Welcome to the Textron Limited Master Trust Plan

The decision to move to the Textron Limited Master Trust Plan was made by the Company and Trustees of the old Plan. Members’ existing pension funds in the old Plan will be automatically transferred to the Textron Limited Master Trust Plan, subject to the agreement of the Trustees.

If you are a current employee of Textron and do not want to become a member of the new arrangement, you will have the chance to opt-out. Current employees of Textron will be sent a welcome pack from Fidelity in October - in this pack will be an opt-out form. Simply complete and return this form to Fidelity and we will cancel your membership of the Textron Limited Master Trust Plan. If you opt-out within 30 days of receiving that notice, any contributions you have made to the new plan will be refunded to you.

If you do not wish to join the new arrangement, you can leave it at any time but you will lose the benefit of a pension contribution from the Company and the tax relief on contributions you make to the new Scheme. Please note, that if you opt-out of the new Plan your savings will automatically be moved into the Textron Limited Master Trust Plan and an account will be established for you. You will not be an ‘active’ member and no contributions will be deducted from your salary or made by Textron on your behalf. If you do opt-out of the Textron Limited Master Trust Plan, under government legislation, you will be automatically re-enrolled at periodic intervals, as required under automatic enrolment legislation (with the choice to opt-out again). You can also elect to join the new Plan at any time in the future if you opt-out and then change your mind - contact your HR department for further details on the process.

Yes. Investment was one element of the due diligence undertaken in relation to the Fidelity Master Trust. The Company also considered the stability of Fidelity and its long-term commitment to the Master Trust market; costs and charges; quality of administration; governance; communications and the processes surrounding taking benefits. Past investment performance was one of the investment factors considered and the main focus was on the default investment. Other investment issues considered were the range of other funds available; and importantly the terms on which members’ pension savings built up in the current Plan would be transferred to the Textron Limited Master Trust Plan if the proposal proceeds. Members will have the opportunity to select funds before their first contributions are paid, should they not want contributions invested automatically in the new default investment. Members will be able to access their PlanViewer accounts for the new Plan in October. PlanViewer will contain full details for each of the Textron Limited Master Trust Plan self-select funds available.

It will be possible to transfer other pension savings into the Textron Limited Master Trust Plan. There are no specific charges made by Fidelity for investing a transfer value from another pension arrangement. Whether there are any charges for making the transfer from the transferring arrangement will depend on the terms of that arrangement. If you are interested in making a transfer, you should ask the provider of the relevant arrangement about any charges that may apply and consider obtaining authorised financial advice.

The intention is to transfer members’ pension savings in the current Plan to the Textron Limited Master Trust Plan. However, the Textron Limited Master Trust Plan would offer the flexibility to take partial benefits and remain active in the plan. It is also possible for you to transfer your Textron Limited Pension Scheme savings to another pension scheme (other than the new Plan), or indeed take the benefits you have accrued with the current Plan prior to these being transferred to the Textron Limited Master Trust Plan, if you are aged over 55. However, taking your benefits could affect the amount that can be paid by you and the Company into the new plan. It is strongly recommended that you take the advice of an independent financial adviser if you wish to consider any of these options.

There will be no charges or costs directly related to the change, incurred by members.

monies remaining in your Textron Limited Pension Scheme account will be transferred into the Textron Limited Master Trust Plan, and an account will be set up for you under that Plan. You will then be able to transfer your savings out of the Textron Limited Master Trust Plan if you wish.