Private and Confidential
Julie Cheetham
BURN Limited
Sovereign Gate
18-20 Kew Road
Richmond
TW9 2NA								

Date: 24 July 2007

Dear Julie,

BURN Investment Scheme

I have received details of your pension arrangements with Scottish Equitable and confirm your options at this time:

Policy Number: 4137022

Your pension consists of two parts, protected and non-protected rights. Protected rights benefits arise from contributions rebated from national insurance payments and non protected rights arise from employer and personal contributions. The BURN Investment Scheme has not been designed to accept protected rights benefits at this time, although should you decide not to purchase commercial property, I can amend the rules to allow contracted funds to be received.

Your non protected rights value amounts to £56,808.17 (there is no early surrender charge) and this can be paid to the BURN Investment Scheme. It will not affect any pension sharing order that may be imposed. The funds will be paid into the Trustee bank account and you may then invest those funds as you see fit. I cannot advise whether from an investment perspective it would be more beneficial to keep investments with Aegon at this time. 

To transfer, you will need to complete and sign the attached paperwork and return this to me. You will need to insert the pension scheme bank details on the paperwork, the transfer payment should be paid to the pension scheme account where you hold the chequebook.

Your protected rights will remain invested with Aegon for the time being. I can establish a separate contracted out scheme for BURN so that you and Guy may transfer in your protected rights, but you will be restricted to investment in insurance policies and deposit based investments. 

Policy Number: 4341433

Your policy with Rmg Connect Limited does not contain protected rights and as such the whole of this investment may be transferred to your scheme. The value of this policy amounts to £30,177.99 and no surrender charge may apply.

As with the first scheme, you may transfer or leave the investments with Aegon, there is no difference in the pension benefit regimes however it is again an investment choice as to whether you feel that better returns could be achieved through the scheme or by leaving the funds under management with Aegon. 

If you wish to transfer you will need to complete the highlighted paperwork and return it to me. 

Bank Accounts

Deposit accounts are an unregulated activity for the purposes of the FSA and I can therefore advise in this regard. As stated in my previous email many banks do not offer internet accounts to the corporate/pension market and having spoken with Landisbank (IceSave) I confirm this account is only available to personal customers. Of the banks who offer good interest rates, Anglo Irish Bank are quite strong with a rate of 6.09%, Alliance & Leicester offer 6.03 on their offshore pension reserve account. It would appear from the information provided to us that these are the best instant/7-day notice accounts available at this time for pension scheme accounts. These two companies have historically been used by many small scheme clients for deposit accounts and they appear to continue as the most strongest at this time. 

We are arranging a tie up with Bank of Scotland to allow clients to open a cheque account with them through a link via our website on a simplified basis. However, this will not be ready until the autumn. May I therefore suggest that you use your current bankers for the time being; if you have any problems with them, I am happy to assist where possible. 

I will write to Guy under separate cover, if you have any questions at this time please do not hesitate to get in touch.

Kind regards

Yours sincerely

Gavin McCloskey
For Pension Practitioner .Com