EQUITY STAKEHOLDER CHILD TRUST FUND.

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1 LEGAL & GENERAL (PORTFOLIO MANAGEMENT SERVICES) LIMITED EQUITY STAKEHOLDER CHILD TRUST FUND. IMPORTANT INFORMATION INCLUDING TERMS AND CONDITIONS

2 2 CHILD TRUST FUND IMPORTANT INFORMATION CONTENTS USING THIS DOCUMENT OUR CONTACT DETAILS AIMS, COMMITMENTS AND RISKS QUESTIONS AND ANSWERS ADDITIONAL INFORMATION OTHER INFORMATION TERMS AND CONDITIONS

3 CHILD TRUST FUND IMPORTANT INFORMATION 3 USING THIS DOCUMENT. BEFORE YOU START READING You should read this document carefully so that you understand what you (the registered contact) are buying, and then keep it safe for future reference. This document is about the Legal & General Equity Stakeholder Child Trust Fund (CTF). It includes both important information and Terms and Conditions. You will also need to read the Key Investor Information document. The Key Investor Information document gives you the key information you need to decide whether the L&G (N) Tracker Trust, which the CTF invests in, is right for your child. We must by law provide one for each of our funds. It is in five sections: Objectives and investment policy tells you what the fund aims to do. It also tells you about the assets it invests in. Risk and reward profile shows the fund s level of risk in relation to the potential reward. It also shows any specific risks that apply. Charges for this fund shows you the one-off and regular charges that may apply to the fund. Past performance shows you how the fund has performed since its launch date. However, it s important to remember that past performance is not a guide to future performance. Practical information gives more details, including how to get further information and documents you may need. It s essential that you read the Key Investor Information document carefully so that you understand what you re buying. You should base your investment decision on the information it contains. Please keep it safe for future reference. When we refer to the fund we mean the L&G (N) Tracker Trust. FINDING OUT MORE We use this icon to highlight any important points or guide you to further information in this document or elsewhere. If there is something that you don t understand, please contact your financial adviser. For other information please contact customer services. Our contact details are below. OUR CONTACT DETAILS By telephone You can contact Customer Services on Lines are open Monday to Friday 9.00am to 5.00pm. We may record and monitor calls. Call charges will vary. This number may not be available from outside the UK. Writing to us You can also write to us with instructions on your child s CTF or if you have any questions or complaints. Legal & General Investments Administration Centre BNY Mellon House Ingrave Road Brentwood Essex CM15 8TG

4 4 CHILD TRUST FUND IMPORTANT INFORMATION AIMS, COMMITMENTS AND RISKS. ITS AIMS Our CTF has very specific aims. The CTF invests your child s money in company shares (equities) on the UK stock market via the L&G (N) Tracker Trust. This fund aims to provide the potential for growth by tracking the performance of the FTSE All-Share Index. To achieve accurate tracking, the fund s investments will closely replicate the holdings in that index. The fund aims to gain exposure to the UK stock market, but without the risk attached to individual stock selection. The CTF also provides a lifestyling option to provide an element of protection against stock market falls. Once your child turns 15, each year we will move 33% of your child s investment into a cash fund. Please see How does the CTF work? on page 5. YOUR COMMITMENT The CTF is designed as a long-term investment. Your child can only access the money (including any extra investments) when he or she reaches age 18. When they reach age 18 only your child can make withdrawals, until that time the money is locked in. Withdrawal from your child s CTF can only be made in certain circumstances, as set out in the terms and conditions, and we cannot return any contributions to a donor. Customers wishing to contribute to an existing CTF should bear in mind that any money invested into the fund will cease to be their property and become that of the child s. This CTF is only available for top ups and transfers from other CTF providers. You have to invest at least 1 for a lump sum or 1 a month for regular savers. You can currently put in up to 4,080 each subscription year, starting on your child s birthday. RISKS The value of the investment can fall as well as rise and is not guaranteed. Your child may get back less than the amount originally invested. If the market(s) in which the fund invests falls, the value of the investment will probably fall as well. The fund manager runs a fund to meet its objectives and you should expect the fund s investments to change over time. The fund s level of risk may also change in the future, for example because of global economic conditions, investment choices made by the fund manager or a change in the riskiness of the market(s) invested in. If the performance of the investment is less than the rate of inflation, the buying power of the investment will fall. The fund invests in equities (company shares). Investments in shares tend to be riskier than for many other types of investment. This is because there s a higher risk of the value of your fund falling, more often and by a larger amount than for many other asset types, especially in the short term. UK tax laws might change, possibly making it a less tax-efficient investment. It s important that you understand the risks of the fund before you invest your child s money. Please ensure you look at the risk and reward profile on the Key Investor Information document. This shows the fund s level of risk in relation to the potential reward. It also shows any specific risks that apply. The fund s Prospectus gives you a complete description of the risks. You can obtain a copy free of charge by contacting us at the address in the Our Contact Details section on page 3.

5 CHILD TRUST FUND IMPORTANT INFORMATION 5 QUESTIONS AND ANSWERS. WHAT IS A CTF? A CTF is a long-term, tax-efficient savings account for children born between 1 September 2002 and 2 January You can no longer open new CTF accounts and this CTF is only available for top ups into an existing account and transfers from other CTF providers. There are three types of CTF: Stakeholder account Savings account Share account Stakeholder accounts invest in a wide spread of company shares and meet conditions specified by the Government. They also move the money to lower risk investments once your child is 15. Savings accounts the money is placed into a bank or building society deposit account. Share accounts invest in company shares of your choice. The Legal & General Equity Stakeholder CTF is a Stakeholder account. You should bear in mind that if a fund is described as Stakeholder compliant, it does not mean that it is in any way Government approved, or right for your child, or that there is any guarantee of performance. HOW DOES THE CTF WORK? This CTF invests your child s money in company shares on the UK stock market by buying the CTF accumulation units of the L&G (N) Tracker Trust. The CTF only offers CTF accumulation units, which means any income is reinvested in the fund. Many investments can take time to realise their potential, so they should be viewed as a medium to long-term commitment. To provide an element of protection against sudden stock market falls, the CTF also provides a lifestyling option. More about lifestyling is explained in What s lifestyling and how does it work? on page 6. You will be known as the registered contact. Once your child reaches 16, they can apply to become the registered contact. The registered contact will have control of the CTF, and we will only accept instructions on the management of the CTF from the registered contact. ADDITIONAL INFORMATION ABOUT THE TRACKER TRUST (THE FUND) The L&G (N) Tracker Trust has the following unit classes available: Accumulation units CTF accumulation units The CTF invests in the CTF accumulation units of the fund. CTF accumulation units shall only be available to investors where the beneficial owner of the units is an eligible child within the definition of the requirements of the Child Trust Fund Act WHAT ARE DERIVATIVES AND HOW DO THEY WORK? The fund uses derivatives. These are specialist investments that some funds can use. A derivative is a type of contract that the fund takes out with another company. For example, a contract could be to have the option to buy a particular asset at a particular price in the future. Alternatively, it could be to enable the fund to benefit from the changes in value of a particular asset over a period of time. Like other investments a derivative has its own market price. It derives this from changes in value of the asset to which it s linked. Derivatives are traded in the investments markets. Instead of investing directly in an asset, such as company shares, bonds or property, the fund can invest indirectly in that asset through a derivative. The fund can also take out derivatives which allow it to get a particular foreign exchange rate or interest rate in the future. Derivatives may be more volatile than a direct investment in company shares. There is also a risk that the company with whom the fund has taken out a derivative may not meet their obligations. WHAT S THE CTF CONTRIBUTION LIMIT? The maximum that can be invested each subscription year is 4,080. The subscription year starts on your child s birthday and ends the day before their next birthday. If you make monthly payments to the CTF by direct debit, you will need to tell us if you wish to increase your payments in line with any annual increases in the CTF contribution limit.

6 6 CHILD TRUST FUND IMPORTANT INFORMATION WHAT HAPPENS IF THE CONTRIBUTION LIMIT IS EXCEEDED? If a contribution causes the CTF to go over the annual limit, the overpayment will be returned to the donor unless their contact details are not known. In that case, it will be returned to the registered contact. WHAT S LIFESTYLING AND HOW DOES IT WORK? HMRC has recently implemented changes to how lifestyling works. From 6 April 2015 lifestyling does not start until your child turns 15. Once your child turns 15, each year we will move 33.3% (one third) of your child s investment to a cash fund. This is called lifestyling. This means your child s fund exposure to any sudden market falls is reduced in the last three years up to your child s 18th birthday. However, this will also mean that the CTF will have less opportunity to benefit from any rises in the stock market during this period. The lifestyling option is included automatically, unless you specifically request otherwise. We ll write to you shortly before your child s 15th birthday to confirm details of the lifestyling option. The lifestyling option will come into effect on your child s 15th birthday, or if this is a non-working day, the next working day and remain in effect until their 18th birthday. On your child s birthday, or if this is a non-working day, the next working day in each of these three years, units will be sold in order to purchase sufficient units in a cash fund to achieve the minimum percentage holding illustrated in the table below. A similar proportion of future contributions in the lifestyling period will be handled in this way to maintain the percentage holding values. If the value of the existing holding in the cash fund is already equal to or greater than the minimum percentage value illustrated, no sale of units will occur. CAN I MAKE ADDITIONAL PAYMENTS? You, your friends and family can make additional payments by completing a top up application form and sending in a cheque. Lump sum payments can also be made by direct credit or standing order. A monthly direct debit can also be started at any time by completing the direct debit form. Please send your direct debit form to the address shown in the Our Contact Details section on page 3. It s essential you read the Key Investor Information document carefully before you make any investment decisions so that you understand what you re buying. You should base your investment decision on the information it contains. We will send you a new one every time it changes. Please keep it safe for future reference. CAN I CHANGE MY MONTHLY PAYMENTS? Yes, you can start, amend or stop your monthly payments at any time. Please write to the address shown in the Our Contact Details section on page 3. NUMBER OF YEARS BEFORE 18TH BIRTHDAY MINIMUM PERCENTAGE VALUE OF HOLDING IN A CASH FUND THE DIRECT DEBIT GUARANTEE This Guarantee is offered by all banks and building societies that accept instructions to pay direct debits. If there are any changes to the amount, date or frequency of your direct debit Legal & General will notify you 10 working days in advance of your account being debited or as otherwise agreed. If you request Legal & General to collect a payment, confirmation of the amount and date will be given to you at the time of the request. If an error is made in the payment of your direct debit, by Legal & General or your bank or building society, you re entitled to a full and immediate refund of the amount paid from your bank or building society. If you receive a refund you re not entitled to, you must pay it back when Legal & General asks you to. You can cancel a direct debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify us.

7 CHILD TRUST FUND IMPORTANT INFORMATION 7 HOW DO I TRANSFER MY CHILD S CURRENT CTF TO LEGAL & GENERAL? You can transfer an entire existing CTF into the Legal & General CTF. You have to transfer a minimum of 1, but there is no maximum amount. We don t charge for receiving a transfer, but the existing CTF provider may make deductions for incidental charges when making the transfer. You will need to complete our transfer application form. We ll then contact the existing CTF provider and arrange the transfer. It s essential that you read the Key Investor Information document carefully before transferring so that you understand what you re buying. You should base your investment decision on the information it contains. Please tick the box on the application form to confirm that you have received it. We won t be able to process your instruction until you confirm you have received it. We will send the registered contact a new Key Investor Information document every time it changes. Please keep it safe for future reference. HOW DO I TRANSFER THE CTF TO ANOTHER PROVIDER? To arrange a transfer to another CTF provider you will need to contact them and complete their transfer application forms. You may transfer the entire CTF to a different CTF provider at any time. There is no charge for transferring out of the L&G (N) Tracker Trust. Once we receive confirmation from the new CTF provider that they will accept the transfer, we ll sell the units and send the proceeds onto them. You are reminded that, if there is a rise in markets while the CTF transfer is pending, your child may not gain the benefit of that rise. If you transfer the CTF to either a cash or equity CTF, the value of the transfer may be less than originally invested. CAN I TRANSFER FROM THE CTF TO A JUNIOR ISA? From 6 April 2015, you can transfer the entire CTF to a Junior ISA at any time. If you transfer the CTF to a Junior ISA, following this transfer we will close the CTF. Please note that Junior ISAs do not offer lifestyling and have different features to CTFs. Please ensure you read the relevant Junior ISA documents carefully. To arrange a transfer to another Junior ISA provider you will need to contact them and complete their transfer application forms. You are reminded that, if there is a rise in markets while the CTF transfer is pending, your child may not gain the benefit of that rise. If you transfer the CTF to either a cash or stocks and shares Junior ISA, the value of the transfer may be less than originally invested. If the transfer from the CTF is not successful, any JISA that has been opened on a provisional basis to accept the transfer will be invalid, and any subscriptions to the provisional JISA will be returned. The CTF status will remain intact. CAN I TRANSFER FROM JUNIOR ISA BACK TO CTF? No, you cannot transfer back to a CTF once you have transferred the CTF to a Junior ISA. UNDERSTANDING CHARGES AND EXPENSES How will charges and expenses affect the investment? All funds are subject to charges and expenses. They are the costs of running the fund, including marketing and distributing it. This fund has no initial charge but there is an ongoing charge. Warning Charges and expenses reduce the potential growth of the investment. This means your child could get back less than is paid in. What are the ongoing charges? The ongoing charges are the charges your child will pay over a year for as long as they hold their CTF. They relate to costs of running the fund. Legal & General (Unit Trust Managers) Limited, the fund manager of the L&G (N) Tracker Trust, base the ongoing charges figure we give on actual costs for the previous year. Legal & General (Unit Trust Managers) Limited deduct these charges from the fund. All schemes within member states of the European Economic Area provide details of the ongoing charges to help compare expenses of different schemes. The ongoing charges consist of the annual management charge and the extra expenses. The annual management charge covers the following fees: investment management; accounting; valuation; and the manager s own management costs. The daily unit price reflects these deductions. The extra expenses are other management expenses during the year and may include: trustee fees and expenses; audit fees; custodian fees; regulator fees; registrar fees; and payments to legal and professional advisers.

8 8 CHILD TRUST FUND IMPORTANT INFORMATION Where do you take the ongoing charges from? Legal & General (Unit Trust Managers) Limited take the ongoing charges from the fund s capital (its assets). Any charges taken from capital reduce the growth potential. The Key Investor Information document tells you the ongoing charges as a single figure. We show you the annual management charge and the extra expenses as separate figures at Are there any other costs? Yes, there are other costs, and Legal & General (Unit Trust Managers) Limited take these from the fund s capital: transaction costs relating to buying and selling the fund s investments, including any commission Legal & General (Unit Trust Managers) Limited pay to stockbrokers for trading and/or research; interest on borrowing; and any transaction taxes the fund may have to pay when it buys or sells assets (transfer taxes, for example stamp duty). There is currently no exit charge on the L&G (N) Tracker Trust. You can find details of charges, transaction costs and transaction taxes for the fund at The Prospectus for the fund includes details on all charges, expenses and stockbroker commission arrangements. You can contact us to get a copy free of charge. The Prospectus is only available in English. Will you let me know if charges change? We ll let you know if Legal & General (Unit Trust Managers) Limited increase the annual management charge. Extra expenses will vary from year to year. We won t let you know each time they change. The latest Key Investor Information document will show the most recent ongoing charges figure.

9 CHILD TRUST FUND IMPORTANT INFORMATION 9 ADDITIONAL INFORMATION. WHAT HAPPENS WHEN MY CHILD REACHES 18? When your child reaches 18 the CTF will close and your child will be able to withdraw the value. We ll contact your child outlining any options at that time. The CTF will lose its tax-efficiency unless it is reinvested in an alternative tax-efficient investment. DO MY CHILD OR I HAVE TO PAY ANY TAX ON THE INVESTMENT? No, the CTF is a tax-efficient investment. Any gains received from the CTF are free from personal income and capital gains tax. However, this CTF invests in a fund that invests in UK equities and so receives dividend income. When a fund receives dividends, tax is treated as already paid at a rate of currently 10%. Please note that this is Legal & General s understanding of current law and HM Revenue & Customs practice. The tax treatment depends on your child s individual circumstances and may be subject to change in the future. If you are unsure of your child s tax status or would like advice on your child s tax circumstances, please contact a financial adviser. Or you can visit HM Revenue & Customs website on Your tax office will also be able to help answer your questions on tax. WHAT IS STAMP DUTY RESERVE TAX (SDRT)? SDRT is a tax a fund must pay when it buys most types of UK company shares. WHAT IF MY CHILD PAYS TAX ABROAD? Depending on your child s residency status (non-uk), they may have to pay tax in a country outside the UK on any income or capital gains which they receive. If you need advice, please speak to a tax adviser or to the relevant authorities in the country concerned. UNDERSTANDING UNIT PRICES This section will help you understand the price you get when you buy or sell units in the fund. When do you calculate unit prices? Legal & General (Unit Trust Managers) Limited, the fund manager of the L&G (N) Tracker Trust, calculates unit prices for the Legal & General funds for every valuation point. The valuation point is the set time each day when Legal & General (Unit Trust Managers) Limited work out the unit price of a fund based on the value of all its assets. Different funds have different valuation points. When you buy or sell units (known as dealing), we use the unit price at the first valuation point after we receive your instruction. Units in the L&G (N) Tracker Trust are normally valued at 12 noon (the valuation point) to determine their price (mid price). Please see the section Single pricing below for further information. All units bought through Legal & General (Portfolio Management Services) Limited are registered in the name of Legal & General in a designated account for the child. How do you calculate unit prices? Legal & General (Unit Trust Managers) Limited must base unit prices on the values of all the fund s assets. Each of these assets may have a buying and a selling price: The difference between these two prices will vary depending on the type of asset, how easy it is to trade and where in the world it s based. For example, cash deposits have no difference but commercial property has a large difference. In addition there may be a range of costs to pay when buying or selling these assets, such as stockbroker fees or stamp duty. The size of the difference between the two prices can change on a daily basis as investment conditions change. There is a range of methods for calculating the prices of a fund that allow for all these factors: Each method has a different way of allowing for the costs of buying and selling the fund s assets to allow for when the fund is growing or reducing in size. Where the method Legal & General (Unit Trust Managers) Limited uses doesn t pass the full costs onto customers either putting money into, or taking money out of, the fund, Legal & General (Unit Trust Managers) Limited pay the costs from the fund. This will affect its potential performance. The pricing method Legal & General (Unit Trust Managers) Limited use for the L&G (N) Tracker Trust is known as single pricing.

10 10 CHILD TRUST FUND IMPORTANT INFORMATION Single pricing Single priced funds have just one price, directly linked to the value of the fund s assets. You buy and sell all units in the fund at this single price. We price our single priced funds using a mid price. This means the fund manager calculates a price based on the mid-point between the buying and selling prices of the fund s assets. This is known as the single dealing price. Legal & General (Unit Trust Managers) Limited can also take a deduction (known as a dilution levy) from anyone buying or selling units to allow for the costs of buying and selling the fund s assets, such as stockbroker fees and transfer taxes, for example stamp duty, and the difference between the buying and selling prices of the fund s assets. This helps to protect ongoing investors from these factors. Legal & General (Unit Trust Managers) Limited either take this deduction from the investment before you buy units, or from the amount you sell. They then pay the dilution levy into the fund. The fund s Prospectus will give details of when Legal & General (Unit Trust Managers) Limited may take the deduction. The size of the deduction will vary between funds. It will be higher for funds where the underlying costs are higher. Does this affect the value of my child s investment? Yes, if Legal & General (Unit Trust Managers) Limited apply the deduction when you decide to buy or sell units. In addition, if they don t apply it often, they ll take the costs of buying and selling investments from the fund. This will reduce the fund s performance. You can find details of the dilution levy for the fund at We show the difference between the buying and selling prices of the fund s assets, transaction costs and transaction taxes at WHERE CAN I FIND UNIT PRICES FOR THE L&G (N) TRACKER TRUST? Legal & General (Unit Trust Managers) Limited calculate prices daily for the fund. All prices are quoted in pence and for the previous working day. Where a fund has more than one unit class, we list the prices for these separately. We usually publish unit prices at: or you can usually find the information on: WHAT IF MY CHILD BECOMES ILL? If your child is diagnosed with a terminal illness you can apply to withdraw money from their CTF. You must inform HM Revenue & Customs Child Trust Fund Office (CTFO) of their illness and request access to their money. Once the claim has been agreed, the CTFO will write to you to let you know that withdrawals can be made. They will also inform Legal & General. You, as the registered contact, will then be able to make one or more withdrawals by sending the confirmation letter to the address shown in the Our Contact Details section on page 3. The CTF will remain open (even with a zero balance) so further contributions from friends and family can be made. Any withdrawals made from the CTF will count towards the subscription limit if they are re-subscribed. WHAT HAPPENS IF MY CHILD DIES? In the event of the death of your child, the value of their CTF will be paid to their personal representatives. No further contributions will be allowed. The investment becomes taxable from the date of death. To close the CTF we ll need a copy of the death certificate and a letter of administration. We ll also need to check the ID, name and address of the registered contact. IS THE LEGAL & GENERAL CTF SUITABLE FOR MY CHILD? This may be suitable for your child if you (the registered contact) are looking for a CTF that is UK stock market based. The fund has a broad spread of shares and invests mainly in medium to large size companies. It is suitable if you re looking for a CTF that has a lifestyling option, which starts at age 15. This means that, once your child turns 15, each year a percentage of the CTF is moved from the L&G (N) Tracker Trust into a cash fund. This document doesn t provide advice or personal recommendations. We haven t assessed whether this product is suitable for your child. This means you don t have the protection you would have received if we had done this. It s up to you to decide if an investment with us is suitable for your child s needs. If you re unsure, you can contact your financial adviser. WHERE CAN I GET HELP? Your financial adviser or local Nationwide branch will be pleased to answer any questions you may have. Alternatively, you can call us on the number provided in the Our Contact Details section on page 3.

11 CHILD TRUST FUND IMPORTANT INFORMATION 11 HOW MUCH WILL YOU PAY NATIONWIDE? We ll pay Nationwide out of the CTF s charges, which are set out in the Key Investor Information document. The amount we ll pay Nationwide is a percentage rate of the total value of the CTF. The amount will depend on the amount of Government contributions and other investments made through Nationwide, how long they are invested with Legal & General and how the fund performs over time. We ll make a payment to Nationwide each month at a rate of one-twelfth of 1.15% of the total value of the CTF. We can reduce that payment by the costs of administering the investments and the costs of producing the marketing literature. The exact amount of these costs will depend on the nature and volume of investments in the CTF. For example, if the total value of the CTF was 10,000, we would pay Nationwide one-twelfth of 1.15% of 10,000 = 9.58 that month, less an allowance for administration and literature. If the total value of the CTF was 20,000, we would pay Nationwide that month, less the allowance. WHAT DOCUMENTS WILL I RECEIVE? When you buy units, we ll send you a contract note or an acknowledgement letter, which confirms the transaction. Unit certificates are not issued. Each year, in the month preceding your child s birthday, we ll send you a statement giving you details of all transactions, the total number of units allocated and their current value. You can also request a valuation of the CTF at any time. In May and November we ll send you a copy of the latest Fund Manager s Short Report. The report will tell you about the fund s investments and performance. Also a full report is available free of charge. CAN I CHANGE MY MIND? Any payment made into the CTF which does not breach the subscription limit, is a gift to your child and is not refundable. You must make best efforts to inform any person intending to make a payment of this. HOW DO YOU SUPPORT NATIONWIDE? We provide Nationwide with additional benefits which are designed to help you receive a quality service. This may include some or all of the following: training, software, seminars and marketing materials. Further details of any benefits received from us are available on request from Nationwide.

12 12 CHILD TRUST FUND IMPORTANT INFORMATION OTHER INFORMATION. SECURITY OF YOUR CHILD S MONEY AND COMPENSATION ARRANGEMENTS Where will the money be held and how secure is it? Different arrangements apply: before we invest your child s money or when money is being transferred; and while your child s money is invested in the fund. The table below shows these arrangements and the protection that applies in each case. BEFORE WE INVEST THE MONEY OR WHEN MONEY IS BEING TRANSFERRED WHILE THE MONEY IS INVESTED IN THE FUND Where is the money held and is it secure? We hold any money in a client money bank account separate from our own money. You will not be entitled to any interest earned unless we tell you otherwise. If the bank that provides the client money bank account cannot pay us this money, your child may not receive all of the money back. We are not responsible to your child if the bank that provides the client money bank account does not pay this money back. If the bank providing the client money bank account is unable to pay your child s money back, they may be entitled to compensation from the Financial Services Compensation Scheme (FSCS). Please see the following page for more information. The trust deed of a unit trust (the fund) appoints both a unit trust manager and a trustee. The trustee is responsible for looking after the assets of the fund and appoints a custodian to do this for them. Most of these assets are held in the name of the trustee on account for the fund. Any cash within the fund is put on deposit and this may include being on deposit with an associated bank of the custodian or the trustee. These deposits are at risk of the deposit taker becoming insolvent. The trustee ensures that none of the assets of the fund can be transferred into the name of the unit trust manager. If the trustee becomes insolvent, the fund would appoint a new trustee and the custody of the assets would change accordingly. If the unit trust manager became insolvent, the trustee would arrange for the fund to appoint a replacement. Is the money secure if Legal & General becomes insolvent? Yes, because we hold your child s money in a client money bank account separate from our own money, if we became insolvent, your child s money would be safe. If for any reason your child s money isn t held in a client money bank account and we became insolvent, you may be entitled to compensation, also under the FSCS. Please see the following page for more information. Yes, because if Legal & General became insolvent, the trustee would arrange for the fund to appoint a replacement unit trust manager.

13 CHILD TRUST FUND IMPORTANT INFORMATION 13 FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) MONEY HELD IN A CLIENT MONEY BANK ACCOUNT Most depositors (including individuals and small businesses) are covered by the FSCS, the UK s deposit protection scheme. The FSCS covers the first 85,000 of each customer s claim against a bank or building society. Any money your child holds in other accounts with the bank providing the client money bank account would count towards this limit. Some banks and building societies operate under a number of trading names. The total FSCS compensation claim will include claims against all these trading names. MONEY HELD OUTSIDE A CLIENT MONEY BANK ACCOUNT The FSCS covers most types of investment business for the first 50,000 of each customer s claim, so the maximum compensation is 50,000. The ability to claim from the FSCS, and the amount your child may be entitled to, will depend on the specific circumstances of the claim. You can find out more about the Financial Services Compensation Scheme (including amounts and eligibility to claim) by visiting their website or calling HOW WE TREAT DIFFERENT TYPES OF CUSTOMERS The Financial Conduct Authority (our regulator) requires us to put our customers into different groups so that we can treat them according to their level of knowledge about investments. These groups are: retail client; professional client; and eligible counterparty. Which group will you put me in? We treat all customers who invest in our products from this brochure as retail clients. This gives you the greatest level of protection under the regulations and ensures you get full information about any products you buy. WHAT IS THE EU SAVINGS DIRECTIVE? Under the EU Savings Directive: if you re a new investor after 1 January 2004; and you re investing in certain funds; and you re residing outside the UK, but within a country which the Directive covers, we ll need to ask for certain documents to confirm your birth, address and tax status. If this applies to you, we ll also have to provide HM Revenue & Customs with details about any payments we make to you. This information can then go to the tax authorities of your country of residence.

14 14 CHILD TRUST FUND IMPORTANT INFORMATION LAW The law of England applies to your child s investment. WHY DO I NEED TO PROVE MY IDENTITY? To protect you and us from financial crime, we may need to confirm your identity from time to time. We may do this by using reference agencies to search sources of information about you (an identity search). This will not affect your credit rating. If this identity search fails, we may ask you for documents to confirm your identity. In certain circumstances, we may need to contact you to obtain more information regarding the investment. WHAT DO I DO IF I NEED TO MAKE A COMPLAINT? You can get in touch with us using the contact details in the Our Contact Details section on page 3 to make a complaint. You can also request a copy of our complaints procedure. If you re not satisfied with the way we deal with your complaint, you can take it up with: The Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR Making a complaint will not affect your right to take legal proceedings. ABOUT LEGAL & GENERAL The Legal & General Group, established in 1836, is one of the UK s leading financial services companies. As at 30 June 2014, we were responsible for investing 467 billion worldwide on behalf of investors, policyholders and shareholders. We also had over 7.9 million customers in the UK for our life assurance, pensions, investments and general insurance plans. The fund in this brochure is authorised in the UK. It is authorised and regulated by the Financial Conduct Authority. Legal & General is a member of the Investment Association. WHICH ORGANISATIONS ARE ASSOCIATED WITH THE CTF? CTF Provider Legal & General (Portfolio Management Services) Limited Registered in England and Wales No Unit Trust Manager Legal & General (Unit Trust Managers) Limited Registered in England and Wales No Registered office of the CTF Provider and Unit Trust Manager: One Coleman Street London EC2R 5AA Both companies are authorised and regulated by the Financial Conduct Authority. We are on their register under the following numbers: Legal & General (Portfolio Management Services) Limited Legal & General (Unit Trust Managers) Limited You can check this at or by contacting the Financial Conduct Authority on Investment Manager Legal & General Investment Management Registered office: One Coleman Street London EC2R 5AA Trustee National Westminster Bank plc Registered office: Trustee and Depositary Services 7th Floor 135 Bishopsgate London EC2M 3UR

15 CHILD TRUST FUND IMPORTANT INFORMATION 15 Auditor PricewaterhouseCoopers LLP Registered office: Hay s Galleria 1 Hay s Lane London SE1 2RD WHO IS YOUR REGULATOR? The Financial Conduct Authority regulates us. Registered office: 25 The North Colonnade Canary Wharf London E14 5HS HOW DO I REACH YOU TO ASK A QUESTION? You can contact Customer Services on Lines are open Monday to Friday 9.00am to 5.00pm. We may record and monitor calls. Call charges will vary. This number may not be available from outside the UK. You can get a copy of the full Prospectus for the fund and Manager s Report and Accounts by contacting us at the address in the Our Contact Details section on page 3. Full details of the CTF in this brochure are included in the Terms and Conditions, which is a legally binding contract between you and Legal & General (Portfolio Management Services) Limited. HOW DO I GIVE YOU SPECIFIC INSTRUCTIONS ABOUT MY CHILD S INVESTMENT? Only you or your personal representatives can give us instructions. You can post your instructions to us at: Legal & General Investments Administration Centre BNY Mellon House Ingrave Road Brentwood Essex CM15 8TG LICENCES AND TRADEMARKS All rights in the FTSE All-Share Index (the Index ) vest in FTSE International Limited ( FTSE ). FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. The L&G (N) Tracker Trust (the Fund ) has been developed solely by Legal & General. The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Fund and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by Legal & General. HOW WILL YOU COMMUNICATE WITH ME? We ll get in touch by letter or telephone. The Terms and Conditions and any written communication will only be available in English.

16 16 CHILD TRUST FUND IMPORTANT INFORMATION TERMS AND CONDITIONS OF THE LEGAL & GENERAL EQUITY STAKEHOLDER CHILD TRUST FUND. CONTENTS 1. DEFINITIONS OF WORDS USED IN THESE TERMS AND CONDITIONS 2. GENERAL TERMS 3. PAYMENTS 4. BUYING UNITS 5. LIFESTYLING 6. TAX MATTERS 7. NOTICES AND STATEMENTS 8. CHARGES 9. WITHDRAWALS 10. TRANSFERS 11. TRANSFERS TO ANOTHER PROVIDER 12. CLOSING THE ACCOUNT 13. LIABILITY 14. CHANGES TO THE TERMS AND CONDITIONS 15. EXTRAORDINARY CIRCUMSTANCES, ADJUSTMENTS AND DISRUPTION 16. CONFLICT OF INTEREST 17. TRANSFERRING OUR DUTIES 18. COMPLAINTS 19. INFORMING US OF CHANGES 20. GIVING NOTICE 21. UNCLAIMED MONEY 22. GENERAL INFORMATION

17 CHILD TRUST FUND IMPORTANT INFORMATION DEFINITIONS OF WORDS USED IN THESE TERMS AND CONDITIONS the Account a Legal & General Equity Stakeholder Child Trust Fund account held in the name of the Child. Application means the printed application form, provided by Us, which the Registered Contact completed and signed. It also covers any non-written application, accepted at Our discretion, which provides the same information, declarations and authority as the printed form. Child the Child named on the Application and being the beneficial owner of the investment. Child Trust Fund means a child trust fund, established in accordance with the Regulations and operated in accordance with these Terms and Conditions. Client Money Account means a current or deposit account at a bank that is in Our name. Its title will also include an appropriate description to indicate that it holds only clients money in accordance with Our regulatory responsibility. This Client Money Account is used to hold the money of one or more clients. FCA the Financial Conduct Authority or any other regulatory body which may assume its responsibilities from time to time. FCA Rules the FCA Handbook of Rules and Guidance as amended from time to time. Fund the L&G (N) Tracker Trust. Junior ISA a Junior Individual Savings Account managed in accordance with the Individual Savings Account Regulations 1998 as amended from time to time. Registered Contact the person who has parental responsibility for the Child and, unless they have been changed in accordance with the Regulations, completed and signed the Application. Only the Registered Contact can give instructions in relation to the Account. This may be the Child if the Child is 16 or over and has requested to be the Registered Contact. A Child Trust Fund cannot be operated under a Power of Attorney for the Registered Contact. Regulations the Child Trust Fund Regulations 2004, as amended from time to time. Sub-Register a register We keep of all Account holders, their details and details of their investments. Subscription Year the Subscription Year runs from the Child s birthday to the day before the Child s next birthday. Units Units in the Fund held for the Child. Valuation Point 12 noon on a Working Day. We/Us/Our Legal & General (Portfolio Management Services) Limited, the Account Manager and Child Trust Fund Provider. Working Day a day on which The London Stock Exchange is open. You or Your the Account s Registered Contact. 2. GENERAL TERMS 2.1 We are a Child Trust Fund Provider approved by the HM Revenue & Customs (HMRC). We will manage the Account in accordance with the Regulations. 2.2 All Units in the Account will be registered in Our name or that of any nominee We may appoint, along with those of other investors who have a similar Account. However, the Child will beneficially own those Units. We will only appoint a nominee to hold Units for the following reasons: If We stop offering any custody services; If We believe that the appointment of a nominee would enable Us to manage the investment in the Account with greater efficiency; To enable Us to meet the Regulations or FCA rules; If We believe it will provide You with better security. We will ensure that any nominee entity We appoint is competent to carry out those functions or responsibilities. 2.3 If You make a request, We will arrange for You to: attend and vote at Unit holder meetings to receive any further information (such as annual report and accounts) issued to Unit holders receive a copy of the Fund annual report and accounts. We may make a charge for any of these additional services. This charge will be reasonable and proportionate and will only be made where it is necessary to cover Our reasonable administration costs. Any charge will be communicated to You in writing prior to it being incurred by You. 2.4 When buying or selling Units on Your behalf, We will only buy Units from or sell Units to Legal & General (Unit Trust Managers) Limited (one of Our associated companies) at the relevant Valuation Point as detailed in these Terms and Conditions. 2.5 In certain circumstances the Account will become void. These circumstances include: Your or Our failure to comply with the Regulations The occurrence of an event outside of Our control as set out in Clause 15 of these Terms and Conditions. If any of the above circumstances arise We will do Our best to give You at least 30 days notice that Your account will become void. We will also write to You to explain what will happen to Your account and the options available to You.

18 18 CHILD TRUST FUND IMPORTANT INFORMATION 2.6 Units in the Account cannot be lent to a third party nor used as security for a loan. 2.7 Only one Child Trust Fund Account can be opened or held for the Child at any one time. 3. PAYMENTS 3.1 Payments may be made into the Account in any Subscription Year up to a subscription limit set by Government (for the 2015/16 tax year this is 4,080). Interest, dividends or other income arising from the investments held in the Account do not count toward this limit. Please see the Important Information booklet for further information in relation to how payments can be made. 3.2 If the maximum referred to above is exceeded We will return the payment to the payer, if We have their contact details. Otherwise, We will send the payment to You. 3.3 The minimum subscription is 1. Lump sum and regular contributions may be made provided they do not exceed the subscription limit. 3.4 Any payment made into the Account which does not breach the subscription limit, is a gift to the Child and is not refundable. You must make best efforts to inform any person intending to make a payment of this. 3.5 Client Money Accounts we bank all payments into a Client Money Account no later than the Working Day after they are received. This Client Money Account, which is in Our name, will be held with such bank or authorised institution as We may nominate from time to time. You will not be entitled to any interest earned unless We tell You otherwise. The money will be held in a Client Money Account before We invest it at the next available Valuation Point in the Fund. It will also be held in a Client Money Account when money is being taken out. We hold any money in a Client Money Account separate from Our own money. If We become insolvent, all the money held in a Client Money Account will be within the FCA Rules. If there is a shortfall in the money held in the Client Money Account, the Child will suffer in any shortfall in the same proportion to their share of the money held in the Client Money Account. The Child may be entitled to compensation under the Financial Services Compensation Scheme. Please see the Important Information booklet for further details. If the bank where the money is held becomes insolvent, We may or will be treated as an unsecured creditor by the bank and, subject to the insolvency laws of the UK and any other relevant jurisdiction, We will have a claim on behalf of Our clients. If however the bank cannot repay all of its creditors, any shortfall may have to be shared pro rata between them. You may, on behalf of the Child, also be entitled as an individual to claim from the Financial Services Compensation Scheme up to 85,000 in respect of the total cash You hold directly and indirectly, on behalf of the Child, within the failed bank. 3.6 Assets held by the trustee and custodian The trustee for the Fund is responsible for looking after the assets of the Fund and appoints a custodian to do this for them. Most of these assets are held in the name of the trustee or the custodian on account for the Fund. The trustee ensures that none of the assets of the Fund can be transferred into Legal & General (Unit Trust Managers) Limited s name as the manager of the Fund. If the trustee becomes insolvent, a new trustee will be appointed and the custody of the assets would change accordingly. If Legal & General (Unit Trust Managers) Limited become insolvent, the trustee would arrange for the Fund to appoint a replacement authorised fund manager. If the trustee or the custodian become insolvent, then We will not be able to step in as We are not responsible for their acts or omissions (unless Legal & General (Unit Trust Managers) Limited have been negligent in appointing them). 3.7 We reserve the right to cancel a unit deal if the relevant payment into the Account for that deal has not cleared within 14 days of the original instruction. 3.8 If all or part of Legal & General s business is transferred to a third party, you agree that we may transfer to the third party any client money we hold on your behalf that relates to the transfer. We agree that in these circumstances we will transfer the money to a third party who is also bound by the FCA s client money rules, or we will exercise all reasonable due skill, care and diligence in assessing whether the third party will otherwise apply adequate protection to that money. We will undertake any transfer in accordance with the prevailing FCA rules, and we will notify you of the transfer. 4. BUYING UNITS When We receive a payment We will buy Units in the Fund at the mid price using the prices available at the next Valuation Point. The price for the Units in the Fund is calculated in accordance with the trust deed(s) establishing the Fund, its prospectus, and the FCA Rules as amended from time to time. The price for the Fund is published on Our website Please see page 11 and 12 of the Important Information booklet for a further explanation of unit pricing.

19 CHILD TRUST FUND IMPORTANT INFORMATION LIFESTYLING 5.1 On the fifteenth birthday of the Child (or if that is not a Working Day, on the next Working Day) and on each following birthday (or next Working Day if appropriate), Units will be sold in order to purchase sufficient Units in a Legal & General cash fund to achieve the minimum percentage holding set out in the table below. The same percentage of any new payments made to the Account during the relevant year will be applied to a Legal & General cash fund to maintain the percentage holding noted. This is called the Lifestyling feature. 5.2 Within six months prior to the Child s fifteenth birthday You will be contacted to confirm that lifestyling will commence on the Child s next birthday. This notice will also include full details, Terms and Conditions and charges of the cash fund. At that time, You will be asked to give notice if You do not wish lifestyling to apply to the Account. BIRTHDAY % VALUE OF HOLDING INTO A LEGAL & GENERAL CASH FUND 15th th th TAX MATTERS 6.1 Gains or income received into the Account are free of personal forms of taxation such as income or capital gains tax. However, Child Trust Fund investment funds that invest in UK equities receive dividend income as well as potentially benefiting from an increase in the value of the equities themselves. This dividend income is deemed to have been paid net of 10% tax. 6.2 You authorise Us on Your behalf to apply to HMRC to make all appropriate claims for the repayment of, or credit against, tax in respect of Units held under Your Account and the income arising from them. You authorise Us to provide HMRC with all relevant particulars and certificates as may be required under the Regulations in order for Us to do this. 7. NOTICES AND STATEMENTS 7.1 In accordance with the Regulations the FCA and HMRC Rules You will receive on behalf of the Child: A statement showing information including: the market value of the investment as at the statement date; and the market value at the previous statement date will be sent to the Child care of the Registered Contact, each year within the preceding month of the Child s birthday. We will also send a statement if the Account is transferred to another provider A Key Investor Information Document annually, showing the objective, charges, risks and past performance of the Fund The half-yearly and annual fund manager s short report in May and November. 7.2 You may request a valuation of the Account at any time. We may impose a charge for this service but this charge will be reasonable and proportionate and will only be made where it is necessary to cover Our reasonable administration costs. Any charge will be communicated to You in writing prior to it being incurred by You. 7.3 We will contact You at the latest address on Our records. 7.4 An item will be treated as arriving 48 hours after posting (if sent to an address in the UK) or ten days after posting (if sent abroad). 8. CHARGES 8.1 An annual management charge of 1.5% of the value of Units held in the Fund will be calculated daily, and deducted from the income of the Fund monthly. 8.2 Charges, costs and expenses as identified in Clauses 2.4, 6, 10 and 18 may apply. 8.3 It may become necessary to change charges. We ll only do this for specific reasons as described in Section 14 of these Terms and Conditions. If it does become necessary to make amends to charges under these Terms and Conditions then We will give You 60 days written notice of any increase. If You are unhappy with any changes to the charges, You can transfer the Account (see Clause 10). 9. WITHDRAWALS Withdrawals from the Account before the Child s eighteenth birthday are generally prohibited, but may be made in accordance with the Regulations. For example to pay legitimate management charges and other incidental expenses as detailed in these Terms and Conditions; or where a terminal illness claim has been made on behalf of the Child and been agreed in accordance with the Regulations. Please refer to the Important Information booklet for further information. 10. TRANSFERS 10.1 Transfers from an existing child trust fund with another provider may be made to a new Account with Us. The value of the existing child trust fund will be transferred to Us from another provider when we receive a completed transfer application form at the address shown in Clause 19 and following the expiry of any cancellation period. This is unless, in Our reasonable opinion the transfer application form is incomplete, or it is necessary to clarify information on the transfer application form.

20 20 CHILD TRUST FUND IMPORTANT INFORMATION 10.2 Any transfer made to Us must be an amount of 1 or more and must be made in cash. We reserve the right to cancel a Unit deal if the relevant payment into the Account for that deal has not cleared within 14 days of the original instruction No charge will be made by Us for a transfer into the Legal & General Equity Stakeholder Child Trust Fund from another provider s child trust fund. 11. TRANSFERS TO ANOTHER PROVIDER 11.1 You can transfer the Account to a child trust fund with another child trust fund provider or to a Junior ISA with a Junior ISA manager, by following the processes set out below We will transfer the Account to another child trust fund provider or Junior ISA manager in accordance with the Regulations relating to transfers. Your chosen Junior ISA manager or child trust fund provider, as applicable, will contact Us, after the expiry of any cancellation period, to arrange the transfer. We will check the person requesting the transfer is the Registered Contact. If not the transfer cannot continue. We will agree with the Junior ISA manager or child trust fund provider, as applicable the timing of the transfer, subject to a reasonable business period (not exceeding than 30 calendar days) required by Us to implement the transfer Please note that you must transfer all of the Account, as it is not possible to transfer only part of the Account No charge will be made by Us for a transfer of the Account to another provider s child trust fund or Junior ISA Manager s Junior ISA Any sum we receive after the transfer will be forwarded to the new child trust fund provider or Junior ISA Manager, as applicable Following a transfer described in this Clause, we will close the Account. 12. CLOSING THE ACCOUNT 12.1 The Account will close and tax exemption will end: On the death of the Child. A death certificate will usually be required as evidence. The investment will remain within the Fund until We get instructions from the personal representative. Please see the Important Information booklet for more information On the Child reaching their eighteenth birthday. On the Child s eighteenth birthday the Account ceases to be a Child Trust Fund and legal ownership of the Units in the Fund and/or the Cash Fund pass to the Child On the direct instruction of HMRC The Account will also be closed if a transfer is made in accordance with Clause 11 above. 13. LIABILITY We will only be liable for losses, including losses in the value of any assets held within the Account, if they are caused by Our or any of Our agents negligence, fraud or wilful default. 14. CHANGES TO THE TERMS AND CONDITIONS We may make fair and reasonable changes to these Terms and Conditions including changes to charges at any time by giving You at least 60 calendar days prior written notice. If it is not possible in the circumstances to give 60 days notice because of a change in law or regulation, we will provide you with as much notice as possible. We will only make changes to these Terms and Conditions for valid reasons, which include: (a) If Our investment rights and powers are removed or restricted. (b) To make these Terms and Conditions clearer or more favourable to You. (c) To reflect legitimate increases or reductions in the cost of providing the Child Trust Fund to You, which include: (i) changes to the way We are taxed; (ii) changes to the way You are taxed; (d) Events beyond Our reasonable control which make it impossible for Us to do what We say We will. These events are more particularly described in Clause 15. (e) To comply with applicable law, regulation, the judgment of any court, regulator, ombudsman or any regulatory guidance or codes. (f) To reflect a change on Our corporate structure that doesn t have an unfavourable impact on the Account but which does require Us to make certain changes to these Terms and Conditions. (g) If We need to respond to changes in tax rates or interest rates. Any changes We make must be permitted under the Regulations and under the FCA Handbook. If You are unhappy with any such changes You can transfer the Child Trust Fund (see Clause 11). 15. EXTRAORDINARY CIRCUMSTANCES, ADJUSTMENTS AND DISRUPTION We will perform Our obligations set out in these Terms and Conditions unless a significant event beyond Our reasonable control prevents or restricts Our ability to do so. These events are described in these Terms and Conditions as Extraordinary Events. Such events include the following: (a) Strikes, lockouts or other industrial action; (b) Civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not);

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