include the performance of the funds over different time periods depending on the age of the member.

When considering a suitable investment choice, charges are only one aspect and other areas should be considered by members (such as potential for investment return and various risks of each fund choice). It is important to highlight that lower charges do not necessarily equate to better outcomes.

The following assumptions and notes apply to the illustrations:

1. Example members 
   • Youngest: age 18, total contribution: £2,250 a year, starting fund value: nil
   • Average: age 40, total contribution: £9,000 a year, starting fund value: £75,000
   • Approaching retirement: age 60, total contribution: £11,250 a year, starting fund value: £250,000
2. Projected pension account values are shown in today’s terms.
3. Contributions and costs/charges that are shown as a monetary amount reduction are paid halfway through the year.
4. Investment returns and costs/charges as a percentage reduction per annum are assumed to be deducted at the end of the year.
5. Charges and costs are deducted before the application of investment returns.
6. Inflation is assumed to be 2.5% each year.
7. Contributions are assumed from age 18 to 65 and increase in line with assumed earnings inflation of 1% per year in real terms.
8. Values shown are estimates and not guaranteed.
9. The gross projected growth rates for each fund are as follow:
   • Medium Risk Lifecycle (Default) – from 2.100% to 3.690% (adjusted depending on term to retirement)
   • Global Equity Index Tracker – 3.69%
   • Diversified Growth Fund – 2.92%
   • Money Market Fund – -0.36%
   • Active Emerging Markets Equity Fund – 4.25%
10. Transactions costs have been provided by Fidelity and cover the period to 31 December 2021, where available.

Normal retirement age is 65.