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Information about the current share plans.
These details were released mid October to early November 2008.

Chevron UK Pensioners' Association

Contact Details for CAPITA
Helpline: 020 8639 3333

     Email: chevron@capita.co.uk

     Address:

The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU

To download the W-8BEN intructions from CAPITA please use the link below.

click here to download file

Dividend Payments
It is understood that the dividend payments via CAPITA will take place within 30 days of CAPITA receiving the payments. So expect the March dividend in April.

The HBOS W-8BEN letter
The participants that were members of the three heritage plans have been included in our W-8BEN mailing due to the fact that HBOS EES have introduced a new on line process to collect these forms. The online solution will ensure the information is retained and recorded in a compliant way (which is potentially not the case for all currently held paper forms).
 
The mailing was sent out to ensure that we have a valid form covering them for 2008 as there is a retroactive statement on the on-line solution once completed. 
 
Apologies if this is causing confusion to your employees and participants that have transferred across to the Capita Nominee Service."

Heritage Chevron, Texaco and FAMM Employee Share Ownership Plans

A lot of retirees still hold stock in these arrangements and so will be impacted by this news. The above Companies have agreed to terminate the above Plans and wind them up. This will mean that all participants will be required to remove their shareholdings from this arrangement via 3 options:

1) Sell all their shares
2) Transfer them into their own names and arrangement
3) Transfer them to the new Chevron United Kingdom Ltd Nominee Service with Capita

It is expected that most will elect option 3 which is fine, but they will be required to complete a form.

Letters with full details and forms have been sent out to all the relevant people. In the meantime, please find below a Communication prepared for all employees which provides more details and answers some questions. 

The Chevron TR  Department  Announcement regarding the heritage Chevron, Texaco or FAMM Employee Share Ownership Plans  

 

Firstly, please be assured that this Announcement does not relate to the current Share Incentive Plan or the removal of any such benefit plan currently in place. Rather it relates to the winding up of the above Share Plans that were closed to new contributions in December 2002 (prior to the commencement of the Share Incentive Plan on the 1st January 2003) and to provide participants of these arrangements with the opportunity to transfer to a new provider going forward. Therefore, please delete this email if you are not a member of any of the heritage Chevron, Texaco or FAMM Employee Share Ownership Plans.

 

What is happening?

 

The heritage Companies of the above have agreed that the above Plans will be terminated with immediate effect and a process of winding up the Plans will follow in the next few weeks.

 

Why?

 

The above Plans have been inactive since the end of 2002 because of the withdrawal of tax relief for approved profit sharing schemes. The current charging structure for these Plans is now considered uncompetitive and the administration services offered to the participants out of date.

 

What does this mean for me?

 

If you hold shares in any of the above Plans, HBOS Employee Equity Solutions (the current Plan administrators) will be writing to you confirming your options. You will be given three options:

 

  1. To sell your shares
  2. Transfer your shares to your own name or to a third party of your choice
  3. To transfer your shares to the Chevron United Kingdom Ltd Nominee Service with Capita Share Plan Services.

You will have a certain amount of time in which to make your choice. If you do not indicate an option within the elected time period, the details of your Plan entitlement will be forwarded to Capita by default, however, you will not be enrolled into the Chevron United Kingdom Ltd Nominee Service until such time as when the appropriate documentation has been completed. It is the responsibility of the participant to ensure this is process us undertaken. Please note that due to Financial Services Authority (FSA) regulations, any shares held in this way cannot be traded or dividends paid until this has been completed.

 

When?

 

It is expected that the letters and documentation relating to this will be issued to your home address during the week commencing 20th October 2008. The deadlines for each option are as follows:

  1. To sell your shares, you must complete the Sale Form which will be sent to you and return it to HBOS Employee Equity Solutions by the 28th November 2008.
  2. To transfer your shares to your own name, please complete the Transfer Form which will be sent to you and return it to HBOS Employee Equity Solutions by the 17th November 2008.
  3. To transfer your shares to the Chevron United Kingdom Ltd Nominee Service, please complete the Application Form which will be sent to you and return it to HBOS Employee Equity Solutions by the 17th November 2008.

How do I know if this affects me?

 

This will affect you if:

 

  • You were employed by one of the above heritage companies, and
  • You participated and still hold shares in the Plan

If so, you would have received quarterly statements from HBOS Employee Equity Solutions which confirms details of the shares that are held for you. In addition, you should be receiving from them, later this month, a statement outlining your options, as described above.

 

Where can I obtain more information?

 

HBOS Employee Equity Solutions will provide more information in the Announcements that will be issued in the week commencing the 20th October 2008. Within the communication, it will provide participants with helpline numbers for assistance and website addresses which will contain further information.   

 

Will it cost me anything?

 

The administrative costs of transferring or selling shares under this arrangement are being met by the Company. The only charge applicable to participants is in respect of the brokerage fee on sale, which will be deducted from the sale proceeds at a rate of 0.75%.

 

How will the Nominee Service benefit me?

 

The Nominee Plan allows you the opportunity to keep all your Chevron shares with one provider going forward (Capita) and under an arrangement that continues to be managed by the Company. It will also provide participants the option to sell shares on a daily basis (rather than being limited to the monthly dealing day). In addition, it is anticipated that on-line access to the participants’ holdings under the Plan will become available via the Share Plan portal in due course. This will enable you to obtain daily fund values.

 

If I wish to sell my shares, will I have to pay tax?

 

All shares in the Plan matured on 31st December 2005 and have been available for sale without the deduction of Income Tax or National Insurance since that date. However, depending on the amount of the proceeds or other individual circumstances, Capital Gains Tax (CGT) may be payable on the difference between the sale proceeds and the value of the shares when they were originally allocated to you. The amount chargeable to CGT may be reduced by the annual exemption (9,600 for the tax year ending on 5 April 2009).  For more information on this, we suggest you speak to an independent financial adviser as neither the Company nor HBOS Employee Equity Solutions is able to provide advice on this matter. 

 

Can I transfer the shares to the Chevron UK Share Incentive Plan?

 

No. This is not allowed under HMRC regulations.

 

What will happen to my dividend payments on transfer to the Chevron United Kingdom Ltd Nominee Service?

 

If you complete the documentation enabling you to transfer your shares in to the Nominee Service, you will continue to receive your dividend payments as they are currently processed. The only change will be that from 1 January 2009 they will be paid by Capita, rather than HBOS Employee Equity Solutions. However, if you do not respond to the above Announcement, then Capita will be unable to pay the dividend until such time as the required paperwork is completed. This is an FSA regulation.

 

What happens if, after joining the Chevron United Kingdom Ltd Nominee Service, I leave Chevron?

 

If you leave Chevron as a result of resignation or dismissal, you will be required to remove your holdings from this arrangement. However, if you leave as a result of retirement, redundancy or through disablement, you will be able, if you wish, to continue to hold your shares under this service.

  

Does the same apply to the shares I hold under the Chevron United Kingdom Share Incentive Plan?

 

No, regardless of your reason for leaving, you will be required to remove your shares held within the Share Incentive Plan and you will not be able to transfer this stock to the Nominee Service.

 

What happens if I do not make an election or I miss the deadline?

 

If either of the above applies, HBOS Employee Equity Solutions will provide Capita Share Plan Services with details of your share holdings. However, you will not be able to sell your shares or receive dividend payments until such time that the appropriate documentation is completed.

 

What if I want to sell shares before the bulk dealing day in December?

 

Please note that the standard monthly sale process for these Plans will still be available in November. If you wish to proceed with any such transaction, your sale form must be received by HBOS Employee Equity Solutions by the 31st October 2008. For further details or to obtain a sale form, please click on the following link:

 

http://hr.chevron.com/europe/uk/Benefits/ShareHeritage.asp

Please use the contacts provided.