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Reply-To: "Jaguar Land Rover Pensions" <re-61F6-16DB-QNBCC-C0YTE@jlrpensions.com>
From: "Jaguar Land Rover Pensions" <News@jlrpensions.com>
To: <bob@sarahharvey.com>
Subject: =?utf-8?Q?Latest_news_=E2=80=93_April_2020?=
Date: Thu, 30 Apr 2020 13:00:56 +0100
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 <https://jlrpensions.com/61F6-16DB-90QNBCC5D/cr.aspx> View in browser

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COVID-19 – An update from the Trustee
With the non-stop news on COVID-19 we thought you’d appreciate an update on 
the pension implications of the outbreak and what the Trustee is doing.

In summary, the schemes’ investment asset strategies are, compared to many 
other DB pensions schemes, relatively resilient to the negative stresses 
that COVID-19 may bring. This is due to the high levels of hedging in place 
for interest rates and inflation, the allocation to Cashflow Driven 
Investments (CDI) and the diversification in the return seeking assets (such 
as equities).

The return seeking asset allocation has and will continue to experience 
increased volatility (and therefore so will the schemes’ funding) as the 
schemes are not fully immune from the recent falls in equities. The Trustee 
is not proposing any strategic changes in light of these recent events but 
of course will continue to monitor the situation closely. Additionally, the 
Trustee is working closely with Jaguar Land Rover Limited (as the main 
sponsor of the schemes) to determine the impact on its trading and cashflow. 
As the Trustee becomes aware of any further developments we will keep you 
informed.

The Trustee has an obligation to protect all members’ benefits and therefore 
as a result of the volatility of markets and the potential deterioration in 
the schemes’ funding positions the Trustee has taken the decision to review 
the terms on which Cash Equivalent Transfer Values (CETV) are offered to 
members.

Whilst this review is ongoing the availability of CETVs will be suspended 
from 1 May 2020 for a period of 3 months.

The Trustee is aware that there will be a number of cases in progress that 
may be affected by this suspension. Therefore:

*	any members who return the necessary paperwork for a CETV that is still 
within its guarantee period will be honoured;
*	any requests for a guaranteed CETV quotation received by 30 April 2020 
will be provided on the current basis within the normal timescales;
*	any employees of the Company who have opted out of the Schemes since 1 
February 2020 will have a 3 month window from 1 May 2020 to request a 
guaranteed CETV on the current basis;
*	any requests for a CETV for the purposes of divorce will be provided on 
the current basis.

Whilst this suspension is ongoing you will not be able to obtain a CETV 
either by using Benpal or requesting from Mercer.

Finally, once CETV quotations are available again we will let you know. 
Please be aware that the current climate has led to an increase in scammers 
and unscrupulous financial advisers targeting members of DB pension schemes. 
The Trustee strongly recommends you seek independent advice from a qualified 
and authorised financial adviser before considering a transfer. For further 
information please refer to the 
<https://jlrpensions.com/61F6-16DB-QNBCC-KBT4-1/c.aspx> 
<https://jlrpensions.com/61F6-16DB-QNBCC-KBT4-1/c.aspx> Pensions Regulator 
guidance <https://jlrpensions.com/61F6-16DB-QNBCC-KBT4-1/c.aspx> .

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JLT is now Mercer
In the last newsletter we informed you that JLT Employee Benefits (JLT), the 
company that provides administration services to the Jaguar Pension Plan, 
the Jaguar Executive Pension Plan and the Land Rover Pension Scheme, became 
part of Mercer on 1 April 2019.

Mercer is in the process of integrating JLT into its business and this 
includes rebranding all communications with pension scheme members, such as 
letters, benefit illustrations and payslips.



You will be used to seeing the red and navy blue logo of JLT shown opposite. 
With effect from January 2020, the old branding was replaced with the new 
blue and white branding of Mercer, also shown here.

This change will not affect the service or experience that you receive. We 
just wanted to let you know that communications will look different to how 
they do now so that it does not come as a surprise or cause any concern.


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Benpal
We would like to take this opportunity to remind our members who have 
activated their Benpal accounts of the importance of logging in regularly.

Benpal is the best source for up to date information about the Jaguar 
Pension Plan, Jaguar Executive Pension Plan and the Land Rover Pension 
Schemes. It is also where news, updates and other information is held.

Benpal is the best way for you to update your personal information, such as 
your Expression of Wish for nominating beneficiaries (for active and 
deferred members), address information (deferred and pensioner members), and 
your bank details (pensioner members only).

Keeping your information up to date helps us contact you when we need to.


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Pension news
Increases to the Pension Regulator powers
It is proposed that The Pensions Regulator (TPR) will be given new powers to 
fine or jail employers who act with “wilful or reckless behaviour” when it 
comes to their defined benefit (DB) pension schemes.

Employers that are found to be endangering their pension schemes through 
reckless behaviour will face up to seven years in prison or an unlimited 
fine. Employers who ignore contribution notices (a legal requirement to make 
a lump sum payment to their pension scheme or to the Pension Protection 
Fund) will receive an unlimited fine too.

Pensions Dashboard
The Government has asked the Association of British Insurers to develop a 
Pension Dashboard prototype, which aims to bring together a person’s 
retirement savings from all sources, including the State Pension and 
forgotten accounts.

Because the prototype will need to access around 80 million retirement 
accounts, while being secure and easy to use, it is a complicated endeavour 
that is taking longer than expected to develop.

When the Pensions Dashboard is released to the public, you will be able to 
see your State Pension, as well any current or past occupational and 
personal pension accounts.

You can read more about the Pensions Dashboard, and see what it is expected 
to look like, by visiting 
<https://jlrpensions.com/61F6-16DB-QNBCC-KBT5-1/c.aspx> 
www.pensionsdashboardproject.uk/saver


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New funding requirements
All defined benefit pension schemes must adhere to a series of funding 
requirements to help the scheme manage risk and make sure that they are able 
to pay the benefits that are due to its members. These requirements include 
the need to have a full valuation at least every three years, and making 
additional payments to the scheme if it is in a deficit.

There are new funding requirements contained in the Pensions Bill that look 
at the long term future of a scheme, and will be known as a scheme’s 
'funding and investment strategy'.

The strategy must specify:

*	the funding level that the Trustee Board intends to have achieved as at 
the ‘relevant date’ (which is to be determined); and
*	the investments that the trustees intend the scheme to hold on that date.

It is the role of the Trustee Board to work with the Company to make sure 
that these requirements are met, and where needed, updated. These 
regulations apply to the Jaguar Pension Plan, the Jaguar Executive Pension 
Plan and the Land Rover Pension Scheme.

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Reminder on Expression of Wish forms
The quickest and easiest way to update your Expression of Wish form is by 
logging into your Benpal account.

It is important that you review and update your Expression of Wish form on a 
regular basis to make sure any changes to your marital or family status (for 
example if you have a child or you remarry) are reflected. The form lets the 
Trustee Board know to whom you would like any payments to be made, so it is 
crucial that it is kept up to date.

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Contact us
If need to contact us, or you would like to request paper copies of future 
communications, please use the following details:

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Jaguar Pension Plan or Jaguar Executive Pension Plan:

Mercer
St James's Tower
7 Charlotte Street
Manchester
M1 4DZ
0345 078 2052 or
0044 129 889 0252
(if calling from outside the UK)
 <mailto:jaguar@mercer.com> jaguar@mercer.com


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Land Rover Pension Scheme:

Mercer
St James's Tower
7 Charlotte Street
Manchester
M1 4DZ
0345 300 2967 or
0044 207 806 8908
(if calling from outside the UK)
 <mailto:landrover@mercer.com> landrover@mercer.com



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</div>
<!--[if mso]></td><td align=3D"left" valign=3D"top" =
style=3D"width:undefinedpx;" width=3D"undefined"><![endif]--><!--[if =
mso]></td><td align=3D"left" valign=3D"top" style=3D"width:undefinedpx;" =
width=3D"undefined"><![endif]--><!--[if mso]></td><td align=3D"left" =
valign=3D"top" style=3D"width:undefinedpx;" =
width=3D"undefined"><![endif]--><!--[if mso]></td><td align=3D"left" =
valign=3D"top" style=3D"width:undefinedpx;" =
width=3D"undefined"><![endif]-->
<!--[if mso]></td></tr></table><![endif]--></td>
</tr>
</tbody>
</table><table cellpadding=3D"0" cellspacing=3D"0" =
class=3D"col-font-reset ee_element" width=3D"100%" style=3D"font-size: =
14px;text-align: left;min-width: 100%;background-color: rgb(255, 255, =
255);table-layout: auto" role=3D"presentation" bgcolor=3D"#ffffff">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord =
root-element-pad" style=3D"font-family: Arial, sans-serif;padding: 10px =
20px;border-width: 0;padding-top: 10px;padding-right: =
20px;padding-bottom: 0px;padding-left: 20px"><div class=3D"ee_editable" =
style=3D"color: #333333;font-size: 14px;line-height: 22px"><p =
style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)"> <font =
style=3D"word-wrap: break-word;word-break: break-word;color: rgb(207, =
14, 62)"><b>COVID-19 =E2=80=93 An update from the =
Trustee</b></font><br>With the non-stop news on COVID-19 we thought =
you=E2=80=99d appreciate an update on the pension implications of the =
outbreak and what the Trustee is doing.</p><p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 0px;color: rgb(0, 0, 0)">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
In summary, the schemes=E2=80=99 investment asset strategies are, =
compared to many other DB pensions schemes, relatively resilient to the =
negative stresses that COVID-19 may bring. This is due to the high =
levels of hedging in place for interest rates and inflation, the =
allocation to Cashflow Driven Investments (CDI) and the diversification =
in the return seeking assets (such as equities). </p><p =
style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
The return seeking asset allocation has and will continue to experience =
increased volatility (and therefore so will the schemes=E2=80=99 =
funding) as the schemes are not fully immune from the recent falls in =
equities. The Trustee is not proposing any strategic changes in light of =
these recent events but of course will continue to monitor the situation =
closely. Additionally, the Trustee is working closely with Jaguar Land =
Rover Limited (as the main sponsor of the schemes) to determine the =
impact on its trading and cashflow. As the Trustee becomes aware of any =
further developments we will keep you informed.</p><p =
style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">The Trustee =
has an obligation to protect all members=E2=80=99 benefits and therefore =
as a result of the volatility of markets and the potential deterioration =
in the schemes=E2=80=99 funding positions the Trustee has taken the =
decision to review the terms on which Cash Equivalent Transfer Values =
(CETV) are offered to members. </p><p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(0, 0, 0)"><b>Whilst this review is ongoing the =
availability of CETVs will be suspended from 1 May 2020 for a period of =
3 months.</b></p><p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 10px;font-family: arial, helvetica, =
sans-serif;line-height: 20px;text-align: left;font-size: 13px;color: =
rgb(0, 0, 0)">The Trustee is aware that there will be a number of cases =
in progress that may be affected by this suspension. Therefore:
</p><ul style=3D"margin-right: 10px;font-family: arial, helvetica, =
sans-serif; line-height: 20px; text-align: left; font-size: 13px; color: =
rgb(0, 0, 0);">
<li style=3D"margin: 0;word-wrap: break-word;word-break: break-word">any =
members who return the necessary paperwork for a CETV that is still =
within its guarantee period will be honoured;</li> <li style=3D"margin: =
0;word-wrap: break-word;word-break: break-word">any requests for a =
guaranteed CETV quotation received by 30 April 2020 will be provided on =
the current basis within the normal timescales;</li>
<li style=3D"margin: 0;word-wrap: break-word;word-break: break-word">any =
employees of the Company who have opted out of the Schemes since 1 =
February 2020 will have a 3 month window from 1 May 2020 to request a =
guaranteed CETV on the current basis;</li><li style=3D"margin: =
0;word-wrap: break-word;word-break: break-word">any requests for a CETV =
for the purposes of divorce will be provided on the current =
basis.</li></ul><p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 0px"> </p><p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(0, 0, 0)">Whilst this suspension is ongoing you will not =
be able to obtain a CETV either by using Benpal or requesting from =
Mercer. </p><p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 10px;font-family: arial, helvetica, =
sans-serif;line-height: 20px;text-align: left;font-size: 13px;color: =
rgb(0, 0, 0)">Finally, once CETV quotations are available again we will =
let you know. Please be aware that the current climate has led to an =
increase in scammers and unscrupulous financial advisers targeting =
members of DB pension schemes. The Trustee strongly recommends you seek =
independent advice from a qualified and authorised financial adviser =
before considering a transfer. For further information please refer to =
the <a href=3D"https://jlrpensions.com/61F6-16DB-QNBCC-KBT4-1/c.aspx" =
style=3D"word-wrap: break-word;word-break: break-word;color: rgb(58, 58, =
58);text-decoration: underline" class=3D""><b></b></a><a =
href=3D"https://jlrpensions.com/61F6-16DB-QNBCC-KBT4-1/c.aspx" =
style=3D"word-wrap: break-word;word-break: break-word;color: rgb(58, 58, =
58);text-decoration: underline" class=3D""><b><font class=3D"" =
style=3D"word-wrap: break-word;word-break: break-word">Pensions =
Regulator guidance</font></b></a><a =
href=3D"https://jlrpensions.com/61F6-16DB-QNBCC-KBT4-1/c.aspx" =
style=3D"word-wrap: break-word;word-break: break-word;color: rgb(58, 58, =
58);text-decoration: underline" class=3D""><b></b></a>.</p></div></td>
</tr>
</tbody>
</table><table width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"col-font-reset ee_element" =
role=3D"presentation" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto"><tbody><tr><td align=3D"left" =
class=3D"element-pad element-bord root-element-pad" =
style=3D"font-family: Arial, sans-serif;padding: 10px 20px;border-width: =
0;padding-top: 0px;padding-right: 20px;padding-bottom: 0px;padding-left: =
20px;font-size: 1px;line-height: 1px"><img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/43041_green_line.=
png" alt=3D"" style=3D"max-width: 100%;color: #333333;font-size: =
14px;line-height: 22px;width: 100%;display: block" class=3D"ee_editable" =
width=3D"620"></td></tr></tbody></table>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" align=3D"center" =
width=3D"100%" class=3D"row ee_columns three-cols ee_element" =
role=3D"presentation" style=3D"max-width: 660px;min-width: =
100%;table-layout: auto"><tbody><tr><td align=3D"center" valign=3D"top" =
class=3D"row-inner f-size-0 element-pad" dir=3D"ltr" =
style=3D"font-family: Arial, sans-serif;font-size: 0;padding: 0 =
10px;border-width: 0;padding-top: 0px;padding-right: =
10px;padding-bottom: 0px;padding-left: 10px"><!--[if mso]><table =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" =
style=3D"width:640px;" width=3D"640"><tr><td align=3D"left" =
valign=3D"top" style=3D"width:267px;" width=3D"267"><![endif]--><div =
class=3D"stack-column stack-column-width" style=3D"width: =
41.71875%;display: inline-block;vertical-align: top;max-width: =
41.71875%;min-width: 100%"><table cellspacing=3D"0" cellpadding=3D"0" =
border=3D"0" width=3D"100%" role=3D"presentation" style=3D"table-layout: =
auto;"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" =
align=3D"left" style=3D"font-family: Arial, sans-serif;border-width: =
0;padding: 0"><table cellpadding=3D"0" cellspacing=3D"0" =
class=3D"col-font-reset ee_element" width=3D"100%" style=3D"font-size: =
14px;text-align: left;min-width: 100%;background-color: rgb(255, 255, =
255);table-layout: auto" role=3D"presentation" bgcolor=3D"#ffffff">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-left: =
10px"><div class=3D"ee_editable" style=3D"color: #333333;font-size: =
14px;line-height: 22px">
<p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
<font style=3D"word-wrap: break-word;word-break: break-word;color: =
rgb(207, 14, 62)"><b>JLT is now Mercer</b></font> <br>
In the last newsletter we informed you that JLT Employee Benefits (JLT), =
the company that provides administration services to the Jaguar Pension =
Plan, the Jaguar Executive Pension Plan and the Land Rover Pension =
Scheme, became part of Mercer on 1 April 2019.</p><p class=3D"" =
style=3D"word-wrap: break-word;word-break: break-word;margin: 0px">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
Mercer is in the process of integrating JLT into its business and this =
includes rebranding all communications with pension scheme members, such =
as letters, benefit illustrations and payslips.</p></div></td>
</tr>
</tbody>
</table></td></tr></tbody></table></div><!--[if mso]></td><td =
align=3D"left" valign=3D"top" style=3D"width:259px;" =
width=3D"259"><![endif]--><div class=3D"stack-column stack-column-width" =
style=3D"width: 40.46875%;display: inline-block;vertical-align: =
top;max-width: 40.46875%;min-width: 100%"><table cellspacing=3D"0" =
cellpadding=3D"0" border=3D"0" width=3D"100%" role=3D"presentation" =
style=3D"table-layout: auto;"><tbody><tr><td dir=3D"ltr" =
class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font-family: =
Arial, sans-serif;border-width: 0;padding: 0"><table cellpadding=3D"0" =
cellspacing=3D"0" class=3D"col-font-reset ee_element" width=3D"100%" =
style=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: =
auto" role=3D"presentation">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0;padding-top: 0px;padding-right: 10px;padding-bottom: 0px;padding-left: =
10px"><div class=3D"ee_editable" style=3D"color: #333333;font-size: =
14px;line-height: 22px"><p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 10px;font-family: arial, helvetica, =
sans-serif;line-height: 20px;text-align: left;font-size: 13px;color: =
rgb(0, 0, 0)">
You will be used to seeing the red and navy blue logo of JLT shown =
opposite. With effect from January 2020, the old branding was replaced =
with the new blue and white branding of Mercer, also shown here.</p><p =
class=3D"" style=3D"word-wrap: break-word;word-break: break-word;margin: =
0px">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
This change will not affect the service or experience that you receive. =
We just wanted to let you know that communications will look different =
to how they do now so that it does not come as a surprise or cause any =
concern.</p>
</div></td>
</tr>
</tbody>
</table></td></tr></tbody></table></div><!--[if mso]></td><td =
align=3D"left" valign=3D"top" style=3D"width:114px;" =
width=3D"114"><![endif]--><div class=3D"stack-column stack-column-width" =
style=3D"width: 17.8125%;display: inline-block;vertical-align: =
top;max-width: 17.8125%;min-width: 100%">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" width=3D"100%" =
style=3D"table-layout: auto;" role=3D"presentation"><tbody><tr>
<td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" =
style=3D"font-family: Arial, sans-serif;border-width: 0;padding: 0"><div =
class=3D"ee-show-on-desktop" style=3D"display: none"><!--[if mso]><table =
cellpadding=3D"0" cellspacing=3D"0" =
width=3D"100%"><tr><td><![endif]--><table width=3D"100%" border=3D"0" =
cellspacing=3D"0" cellpadding=3D"0" class=3D"ee_element ee_spacer =
col-font-reset" role=3D"presentation" style=3D"font-size: =
14px;text-align: left;min-width: 100%;table-layout: auto"><tbody><tr><td =
style=3D"font-family: Arial, sans-serif;font-size: 1px;line-height: =
1px"><img src=3D"https://i.emlfiles4.com/cmpimg/t/s.gif" =
style=3D"max-width: 100%;display: block;width: 1px;height: 30px" =
alt=3D"" class=3D"" border=3D"0" height=3D"30" =
width=3D"1"></td></tr></tbody></table><!--[if =
mso]></td></tr></table><![endif]--></div><table width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"col-font-reset =
ee_element" role=3D"presentation" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto">
<tbody>
<tr>
<td class=3D"element-pad element-bord" style=3D"font-family: Arial, =
sans-serif;padding: 10px;border-width: 0;padding-top: =
10px;padding-right: 10px;padding-bottom: 0px;padding-left: 10px">
<center class=3D"ved_ctr"><img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/27433_mercerjlt.p=
ng" style=3D"max-width: 100%;color: #333333;font-size: 14px;line-height: =
22px;width: 94px;min-height: auto;display: inline-block;margin: =
0px;vertical-align: bottom" class=3D"ee_editable ee_no_upscale" =
width=3D"94"></center>
</td>
</tr>
</tbody>
</table>
</td>
</tr></tbody></table>
</div><!--[if =
mso]></td></tr></table><![endif]--></td></tr></tbody></table><table =
cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" =
class=3D"ee_customedit ee_dynamic ee_element" data-custom=3D"dynamic" =
role=3D"presentation" style=3D"min-width: 100%;table-layout: auto" =
id=3D"dcitem6629"><tbody><tr><td valign=3D"top" =
class=3D"ee_dynamiccontent" style=3D"font-family: Arial, =
sans-serif"><table width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"col-font-reset ee_element ee_imageelement" =
ee-type=3D"element" data-title=3D"Image" role=3D"presentation" =
style=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: =
auto"><tbody><tr><td align=3D"left" class=3D"element-pad element-bord =
root-element-pad" style=3D"font-family: Arial, sans-serif;padding: 10px =
20px;border-width: 0;padding-top: 0px;padding-right: =
20px;padding-bottom: 0px;padding-left: 20px;font-size: 1px;line-height: =
1px"><img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/27445_red_line.pn=
g" alt=3D"" style=3D"max-width: 100%;color: #333333;font-size: =
14px;line-height: 22px;width: 100%;display: block" class=3D"ee_editable" =
width=3D"620"></td></tr></tbody></table><table cellpadding=3D"0" =
cellspacing=3D"0" class=3D"col-font-reset ee_element ee_textelement" =
width=3D"100%" ee-type=3D"element" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;background-color: rgb(255, 255, 255);table-layout: =
auto" data-title=3D"Text" role=3D"presentation"> <tbody> <tr> <td =
valign=3D"top" align=3D"left" class=3D"element-pad element-bord =
root-element-pad" style=3D"font-family: Arial, sans-serif;padding: 10px =
20px;border-width: 0;padding-top: 0px;padding-right: =
20px;padding-bottom: 0px;padding-left: 20px"><div class=3D"ee_editable" =
style=3D"color: #333333;font-size: 14px;line-height: 22px"><p =
style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)"> <font =
style=3D"word-wrap: break-word;word-break: break-word;color: rgb(207, =
14, 62)"><b>Benpal</b></font><br> <font style=3D"word-wrap: =
break-word;word-break: break-word">We would like to take this =
opportunity to remind our members who have activated their Benpal =
accounts of the importance of logging in regularly.</font></p><p =
class=3D"" style=3D"word-wrap: break-word;word-break: break-word;margin: =
0px;color: rgb(0, 0, 0)"> </p><p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(0, 0, 0)"><font style=3D"word-wrap: =
break-word;word-break: break-word"><font style=3D"word-wrap: =
break-word;word-break: break-word">Benpal is the best source for up to =
date information about the Jaguar Pension Plan, Jaguar Executive Pension =
Plan and the Land Rover Pension Schemes. It is also where news, updates =
and other information is held. </font></font></p> <p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(0, 0, 0)"><font style=3D"word-wrap: =
break-word;word-break: break-word"><font style=3D"word-wrap: =
break-word;word-break: break-word">Benpal is the best way for you to =
update your personal information, such as your Expression of Wish for =
nominating beneficiaries (for active and deferred members), address =
information (deferred and pensioner members), and your bank details =
(pensioner members only). </font></font></p> <p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(0, 0, 0)">Keeping your information up to date helps us =
contact you when we need to.</p></div></td> </tr> </tbody> </table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"col-font-reset ee_element" role=3D"presentation" =
style=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: =
auto"><tbody><tr><td class=3D"element-pad element-bord root-element-pad" =
style=3D"font-family: Arial, sans-serif;padding: 10px 20px;border-width: =
0;padding-top: 0px;padding-right: 20px;padding-bottom: 0px;padding-left: =
20px;font-size: 1px;line-height: 1px"><center class=3D"ved_ctr"><img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/43042_yellow_line=
.png" alt=3D"" style=3D"max-width: 100%;color: #333333;font-size: =
14px;line-height: 22px;width: 100%;display: inline-block;margin: =
0px;vertical-align: bottom" class=3D"ee_editable" =
width=3D"620"></center></td></tr></tbody></table><table border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" align=3D"center" width=3D"100%" =
class=3D"row two-cols ee_columns ee_element" style=3D"max-width: =
660px;min-width: 100%;position: relative;table-layout: auto" =
role=3D"presentation">
<tbody>
<tr>
<td align=3D"center" valign=3D"top" class=3D"row-inner f-size-0 =
element-pad" dir=3D"ltr" style=3D"font-family: Arial, =
sans-serif;font-size: 0;padding: 0 10px;border-width: 0">
<!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:640px;" width=3D"640"><tr><td =
align=3D"left" valign=3D"top" style=3D"width:334px;" =
width=3D"334"><![endif]-->
<div class=3D"stack-column stack-column-width" style=3D"width: =
52.1875%;display: inline-block;vertical-align: top;max-width: =
52.1875%;min-width: 100%">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" width=3D"100%" =
style=3D"table-layout: auto;" role=3D"presentation">
<tbody>
<tr>
<td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" =
style=3D"font-family: Arial, sans-serif;border-width: 0;padding: 0">
<table cellpadding=3D"0" cellspacing=3D"0" class=3D"col-font-reset =
ee_element" width=3D"100%" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto" role=3D"presentation">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0"><div class=3D"ee_editable" style=3D"color: #333333;font-size: =
14px;line-height: 22px;position: static">
<p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
<font style=3D"word-wrap: break-word;word-break: break-word;color: =
rgb(207, 14, 62)"><b>Pension news</b></font><br>
<font style=3D"word-wrap: break-word;word-break: break-word;color: =
rgb(0, 0, 0)"><b>Increases to the Pension Regulator =
powers</b></font><br>
It is proposed that The Pensions Regulator (TPR) will be given new =
powers to fine or jail employers who act with =E2=80=9Cwilful or =
reckless behaviour=E2=80=9D when it comes to their defined benefit (DB) =
pension schemes.</p><p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 0px">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
Employers that are found to be endangering their pension schemes through =
reckless behaviour will face up to seven years in prison or an unlimited =
fine. Employers who ignore contribution notices (a legal requirement to =
make a lump sum payment to their pension scheme or to the Pension =
Protection Fund) will receive an unlimited fine too.</p>
<p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
<font style=3D"word-wrap: break-word;word-break: break-word;color: =
rgb(207, 14, 62)"><b>Pensions Dashboard</b></font><br>
The Government has asked the Association of British
Insurers to develop a Pension Dashboard prototype,
which aims to bring together a person=E2=80=99s retirement
savings from all sources, including the State Pension
and forgotten accounts.</p><p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 0px">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
Because the prototype will need to access around 80 million retirement =
accounts, while being secure and easy to use, it is a complicated =
endeavour that is taking longer than expected to develop.</p> <p =
style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
When the Pensions Dashboard is released to the
public, you will be able to see your State Pension, as
well any current or past occupational and personal
pension accounts.</p> <p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 10px;font-family: arial, helvetica, =
sans-serif;line-height: 20px;text-align: left;font-size: 13px;color: =
rgb(0, 0, 0)">
You can read more about the Pensions Dashboard,
and see what it is expected to look like, by visiting
<a href=3D"https://jlrpensions.com/61F6-16DB-QNBCC-KBT5-1/c.aspx" =
style=3D"word-wrap: break-word;word-break: break-word;color: rgb(58, 58, =
58);text-decoration: =
underline"><b>www.pensionsdashboardproject.uk/saver</b></a></p></div></td=
>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
<!--[if mso]></td><td align=3D"left" valign=3D"top" =
style=3D"width:306px;" width=3D"306" class=3D"column"><![endif]-->
<div class=3D"stack-column stack-column-width" style=3D"width: =
47.8125%;display: inline-block;vertical-align: top;max-width: =
47.8125%;min-width: 100%">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" width=3D"100%" =
style=3D"table-layout: auto;" role=3D"presentation">
<tbody>
<tr>
<td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" =
style=3D"font-family: Arial, sans-serif;border-width: 0;padding: =
0"><table width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"col-font-reset ee_element" =
role=3D"presentation" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto"><tbody><tr><td align=3D"left" =
class=3D"element-pad element-bord" style=3D"font-family: Arial, =
sans-serif;padding: 10px;border-width: 0;font-size: 1px;line-height: =
1px"><img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/27438_keyboard.pn=
g" alt=3D"" style=3D"max-width: 100%;color: #333333;font-size: =
14px;line-height: 22px;width: 100%;display: block" class=3D"ee_editable" =
width=3D"286"></td></tr></tbody></table><table cellpadding=3D"0" =
cellspacing=3D"0" class=3D"col-font-reset ee_element" width=3D"100%" =
style=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: =
auto" role=3D"presentation">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0"><div class=3D"ee_editable" style=3D"color: #333333;font-size: =
14px;line-height: 22px">
<p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
<font style=3D"word-wrap: break-word;word-break: break-word;color: =
rgb(207, 14, 62)"><b>New funding requirements</b></font><br>
All defined benefit pension schemes must adhere to a series of
funding requirements to help the scheme manage risk
and make sure that they are able to pay the benefits
that are due to its members. These requirements
include the need to have a full valuation at least every
three years, and making additional payments to the
scheme if it is in a deficit.</p><p class=3D"" style=3D"word-wrap: =
break-word;word-break: break-word;margin: 0px">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
There are new funding requirements contained in the
Pensions Bill that look at the long term future of a
scheme, and will be known as a scheme=E2=80=99s 'funding and
investment strategy'.</p><p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 10px;font-family: arial, helvetica, =
sans-serif;line-height: 20px;text-align: left;font-size: 13px;color: =
rgb(0, 0, 0)">
The strategy must specify:</p><ul><li style=3D"margin: 0;word-wrap: =
break-word;word-break: break-word;margin-right: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(0, 0, 0)">
the funding level that the Trustee Board intends to
have achieved as at the =E2=80=98relevant date=E2=80=99 (which is to be
determined); and</li><li style=3D"margin: 0;word-wrap: =
break-word;word-break: break-word;margin-right: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(0, 0, 0)">
the investments that the trustees intend the scheme
to hold on that date.</li></ul><p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(0, 0, 0)">
It is the role of the Trustee Board to work with the
Company to make sure that these requirements are
met, and where needed, updated. These regulations
apply to the Jaguar Pension Plan, the Jaguar Executive
Pension Plan and the Land Rover Pension Scheme.</p></div></td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
<!--[if mso]></td></tr></table><![endif]-->
</td>
</tr>
</tbody>
</table><table width=3D"100%" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" class=3D"ee_element ee_spacer col-font-reset" =
role=3D"presentation" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto"><tbody><tr><td =
style=3D"font-family: Arial, sans-serif;font-size: 1px;line-height: =
1px"><img src=3D"https://i.emlfiles4.com/cmpimg/t/s.gif" =
style=3D"max-width: 100%;display: block;width: 1px;height: 10px" =
alt=3D"" class=3D"" border=3D"0" height=3D"10" =
width=3D"1"></td></tr></tbody></table><table border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" align=3D"center" width=3D"100%" =
class=3D"row two-cols ee_columns ee_element" role=3D"presentation" =
style=3D"max-width: 660px;min-width: 100%;table-layout: =
auto"><tbody><tr><td align=3D"center" valign=3D"top" class=3D"row-inner =
f-size-0 element-pad" dir=3D"ltr" style=3D"font-family: Arial, =
sans-serif;font-size: 0;padding: 0 10px;border-width: 0;padding-top: =
0px;padding-right: 30px;padding-bottom: 0px;padding-left: 30px"><!--[if =
mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:600px;" width=3D"600"><tr><td =
align=3D"left" valign=3D"top" style=3D"width:257px;" =
width=3D"257"><![endif]--><!-- STACK COLUMN : BEGIN --><div =
class=3D"stack-column stack-column-width" style=3D"width: =
42.833333%;display: inline-block;vertical-align: top;max-width: =
42.833333%;min-width: 100%"><table cellspacing=3D"0" cellpadding=3D"0" =
border=3D"0" width=3D"100%" role=3D"presentation" style=3D"table-layout: =
auto;"><tbody><tr><td dir=3D"ltr" class=3D"col-inner ee_dropzone" =
align=3D"left" style=3D"font-family: Arial, sans-serif;border-width: =
0;padding: 0"><table width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"col-font-reset ee_element" =
role=3D"presentation" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto">
<tbody>
<tr>
<td align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0;font-size: 1px;line-height: 1px;padding-top: 2px;padding-right: =
10px;padding-bottom: 10px;padding-left: 10px">
<img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/35082_umbrellav2.=
png" style=3D"max-width: 100%;color: #333333;font-size: =
14px;line-height: 22px;width: 96.62%;min-height: auto;display: block" =
class=3D"ee_editable" width=3D"229">
</td>
</tr>
</tbody>
</table></td></tr></tbody></table></div><!-- STACK COLUMN : END =
--><!--[if mso]></td><td align=3D"left" valign=3D"top" =
style=3D"width:343px;" width=3D"343" class=3D"column"><![endif]--><!-- =
STACK COLUMN : BEGIN --><div class=3D"stack-column stack-column-width" =
style=3D"width: 57.166667%;display: inline-block;vertical-align: =
top;max-width: 57.166667%;min-width: 100%"><table cellspacing=3D"0" =
cellpadding=3D"0" border=3D"0" width=3D"100%" role=3D"presentation" =
style=3D"table-layout: auto;"><tbody><tr><td dir=3D"ltr" =
class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font-family: =
Arial, sans-serif;border-width: 0;padding: 0"><table cellpadding=3D"0" =
cellspacing=3D"0" class=3D"col-font-reset ee_element" width=3D"100%" =
style=3D"font-size: 14px;text-align: left;min-width: =
100%;background-color: rgb(87, 87, 86);table-layout: auto" =
role=3D"presentation" bgcolor=3D"#575756">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0;padding-top: 10px;padding-right: 10px;padding-bottom: =
10px;padding-left: 10px"><div class=3D"ee_editable" style=3D"color: =
#333333;font-size: 14px;line-height: 22px;position: static">
<p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(255, 255, 255)">
<font style=3D"word-wrap: break-word;word-break: break-word;color: =
rgb(255, 255, 255)"><b>Reminder on Expression of Wish =
forms</b></font><br>
<font style=3D"word-wrap: break-word;word-break: break-word">The =
quickest and easiest way to update your Expression of Wish form is by =
logging into your Benpal account.</font></p><p class=3D"" =
style=3D"word-wrap: break-word;word-break: break-word;margin: 0px;color: =
rgb(255, 255, 255)">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(255, 255, 255)"><font =
style=3D"word-wrap: break-word;word-break: break-word">
It is important that you review and update your Expression of Wish form =
on a regular basis to make sure any changes to your marital or family =
status (for example if you have a child or you remarry) are reflected. =
The form lets the Trustee Board know to whom you would like any payments =
to be made, so it is crucial that it is kept up to =
date.</font></p></div></td>
</tr>
</tbody>
</table></td></tr></tbody></table></div><!-- STACK COLUMN : END =
--><!--[if =
mso]></td></tr></table><![endif]--></td></tr></tbody></table><table =
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
class=3D"ee_element ee_spacer col-font-reset" role=3D"presentation" =
style=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: =
auto"><tbody><tr><td style=3D"font-family: Arial, sans-serif;font-size: =
1px;line-height: 1px"><img =
src=3D"https://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"max-width: =
100%;display: block;width: 1px;height: 10px" alt=3D"" class=3D"" =
border=3D"0" height=3D"10" width=3D"1"></td></tr></tbody></table><table =
cellpadding=3D"0" cellspacing=3D"0" class=3D"col-font-reset ee_element" =
width=3D"100%" style=3D"font-size: 14px;text-align: left;min-width: =
100%;background-color: rgb(255, 255, 255);table-layout: auto" =
role=3D"presentation" bgcolor=3D"#ffffff">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord =
root-element-pad" style=3D"font-family: Arial, sans-serif;padding: 10px =
20px;border-width: 0"><div class=3D"ee_editable" style=3D"color: =
#333333;font-size: 14px;line-height: 22px">
<p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px;color: rgb(0, 0, 0)">
<font style=3D"word-wrap: break-word;word-break: break-word;color: =
rgb(207, 14, 62)"><b>Contact us</b></font><br>
<font style=3D"word-wrap: break-word;word-break: break-word">If need to =
contact us, or you would like to request paper copies of future =
communications, please use the
following details:</font></p></div></td>
</tr>
</tbody>
</table><table width=3D"100%" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" class=3D"ee_element ee_spacer col-font-reset" =
role=3D"presentation" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto"><tbody><tr><td =
style=3D"font-family: Arial, sans-serif;font-size: 1px;line-height: =
1px"><img src=3D"https://i.emlfiles4.com/cmpimg/t/s.gif" =
style=3D"max-width: 100%;display: block;width: 1px;height: 10px" =
alt=3D"" class=3D"" border=3D"0" height=3D"10" =
width=3D"1"></td></tr></tbody></table><table border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" align=3D"center" width=3D"100%" =
class=3D"row ee_columns three-cols ee_element" role=3D"presentation" =
style=3D"max-width: 660px;min-width: 100%;table-layout: =
auto"><tbody><tr><td align=3D"center" valign=3D"top" class=3D"row-inner =
f-size-0 element-pad" dir=3D"ltr" style=3D"font-family: Arial, =
sans-serif;font-size: 0;padding: 0 10px;border-width: 0"><!--[if =
mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:640px;" width=3D"640"><tr><td =
align=3D"left" valign=3D"top" style=3D"width:267px;" =
width=3D"267"><![endif]--><div class=3D"stack-column stack-column-width" =
style=3D"width: 41.71875%;display: inline-block;vertical-align: =
top;max-width: 41.71875%;min-width: 100%"><table cellspacing=3D"0" =
cellpadding=3D"0" border=3D"0" width=3D"100%" role=3D"presentation" =
style=3D"table-layout: auto;"><tbody><tr><td dir=3D"ltr" =
class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font-family: =
Arial, sans-serif;border-width: 0;padding: 0"><table width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"col-font-reset =
ee_element" role=3D"presentation" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto">
<tbody>
<tr>
<td align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0;font-size: 1px;line-height: 1px">
<img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/27425_jaguar.png"=
 style=3D"max-width: 100%;color: #333333;font-size: 14px;line-height: =
22px;width: 96px;min-height: auto;display: block" class=3D"ee_editable =
ee_no_upscale" width=3D"96">
</td>
</tr>
</tbody>
</table><table cellpadding=3D"0" cellspacing=3D"0" =
class=3D"col-font-reset ee_element" width=3D"100%" style=3D"font-size: =
14px;text-align: left;min-width: 100%;background-color: rgb(255, 255, =
255);table-layout: auto" role=3D"presentation" bgcolor=3D"#ffffff">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0"><div class=3D"ee_editable" style=3D"color: #333333;font-size: =
14px;line-height: 22px;position: static"><p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(99, 86, 82)">Jaguar Pension Plan or
Jaguar Executive Pension Plan:</p><p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 0px">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px">
<font style=3D"word-wrap: break-word;word-break: break-word;color: =
rgb(0, 0, 0)">Mercer<br>
St James's Tower<br>
7 Charlotte Street<br>
Manchester<br>
M1 4DZ<br>
0345 078 2052 or<br>
0044 129 889 0252<br>
(if calling from outside the UK)<br></font><b><a =
href=3D"mailto:jaguar@mercer.com" style=3D"word-wrap: =
break-word;word-break: break-word;text-decoration: underline;color: =
rgb(0, 0, 0)"><font style=3D"word-wrap: break-word;word-break: =
break-word">jaguar@mercer.com</font></a></b></p></div></td>
</tr>
</tbody>
</table></td></tr></tbody></table></div><!--[if mso]></td><td =
align=3D"left" valign=3D"top" style=3D"width:259px;" =
width=3D"259"><![endif]--><div class=3D"stack-column stack-column-width" =
style=3D"width: 40.46875%;display: inline-block;vertical-align: =
top;max-width: 40.46875%;min-width: 100%"><table cellspacing=3D"0" =
cellpadding=3D"0" border=3D"0" width=3D"100%" role=3D"presentation" =
style=3D"table-layout: auto;"><tbody><tr><td dir=3D"ltr" =
class=3D"col-inner ee_dropzone" align=3D"left" style=3D"font-family: =
Arial, sans-serif;border-width: 0;padding: 0"><table width=3D"100%" =
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"col-font-reset =
ee_element" role=3D"presentation" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto">
<tbody>
<tr>
<td align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0;font-size: 1px;line-height: 1px">
<img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/27427_landrover.p=
ng" style=3D"max-width: 100%;color: #333333;font-size: 14px;line-height: =
22px;width: 79px;min-height: auto;display: block" class=3D"ee_editable =
ee_no_upscale" width=3D"79">
</td>
</tr>
</tbody>
</table><table cellpadding=3D"0" cellspacing=3D"0" =
class=3D"col-font-reset ee_element" width=3D"100%" style=3D"font-size: =
14px;text-align: left;min-width: 100%;background-color: rgb(255, 255, =
255);table-layout: auto" role=3D"presentation" bgcolor=3D"#ffffff">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0"><div class=3D"ee_editable" style=3D"color: #333333;font-size: =
14px;line-height: 22px;position: static"><p style=3D"word-wrap: =
break-word;word-break: break-word;margin: 10px;font-family: arial, =
helvetica, sans-serif;line-height: 20px;text-align: left;font-size: =
13px;color: rgb(99, 86, 82)">Land Rover
Pension Scheme:</p><p style=3D"word-wrap: break-word;word-break: =
break-word;margin: 0px">
</p><p style=3D"word-wrap: break-word;word-break: break-word;margin: =
10px;font-family: arial, helvetica, sans-serif;line-height: =
20px;text-align: left;font-size: 13px">
<font style=3D"word-wrap: break-word;word-break: break-word"><font =
style=3D"word-wrap: break-word;word-break: break-word;color: rgb(0, 0, =
0)"> Mercer<br>
St James's Tower<br>
7 Charlotte Street<br>
Manchester<br>
M1 4DZ<br>
0345 300 2967 or<br>
0044 207 806 8908<br>
(if calling from outside the UK)<br>
</font><b><a href=3D"mailto:landrover@mercer.com" style=3D"word-wrap: =
break-word;word-break: break-word;text-decoration: underline;color: =
rgb(0, 0, 0)"><font style=3D"word-wrap: break-word;word-break: =
break-word">landrover@mercer.com</font></a></b><br>
</font></p></div></td>
</tr>
</tbody>
</table></td></tr></tbody></table></div><!--[if mso]></td><td =
align=3D"left" valign=3D"top" style=3D"width:114px;" =
width=3D"114"><![endif]--><div class=3D"stack-column stack-column-width" =
style=3D"width: 17.8125%;display: inline-block;vertical-align: =
top;max-width: 17.8125%;min-width: 100%">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" width=3D"100%" =
style=3D"table-layout: auto;" role=3D"presentation"><tbody><tr>
<td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" =
style=3D"font-family: Arial, sans-serif;border-width: 0;padding: 0">
</td>
</tr></tbody></table>
</div><!--[if =
mso]></td></tr></table><![endif]--></td></tr></tbody></table><table =
width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
class=3D"ee_element ee_spacer col-font-reset" role=3D"presentation" =
style=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: =
auto"><tbody><tr><td style=3D"font-family: Arial, sans-serif;font-size: =
1px;line-height: 1px"><img =
src=3D"https://i.emlfiles4.com/cmpimg/t/s.gif" style=3D"max-width: =
100%;display: block;width: 1px;height: 10px" alt=3D"" class=3D"" =
border=3D"0" height=3D"10" width=3D"1"></td></tr></tbody></table><table =
width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"col-font-reset ee_element" role=3D"presentation" =
style=3D"font-size: 14px;text-align: left;min-width: 100%;table-layout: =
auto">
<tbody>
<tr>
<td align=3D"left" class=3D"element-pad element-bord root-element-pad" =
style=3D"font-family: Arial, sans-serif;padding: 10px 20px;border-width: =
0px;padding-top: 10px;padding-right: 20px;padding-bottom: =
10px;padding-left: 20px;border-color: rgb(0, 0, 0);border-style: =
none;font-size: 1px;line-height: 1px">
<img =
src=3D"https://i.emlfiles4.com/cmpimg/8/7/7/1/8/2/files/27443_lines.png" =
style=3D"max-width: 100%;color: #333333;font-size: 14px;line-height: =
22px;width: 100%;min-height: auto;display: block" class=3D"ee_editable" =
width=3D"620">
</td>
</tr>
</tbody>
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</div>
<div class=3D"ee_dropzone">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" align=3D"center" =
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style=3D"max-width: 660px;min-width: 100%;position: =
relative;table-layout: auto" role=3D"presentation">
<tbody>
<tr>
<td align=3D"center" valign=3D"top" class=3D"row-inner f-size-0 =
element-pad" dir=3D"ltr" style=3D"font-family: Arial, =
sans-serif;font-size: 0;padding: 0 10px;border-width: 0">
<!--[if mso]><table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
align=3D"center" style=3D"width:640px;" width=3D"640"><tr><td =
align=3D"left" valign=3D"top" style=3D"width:320px;" =
width=3D"320"><![endif]-->
<div class=3D"no-stack-column no-stack-column-width stack-column =
stack-column-width" style=3D"width: 50%;display: =
inline-block;vertical-align: top;float: left;max-width: 50%;min-width: =
100%">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" width=3D"100%" =
style=3D"table-layout: auto;" role=3D"presentation">
<tbody>
<tr>
<td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" =
style=3D"font-family: Arial, sans-serif;border-width: 0;padding: =
0"></td>
</tr>
</tbody>
</table>
</div>
<!--[if mso]></td><td align=3D"left" valign=3D"top" =
style=3D"width:320px;" width=3D"320" class=3D"column"><![endif]-->
<div class=3D"no-stack-column no-stack-column-width stack-column =
stack-column-width" style=3D"width: 50%;display: =
inline-block;vertical-align: top;float: left;max-width: 50%;min-width: =
100%">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"0" width=3D"100%" =
style=3D"table-layout: auto;" role=3D"presentation">
<tbody>
<tr>
<td dir=3D"ltr" class=3D"col-inner ee_dropzone" align=3D"left" =
style=3D"font-family: Arial, sans-serif;border-width: 0;padding: =
0"><table cellpadding=3D"0" cellspacing=3D"0" class=3D"col-font-reset =
ee_element" width=3D"100%" style=3D"font-size: 14px;text-align: =
left;min-width: 100%;table-layout: auto" role=3D"presentation">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" class=3D"element-pad element-bord" =
style=3D"font-family: Arial, sans-serif;padding: 10px;border-width: =
0"><div class=3D"ee_editable" style=3D"color: #333333;font-size: =
14px;line-height: 22px"><p class=3D"disclaimer" style=3D"word-wrap: =
break-word;word-break: break-word;margin: 0px;font-size: 10px;color: =
#3a3a3a;line-height: 16px;text-align: right"><font style=3D"word-wrap: =
break-word;word-break: break-word"><a =
href=3D"https://jlrpensions.com/61F6-16DB-90QNBCC5D/uns.aspx" =
style=3D"word-wrap: break-word;word-break: break-word;color: rgb(58, 58, =
58);text-decoration: underline;font-size: 10px">Unsubscribe</a> =
&nbsp;</font>&nbsp;</p></div></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
</div>
<!--[if mso]></td></tr></table><![endif]-->
</td>
</tr>
</tbody>
</table>
</div>
<!--[if mso]></td></tr></table><![endif]-->
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
<!--[if (gte mso 9)|(IE)]></td></tr></table><![endif]-->
</td>
</tr>
</tbody>
</table>
</center>
</td>
</tr>
</tbody>
</table> <img src=3D"https://jlrpensions.com/61F6-16DB-QNBCC/o.gif" =
height=3D"1" alt=3D"" style=3D"max-width: 100%;display: block" =
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