2020 Sharesave Mears group plc saving related share option scheme (sharesave) - SAVE FOR THE THINGS THAT MAKE YOU SMILE - YBS Share Plans
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2020 Sharesave Mears group plc saving related share option scheme (sharesave) SAVE FOR THE THINGS THAT MAKE YOU SMILE.
THE MAIN FEATURES
OF SHARESAVE
Sharesave is a simple way of saving money direct from your
net salary for 3 years, in order to buy Mears Group PLC
(Mears) shares at a price that is fixed and discounted at the
outset.
f Savings are taken directly from your net pay from as little as £5 per
month
f The Mears share price is fixed now and discounted by 20%. This is
known as the ‘Option Price’
f No obligation to buy shares. If the share price goes down you can
simply get a refund of your savings in cash
f A great way to become a Mears shareholder
f You have a choice of how much you want to save between £5 and
£500 a month
f You can close your account at any point and take back all your DON’T MISS OUT
savings to date Join by 5pm on Friday 25th
September 2020
WHAT IS Please note that any bonus and early closure
SHARESAVE? interest rates for the Sharesave scheme are
determined by HM Revenue & Customs (HMRC).
The bonus rate for the 3 year scheme is currently
set at zero and the early closure interest for all
savings contracts is also currently set at zero
percent. As the HMRC Sharesave bonus and early
closure interest rate is currently set at zero, you
will not receive interest on your savings. Therefore
should you decide not to buy your shares at
SAVE MONEY BUY SHARES PROTECTED maturity due to share price performance, the return
Save a fixed amount between You will have the opportunity to Your savings are held in a from your savings account will be less than that of
£5 and £500 each month from buy Mears shares at the end of personal savings account with an ordinary interest bearing savings account over
your net pay for three years. your savings period at a price Yorkshire Building Society and
the same period.
You can choose to save up to that is fixed now and discounted are protected by the Financial
£18,000 over three years. You to the market price by 20%. This Services Compensation Scheme
can’t change the amount you is known as the Option Price. up to a total of £85,000. Please note that share prices can fall as well as
save once the scheme starts You don’t have to buy shares at Your savings amount will be
rise, therefore you should check the price of Mears
so choose an amount you the end of the scheme and can deducted from your net pay from
shares regularly before deciding whether or not to
can comfortably afford for the simply take your savings back. November 2019 onwards.
duration of your savings term. buy the shares. Past performance is not necessarily
an indication of future performance.
Sharesave is open to all colleagues on the UK company payroll on or before 7 September 2020.
If more shares are applied for than are available, the amount that you are able to save each month will be
reduced and so will the number of shares that you will be able to buy at the end of the savings contract. If
this happens, you will be advised when you receive your Option Certificate. This is known as ‘scaling down’.
A CLOSER LOOK
WHO IS ELIGIBLE? AM I LIKELY TO RECEIVE ALL THE WHAT HAPPENS IF I LEAVE MEARS?
All colleagues on the UK company payroll on or before
SHARES THAT I APPLY FOR? If you leave Mears before the end of your 3 year
7 September 2020. The Group is restricted as to the number of share savings term because of redundancy, injury, disability,
options that it can issue. If more shares are applied for retirement by agreement with the company, or if the
HOW MANY SHARES CAN I BUY? than are available, then the amount that you are able company or business for which you work is sold out
to save each month will be reduced and so will the of Mears Group you will be able to buy a reduced
This depends on how much you save. Take your total number of Mears shares within 6 months of leaving.
number of shares that you will be able to buy at the
savings amount over the 3 years and divide this amount You can add up to 6 further payments privately during
end of the savings contract. If this happens, you will be
by the Option Price. This is the number of shares you this period. Alternatively you could take back all of your
advised when you receive your Option Certificate. This
will be able to buy. savings to date.
is knows as ‘scaling down’.
For example: If you leave Mears through resignation or dismissal,
HOW IS THE OPTION PRICE you will not be able to buy Mears shares, but you may
If you decide to save £50 per month over 3 years: CALCULATED? Scenario: C
withdraw your savings at any time.
Total savings - £50 x 36 months = £1,800 The fixed Option Price is shown on the invitation letter. If you do not return after maternity leave and your
Number of shares under option = £1,800/Option Price This was the Mears closing share price on the dealing options have been for 3 years from the date of grant,
(found on the invitation letter) day immediately preceding the invitation date, minus you will be able to buy a reduced number of Mears
the 20% discount. shares within 6 months of leaving. You can add up
When your Scheme matures (at the end of the savings
The maximum total savings amount across all to 6 further payments privately during this period.
term), details of how to buy the shares, along with your
Sharesave schemes in which you participate at any Alternatively you could take back all of your savings to
other choices, will be explained to you. You don’t have
one time is £500 per month. If you are participating in date.
to decide straight away; you have six months to make
your mind up. any other schemes, they will count towards your £500
maximum total savings amount.
If the Mears share price is higher than the fixed Option
Price you may decide to buy the shares. If the total of your September 2020 application plus
any existing monthly savings exceeds £500, we will
automatically reduce your application to the amount
available to remain within the combined £500 per
month limit.
A CLOSER LOOK CONTINUED
CAN I LEAVE A PREVIOUS I LEAVE THE COMPANY AFTER MY make a profit above a certain amount, which is called
SHARESAVE SCHEME AND JOIN THIS MATURITY DATE? the CGT annual exemption. The annual exemption for
the tax year 2020/201 is £12,300, but this may have
ONE? If your account has reached maturity and you changed by the time you come to sell your shares. The
Yes. If you would like to leave a previous scheme you subsequently leave your option may lapse depending profit would be the positive difference between the
can call the YBS Share Plans Helpline on 0345 1200 on the reason for leaving. Option Price and the price at which your shares are
300. Lines are open 9am to 5pm Monday to Friday sold on the open market and you would only pay CGT
and 9am to 1pm on Saturday. They will be able to let WHAT IF I WANT TO CLOSE MY on any amount exceeding the annual exemption.
you know when the payments will stop, when you’ll SHARESAVE ACCOUNT BEFORE MY 3 Only in exceptional circumstances will income tax be
receive your refund of total savings from the closed YEAR SCHEME IS COMPLETE? payable when you choose to buy the shares. This
scheme and what your new maximum monthly savings
You can stop your savings contract at any time and may occur in certain circumstances if your employing
for this scheme will be. This will need to be done by 25
get a full refund of your savings. To close your account company leaves the Group or is taken over. Tax laws do
September 2020.
simply call the YBS Share Plans Helpline on 0345 1200 change though, so don’t forget that the rules may be
different when you come to exercise your option and
WHAT HAPPENS IF I WANT TO TAKE 300.
decide to keep or sell your shares.
A BREAK FROM MY CONTRIBUTIONS?
DO MY CONTRIBUTIONS HAVE TO
You can suspend up to a maximum of 12 contributions COME FROM MY PAYROLL?
during your savings contract, but you must complete
the total number of monthly payments required for Yes, under normal circumstances your monthly
the 3 year term before you can buy shares. For each Sharesave contributions must be deducted at source
payment you suspend, your contract will be extended and forwarded directly to YBS Share Plans. Under certain
by one month to allow you to make up payments at the circumstances such as parental leave you will be allowed
end of the contract. If you miss more than 12 payments, to make payments privately. Please call the YBS Share
your Sharesave account will forfeit and you will lose Plans Helpline 0345 1200 300 to arrange this.
your right to buy shares. You can still however receive a
refund of your savings to date. WHAT ABOUT TAX?
You may have to pay Capital Gains Tax
(CGT) if you sell your shares andHOW DO I JOIN?
When you have read through this brochure,
the terms and conditions and the FSCS
information you can apply online using
the detail below and the details
supplied on the invitation
letter.
Online Any questions?
Visit: ybsshareplans.co.uk/mears click
on ‘‘Apply Now’’
Call the YBS Share Plans Helpline on
0345 1200 300 and they will help with
DON’T MISS OUT
(an email address and National Insurance number
are required)
any queries you may have. Lines are Join by 5pm on Friday
open 9am to 5pm Monday to Friday
and 9am to 1pm on Saturday, excluding 25th September 2020
public holidays in England and Wales.KEY DATES 7 September 2020 Invitations issued 25 September 2020 Last date to apply by 5pm 2 October 2020 Mears grants your Sharesave option October 2020 Option Certificates issued November 2020 First deduction from net pay 1 December 2020 Sharesave contract start date 1 December 2023 Sharesave contract Maturity date (Providing no payments have been missed)
Further details of the Sharesave scheme are contained in the Rules of the Mears Group PLC Savings
related Share Option Scheme (the “Rules”). If there should be any difference between the Rules and
this booklet, the Rules will take precedence.
YBM 12015
The Financial Services Compensation Scheme (FSCS)
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial
obligations. An eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account
held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount
in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.
Yorkshire Building Society (YBS) also operates under the trading name of Chelsea Building Society (CBS). YBS is a participant of the FSCS. Therefore, depositors with any of YBS,
CBS, N&P and Egg have an overall limit of £85,000 under the FSCS. Any total deposits you hold above the £85,000 limit between these brands are unlikely to be covered.
Accord Mortgages Limited is a wholly owned subsidiary of YBS. Accord has offset mortgage products where the customer’s deposits are held on behalf of Accord
by YBS. Accord offset depositors are therefore also covered (along with CBS, N&P and Egg depositors) by YBS being a participant in the FSCS. There is no additional protection for
depositors with Accord Mortgages Limited.
YBS Share Plans is part of Yorkshire Building Society.
YBS Share Plans, Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ.
Tel: 0345 1 200 300 • Fax: 01274 357 950 • ybsshareplans.co.uk
Yorkshire Building Society provides share plan trustee and administration services, including deposit taking, all of which are subject to English law, with
deposit taking being regulated by the Financial Conduct Authority. The provision of share plan trustee and administration services is not regulated by the
Financial Conduct Authority. We are not responsible for share plan deposits held by local savings carriers outside the UK.
Yorkshire Building Society is a member of the Financial Ombudsman Service. Further details are available on request from the Society.
All communication with Yorkshire Building Society may be monitored/recorded to improve the quality of their service and for your protection and security.
Calls to 03 numbers are charged at the same standard network rate as 01 or 02 landline numbers, even when calling from a mobile.You can also read
