Scheme booklet - Barclays Pensions

The Pension Investment
Plan (PIP)
get to where you
want to be
Your scheme booklet
For members of PIP
The Barclays Bank UK Retirement Fund (the UKRF)

Inside this booklet
Terms explained
Overleaf
Welcome to PIP 2
1. Getting started – the essentials: outlining everything you 3
need to know to start saving with PIP including who can
join, how your savings build up and what you need to do
when you join.
2. Additional benefits of PIP: sets out other benefits of PIP, 7
such as the cost-effectiveness of contributions, investment
options and your choices at retirement. It also describes the
benefits available in the event of your death or ill-health.
3. Model your own choices: use the online pension modeller 14
to help you understand your options in PIP. This section
shows how the modeller works. You will also find some case
studies to help you understand your options and how to
review and revise your decisions.
4. Further information: includes information about how to 19
raise concerns, the tax treatment of contributions and how
we use your data.
5. Useful contacts: includes contact details for various external 20
pension bodies, Barclays Pensions Administration and how to
find an independent financial adviser.
6. Supplement: provides specific information for certain members 21
who joined PIP on 1 April 2010 following Barclays Pensions
Review 2009.

2 PIP – get to where you want to be
Welcome to the Pension
Investment Plan (PIP)
It is never too soon to start saving for your retirement and
by reading this booklet you have taken an important step
in your retirement planning. Saving through PIP helps you
build up valuable retirement benefits in a flexible way that
suits you.
PIP gives you…
A valuable benefit
Barclays contributes 10% of your monthly Basic Salary to help you save
for retirement.
Opportunity to grow
You have the opportunity to grow your retirement benefits further
by making Additional Voluntary Contributions (AVCs).
Flexibility and choice
PIP provides you with the flexibility to save in a way that works for you.
You can choose how much you contribute, how your contributions are
invested and when you retire.
A cost-effective way of saving for retirement
If you make contributions, you will benefit from tax relief and you may
benefit from savings in National Insurance too. Making AVCs to PIP may
cost less than you think.
Protection
PIP provides benefits in the event of your death or if you become
too ill to work.
To find out more
This booklet describes the
standard provisions of PIP. If
you were a member of another
section(s) of The Barclays
Bank UK Retirement Fund (the
UKRF) as at 31 March 2010,
please ensure you refer to any
additional information you were
provided at the time of transfer
and the Supplement on page 21.
Where defined terms are used
in this booklet you should refer
to Terms explained on the
inside front cover.
If you need this booklet
in a different format
You can obtain this booklet
in large print, Braille or audio
format. Please contact Barclays
Pensions Administration. Details
are on page 20.
This booklet is a summary of
the benefits payable from PIP.
Nothing in this booklet confers
any entitlement to benefits
in excess of those provided
under the Rules of the UKRF.
The Rules, and applicable law,
override this booklet in the
event of any discrepancies
between them.
All references to tax are based
on the Trustee’s understanding
at the date of this booklet.
Benefits and contributions
are taxed at the rate and in the
manner actually in force at
the relevant time.
Visit www.barclayspensions.co.uk or contact Barclays Pensions
Administration (see page 20).

PIP – get to where you want to be 3
1. Getting started – the essentials
This section confirms who
can join PIP and provides
a summary of how your
retirement savings will
build up. This section also
provides information
about what you need
to do when you join.
Read the rest of this booklet
to understand the full range
of benefits available to you.
Who can join?
Barclays decides who may join PIP and notifies prospective members of their
eligibility. All permanent employees of Barclays Capital who are aged between 18
and 60 years, or who are outside of this age range but are entitled to join under
their contract of employment, are eligible to join (subject to exclusions for certain
overseas employment).
How do I join?
We believe that saving for your retirement is so important that, if eligible, you will
automatically become a member of PIP when you join Barclays. This means you
will benefit straight away from Barclays contributions. You can choose how these
contributions are invested and whether to make Additional Voluntary Contributions
(AVCs). Complete a contribution form to confirm your choices. Make sure that you
read this booklet carefully to understand the options available to you.
You can also opt out of PIP but should consider this carefully before doing so
(see page 6 for further details).

4 PIP – get to where you want to be
PIP – get to where you want to be 5
How it works
Barclays contributions and, any contributions you make, form your Accumulated Fund. You can
choose how your Accumulated Fund is invested. When you reach retirement, your Accumulated
Fund is used to provide your retirement benefits.
Barclays helps you save
Barclays contributes 10% of your monthly Basic Salary into your Accumulated Fund.
Barclays
contributes
10% of your
Basic Salary
Accumulated Fund
(used to buy benefits when you retire)
More information
on the cost-effectiveness
of AVCs and your investment
options can be found on
pages 7 to 9.
You can grow your retirement savings with
Additional Voluntary Contributions (AVCs)
You do not have to make any contributions to PIP but you can grow your Accumulated
Fund further by making AVCs.
There are two types of AVCs:
• Regular AVCs. You can choose how much to contribute on a monthly basis,
subject to a minimum contribution of £5 a month.
• Lump-sum AVCs. You may not always be in a position to make regular AVCs,
which is why you can also make lump-sum AVCs at any time, subject to
a minimum of £100.
Phasing your regular AVCs
You also have the option to phase in your regular AVCs if you cannot commit to the
level you want to make straight away. Phasing allows you to increase your regular
AVCs by 1% of your Basic Salary each April until you reach your pre-specified target
contribution level.
Investment returns
You can choose how contributions from Barclays, and any AVCs you make, are invested
from a range of funds made available by the Trustee. Details of the investment funds
available are included on page 9. The value of your Accumulated Fund depends on how
much has been paid into it and the investment returns it receives. Over time the value of
your Accumulated Fund may go up or down depending on your choice of investments.
You can choose
to make
Additional
Voluntary
Contributions
(AVCs)
Investment
performance
Barclays contributions
AVCs
Benefits already built up
Your Accumulated Fund
may go up and down
in value in line with
investment performance.
£
Option to take
tax-free cash
You can take up to 25% of your
Accumulated Fund as a cash
lump-sum when you retire
(subject to any additional limits
imposed by HMRC from time
to time). Under current HMRC
rules this lump-sum can be
paid tax free.
30 15 0
Years to retirement
When you retire, your Accumulated Fund is used to provide retirement
benefits. There are two main types of retirement benefit you can receive:
Buy retirement
income
After taking any tax-free
cash, the remainder of your
Accumulated Fund is used
to buy an annuity. An annuity
provides you with a regular
income in retirement.
You can also choose to
provide benefits for your
dependants after your death.
Protection for you and
your dependants
In addition to building up
benefits for your retirement,
PIP also provides benefits in
the event of your death while
you are in Barclays service
and ill-health benefits if
you become too ill to work.
More information is provided
about these benefits on
page 12.
Changing your
regular AVCs
Regular AVCs are
normally made through
Salary Sacrifice unless
you opt out or are not
eligible. See page 8 for
more information about
Salary Sacrifice. You will
be able to change
your Salary Sacrifice
contributions on 1 April
each year. However, you
can change your level
of regular AVCs if you
have a Life Event, such
as marriage. See Terms
explained for more
details about Life Events.
If you do not participate
in Salary Sacrifice you
can change your regular
AVCs at any time.

6 PIP – get to where you want to be
What do I need to do when I join?
When you join PIP you need to consider how you
would like your contributions to be invested and
whether to make AVCs in addition to the 10%
contribution made by Barclays.
You need to:
• Consider your investment options and decide how you would like your Barclays
contributions to be invested. You can choose from Lifestyle, Anchor or Self
Select Investments. If you do not make a selection and complete a contribution
form indicating otherwise, these contributions will be invested in a Lifestyle fund
targeting retirement in the year of your 60th birthday.
• Decide if you want to make regular or lump-sum AVCs:
• Consider phasing in your regular AVCs over a number of years if you
would like to make regular AVCs but are concerned about the cost;
• Decide how to invest your AVCs (see above).
• Complete and return a contribution form to confirm your investment
decision for future Barclays contributions and any AVCs you wish to make.
Copies of the contribution form can be found online at
www.barclayspensions.co.uk or by contacting Barclays Pensions
Administration (see page 20).
Model your own choices
Use the pension modeller at www.barclayspensions.co.uk. You can
find out how the modeller works on page 14. We have also included
some case studies to help you make your choices.
Information to consider
before opting out of PIP
If you do not want to be a member
of PIP, you can opt out at any time
by giving at least one month’s notice
in writing to Barclays Pensions
Administration. Here are some of the
things you should think about before
doing so:
• If you opt out, you will continue
to be covered for life assurance
of four times your Basic Salary
but will not be eligible for the
additional PIP dependants’
death-in-service benefit or
ill-health benefits (see page
12 for more information). You
will also not receive Barclays
contributions of 10% of your
Basic Salary.
• You can apply to rejoin PIP by
writing to Barclays Pensions
Administration, giving one
month’s notice. Your application
will be considered at the discretion
of Barclays which may set specific
terms on your rejoining.

PIP – get to where you want to be 7
2. Additional benefits of PIP
This section sets out some
additional benefits of PIP.
It includes details of
the cost-effectiveness
of contributions and
options for investing your
Accumulated Fund. It gives
a summary of your choices
at retirement and outlines
the benefits available from
PIP if you die or are too ill to
work. It also describes what
happens if you leave PIP.
You may be able
to transfer in
previous benefits
You may have the option to
transfer in benefits from previous
registered pension arrangements
that you have been a member of.
Your contributions to PIP are cost effective
If you decide to make regular or lump-sum AVCs, you will receive tax relief.
If you make your regular AVCs through Salary Sacrifice you could also save on
National Insurance. This makes paying AVCs into PIP a cost-effective way to
save for your retirement.
Tax relief
Your AVCs are deducted from your gross salary before any calculation or
deduction for income tax, so you receive full tax relief on the amount you
contribute to PIP (subject to certain limits, which are detailed on page 19).
This means that contributing to PIP may cost less than you think.
Example: Basic rate tax payer
Based on a Basic salary of £30,000, 5% AVCs (ie. £125 a month) to your
Accumulated Fund will cost £100 a month of your take home salary.
Example: Higher rate tax payer
Based on a basic salary of £60,000, 5% AVCs (ie. £250 a month) to your
Accumulated Fund will cost £150 a month of your take home salary.
If you are eligible and participate in Salary Sacrifice, you can also save on National
Insurance on any regular AVCs you decide to make (see page 8).
If you have been a member of
PIP for more than two years,
transfers in are accepted at the
Trustee’s discretion. The Trustee
decides the terms on which a
transfer is accepted, with the
advice of the UKRF’s actuary and
with the consent of Barclays.
Transfers in to PIP are credited
to your Accumulated Fund.

8 PIP – get to where you want to be
Salary Sacrifice
If you pay UK National Insurance, all regular AVCs are made to PIP through Salary
Sacrifice. You will automatically make regular AVCs in this way, unless you are not
eligible or you decide to opt out of Salary Sacrifice. Salary Sacrifice takes advantage
of the National Insurance savings that can be made if Barclays pays your regular
AVCs on your behalf.
Example: Basic rate tax payer
Based on a Basic salary of £30,000, 5% AVCs (ie. £125 a month) to your
Accumulated Fund could only cost you £87 a month after tax and National Insurance
savings, compared to £100 if not paid through salary sacrifice.
Example: Higher rate taxpayer
Based on a Basic salary of £60,000, 5% AVCs (ie. £250 a month) to your
Accumulated Fund could only cost you £145 a month after tax and National
Insurance savings, compared to £150 if not paid through salary sacrifice.
Through Salary Sacrifice:
1. You do not make regular pension contributions.
2. Instead, Barclays reduces your salary by the value of the regular AVCs
you would otherwise have made.
To find out more
Visit www.barclayspensions.co.uk
or contact Barclays Pensions
Administration (see page 20).
Changing your
regular AVCs
You can only make changes to the
amount of regular AVCs you pay
through Salary Sacrifice, with effect
from 1 April every year. You may also
be able to make changes during the
year if you experience a Life Event,
which includes marriage, birth or
adoption and changes in working hours.
3. Barclays then pays an amount directly into PIP equal to the regular
AVCs you would otherwise have made (Barclays will also continue to
make contributions of 10% of your Basic Salary).
4. This means that both you and Barclays pay less National Insurance,
and your take-home pay is higher than it would be had you paid regular
AVCs directly.
Salary Sacrifice is a change to your terms and conditions of employment. It will not
affect your income tax position compared to making regular AVCs normally, or your
pay reviews or bonuses. Your other salary-related benefits such as life assurance and
contractual maternity pay will be based on your Pre-Sacrifice Salary.
Nearly all members will benefit by participating in Salary Sacrifice. However, there
may be some members who may not benefit, including those who are receiving
State benefits (eg. Statutory Sick Pay), or some who are members of more than one
Salary Sacrifice arrangement. For this reason, if you earn less than the Lower Salary
Sacrifice Limit you will not be eligible to participate in Salary Sacrifice. You will still
be able to make regular AVCs but these will not be made through Salary Sacrifice
(see Terms explained on the inside front cover).
If you decide you do not want to participate in Salary Sacrifice you will need to let
us know by filling in a Salary Sacrifice opt-out form. This is available online at
www.barclayspensions.co.uk or from Barclays Pensions Administration
(see page 20 for details).
Where a refund of your regular AVCs would have been due under the Rules of PIP
on leaving service, but your AVCs were made through Salary Sacrifice, Barclays
will make an ex-gratia payment equal to the refund that would have been payable
had you not participated in Salary Sacrifice. For the purpose of this booklet
references to ‘your regular AVCs’ also include regular AVCs made on your behalf
through Salary Sacrifice.

PIP – get to where you want to be 9
PIP gives you access to a wide range
of investment options
You decide how your Accumulated Fund is invested from a range of options
made available by the Trustee. If you do not make AVCs, or have not submitted
a contribution form confirming your investment choice, your Barclays contributions
will be invested in a Lifestyle fund which targets retirement in the year of your 60th
birthday. You have three investment options to choose from: Lifestyle, Anchor and
Self Select Investments.
Lifestyle
The investments in Lifestyle follow a pre-set investment strategy which depends
upon the amount of time until your target retirement year.
Whilst you are more than 10 years from your target retirement year, Lifestyle follows
a higher-risk investment strategy, designed to grow the retirement benefits your
Accumulated Fund can provide. Then, over the last 10 years before your retirement,
Lifestyle increasingly switches into investments which are expected to protect the
value of your retirement benefits, reducing the amount of risk it takes.
Factsheets
Factsheets for Lifestyle, Anchor and
all the funds available through
Self Select Investments as well as
the Self Select Investment Guide are
available at www.barclayspensions.co.uk
or from Barclays Pensions
Administration (see page 20).
The Trustee and Barclays have provided
this information as general guidance
to support you in making your pension
decisions. You should make sure
that you read the fund factsheets
and consider getting independent
financial advice before making any
investment decisions.
You should consider your own preferences and the level of risk you are comfortable
with, when deciding if Lifestyle is right for you.
Lifestyle aims to ensure that, while you remain comfortable with its
investment approach, you will only need to make an investment decision
if your expected retirement date changes. If it does, you should consider
changing to the Lifestyle fund which matures in the year of your new
expected retirement date.
Anchor
The aim of the Anchor fund is to ensure that its value broadly keeps pace with
the cost of buying a retirement income over the long term. It cannot offer any
guarantees, but provides members with some certainty around the amount
of retirement benefits their Accumulated Fund will secure when they retire.
Unlike Lifestyle, it does not change its investment strategy over time by targeting
a particular retirement age. Anchor is a lower-risk investment strategy so is less
likely to fluctuate in value than the Lifestyle fund.
Anchor is not expected to grow your retirement savings in the longer term. If you
invest only in Anchor until you retire, you would expect to have to contribute more
to get the same PIP benefits as if you had invested only in Lifestyle. However, you
are less likely to need to change your level of contributions to respond to fluctuations
in the value of your savings over time. Even though this is a lower-risk option, your
expected benefits may still go up or down over time.
Self Select Investments
If you want to build an investment strategy which is more closely aligned to your
goals and views on investing, PIP also offers a range of funds called Self Select
Investments, which includes the Lifestyle and Anchor funds. You can select
these funds in any combination you choose. This option requires a higher level of
involvement from you than the Lifestyle or Anchor funds, and is more likely to be
suited to you if you are a confident and experienced investor who can commit the
time to managing your investments yourself.
You should review your
investment decisions from
time to time. If you would like
to change how Barclays
contributions, or your AVCs,
are invested, or switch the
money already invested to
different funds, you can do so
at any time by completing a
Self Select Investment form.
For more information see the
Self Select Investment Guide
at www.barclayspensions.co.uk
or request a copy from Barclays
Pensions Administration.
Lifestyle works
with Anchor
You can also choose to combine
the Lifestyle and Anchor funds to
get the balance between growth
and protection that is right for
you.

10 PIP – get to where you want to be
PIP gives you flexibility
at retirement
As a member of PIP you can choose
the age at which you retire, the type
of pension you buy, and the amount
of tax-free cash that you take.
Your age at retirement
Your Normal Retirement Age in PIP
is your 60th birthday.
You can take your pension benefits at
any time from your Minimum Pension
Age (normally 55), up to age 75.
• Early retirement: You can retire on
or after your Minimum Pension Age
but before your Normal Retirement
Age. If you want to retire early,
you will have less time to build up
benefits and earn investment returns
in your Accumulated Fund. As your
pension will be paid for longer, the
pension you will be able to buy
will normally cost more, possibly
resulting in a smaller pension.
• Late retirement: You may be able to
retire after your Normal Retirement
Age, but not later than the date you
leave all employment or 75, if earlier.
In this case, you will have more
time to build up benefits and
earn investment returns in your
Accumulated Fund. As your pension
will be paid for a shorter period,
the pension you will be able to
buy may be bigger.
• Flexible retirement: You can take
your pension while still working
for Barclays after reaching your
minimum pension age. You will
need Barclays consent and will stop
building up any further benefits in
PIP. Your death-in-service lumpsum
will be reduced to one times
your Basic Salary, and no additional
dependants’ lump-sum will be
payable if you die in service. You will
also no longer be eligible for ill-health
retirement benefits.
The age you choose to retire affects how much time
you have to save as well as the value of your PIP benefits. It
could have a significant impact on your retirement benefits.
State pensions
The State currently provides two types of pension: the Basic State Pension and the
State Second Pension (S2P). Before 6 April 2012 PIP was Contracted Out of the S2P
and you did not build up benefits in the S2P. PIP does not affect your entitlement to
the Basic State Pension.
You can find out more about State benefits, including how to get a forecast of your
personal entitlement, by visiting www.direct.gov.uk/pensions
You can also visit www.barclayspensions.co.uk for more information specific to PIP.

PIP – get to where you want to be 11
Buying an annuity
As you approach retirement, you will need to decide how you want to use your
Accumulated Fund.
Most people secure their income in retirement by purchasing an annuity (or pension)
from an insurance company, although you do have some other options (see opposite).
You can use all of your Accumulated Fund to buy an annuity or you can take up to
25% as a cash lump-sum and then use the remainder of your Accumulated Fund to
buy an annuity. Your pension income will be subject to income tax when it is paid. For
most members there will be no other tax liability in respect of their Accumulated Fund,
subject to it not exceeding the Lifetime Allowance (see page 19 for details).
Annuities are policies sold by insurance companies which usually guarantee to
provide you with a certain level of income for the rest of your life and, if you choose,
benefits for your dependants after your death. Until 31 March 2013 you may also
have the option of purchasing your pension from the UKRF.
Other types of pension
Apart from buying an annuity, there
are a number of other ways to take an
income from your Accumulated Fund
by transferring your benefits to another
pension arrangement. These include
income drawdown, unsecured pensions
and alternatively secured pensions.
Generally, these products have higher
charges and involve taking some risk
as to the level of pension they provide
and are therefore not appropriate for
everyone. For more information on these
benefits or to find out if they might be
right for you, you should contact an
independent financial adviser.
When choosing an annuity, you have a number of options to consider:
• Pension increases. You can buy an annuity that increases your pension over
time so your spending power keeps pace with inflation. You can also choose an
annuity that increases at a fixed rate, for example at 3% a year, or one that does
not increase at all. Choosing an annuity that does not increase is likely to give
you a higher pension at first, but means your spending power will reduce as the
cost of living increases in the future.
• Protection for your dependants if you die. You can choose an annuity which
pays a proportion of your pension to your dependants if you die before them,
for example 50%. Or you can decide on an annuity which will pay a cash
lump-sum if you die within a certain time after you retire, a guarantee period, for
example five years. When you retire, you will need to tell the insurance company,
who provides your annuity, to whom you would like them to pay any benefits if
you die.
Your retirement
benefit is a major
purchase and one
that you can only
make once.
It pays to shop around and you
may want to consider getting
independent financial advice
before you make your decision.
The cost of an annuity when you retire is affected by the options you choose,
expected future interest rates and inflation, your life expectancy at the time you buy
your pension, your age and the age of your dependants (if you choose to provide
them with a pension after your death).
Taking tax-free cash
The Rules of the UKRF allow you to take up to 25% of your Accumulated Fund
as a cash lump-sum when you retire (subject to any additional limits imposed
by HMRC from time to time). Under current HMRC rules this lump-sum can be
paid tax free.
Use the pension modeller
Visit www.barclayspensions.co.uk to see how your retirement benefit
choices may impact the pension you will receive when you retire.

12 PIP – get to where you want to be
PIP provides protection in the event of your death
If you die as an employee
of Barclays and an active
PIP member
The following may be payable:
• A lump-sum of four times
your annual Basic Salary
(subject to a maximum
lump-sum of the Lifetime
Allowance at the date of
your death);
• A refund of the value of your
AVCs, adjusted to reflect
investment performance
(which also counts towards,
the Lifetime Allowance limit
described above);
• If you have eligible dependants,
an additional lump-sum of
eight times your Pensionable
Salary (subject to the Internal
Earnings Cap if applicable).
If you leave Barclays service and
die before taking your PIP benefits
Your Accumulated Fund will be used
to provide such cash lump-sums
and/or pensions for your Partner,
children and/or other dependants
at the Trustee’s discretion.
If you die after taking your
retirement benefits from PIP
The benefits payable when you die
after retiring from PIP will depend
on the type of pension you decided
to buy at retirement.
If you have chosen to take flexible
retirement and die in Barclays
service before age 75, a lump-sum
of one times your annual Basic
Salary will be payable (subject to
the Lifetime Allowance at the date
of your death).
You may be able to take
your benefits early if you
are too ill to work
If you are too ill to continue working
for Barclays, you can be considered
by Barclays for immediate retirement,
regardless of your age. You will be
considered for this benefit if you are
medically incapable of continuing
your current occupation and meet the
criteria set out by HMRC from time to
time. If you qualify, your Accumulated
Fund will be used to provide pension
benefits, including the option to take
a cash lump-sum (see page 11).
The Trustee has the discretion to decide who receives benefits in the event
of your death. Paying benefits in this way means that they do not form part
of your estate and are not subject to Inheritance Tax. That is why you should
let the Trustee know who you would like them to consider, by completing
and returning an Expression of Wish form and keeping it up to date if your
circumstances change (eg. due to a change in marital status or the birth
or adoption of a child).
Lump-sums on death are usually payable tax free, but may be subject
to limits as determined from time to time.
To find out more
You can find out more and download
a new Expression of Wish form by
visiting www.barclayspensions.co.uk
or by contacting Barclays Pensions
Administration (see page 20).

PIP – get to where you want to be 13
You still benefit from PIP even if you leave
Barclays or opt out
If you decide to leave Barclays or opt out of PIP your options will depend
on how long you have been a member of PIP:
Less than three months: You will not receive the benefit from any of Barclays
contributions. You will receive a refund of the part of your Accumulated Fund
built up by your AVCs. You will be liable to pay tax on any investment growth
you have received and should do this through your annual return if applicable.
If you made regular AVCs through Salary Sacrifice, instead of a refund from the
UKRF, these will be paid to you as an ex-gratia payment by Barclays and will be
subject to tax and National Insurance.
Between three months and two years: You can transfer the full value of your
Accumulated Fund, including the value derived from Barclays contributions,
to another registered pension arrangement. If you do not transfer your benefits,
and you joined PIP after 7 August 2009, any AVCs you have paid will be
refunded to you in the same way as if you left with less than three months’
membership. You will not receive the benefit from Barclays contributions.
Two years or more: You can leave your benefits in PIP. The value of your
Accumulated Fund will move in line with the investment performance of
the funds in which it is invested. You will continue to be able to choose
funds from those made available. You cannot make any further contributions
to PIP and will not receive any further contributions from Barclays. You
will not be able to request a refund, or an ex-gratia payment, in respect
of your AVCs either, but can transfer your benefits to another registered
pension arrangement.
Transferring your benefit to another registered pension arrangement
If you wish to transfer your PIP benefits, you should contact Barclays Pensions
Administration for a statement of your transfer value. Charges or market value
reductions may be applied to your Accumulated Fund, depending on the
funds you are invested in.
Your transfer value will not be guaranteed and will depend on the value
of your funds at the time they are sold.
To find out more
Visit www.barclayspensions.co.uk
or contact Barclays Pensions
Administration (see page 20).
PIP provides some benefits
if you are temporarily
absent from work
If you take ordinary maternity, paternity,
parental or adoption leave, your PIP
AVCs can continue, based on the salary
you actually receive. However, you may
have to opt out of Salary Sacrifice to
continue making AVCs. Contributions
from Barclays to your Accumulated
Fund will continue as though you were
still working for Barclays during any
period of paid leave.
If you take any other form of career
break, both Barclays contributions and
any AVCs you pay, will stop until you
return to work. However, you will still
be covered for death-in-service benefits
during your break.
If you are absent from work due to
illness, Barclays contributions and AVCs
to your Accumulated Fund will usually
continue as though you were still
working for Barclays.
For further information go to the HR
section of your intranet.

14 PIP – get to where you want to be
3. Model your own choices
Whether you are about to join or are already a member of PIP, it is useful to
understand your expected benefits from PIP. You can use the online pension modeller
at www.barclayspensions.co.uk to help you set your PIP goals and understand the
impact of the choices you make today.
How to use the modeller
Visit www.barclayspensions.co.uk and log in.
You can access the modeller by following the link from the
home page or by clicking on the ‘Planning ahead’ tab.
Once you have launched the modeller, you will need to enter
a few basic personal details and make some contribution
choices, then click ‘Continue’. You may find it useful to have
your latest Pension Statement to hand to enter a value for
your Accumulated Fund into the modeller.
The next page on the modeller shows you an estimate of the
benefits you could expect to buy, in today’s money terms.
On this page you can see how your expected benefits are
affected by changing options such as your AVCs, retirement
age, retirement options and investment returns.
The modeller can be used at any time whether it is to help
you make your choices on joining or to help you review and
revise your benefits. It will also show you the actual cost
of your AVCs, after taking account of any tax and National
Insurance savings.
Please note: The pension figures given in the examples on
pages 15 to 18 have been rounded and are in today’s money
terms. This gives you an estimate of the spending power of
the pension which can be compared with the cost of living
today. They assume that the maximum tax-free cash
lump-sum of 25% has been taken at retirement and the
annuity purchased includes a five-year guarantee period,
a 50% spouse’s pension and receives inflationary
pension increases.
All figures have been calculated based on the following
financial assumptions:
• Inflation of 2.5% a year;
• Future salary growth of 2.5% a year;
• Investment returns of 7% a year up to 10 years before
retirement, reducing to 3.5% in the year before retirement;
and
• Annuity purchase costs of 4%.
They have been provided for illustration purposes only
and you should use the modeller to explore your own
circumstances. Figures were correct as at March 2012.

PIP – get to where you want to be 15
Joining
The following examples show how two members use the modeller to help them make
their choices on joining PIP.
The benefits of paying AVCs –
Meet Anna
Anna would like to enhance the income that PIP will
provide her in retirement and wants to understand
the impact of paying regular AVCs on her PIP benefits.
She is age 30 and has a salary of £25,000 a year.
Using the modeller, she sees that:
• Based on Barclays contributions of 10% of her Basic
Salary, she may expect to receive a pension of around
£2,200 a year from PIP at age 60 if she takes the
maximum amount of tax-free cash;
• If she pays 5% of her Basic Salary in regular AVCs,
which will cost £72.29 a month (after basic rate tax and
National Insurance savings), she is expected to receive
a pension of around £3,300 a year at age 60; and
• If she phases in her regular AVCs to 5% over five
years, her expected pension will be £3,100 a year,
with an initial cost of £14.45 a month.
See page 4 to find out how
phasing works.
Pension £/year
6,000
5,000
4,000
3,000
2,000
1,000
55 60 65 70 75
Retirement age
Barclays contributions
5% AVCs phased in
5% Regular AVCs
Anna decides to pay regular AVCs to build a
greater level of potential benefits. To minimise
the immediate impact on her take-home pay,
she decides to phase in her regular AVCs over
five years.

16 PIP – get to where you want to be
Maximising savings to retire early –
Meet James
James wants to use PIP to build on his existing
retirement savings and retire earlier than age 60.
James is age 45 with a salary of £50,000 a year and has
just joined PIP. He has built up benefits from a previous
pension arrangement which provides him with a level
of financial security. He thinks he will need PIP to provide
him with an additional income of £2,500 a year.
Using the modeller James sees that:
• Based on Barclays contributions of 10% of his Basic
Salary, he can expect to receive a pension of around
£1,600 a year at age 60, if he takes the maximum
amount of tax-free cash;
• If he makes regular AVCs of 10% of his Basic Salary,
he is expected to receive a pension of £3,200 a year
at age 60 or £2,500 at age 58, after taking the
maximum amount of tax-free cash; and
• His 10% AVC will cost him £241.66 a month after tax
and National Insurance savings.
Pension £/year
6,000
5,000
4,000
3,000
2,000
1,000
Target
55 60 65 70 75
Retirement age
Barclays contributions
10% Regular AVCs
James decides to make regular AVCs
of 10% of his Basic Salary with the aim
of retiring earlier. He decides to review
his progress towards his target and make
changes to his choices if required to make
sure he remains on track to retire earlier.

PIP – get to where you want to be 17
Review and revise
Once you have joined PIP, you need to review your
expected PIP benefits regularly. You should revise your
choices if you are not on track to meet your retirement
goals, or if your goals change.
A good time to do this may be when you receive your annual Pension Statement,
which shows your expected PIP benefits at retirement based on the choices you
have made to date. Alternatively, you could do this when you receive a salary
increase or bonus. The case study in this section will help you understand how
you can review and revise your choices.
Review
You need to review your
progress towards your
retirement goals regularly.
When you review your choices and the
benefits you are forecast to receive,
you should consider the following:
• Have your personal circumstances
changed? For example, have you
cleared your student debt, married
or moved house?
• Do you have a better idea of when
you are likely to retire and how much
income you might need?
• Can you afford to contribute more
to PIP now?
Revise
You can influence your
expected PIP benefits
in three ways.
You can change:
• How much you put in. The more you
contribute, the more you are likely
to have when you retire;
• When you plan to retire.
Changing your expected retirement
age changes how much time you
have to save; and
• How you invest.
Remember
You may have other sources
of retirement income including:
• A State Pension (your State
Second Pension will be
reduced for any period
for which you were
Contracted Out);
• Pension savings from other
Barclays schemes or sections
of the UKRF;
• Pension savings from other
providers or employers;
• Barclays financial investments,
such as Share Options; and
• Other financial investments,
such as ISAs or property.
Make sure you consider these
other sources of income when
choosing your PIP retirement
options (see page 11 for
more details).
As you get closer to retiring, you are
likely to want more certainty and
understanding about the retirement
benefits you will be able to buy.
However, you should not wait until
you are just about to retire to review
your goals or revise your choices.
The sooner you
identify and act
on any changes you need
to make, the greater the
impact they could have
on your PIP benefits.

18 PIP – get to where you want to be
Pension £/year
6,000
5,000
4,000
3,000
2,000
1,000
Barclays contributions
Lump-sum AVC
2% Regular AVCs + lump sum AVC
55 60 65 70 75
Retirement age
Working longer and making extra
contributions – Meet George
George wants PIP to provide him with higher retirement
benefits than he is currently on track to receive. He is
thinking about making AVCs to help him achieve this.
George is age 34 with a salary of £30,000 a year. He joined
PIP when he was 30 and has not made any regular or lumpsum
AVCs into PIP. His latest Pension Statement shows that
he is currently on track to receive a pension of about £2,500
a year. He does not have a definite target for the pension
he will need from PIP yet, but he does not think that the
estimate of £2,500 will be enough. Using the modeller,
George sees that he can increase his expected benefits
from PIP by:
• Starting to make regular or lump-sum AVCs; or
• Increasing his planned retirement age.
George would like to pay AVCs but cannot commit to
regular AVCs. If he makes a lump-sum AVC of £2,000
it will only cost him £1,600 from his take-home pay,
after tax savings. Using the modeller he sees that:
• If he pays this lump-sum AVC now he could increase
his expected pension to £2,600 a year, after taking
the maximum amount of tax-free cash;
• If he starts making regular AVCs of 2% of his Basic
Salary a month, in addition to the lump-sum AVC,
he could increase his expected pension to £3,000.
This will only cost him £34.70 a month; and
• The later he retires the greater the impact these AVCs
will have on his pension benefits from PIP.
George decides to make a lump-sum AVC of £2,000
now. He decides to review his progress yearly and
start making regular AVCs when he is able to do
so. He recognises that if he sets a specific target
income for retirement in the future, he could also
consider working longer to achieve it.

PIP – get to where you want to be 19
4. Further information
Tax treatment of PIP contributions
and benefits
The UKRF is a UK pension scheme
registered with HMRC under the Finance
Act 2004. As a result, there are certain
limits on the contributions and
benefits payable:
• The Annual Allowance. Each year,
your ‘pension input’ for the tax year
is compared to the Annual
Allowance. For PIP, your pension
input is the total amount contributed
to PIP by both you and Barclays, and
is measured over a Pension Input
Period. For PIP, this period is 6 April
to the following 5 April each year.
The Annual Allowance is £50,000 for
the 2012/2013 tax year. Any excess
over the Annual Allowance is taxed
through your self-assessment tax
return. You can carry forward any
unused annual allowance from any
of the previous three years. The
maximum amount you can carry
forward each year is the difference
between £50,000 and your Pension
Input for that year.
• The Lifetime Allowance. If your total
pension benefits from all of your
pension arrangements are greater
than the Lifetime Allowance in force
when you come to retire, the benefits
you take in excess of this limit will be
taxed. The Lifetime Allowance for the
2012/2013 tax year has been reduced
to £1.5 million. If you have benefits
over this limit, you can either take
them as a lump-sum which is taxed at
55%, or as income which is taxed at
25% when converted, and then again
at your marginal rate of income tax.
Where pension benefits paid in the
event of your death from all sources
exceed the Lifetime Allowance, a
tax charge may be applied to the
lump-sum payable from PIP. If your
dependants provide proof of this, the
Trustee, with Barclays consent, may
agree to pay this benefit as pensions
to minimise the amount of tax paid.
These limits are set annually and
the current limits can be found at
www.barclayspensions.co.uk
Data protection – how your information
will be used
The Trustee will use the information
you give to administer and calculate
your pension and pay your benefits.
This could include information about
your health or family circumstances.
We may share your information with
Barclays Bank PLC and its affiliates,
for employment administration, payroll,
and performance and management
purposes. We may also share your
information with third parties such
as actuaries, auditors, legal advisers,
consultants and administrators
for the purposes of administering and
calculating your pension and paying
your benefits. We will not share your
information for any other reason except
to help prevent fraud, or if required to
do so by law.
We may need to transfer your information
to other countries. If we do, we will take
steps to ensure that your information
is protected.
You have the right to check the
information we hold about you and to
correct any inaccuracies. You can do
this by contacting Barclays Pensions
Administration (see page 20).
For more information about how
your information is used, please visit
www.barclayspensions.co.uk or write
to the Pensions Data Privacy Manager
at Barclays Pensions Administration
(see page 20 for details).
The Trustee and Barclays have
provided this information as general
guidance to support you in making
your pension decisions. You should
consider seeking independent
financial advice, when making
pension decisions.
Trust Status
PIP is a section of the UKRF which
provides members’ benefits in accordance
with the Rules. The UKRF is a trust,
which is administered by a trustee
company: Barclays Pension Funds
Trustees Limited (the Trustee).
The Trustee has a duty to ensure that
PIP is managed according to the Rules.
The Rules give Barclays the right to
amend or terminate PIP (without
replacing it) at any time. Some
amendments would require the
Trustee’s agreement.
The UKRF’s annual report is published
each year and copies are available
from Barclays Pensions Administration
or www.barclayspensions.co.uk.
The assets of the trust are managed
entirely separately from those of
Barclays and may only be used to pay
members’ benefits and the expenses
of running the UKRF.
If you have a dispute
You are encouraged to raise any
concerns as soon as possible so that
they can be resolved quickly and fairly.
In accordance with legislation, the UKRF
has established an Internal Dispute
Resolution Procedure (IDRP) to consider
formally any complaint from a member
(including those received from any
dependants or other beneficiaries, or
anyone claiming to be such a person).
If you have a problem that Barclays
Pensions Administration cannot
resolve, or you are unhappy with the
decision reached, the IDRP will be used
to resolve any dispute. You will need to
tell Barclays Pensions Administration
if you wish to invoke the IDRP and you
can find a copy of the procedure at
www.barclayspensions.co.uk or by
phoning Barclays Pensions Administration.
They will give you full details of the IDRP
and ask you to put your complaint in
writing to the Technical Manager at
Barclays Pensions Administration
(see page 20 for details).
Use the pension modeller
Visit www.barclayspensions.co.uk to help
you review your own PIP pension benefits.

20 PIP – get to where you want to be
5. Useful contacts
Barclays Pensions Administration
You should contact Barclays Pensions
Administration for any further
information about your PIP benefits.
Post:
Barclays Pensions Administration
Barclays House, PO Box 12
1 Wimborne Road, Poole
Dorset BH15 2BB, UK
Telephone:
+44 (0)1202 402060
Email:
HRSS.pensions@barclays.com
Website:
www.barclayspensions.co.uk
The Pensions Advisory Service (TPAS)
TPAS is an independent organisation
giving free help and advice to members
and beneficiaries of pension schemes,
who are unable to resolve a dispute
with the scheme administrators or
trustees. TPAS can be contacted at:
Post:
The Pensions Advisory Service (TPAS)
11 Belgrave Road
London SW1V 1RB, UK
Telephone:
+44 (0)845 601 2923
Website:
www.pensionsadvisoryservice.org.uk
The role of the Pensions Ombudsman
The Pensions Ombudsman is able to
investigate or determine complaints
or disputes of fact or law in relation to
occupational pension schemes. If you
have a dispute, you must first follow
the UKRF’s Internal Dispute Resolution
Procedure. If, with the assistance of
TPAS, you are still unable to resolve the
dispute, you may contact the Pensions
Ombudsman. The Ombudsman’s
address is:
Post:
The Pensions Ombudsman
11 Belgrave Road
London SW1V 1RB, UK
Telephone:
+44 (0)20 7630 2200
Website:
www.pensions-ombudsman.org.uk
The Pensions Regulator
The Pensions Regulator was created
under the Pensions Act 2004 and
regulates work-based pension schemes
in the UK. Among other powers, it is
able to intervene in the running of
schemes where trustees, employers or
professional advisers have failed in their
duties. The Pensions Regulator can be
contacted at the following address:
Post:
The Pensions Regulator
Napier House
Trafalgar Place
Trafalgar Street
Brighton
East Sussex BN1 4DW, UK
Telephone:
+44 (0) 0845 600 0707
Website:
www.thepensionsregulator.gov.uk
The Pension Tracing Service
If you had a pension in a previous job
but you no longer have the details, the
tracing service of the Department for
Work and Pensions (DWP) may be able
to help you. The DWP’s Pension Tracing
Service can be contacted as follows:
Post:
The Pension Tracing Service
The Pension Service
Tyneview Park
Whitley Road
Newcastle upon Tyne NE98 1BA, UK
Telephone:
+44 (0)845 600 2537
Website:
www.direct.gov.uk/pensions
Independent financial advice
It is important that you plan for your
retirement early. The right advice is
crucial to making these decisions.
If you wish to get advice and do not
already use a financial adviser, you
can contact IFA Promotion Ltd, who
will give you details of an independent
financial adviser in your area. You can
contact IFA Promotion Ltd at
www.unbiased.co.uk

PIP – get to where you want to be 21
6. Supplement
For members who joined
PIP on 1 April 2010
following Barclays Pensions
Review 2009
(and were employed by Barclays
Capital on 31 March 2010)
If you were a member of a Barclays
scheme which closed on 31 March 2010,
you would have automatically become
a member of PIP with effect from
1 April 2010.
This Supplement is a summary of
the additional features, which apply
specifically to your membership.
You should also refer to the brochure,
‘Your future pension benefits’, which
details the outcome of the consultation
for further information on these
additional features. Copies of this
brochure are available on
www.barclayspensions.co.uk or from
Barclays Pensions Administration.
• You will be able to take more of your
PIP benefits as a tax-free cash lumpsum
if you retire on or before
31 March 2013. You will be able to
use up to 100% of your PIP benefits
to provide a tax-free cash lumpsum
(subject to current HMRC
limits). This means that you may
receive more of the benefits from
your closing scheme as pension. If
you retire after 31 March 2013, the
usual PIP tax-free cash lump-sum
conditions will apply.
• If you die as a member of PIP while
employed by Barclays and leave
eligible dependants, your deferred
death-in-service benefits from your
closing scheme will be offset against
the dependants’ lump-sum of eight
times your Pensionable Salary.
For the purposes of calculating
the offset, the Trustee will multiply
any spouse’s or dependants’
pensions payable from your closing
scheme by a factor agreed between
Barclays and the Trustee from time
to time. This means that the spouse’s
or dependants’ pensions will be paid
from your closing scheme and the
additional death-in-service benefits
payable from PIP will be reduced.
If you transferred your benefits from
the 1964 section or your benefits
have been reduced due to a pension
debit, this will be taken into account
in the calculation of the offset.
• If you are too ill to work you may
apply for an ill-health pension in
respect of any benefits you built
up on or before 31 March 2010.
If Barclays agrees you may be
entitled to a pension from any
benefits you built up on or before
31 March 2010, which will be
reduced because it is being paid
earlier, plus any income purchased
with your Accumulated Fund
from PIP.
• The availability of Barclays Capital
reduction factors is conditional
on becoming a member of PIP
on 1 April 2010.

Terms explained
Annual Allowance
The limit of how much tax-free
pension savings a member can
make in one year (see page 19).
Basic Salary
Your salary before any reduction
under the Salary Sacrifice
arrangement.
Basic State Pension
The pension available from State
Pension Age to everyone who has
made sufficient National Insurance
contributions during their working life.
Contracted Out
PIP was a Contracted Out scheme
until the Government ended
Contracting Out from 6 April 2012.
Members of a Contracted Out
pension scheme paid reduced
National Insurance contributions
and did not participate in the State
Second Pension (S2P).
Internal Earnings Cap
The maximum earnings which may
be used in calculating your benefits
if you joined the UKRF on or after
1 June 1989. This is set each year
and is £125,000 in 2012/2013. The
current limit can be found at
www.barclayspensions.co.uk.k.
Lifetime Allowance
The maximum value of pension
benefits from all sources (excluding
State pension) that a member can
build up without incurring a tax
charge (see page 19).
Life Event
A lifestyle change that occurs
during the course of the year where
Barclays consents to you changing
your Salary Sacrifice options on a
date other than 1 April. A Life Event
includes marriage; birth/adoption of
a child/children; separation/divorce
or changes in working hours (for
example, full time to part time).
Lower Salary Sacrifice Limit
The limit set by Barclays, to be
reviewed from time to time.
You must earn above this limit in a
year to participate in Salary Sacrifice
(£7,800 from 1 April 2011).
Normal Retirement Age
Is your 60th birthday.
Partner
Your spouse, civil partner
(as defined by the Civil Partnership
Act) or an adult of either sex
with whom you were having an
established relationship akin to
marriage at your death, provided
that, in the opinion of the
Trustee, your Partner is financially
dependent on you or has financial
interdependence with you.
Pensionable Salary
Your Basic Salary up to a maximum
of the Internal Earnings Cap which
is used to calculate the additional
dependants’ lump sum payable on
your death as an active member
of PIP (see page 12).
Pre-Sacrifice Salary
The salary you would have received
if you had not been participating
in Salary Sacrifice.
State Second Pension (S2P)
The S2P provides an additional
pension from State Pension Age
based on eligible individuals’
earnings.
Rules
The Trust Deed and Rules
governing the UKRF, as amended
from time
to time.
Trustee
The Trustee of The Barclays Bank
UK Retirement Fund (the UKRF).
This is a trustee company –
Barclays Pension Funds Trustees
Limited. Its board is made up of
Barclays-appointed, independent
and member-nominated directors
who are responsible for managing
the UKRF.
UKRF
The Barclays Bank UK Retirement
Fund. PIP is one of a number of
sections that make up the UKRF.

Further information including details of your benefits can be obtained from:
Barclays Pensions Administration
Telephone: +44 (0)1202 402060
Email: HRSS.pensions@barclays.com
Website: www.barclayspensions.co.uk
In writing:
Barclays Pensions Administration
Barclays House
PO Box 12, 1 Wimborne Road, Poole
Dorset BH15 2BB, UK
Issued by Barclays Pension Funds Trustees Limited
Registered in England
Registered No. 02569835
1 Churchill Place
London E14 5HP, UK
This booklet is intended to provide an introduction to the benefits available from the PIP section of The Barclays Bank UK Retirement Fund (the UKRF).
However, there are different categories of members within PIP who may have different rights to those set out within this booklet. Those members should refer to the
information that they were provided at the time they joined PIP in order to see how the provisions of PIP differ for them.
The UKRF’s Trust Deed and Rules, as amended from time to time (the Rules), govern the pension benefits that will be payable to you. As a result, where there is a
discrepancy between this booklet and the Rules, the Rules will prevail. The UKRF’s Trust Deed and Rules can, in certain circumstances, change. Likewise, the law that
governs pension schemes can also change and, in turn, alter the benefits payable from the UKRF. The contents of this booklet are subject to those changes.
You should also note that neither the Trustee nor Barclays are able to provide financial advice in relation to the UKRF or any of the investment options available within
the UKRF. Nothing in this booklet is intended to amount to financial advice or promotion of any financial product. You may wish to seek your own independent financial
advice before making decisions regarding your benefits.
Issued April 2012