PRIVATE & CONFIDENTIAL 
Mr Peter Lofts
Metro Waste (London) Limited 
Stewarts Lane Depot
Silverthorn Road
London
SW8 3HW

									Date: 11 October 2007 
Dear Peter,

METRO WASTE (LONDON) LIMITED PENSION SCHEME

Thank you for returning the set up documentation for your scheme. 

I am pleased that we have obtained earlier than expected the tax approval of your scheme. We have relied somewhat on DHL and our contact at the Applications Office HMRC in pushing this through early but this is good news nevertheless. I confirm that the scheme will be entitled to tax exemption on investment income and gains. Contributions paid by you or Jimmy personally, or through the Company will also qualify for tax relief. Your tax reference number for this scheme is 00692390RQ. 

I am duly returning the original Trust Deed and Rules, please ensure that you keep this in a safe place, the rules set out how your scheme operates and the Trust that the scheme has been set up by. Your contributions paid will be to Bank of Scotland and they will send to you shortly the paying in and cheque books. Please ensure that these are used solely for pension scheme transactions and investments only. 

I recommend that you record how the scheme assets will be split between you and Jimmy; an apportionment of assets statement is usually the preferred choice and we can draw this up for you to both sign. Please confirm that the scheme assets will be split equally. 

I enclose the following items to finalise the scheme, namely:

Two nomination of beneficiary forms – these must be completed and a copy of each returned to me. Please state to whom and by what percentage you require your fund to be paid to in the event of your death before retirement date. For your information, they will be paid out as a lump sum without deduction of tax, as the scheme is tax exempt. 

We are required to register and administer your scheme in accordance with the Pension Regulator’s requirements. Would you please sign the form (only one signature is required) and return it to me. The levy to the Regulator amounts to £24.00 every three years. 

I attach our invoice for the scheme in accordance with our terms of business. This amounts to £700 for the set up of the Scheme plus £700 for the annual administration of the scheme. I would be grateful if you could make settlement when returning the final paperwork.

I understand that you have other pension policies and should you wish we can comment on whether the scheme can accept a transfer in or assignment of these arrangements to your SSAS. SSAS are the most flexible scheme classes in the UK pension’s market today as they t allow funds to be built up in a tax exempt environment with freedom of investment choice such as loans to the business, investment in overseas land. Our website gives further details on this. 

You will be able to view your Scheme on-line via HMRC Pension Schemes On-line which we will set up for you once we receive back the final items. Later this year, you may also download through our website’s secure servers various financial tools. For example, you can calculate how much income you can receive on retirement under various scenarios, you can also find out how much tax relief you can obtain on personal contributions. 

Please ensure that the final paperwork is returned to me by no later than 26th October, as we need to finalise some matters before 31st October. 

Should you have any questions, please do not hesitate to contact with Nikki or myself. 

Yours sincerely

Gavin McCloskey
For Pension Practitioner .Com 

c.c. Nikki Spoor