MORE CHOICE MORE FREEDOM

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1 LOOK FORWARD TO MORE CHOICE MORE FREEDOM A guide to Income Release Pension Portfolio royallondon.com

2 WELCOME TO ROYAL LONDON We re a mutual organisation and, unlike a PLC, we don t have any shareholders to pay. Instead we re owned by our members 1, and everything we do is for the long-term benefit of our members and all customers. Members can take part in our AGM and have their say on the future of our business. Quite simply, we answer to you so we ll always be looking out for your best interests. This guide tells you how your plan works and the benefits it offers. You should read it along with your other plan documents. We hope it helps you get the most out of your retirement savings. If you have any questions, just get in touch. We d love to hear from you. CONTENTS Your plan at a glance 4 Taking your retirement benefits 6 Clear charges 9 Investing your retirement savings 10 Topping up your savings 12 Your plan online 14 Getting in touch 15 1 You ll be able to see from your terms and conditions whether you re a member. 2

3 3

4 YOUR PLAN AT A GLANCE We ve put together a summary of all the main benefits of your plan. The rest of your guide will give you more information. Your plan Your plan is a personal pension called Pension Portfolio. With its Income Release facility, you have the freedom to take your retirement benefits in a way that suits you and your lifestyle. Taking your retirement benefits Currently, you can start taking your retirement benefits any time after age 55, even if you re still working. Using Income Release gives you greater control over how and when you take your retirement benefits through its flexi-access drawdown facility. You can take tax-free cash and, if you want, an income, which will be subject to income tax, directly from your plan. This means you don t have to buy an annuity. An annuity is a financial product that provides a guaranteed retirement income for life in return for a lump sum payment. Investing your retirement savings The part of your plan not yet paid as tax-free cash or an income remains invested for you. You can choose from a range of investments to suit your attitude to risk and your goals. You can also have as much or as little control over your investments as you want. You should remember that investment returns are never guaranteed. Also the value of your investment can go down as well as up, so you may not get back the value of the original investment. Our investments are regularly reviewed, giving you extra peace of mind that your savings are in good hands. Topping up your savings You can start, stop, change and restart contributions. At the moment, every time you save into your plan, so will the taxman. This is called tax relief and depends on individual circumstances. Although it could change in the future, it helps your savings grow faster. The taxman also lets your savings grow in a very tax-efficient way. 4

5 You can also boost your retirement savings by making single contributions or transferring existing pensions into your plan. Your plan online Our online service lets you access your plan details 24/7. This means you can keep track of your savings at a time and place that suits you. You ll find details on how to register in the Your plan online section of this guide. Getting in touch Our award-winning customer service team will look after your plan from start to finish. So if you have any questions about your plan, just get in touch. They can t give you financial advice, so if you need help making decisions about your retirement savings, then please speak to your financial adviser. We ll also keep you up-to-date by sending you a yearly statement and news of any changes to your plan. You have the freedom to take your retirement benefits in a way that suits you and your lifestyle. Remember Keep us updated with your details and any changes that could affect your retirement plans. For example, if you move home or change when you want to retire then please let us know. You ll find our contact details at the back of this guide. 5

6 TAKING YOUR RETIREMENT BENEFITS When it comes to taking your retirement benefits, Income Release gives you a flexible alternative to buying an annuity. Your choices Before you use the Income Release facility, you need to decide how you want to take your retirement benefits. There are a number of options open to you any time after age 55, so you need to think carefully about what s best for you. You should speak to your financial adviser before you make any decisions. Taking tax-free cash Currently, you can take up to 25% of the value of your plan as tax-free cash. You can choose to take this cash as a one-off payment or through smaller payments at different times. Whatever you decide, you ll have to take the tax-free cash before age 75. The rest of your plan can be used to provide you with income payments either now, or in the future. Remember, you don t have to take an income from your plan the choice is yours. Taking an income Income Release lets you take an income directly from your plan. This gives you greater control over your savings and means you don t have to buy an annuity. However, unlike an annuity, the income payments from your plan aren t guaranteed for life. Depending on the amount of income you ve taken and the performance of your investments, both the value of your plan and any income you take from it could reduce in the future. So it s important to regularly review the income you take and the value of your fund to ensure it s sustainable. Having more control over your savings means that you can: Take an income either monthly, quarterly, half-yearly or yearly. Change the frequency of your income payments. Receive additional payments at any time. Increase or reduce your income. 6

7 Did you know? If you die before you use all of your retirement benefits, your savings could be paid to one or more beneficiaries of your choice. 7

8 8 If you re taking an income, you might want to think about using our income management facility Income Tap. This is a low risk fund that s suited to helping make income payments and can hold up to 60 months worth of income. To find out more download our Income Tap leaflet from royallondon.com How Income Release works Once you ve decided how you want to take your retirement benefits, we ll split your retirement savings between two separate accounts: an Income Release Account and a Savings Account. The Income Release Account pays out the tax-free cash and any regular income payments that you ve selected. If you decide to put all your retirement savings into the Income Release Account, you won t have a Savings Account unless you make additional contributions to your plan. Once your savings are in this account you can t move them back to the Savings Account. The Savings Account holds any of your savings not put into the Income Release Account. It s also where any additional contributions you make to your plan will be invested. Any time you need more tax-free cash or income, you simply move some or all of your savings into your Income Release Account. You can t withdraw an income directly from your Savings Account, but you can use it to buy an annuity. Making your decision Don t worry if you haven t made up your mind yet your financial adviser can help you to decide. Know your limits Flexi-access drawdown plans allow you to take the level of income you want from your plan. If you take an income from a flexi-access plan, the money purchase annual allowance (MPAA) will apply to you. More information about the MPAA is covered later in this guide. Capped drawdown plans have to be in force by 6 April 2015 and have a maximum level of income you can receive from your plan. If you re currently receiving an income from another capped drawdown plan, it may be possible for you to transfer the value of that plan to a Pension Portfolio plan and continue taking an income from it. Your income level can remain capped if you wish. You re not restricted to this limit and if you take an income higher than the capped amount, your plan will become a flexi-access drawdown plan and the money purchase annual allowance will apply to you. There s also a limit to the amount you can have built up in this or any other pension plan when you start taking your retirement benefits. It s set by the Government and it s called the lifetime allowance. If you want to find out more, visit our website at royallondon.com. Remember You can buy an annuity at any time if you decide you want a guaranteed income. Annuity rates can change, so there s no guarantee that if you buy an annuity in the future, the rates will be more favourable so you could receive a lower income than you expected.

9 CLEAR CHARGES With Income Release, you only pay for the services you use. Your charges Like all pension providers, we apply a management charge for setting up and servicing your plan. However, as Income Release is part of Pension Portfolio, we ve been able to minimise the charges you have to pay when taking benefits from your plan. You ll only have to pay for features you use. An initial one-off charge applies when Income Release is first used. Have a look at your Plan certificate for a breakdown of the charges to your plan. With Income Release, you only pay for the services you use. 9

10 INVESTING YOUR RETIREMENT SAVINGS When you set up your plan you had the option to choose, with the help of your financial adviser, the investments that matched your attitude to risk and your plans for the future. Your options You can stick with your original investment choice and not change anything. Or, you might decide that your investments are no longer suitable and want to change them. The good news is that you can adapt and refine your investment options to suit your changing goals and circumstances. Here you ll find a summary of the options that are available to you. For more detailed information, speak to your financial adviser or refer to our Pension investment options guide. You can download a copy from royallondon.com. Choosing your investments A helping hand You can choose one of our off-the-shelf options from our Governed Range and leave the hard work of managing and reviewing your investments to our specialists. That s because all the options in the Governed Range are regularly reviewed to make sure they continue to meet their objectives. Our Governed Range consists of Lifestyle Strategies and Governed Portfolios. Our Lifestyle Strategies are all designed to reduce the risk to your savings the closer you get to retirement, by automatically moving you from higher to lower risk investments. Our Governed Portfolios are made up of a mix of different investments, such as equities (also known as stocks and shares), bonds and property. They take into account the time until you retire and the level of risk you are prepared to take. 10

11 If you re taking income from your plan, we offer five Governed Retirement Income Portfolios (GRIPs), designed exclusively for Income Release. GRIPs are suitable for you if you re taking a regular income but delaying purchasing an annuity and you re able to accept a level of uncertainty in your future income. Each GRIP invests in a mix of equities, corporate bonds, medium index linked gilts, high yield bonds and property. They are aligned to five risk profiles determined by your income needs and risk attitude. Manage your own investments If you have good investment knowledge and want lots of control over your investments, we offer a carefully selected range of funds for you and your adviser to choose from. You ll have access to our in-house funds, managed by our asset management division, Royal London Asset Management (RLAM) as well as some of the world s leading investment companies. Reviewing your investments Whatever option you choose, you can be sure that our ongoing governance service is regularly reviewing all of our investment options to make sure they continue to meet their objectives. Looking for even more choice If you want to be more actively involved in selecting investments, you can use the Self Investments option within your plan. This additional investment flexibility lets you invest in a fund supermarket and directly in a range of alternative investments, such as company shares and UK commercial property. Further charges apply for these investments and they re not suitable for everyone. How to change your investments If you re registered for our online service, you can change your investments online. Details of how to register for our online service are in the Your plan online section of this guide. If you have any Self Investments in your plan, changes to them must be submitted by your adviser on your behalf. Remember Check with your financial adviser before you make any investment decisions, as any changes could affect your plan s performance. Investment returns are never guaranteed and the value of your investment can go down as well as up. You may not get back the value of the original investment. 11

12 TOPPING UP YOUR SAVINGS You ll be glad to know that you can keep saving into your plan, even after you start taking your retirement benefits. Regular contributions You can make regular monthly or yearly contributions into your plan. These can be a fixed amount or set to increase each year in line with your salary or earnings, the Retail Prices Index (RPI), or set at a level between one and ten percent. Setting your contributions to increase each year is a good way to make sure that you increase the final value of your plan. Your regular contributions are made by Direct Debit. You should make sure that you don t go below the current minimum this is shown in the table below. Monthly contributions 50 Flexible contributions You can start, stop, change and restart contributions. You should remember to regularly review your retirement savings to make sure you stay on track for the retirement you want. Knock-on effect When you change your contributions, you need to consider what effect this will have on the contributions from the taxman. A decrease in contributions will mean less money from the taxman, which in turn means the value of your plan will be lower. Likewise, if you increase your contributions, the money from the taxman will also increase, helping to boost the value of your plan. Yearly contribution 600 Remember you can t make any more contributions into your plan after age

13 Single contributions Making single contributions into your plan is a great way to top up your retirement savings. If you receive a bonus from work, or just happen to have some spare cash, you could save it into your plan. Transfer payments If you have retirement savings built up in other pension plans, you may be able to transfer them into this plan. Having all your retirement savings with one provider could make it easier for you to keep track of them. Currently if you have a drawdown pension plan with another pension provider, you can transfer it to us, but it must be held in a separate plan to your existing plan. This is due to Government legislation. Know your limits There s a limit to the amount you can invest in pension plans every year before you are taxed on your contributions. It s set by the Government and it s called the annual allowance. If you want to make contributions to your plan after you have taken all or some of your retirement savings, you may be limited to what you can continue to contribute and receive tax relief on. This is called the money purchase annual allowance. Please note that this is considerably lower than the annual allowance and relates to any pension plan you may have, not just this one. To find out more about the annual allowance and the money purchase annual allowance, visit royallondon.com. Transfer payments from one pension plan to another don t receive tax relief and are not always in your best interests. You ll need to speak to your financial adviser before you make a decision. How to change your contributions If you want to change your contributions, speak to your financial adviser. You can keep saving into your plan, even after you start taking your retirement benefits. 13

14 YOUR PLAN ONLINE Our secure online service is simple to use, quick and easy to access and available 24 hours a day, 7 days a week. Keeping track Once registered, you can log in to our online service to see how your plan is doing. For example, you can: Check the value of your plan. Track the performance of your investments. Make changes to your personal details. View all contributions into your plan. View any income payments you re receiving. Switch your investments. How to register Registering for our online service can be completed in a few easy steps. 1 Have your plan number to hand. 2 Go to royallondon.com/onlineservice 3 Complete your personal details and click Continue. 4 Enter your and password. 5 Select three different memorable questions and answer them, then click Continue. 6 You ll then be sent an to activate your account. Click the Activate account link which will take you to the final step to enter your password. Once you register, you re ready to go all you need to do is log in. Print a Plan summary. Our secure online service is simple to use and quick and easy to access. 14

15 GETTING IN TOUCH You should always contact your financial adviser first if you have any questions about your plan or your financial situation. However, if you need to get in touch with us about your plan then please use the contact details in your Plan details. Or you can contact our central Customer Service team. They can provide you with any information you need about your plan, but won t be able to give you financial advice. We can access your details quicker if you can quote your plan number. Phone: Lines are open Monday to Friday 8am 6pm. We may record calls to improve our service. Website: royallondon.com 15

16 Royal London 1 Thistle Street, Edinburgh EH2 1DG royallondon.com All literature about products that carry the Royal London brand is available in large print format on request to the Marketing Department at Royal London, 1 Thistle Street, Edinburgh EH2 1DG. All of our printed products are produced on stock which is from FSC certified forests. 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. The firm is on the Financial Services Register, registration number It provides life assurance and pensions. Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority and introduces Royal London s customers to other insurance companies. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Corporate Pension Services Limited is authorised and regulated by the Financial Conduct Authority and provides pension services. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. April B11/5

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