PENSION TRANSFER POLICY

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1 Pensions OPTION 32 PENSION TRANSFER POLICY Reminder of important facts

2 What is an Option 32 Pension Transfer policy? You transferred benefits from a previous employer s occupational pension scheme (OPS) into this policy. The options available to you are included in the Taking your pension benefits section. In addition, depending on your original OPS benefits, you may also have some life cover. Where does Royal London invest my policy? When you transferred pension benefits from a previous employer s pension scheme into this policy we invested the amount into the RLCIS OB & IB Fund, referred to here as the with-profits fund. We explain how we manage the withprofits fund in the Principles & Practices of Financial Management (PPFM) of the RLCIS OB & IB Fund document available on our website royallondongroup.co.uk/rlcis or on request. In the event of conflict between this guide and the PPFM, the PPFM shall prevail. Does my Option 32 Transfer policy have any guarantees? Your policy comes with some important guarantees. These are explained below. When your policy was set up Your policy will provide you with a guaranteed amount of regular income on your Chosen Retirement Date*. This regular income is known as your Basic Pension. We set your Basic Pension when you took your policy out by making assumptions on: 1. The future investment returns we would make by investing the transfer value we received from your previous pension scheme into the with-profits fund and; 2. The number of years we would pay regular income to you before you died. In recent years We may have added annual bonuses to your policy when investment returns were good. However, our investment returns in recent years and expected future investment returns are much lower than we assumed when you took out your policy. Because of this we have reduced, or even stopped, annual bonuses for some types of policy. Life expectancy rates have also increased significantly since you took out your policy. This means that pension providers, including Royal London, have to pay regular income to people for a longer period. The combination of these factors means that the underlying value of your policy (i.e. the initial transfer value plus investment returns to date, less expenses) is significantly less than the value of your guaranteed benefits and will remain so at your Chosen Retirement Date. Despite this, we guarantee that your policy will pay out the total Basic Pension, including any annual bonuses already added, at your Chosen Retirement Date. 2

3 Guaranteed Minimum Pension If your previous employer s OPS contracted you out of the State Earnings Related Pension Scheme (SERPS), then part of your benefits will provide a Guaranteed Minimum Pension (GMP). Regulations require that we must pay this amount to you as a minimum (from age 60 if you are female and from age 65 if you are male) and in a certain format. When can I take my pension benefits? Pension benefits can normally be taken from age 55. However, if your Chosen Retirement Date is before this date, special rules mean that you will still be able to take pension benefits from your Option 32 Pension Transfer Policy from age 50. We will write to you in the months leading up to your Chosen Retirement Date to inform you of your options, unless you contact us to request an earlier retirement date. However, early retirement will only be possible if your pension pot is sufficient to pay your GMP at that time. Taking your pension benefits If your policy does not contain GMP The Government has made a number of changes to the way in which you can take your pension benefits. This means that you now have more choice than ever before in how you can take the pension pot you have saved. In summary, these choices are: Option 1 Take all your pension pot as a single lump sum, subject to certain eligibility criteria. Normally, 25% of your lump sum is tax free. Option 2 Convert your pension pot into a guaranteed income for the rest of your life. This is called an annuity. In certain circumstances you may be able to take part of your pension pot as tax-free cash, and then use the rest to buy an annuity. Option 3 Take some of your pension pot and leave the rest invested for another time. You can take a series of lump sum payments or income at different times or a mix of both (including the option to take up to 25% as tax free cash). Option 4 Postpone taking your pension pot you can leave your pension benefits with us until you are age 75, after which you will be required to take your pension benefits. You cannot normally take advantage of these options until you have reached age 55. However, if you are unable to work because of poor health then you may be able to take your benefits earlier. If your policy contains GMP The new flexibilities detailed above only applies to pension savings held as Money Purchase (also known as Defined Contribution) benefits. Money Purchase benefits are those where the pension benefits provided by the scheme are based on a fund value built up from contributions into the scheme. This new pension legislation does not allow payment of such lump sums where pension savings provide a Defined Benefit. Such benefits are often based on the length of your employment and your wages or salary. 3

4 4 The GMP benefit within your policy is based on the length of your service in your former OPS and your salary. Accordingly, this benefit has been classified as a Defined Benefit and falls outside of the new flexibilities. So, no lump sum is payable except where already permitted within the terms of your policy. For example, if you have benefits in your policy in excess of your GMP benefit, there is a clause in your policy allowing you to exchange this excess for a tax free lump sum provided it is within certain prescribed limits. Taking your pension benefits further information As you approach your chosen retirement date we will send you a detailed pack with all your options and details of what you need to do. To help you understand your options and make the right choices, the Government is making available a free and impartial guidance service - Pension Wise. We strongly recommend that you use this service to help you understand your options and make the right decision. You can access Pension Wise online by visiting gov.uk/pensionwise. This service will not provide advice or recommend specific products or providers. If you feel you need advice, we recommend you talk to a financial adviser. If you do not have a financial adviser, you can get details of local financial advisers by visiting unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost to you beforehand. What happens if I die before I take my pension benefits? Depending on the features of your original occupational pension scheme, your policy value will be used to provide either: a pension for your spouse or civil partner, or a lump sum payable to your next of kin or a dependant, or a mixture of both. If you die before the age of 75, it will normally be paid tax free. If you die after the age of 75, it will be subject to tax at 45% if it is paid before 6 April After this date it will be taxed as income, i.e. depending on their total taxable income in a year, your beneficiary may pay income tax on these payments. What happens if I am in ill-health? If you retire early due to ill health, we may be able to make special arrangements for when and how you access your pension benefits. For example, if you are in severe ill health it may be possible to access your pension benefits before age 55. Can I transfer my policy? You can transfer your policy to another pension provider at any time before you access your pension benefits. We will not charge for doing this. However, if you do transfer your policy, you will lose the valuable policy guarantees described earlier. We recommend that you speak to a financial adviser before you transfer your policy.

5 Additional information This guide is a short reminder of the main features of your Option 32 Pension Transfer policy and any important changes that might affect your policy. You should refer to the policy document we sent to you when you took out your policy, together with any contract endorsements, for more detailed information. In the event of conflict between this guide and the policy document, the policy document will prevail. Notes *Throughout this document, whenever we refer to Chosen Retirement Date, this is the date that you originally stated you would like to retire and is the date shown on your annual statement (unless subsequently changed). 5

6 If you would like a copy of this leaflet in large print, audio or Braille, please contact us. Royal London Churchgate House, 56 Oxford Street, Manchester, M1 6EU royallondon.com The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. MKT2626_RL 06/2015

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