Contributions

You decide how much you want to pay into your retirement account, subject to a minimum of 3% of your Pensionable Pay. AkzoNobel will double your contribution, up to a maximum of 12% of your Pensionable Pay.

The table below shows the total contribution that will be paid to your retirement account depending on the contribution percentage you choose.

When you join the Plan, your contribution will be automatically set at 3%, with AkzoNobel contributing 6%. Think about whether this amount suits you and if you can afford to pay more.

If you are enrolled in myChoice, you can change the amount you contribute (remember the minimum is 3%) once a year or at the time you experience a life event, such as getting married or having a child. Speak to your HR adviser for more information. If you have not joined myChoice, you can change your contribution rate at http://mychoice.towerswatson.com.

Each year, an administration charge of £25 will be deducted from your retirement account and you will also pay an additional percentage-based charge of 0.15% of your fund value. As long as you are an active member (i.e. you make payments to your retirement account), AkzoNobel will reimburse you for this charge by paying an extra £25 to your retirement account in April each year, plus a payment of 0.1% of your pensionable pay based on April's earnings.

Help deciding how much to save

You will find tools to help you decide how much you need to contribute to achieve your retirement goals on the website http://mychoice.towerswatson.com.

You should review how much you pay over time to make sure you’re on track to achieve your goals.