Investment Bond Guide YOUR INVESTMENT OPTIONS. Friends Life Investment Bond Fund Guide

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1 Investment Bond Guide YOUR INVESTMENT OPTIONS Friends Life Investment Bond Fund Guide 1

2 Investment Bond Fund Guide We understand the decision on where to invest your money is an important one. We have designed this guide to try and help you make the right investment choices to suit your goals and priorities. This guide tells you about: The funds which are available under your Bond and where to go for more information. Our risk ratings and how they relate to your funds. The risk warnings and additional fund charges that may apply to the funds available to you. In addition to the information provided in this guide, we have online support available at This guide is not designed to provide you with advice on the suitability of any investment funds as this will depend on your personal circumstances and approach to risk. Your financial adviser can give you more information on funds and their suitability for you, the tax treatment of your plan, the minimum investment amount and any charges that will apply to your Investment Bond. Please remember a bond is intended to be a medium to long-term investment, meaning at least five years to ten or more. You should also read: the Key Features of the Investment Bond the Investment and Trustee Bond Plan Booklet your personal illustration provided by your financial adviser 2

3 Investment Bond Fund Guide CONTENTS Contents Your fund choices 4 Your guide to risk 6 The investment funds 10 Income producing funds 21 Further information 28 3

4 YOUR INVESTMENT OPTIONS Investment Bond Guide Your fund choices Through your Investment Bond, you have the freedom to invest in up to 30 investment funds. These funds will form your investment portfolio. Your portfolio will reflect your attitude to risk and your investment aims after discussions with your financial adviser. We offer an extensive selection of funds. Spreading your Investment We offer a wide range of funds to choose from so that you can match your investment aims with your approach to risk. Please note, fund charges may vary depending on the funds selected. Our range of investment funds invest in different types of assets, which fall broadly into four main categories: MONEY MARKET Money that is invested with banks, building societies and other organisations to produce interest. The Money Market in simple terms provides a mechanism for short-term borrowing and lending between organisations. Although such investments tend to be much less volatile than other investments such as equities, a drawback is that the interest paid by the borrower can be lower than the rate of inflation and/or the charges for a Money Market fund, meaning that, in real terms, the investment may fall in value. Investments will typically include what are described as near cash instruments such as Certificates of Deposit, Floating Rate Notes and Treasury Bills. Although funds that invest wholly in this asset class are generally designed to produce a relatively stable return there could be circumstances where the fund price may fall. For instance if there is a default by one of the banks where cash is on deposit, a default by one of the borrowers, a downward market movement in the value of one or more of the near cash instruments held (due to a weakening in the financial position of the issuing organisation), or for certain securities, a significant movement in the level of money market interest rates. FIXED INTEREST When we talk about fixed interest investments, we mean bonds. Bonds are loans to a government (known as gilts) or a company (known as corporate bonds) for a set period. Bonds offer a predictable rate of return in the form of a fixed rate of interest throughout their term (conventional bonds) or interest that is linked to inflation (index-linked bonds). This predictability makes them useful assets for financial planning. Bonds issued by companies are not as secure as those issued by a government, as companies can sometimes go out of business and/or default on the loan. PROPERTY As an asset class, property usually means investing in commercial property such as offices or retail, leisure and industrial developments. It can also include residential property. Property can experience sharp increases in value but is also subject to heavy falls. SHARES are also known as equities. Owning shares in a company means that you have a share in the value of the company s assets. It also means that you can share in a company s profits by receiving dividends. Dividends are payments from a company to its shareholders and are usually paid twice a year. Shares are bought and sold on stock markets and their values can go up and down. Spreading your money across different asset classes could offer you the best opportunity to meet your financial objectives while helping to spread your risk of losses. This philosophy is at the heart of the funds we have selected for our products. But remember, the value of investments can go down as well as up and is not guaranteed. This means that you could get back less than you invested, particularly in the early years. 4

5 Investment Bond Fund Guide YOUR FUND CHOICES Investing with Friends Life Our range of investment funds Within our range of funds we think you ll find a combination of funds to meet your investment needs and attitude to risk. Aviva Investors Investment specialist, Aviva Investors is a global asset manager with expertise in real estate, fixed income, equity and multi-asset investment. Friends Life has historically provided a wide range of funds covering the major asset classes and Aviva Investors manage most of them on our behalf, having taken over the management from AXA Investment Management in AXA Investment Management continue to manage some of the overseas equities funds for Friends Life. External investment solutions We believe in offering you choice and have selected a number of investment partners who we believe diversify and enhance our range of funds. Among our investment partners are some of the industry s major fund managers. If you invest in any of these external funds, you are not investing directly in the fund managed by the external company. Instead you will invest in a mirror fund which will then invest in the external fund, which we call the underlying fund. So the mirror fund would be called, for example FL Newton Multi Asset Growth AL to reflect the underlying fund. 5

6 YOUR guide to risk Investment Bond Fund Guide Your guide to risk This section covers our definition of risk. Please make sure that you understand it. Information on the risks associated with the individual funds is shown later in this guide. What do I need to think about when it comes to risk? Before choosing the fund(s) you wish to invest in, consider your personal financial situation and what you want to get out of your investment. Make sure that the fund(s) is right for you and you are comfortable with the level of risk you select. Your financial adviser will help you assess your financial situation, needs and attitude to risk. How do Friends Life rate the risks involved? Friends Life calculates its risk ratings using historical performance data, based upon the methods set by European Union rules. We also carry out further research using information from the fund s investment manager(s). We review each fund s risk rating annually and these may change over time. The timing of your investment decisions is very important and you should consult a financial adviser. Past performance is not a guarantee of future performance. Our risk ratings go from 1 to 7, with 1 being the lowest and 7 the highest. As a point of reference, a fund with a risk rating of 4 (medium ) would typically experience the you would expect from a fund invested in a range of different investments (for example shares, property and bonds) without any bias to a particular investment type. How accurate are the risk ratings? They are simply a guide. Fund values will normally fall and rise in line with movements in the investment markets. Over time a fund manager may change the assets they invest in. This may mean that funds move from one risk ratings to another. You should review your fund choice regularly to make sure it s still meeting your objectives. But remember, past performance is not a guide to the future. The risk ratings may not prove to be accurate. Please note that funds have been assigned a risk rating based on our methodology for assessing risk, which is described above. It is important that you look up the risk rating for each fund and do not rely on the fund name as this may contain the same words as one of our defined risk ratings. Two funds investing in the same asset classes may perform differently as the actual assets in the individual funds will be different. 6

7 Investment Bond Fund Guide YOUR guide to risk Our investment risk ratings We grade investment funds on a scale of 1 Lowest to 7 Highest. The risk rating assigned to each fund will match one of the defined risk ratings, or investment approaches below: rating 1 Lowest 2 Low 3 Low to Medium 4 Medium 5 Medium to High 6 High 7 Highest rating description The historical performance of funds with this risk rating have typically experienced the lowest of all the funds Friends Life has rated. This means that these funds have the lowest potential for substantial changes in value compared with other Friends Life funds. The historical performance of funds with this risk rating have typically experienced low compared with other funds Friends Life has rated. This means that these funds have a low potential for substantial changes in value compared with other Friends Life funds. The historical performance of funds with this risk rating have typically experienced low to medium compared with other funds Friends Life has rated. This means that these funds have a low to medium potential for substantial changes in value compared with other Friends Life funds. The historical performance of funds with this risk rating have typically experienced medium compared with other funds Friends Life has rated. This means that these funds have a medium potential for substantial changes in value compared with other Friends Life funds. The historical performance of funds with this risk rating have typically experienced medium to high compared with other funds Friends Life has rated. This means that these funds have a medium to high potential for substantial changes in value compared with other Friends Life funds. The historical performance of funds with this risk rating have typically experienced high compared with other funds Friends Life has rated. This means that these funds have a high potential for substantial changes in value compared with other Friends Life funds. The historical performance of funds with this risk rating have typically experienced the highest of all the funds Friends Life has rated. This means that these funds have the highest potential for substantial changes in value compared with other Friends Life funds. 7

8 YOUR guide to risk Investment Bond Fund Guide Warnings Some of the funds carry particular risks because of the type of assets they invest in. Please see the table shown from page 10 onwards for details of the funds that carry the following risks. Warning A Warning Description Investment is not guaranteed: The value of an investment is not guaranteed and can go down as well as up. You could get back less than you have paid in. Price: At times, a fund may need to change the way its price is calculated to ensure that those moving into and out of the fund and existing unitholders/shareholders are treated fairly and are not disadvantaged by any large cashflows. Suspend trading: Fund managers have the ability, in certain circumstances, to suspend trading in their funds for as long as necessary. When this occurs we will need to delay the cashing in or switching of units in the relevant fund. You may not be able to access your money during this period. The circumstances in which we may delay a switch, withdrawal or transfer can include but are not limited to the following: if a large number of customers want to take money out of the same fund at the same time; if there are practical problems selling the assets in which a fund is invested; if the fund (or part of it) is managed by an external company, they may insist on a delay. Stock Lending: Where a fund is involved in the temporary transfer of securities, there is a risk that the borrower may not be able to return the security to its owner. This may have a negative effect on the performance of the fund. Derivatives: Most funds can invest in derivatives for the purpose of efficient portfolio management or risk reduction. For funds that also use derivatives for investment purposes we apply an additional risk warning due to the possible increase in the risk and of the fund. B C D E F Currency : Where a fund invests in share classes or securities priced in currencies other than the fund s base currency, changes in exchange rates can contribute to the value of the investment going up or down. Emerging Markets: Where a fund invests in emerging markets, it is likely to be more volatile than one that invests in developed markets. These markets may not be as strictly regulated and securities may be harder to buy and sell than those in more developed markets. These markets may also be politically unstable which can result in the fund carrying more risk. Smaller Companies: Where a fund invests in the shares of smaller companies, these shares can be more volatile and may be harder to buy and sell than larger company shares which can result in the fund carrying more risk. Fixed Interest: Where a fund invests in fixed interest securities, such as corporate or government bonds, changes in interest rates can contribute to the value of the investment going up or down. If interest rates rise, the value is likely to fall. Bonds with a lower credit rating are known as sub-investment grade or junk bonds. These carry an increased risk that the issuer of the bond will be unable to continue the interest payments or return the capital at maturity. Specialist: Where a fund invests only in a specific or limited range of industry sectors, it may carry more risk than funds that invest across a broader range or variety of sectors. These funds can be more volatile and carry higher risk due to their lack of diversification. 8

9 Warning G H I J K L M N O Warning Description Derivatives: Where a fund uses derivatives for investment purposes, there may be an increase in the risk and of the fund. Some derivative investments also expose investors to counterparty or default risk where another party is unable to meet its obligations and pay what is due, which could result in the loss of the value of the derivative itself. Cash/Money Market Funds: These are not cash deposit accounts but invest in money market instruments and short-term bonds and can fall in value. In a low interest rate environment the charges applied to a cash fund may be greater than its return, so you could get back less than you have paid in. Physical Property: Where a fund invests in physical property, these properties are not easy to buy or sell. In exceptional circumstances, we may need to delay the cashing in or switching of units in the fund and you may not be able to access your money during this period. The value of properties held is generally a matter of the valuer s opinion rather than fact. Index-Linked: Where a fund invests in index-linked bonds, changes in inflation rates can contribute to the value of the investment going up or down. If inflation falls, the value is likely to fall. High Cash Levels: Due to the way some funds are managed there may be periods when they have large cash holdings. This can be a deliberate asset allocation decision or while suitable investment opportunities are researched and selected. A fund s growth potential may be less during this period. Reinsured Funds: Where a fund invests in an underlying fund operated by another insurance company through a reinsurance agreement, if the other insurance company were to become insolvent, you could lose some or all of the value of your investment in this fund. Ethical: Where a fund invests only in sectors and securities that meet its agreed ethical criteria, it may carry more risk than funds which are free from these restrictions. The ethical companies invested in can be involved in new and innovative technologies or new markets and can therefore have a higher risk profile than organisations involved in more mainstream activities. Alternative Investments: Where a fund invests in alternatives, it may carry more risk as these instruments are generally priced less regularly and may be harder to buy and sell than investments in more conventional asset classes. Alternatives include commodities, hedge funds, private equity, real estate investment trusts (REITS), venture capital and currencies. Convertible Bonds: Where a fund invests in convertible bonds, it will experience the risks associated with holding bonds until conversion at which point it will experience the risks associated with holding equities. To compensate for having additional value through the option to convert from a bond to an equity, a convertible bond typically has a coupon rate lower than that of a similar, non-convertible bond. 9

10 THE investment funds Investment Bond Fund Guide The investment funds Creating a balanced and successful portfolio of investments involves working closely with your financial adviser to determine your attitude to risk and then choosing an appropriate spread of investments to match it. The following table lists the funds that you can invest in through your Friends Life Investment Bond. For each fund listed we provide its risk rating (definitions on page 7), any risk warnings (definitions start on page 8) that apply and whether there is an Additional Yearly Fund Charge and/or a One-off Charge. The funds available can change at any time and further information about the listed funds including their aims, performance statistics and asset splits can be found in separate fund factsheets available for each individual fund at Charges explained Charges are taken to cover the cost of setting up your Bond, including any commission (which will be shown on your illustration). They also pay for administering your Bond, professionally investing your money and an element of life insurance cover. However, they do not cover any fee you may wish to pay your financial adviser. For details of the Bond charges see the section What are the charges? of the Key Features of the Investment Bond and your personal illustration. Additional Yearly Fund Charge An Additional Yearly Fund Charge applies for investing in some funds. This covers the costs of charges from fund managers and additional fund related costs such as audit fees, depository fees, price publication fees, custody fees and statutory accounts preparation fees. One-off Initial Charge Some funds will have a One-off Initial Charge when you invest in or switch into them. Details can be found below. Please be aware that charges may change at any time. You can find more information in Part D of the Investment and Trustee Bond Plan Booklet. Please remember the value of investments can go down as well as up and is not guaranteed. This means that you could get back less than you invest. 10

11 Investment Bond Fund Guide THE investment funds *s associated with money market funds While investments in Cash/Money Market funds are lower risk relative to other investment risk ratings they do not totally guarantee your capital. Certain scenarios could cause some loss of capital, for example: If interest rates rise, the market value of certain types of instruments held in the fund will drop. If an organisation the fund invests in defaults, it could mean that only a proportion of the value of an investment is recovered. In very low interest rate environments the interest earned by certain instruments held by the fund could mean that fund growth is lower than fund and product charges applied. Money market funds are identified in the table below with * next to the fund name. Fund name Rating Warning One-off Initial Additional Yearly Fund Friends Life Funds FL Cash AL* 1 Lowest A, E, H 0.00% 0.00% FL Reserve AL 2 Low A, B, E, I, J, K, O 0.00% 0.03% FL Defensive Distribution AL FL Fixed Interest AL FL Index Linked AL FL Monthly Sterling Corporate Bond AL FL Sterling Corporate Bond AL A, B, D, E, G, J, O 0.00% 0.00% A, B, E, J, O 0.00% 0.00% A, B, E, J, O 0.00% 0.00% A, E, G 0.00% 0.03% A, E, G 0.00% 0.03% FL Deferred Distribution AL 4 Medium A, D, E, J, O 0.00% 0.00% FL Distribution AL 4 Medium A, B, D, E, J, O 0.00% 0.00% FL Ethical Distribution AL 4 Medium A, B, E, F, G, J, M 0.00% 0.02% FL Global Distribution AL 4 Medium A, B, E, G, J 0.00% 0.03% FL High Yield Distribution AL 4 Medium A, B, D, E, I, J, N, O 0.00% 0.00% FL Managed AL 4 Medium A, B, C, D, E, I, J, N, O 0.00% 0.00% FL Monthly Distribution AL 4 Medium A, B, D, E, J, O 0.00% 0.00% FL Monthly High Yield Distribution AL 4 Medium A, B, D, E, I, J, N, O 0.00% 0.00% FL Property AL 4 Medium A, B, F, I 0.00% 0.00% FL Global Equities AL FL Global Managed AL FL Higher Income AL A, B, C, D, G 0.00% 0.04% A, B, C, D, E, G, J, O 0.00% 0.01% A, B, D 0.00% 0.00% 11

12 THE investment funds Investment Bond Fund Guide Fund name FL North America Equities AL FL UK Equity AL Rating Warning One-off Initial Additional Yearly Fund A, B, D, G 0.00% 0.03% A, B, D 0.00% 0.00% FL Asia Pacific ex Japan Equities AL 6 High A, B, C, D, G 0.00% 0.07% FL Europe ex UK Equities AL 6 High A, B, C, D, G 0.00% 0.05% FL Japan Equities AL 6 High A, B, D, G 0.00% 0.07% Fund name External Funds Rating Warning One-off Initial Additional Yearly Fund FL Architas Liquidity Net AL* 1 Lowest A, E, G, H 0.00% 0.00% FL Deutsche Managed Sterling AL* 1 Lowest A, E, H 0.00% 0.00% FL JPM Sterling Liquidity AL* 1 Lowest A, E, H 0.00% 0.06% FL Architas MA Active Reserve AL 2 Low A, B, C, D, E, N 0.00% 0.84% FL Architas MA Active Moderate Income AL FL Architas Multi-Manager Diversified Protector 80 AL FL Artemis Strategic Bond AL FL Aviva Investors Global Cautious Income AL FL AXA Sterling Long Corporate Bond AL FL AXA Sterling Long Gilt AL FL AXA Sterling Strategic Bond AL FL F&C MM Lifestyle Defensive AL FL Fidelity Extra Income AL FL Fidelity Moneybuilder Income AL FL Fidelity Strategic Bond AL FL Henderson Sterling Bond AL FL HSBC World Selection Cautious Portfolio AL A, B, C, D, E, N 0.00% 0.75% A, B, C, D, E, G, K, N 0.00% 0.96% A, B, C, D, E, G 0.00% 0.32% A, B, C, D, E, G 0.00% 0.63% A, B, E, G 0.00% 0.10% A, B, E, G, J 0.00% 0.09% A, B, E, G, J 0.00% 0.25% A, B, C, D, E, G, N, O 0.00% 1.22% A, B, C, D, E, J, O 0.00% 0.52% A, B, C, E, J 0.00% 0.25% A, B, C, E, G, J 0.00% 0.41% A, E, G, O 0.00% 0.49% A, B, C, D, E, N 0.00% 1.05% 12

13 Investment Bond Fund Guide THE investment funds Fund name FL IFSL Sinfonia Income Portfolio AL FL Ignis Corporate Bond AL FL Invesco Perpetual Corporate Bond AL FL Invesco Perpetual Global Bond AL FL Jupiter Corporate Bond AL FL Jupiter Distribution AL FL M&G European Corporate Bond AL FL M&G Feeder of Property AL FL M&G Gilt & Fixed Interest Income AL FL Newton International Bond AL FL Old Mutual Corporate Bond AL FL Schroder Absolute Return Bond AL FL Schroder MM Diversity AL FL Schroder UK Corporate Bond AL FL Standard Life Corporate Bond AL FL Standard Life UK Gilt AL Rating Warning One-off Initial Additional Yearly Fund A, B, D, E, G, K, N, O 0.00% 1.70% A, B, E 0.00% 0.39% A, B, E, G 0.00% 0.54% A, B, C, E, G, N, O 0.00% 0.55% A,B,C,E,O 0.00% 0.46% A, B, C, D, E, O 0.00% 0.46% A, B, E, G 0.00% 0.51% A, B, E, F, G, I, K 0.00% 1.07% A, E, G 0.00% 0.46% A, B, C, E, G, J, K 0.00% 0.41% A, B, E, G 0.00% 0.36% A, B, C, E, G, N 0.00% 0.45% A, B, C, D, E, K, N 0.00% 0.90% A, B, C, E, G, O 0.00% 0.36% A, E 0.00% 0.35% A, B, E, J 0.00% 0.36% FL Aberdeen Multi-Manager Cautious Managed Portfolio AL FL Architas MA Active Intermediate Income AL 4 Medium A, B, C, D, E 0.00% 1.43% 4 Medium A, B, C, D, E, N 0.00% 0.97% FL Architas MA Active Progressive AL 4 Medium A, B, C, D, E, N 0.00% 0.85% FL Architas MA Passive Intermediate AL 4 Medium A, B, C, D, E, G, N 0.00% 0.26% FL Architas MA Passive Moderate AL 4 Medium A, B, C, D, E, G, N 0.00% 0.25% FL Architas MA Passive Progressive AL 4 Medium A, B, C, D, E, G, N 0.00% 0.30% FL Architas Multi-Manager Diversified Protector 70 AL 4 Medium A, B, C, D, E, G, K, N 0.00% 1.12% FL Aviva Investors Property Trust AL 4 Medium A, B, D, E, F, G, I, K, N 0.00% 0.45% 13

14 THE investment funds Investment Bond Fund Guide Fund name FL AXA Framlington Managed Balanced AL Rating Warning One-off Initial Additional Yearly Fund 4 Medium A, B, C, D, E, J, K 0.00% 0.23% FL AXA Global High Income AL 4 Medium A, B, E, G 0.00% 0.28% FL Baillie Gifford Managed AL 4 Medium A, B, C, D, E, G 0.00% 0.47% FL CF Miton Special Situations AL 4 Medium A, B, C, D, E, K, N 0.00% 1.23% FL F&C MM Lifestyle Cautious AL 4 Medium A, B, C, D, E, G, N, O 0.00% 1.27% FL F&C MM Lifestyle Balanced AL 4 Medium A, B, C, D, E, G, N, O 0.00% 1.34% FL Henderson Cautious Managed AL 4 Medium A, B, D, E, J 0.00% 0.61% FL Henderson Fixed Interest Monthly Income AL 4 Medium A, B, E, G, O 0.00% 0.49% FL Henderson UK Property AL 4 Medium A, B, C, E, F, G, I, K, N 0.00% 0.59% FL HSBC Open Global Distribution AL 4 Medium A, B, C, D, E, N 0.00% 1.29% FL HSBC Open Global Property AL 4 Medium A, B, C, D, F, I, N 0.00% 1.23% FL HSBC World Selection Balanced Portfolio AL FL IFSL Sinfonia Balanced Managed Portfolio AL FL IFSL Sinfonia Cautious Managed Portfolio AL 4 Medium A, B, C, D, E, N 0.00% 1.12% 4 Medium A, B, C, D, E, G, K, O 0.00% 1.86% 4 Medium A, B, D, E, G, K, N, O 0.00% 1.69% FL IFSL Sinfonia Income & Growth Portfolio AL 4 Medium A, B, C, D, E, G, K, N, O 0.00% 1.86% FL Invesco Perpetual Distribution AL 4 Medium A, B, D, E, G 0.00% 0.60% FL Invesco Perpetual Monthly Income Plus AL 4 Medium A, B, D, E, G 0.00% 0.58% FL Investec Cautious Managed AL 4 Medium A, B, D, E, J, N 0.00% 0.52% FL Investec Diversified Income AL 4 Medium A, B, C, D, E, G 0.00% 0.55% FL Jupiter High Income AL 4 Medium A, B, C, D, E, O 0.00% 0.90% FL Jupiter Income AL 4 Medium A, B, D, E 0.00% 0.95% FL Jupiter Merlin Income AL 4 Medium A, B, C, D, E, N, O 0.00% 1.67% FL Margetts Providence Strategy AL 4 Medium A, B, C, D, E, J, K, O 0.00% 1.57% FL Margetts Select Strategy AL 4 Medium A, B, C, D, E, K 0.00% 1.63% FL Newton Multi Asset Diversified Return AL 4 Medium A, B, C, D, E, G, J, K, N 0.00% 0.65% FL Newton Multi Asset Growth AL 4 Medium A, B, C, D, E 0.00% 0.49% FL Architas MA Active Dynamic AL FL Architas MA Active Growth AL FL Artemis Income AL A, B, C, D, E, N 0.00% 1.12% A, B, C, D, E, N 0.00% 1.29% A, B, C, D, E, G, O 0.00% 0.60% 14

15 Investment Bond Fund Guide THE investment funds Fund name FL Artemis UK Growth AL FL Artemis UK Special Situations AL FL AXA Framlington American Growth AL FL AXA Framlington UK Growth AL FL AXA Framlington UK Select Opportunities AL FL Baillie Gifford American AL FL Baillie Gifford UK Equity Alpha AL FL BlackRock UK Special Situations AL FL F&C MM Lifestyle Growth AL FL F&C Responsible UK Equity Growth AL FL Fidelity American AL FL Fidelity European AL FL Fidelity Special Situations AL FL Fidelity Wealthbuilder AL FL Franklin Mutual Shares AL FL Franklin US Opps AL FL Henderson European Growth AL FL Henderson European Selected Opportunities AL FL Henderson Global Equity Income AL FL Henderson US Growth AL FL HSBC World Selection Dynamic Portfolio AL FL IFSL Sinfonia Adventurous Growth Portfolio AL Rating Warning One-off Initial Additional Yearly Fund A, B, C, D, E, G 0.00% 0.65% A, B, C, D, G 0.00% 0.63% A, B, C, D 0.00% 0.34% A, D 0.00% 0.72% A, D 0.00% 0.65% A, B, D 0.00% 0.39% A, D 0.00% 0.30% A, D 0.00% 0.77% A, B, C, D, E, G, N, O 0.00% 1.41% A, D, F, M 0.00% 0.73% A, B, D 0.00% 0.74% A, B, C, D 0.00% 0.85% A, B, C, D, G 0.00% 0.75% A, B, C, D, E, G 0.00% 1.21% A, B, C, D, E, O 0.00% 0.63% A, B, C, D, E, O 0.00% 0.56% A, B, D, E, O 0.00% 0.64% A, B, D 0.00% 0.63% A, B, C, D, E, O 0.00% 0.64% A, B, D, K 0.00% 0.74% A, B, C, D, E, N 0.00% 1.17% A, B, C, D, E, G, K, O 0.00% 2.06% 15

16 THE investment funds Investment Bond Fund Guide Fund name FL Invesco Perpetual High Income AL FL Invesco Perpetual Income AL FL Invesco Perpetual Income & Growth AL FL Investec Global Strategic Equity AL FL Investec UK Special Situations AL FL JPM UK Strategic Growth AL FL Jupiter Ecology AL FL Jupiter European AL FL Jupiter Merlin Growth AL FL Jupiter UK Growth AL FL M&G Global Basics AL FL M&G Recovery AL FL Margetts Greystone Global Growth AL FL Newton Global Equity AL FL Newton Higher Income AL FL Newton UK Equity AL FL Schroder European Alpha Plus AL FL Schroder European Opportunities AL FL Schroder Income AL FL Schroder Income Maximiser AL FL Schroder UK Opportunities AL FL Schroder US Mid Cap AL FL Templeton Growth AL Rating Warning One-off Initial Additional Yearly Fund A, B, C, D, N 0.00% 0.72% A, B, C, D, N 0.00% 0.71% A, B, D 0.00% 0.87% A, B, C, D, G 0.00% 0.61% A, D, E, G 0.00% 0.64% A, B, D, E 0.00% 0.74% A, B, C, D, F, M 0.00% 0.87% A, B, C, D 0.00% 1.09% A, B, C, D, E, N, O 0.00% 1.82% A, D 0.00% 0.85% A, B, C, D, F 0.00% 0.69% A, B, D 0.00% 0.72% A, B, C, D, E, K, N, O 0.00% 1.68% A, B, C, D 0.00% 0.59% A, B, D 0.00% 0.32% A, B, D 0.00% 0.67% A, B, C, D, E 0.00% 0.76% A, B, C, D 0.00% 0.65% A, B, D 0.00% 0.82% A, B, D, G 0.00% 0.66% A, D 0.00% 0.74% A, B, D 0.00% 0.68% A, B, C, D, E 0.00% 0.52% 16

17 Investment Bond Fund Guide THE investment funds Fund name FL Threadneedle Global Select AL FL UK Tracker AL Rating Warning One-off Initial Additional Yearly Fund A, B, C, D, E 0.00% 0.81% A, D 0.00% 0.00% FL AXA Framlington Biotech AL 6 High A, B, C, D, F 0.00% 0.81% FL AXA Framlington Equity Income AL 6 High A, D 0.00% 0.68% FL AXA Framlington European AL 6 High A, B, D 0.00% 0.59% FL AXA Framlington Financial AL 6 High A, B, C, D, F 0.00% 0.62% FL AXA Framlington Health AL 6 High A, B, C, D, F 0.00% 0.92% FL AXA Framlington UK Smaller Companies AL 6 High A, D 0.00% 0.70% FL BlackRock UK Smaller Companies AL 6 High A, D 0.00% 0.78% FL Fidelity European Opportunities AL 6 High A, B, C, D 0.00% 0.90% FL First State Asia Pacific Leaders AL 6 High A, B, C, D 0.00% 0.69% FL Investec American AL 6 High A, B, D, E, G, J 0.00% 0.62% FL Jupiter European Special Situations AL 6 High A, B, C, D 0.00% 0.97% FL Jupiter Financial Opportunities AL 6 High A, B, C, D, F 0.00% 0.87% FL Invesco Perpetual Asian AL 6 High A, B, C, D 0.00% 0.61% FL Invesco Perpetual Japan AL 6 High A, B, D 0.00% 0.71% FL Margetts Venture Strategy AL 6 High A, B, C, D, K 0.00% 1.90% FL Newton Oriental AL 6 High A, B, C, D 0.00% 0.45% FL Schroder Global Property Securities AL 6 High A, B, C, D, E, F, G, N 0.00% 0.71% FL Schroder Tokyo AL 6 High A, B, D 0.00% 0.76% FL Schroder UK Alpha Plus AL 6 High A, B, D, E 0.00% 0.82% FL Schroder UK Smaller Companies AL 6 High A, D 0.00% 0.84% FL Schroder US Smaller Companies AL 6 High A, B, D 0.00% 0.75% FL Allianz Bric Stars AL 7 Highest A, B, C, D 0.00% 0.89% FL AXA Framlington Emerging Markets AL 7 Highest A, B, C, D 0.00% 0.75% FL AXA Framlington Global Technology AL 7 Highest A, B, C, D, F 0.00% 0.79% FL BlackRock Gold & General AL 7 Highest A, B, C, D, F, N 0.00% 0.81% FL Fidelity Emerging EMEA AL 7 Highest A, B, C, D, G 0.00% 0.92% FL Fidelity Global Property AL 7 Highest A, B, C, D, F, N 0.00% 1.04% FL Fidelity Japan Smaller Companies AL 7 Highest A, B, D 0.00% 0.95% FL First State Global Resources AL 7 Highest A, B, C, D, F, N 0.00% 0.83% FL Henderson China Opportunities AL 7 Highest A, B, C, D 0.00% 0.67% 17

18 THE investment funds Investment Bond Fund Guide Fund name FL Henderson Emerging Markets Opportunities AL Rating Warning One-off Initial Additional Yearly Fund 7 Highest A, B, C, D 0.00% 0.73% FL JPM Asia AL 7 Highest A, B, C, D, E 0.00% 0.66% FL JPM Emerging Markets AL 7 Highest A, B, C, D, E 0.00% 0.60% FL JPM Natural Resources AL 7 Highest A, B, C, D, E, F, N 0.00% 0.79% FL JPM New Europe AL 7 Highest A, B, C, D, E 0.00% 0.60% FL Schroder Global Emerging Markets AL 7 Highest A, B, C, D, E, O 0.00% 0.68% Fund name Rating Warning One-off Initial Additional Yearly Fund Funds closed to new business and fund switches FL Active Protector 80 AL 2 Low A, G, K 0.00% 0.34% FL Active Protector 70 AL A, G, K 0.00% 0.34% FL JPM UK Dynamic AL FL First State Global Emerging Markets Leaders AL A, B, D, E 0.00% 0.76% 6 High A, B, C, D 0.00% 0.71% With Profits Funds Fund name With Profits Funds One-off Initial Charge (%) Additional Yearly Fund Friends Life FLC With Profits** 0.00% 0.20% Friends Life FLC With Profits Income** 0.00% 0.20% If you invest in the With Profits Fund, you are entitled to bonuses arising from a share of the profits within this fund. You receive your share of profits as bonuses that are added to your plan. Regular bonuses, if any, are added at least monthly by increasing the unit price. In addition, we may pay a final (sometimes known as terminal) bonus when you leave the With Profits Fund. We regularly review bonus rates and these can change at any time. The amount available for bonuses is affected by several factors which include the cost of meeting any guarantees provided under new and existing policies in the With Profits Fund. Please remember that future bonuses cannot be guaranteed as they come from profits we have not yet earned. 18 If the investment performance of the With Profits Fund is lower than that reflected in the bonuses we have already added to your plan and you leave the Fund either before or after your chosen retirement date then we are likely to reduce the value of units. This is known as a market value reduction (MVR). An MVR does not apply at your chosen retirement date, or on death. Any MVR is designed to protect policyholders who continue to invest in the With Profits Fund.

19 Investment Bond Fund Guide THE investment funds We declare bonuses and manage the With Profits Fund in line with our Principles and Practices of Financial Management (PPFM). An abbreviated version of that document, including information about the different types of bonus which can be added to your plan, and in what circumstances MVRs may apply, can be found in our Guide to how we manage our with profits business. Copies of both documents are available from our website or by contacting us. Important information about our fund ranges Securities lending may take place on the unit linked funds. Securities lending aims to generate additional income for the funds involved. It is a common practice in financial markets whereby securities are temporarily lent by one financial institution (on behalf of the ultimate owner of the securities), to another financial institution for a fee. The borrowing financial institution provides acceptable collateral (e.g. gilts, other securities) equal to the market value of securities borrowed plus a margin to cover any drop in the value of collateral provided relative to the securities borrowed. Checks on collateral are made daily and further collateral demanded if required. This occurs until the securities are returned. In extreme situations the fund may experience a loss if the borrower breaches its agreement with the lender and the collateral held, when sold, is insufficient to cover the cost of purchasing the securities lent. Securities lending will not affect any transactions you wish to make on your Bond. External Funds ranges Please note that if you invest in these funds, you are not investing directly into the fund managed by the external company. Instead you will invest into a mirror fund which will then invest in the external fund, which we call the underlying fund. So, the mirror fund would be called, for example, FL Newton Multi Asset Growth AL to reflect the underlying fund. When Friends Life adds funds to the external fund range, we set up a mirror fund which invests in the same underlying external fund. The performance and unit price will not be the same. Friends Life will set the starting price of a fund, then the price of the mirror fund will evolve over time in a different way to the underlying external fund. The fund prices will evolve differently due to a number of factors which include the difference in charges applied to the funds, the time taken to buy or sell holdings in such investment funds which are managed externally, any deductions for Life taxation and the mirror fund may hold a greater amount of cash for certain periods of time. Cash held in the fund will reduce the potential for growth. The difference in unit prices will affect quoted performance of the mirror fund compared to the underlying external fund. In addition, the unit price will not be the same, because of the time taken to buy or sell holdings in such investment funds which are managed externally. The underlying funds will be managed and operated in accordance with their published fund aims and the regulations applicable to that type of investment. Friends Life Architas Protector Funds The aim of the FL Architas Protector Funds is to provide elements of both growth and protection based on the return available from investment into the Architas Multi-Manager Diversified Protector funds (the underlying funds). The aim of the underlying funds is to offer some growth of capital potential whilst at the same time protecting a fixed proportion of the highest value reached by the underlying fund. It is important to understand that they do not aim to protect all of your investment and you could get back less than you invest. The FL Architas Multi Manager Diversified Protector 70 Fund and the FL Architas Multi Manager Diversified Protector 80 Fund are mirror funds that invest in the underlying funds. You should be aware that an exact mirror in performance of the underlying fund does not occur due to the following reasons: The Friends Life fund may not be wholly invested in the underlying fund at all times because it also holds an element of money market assets, The time taken to buy or sell holdings in the underlying fund, The mirror fund and underlying fund have different levels of charges and taxation. As a result you won t get back exactly the same return as if you had invested directly into the underlying fund and there is no assurance that the level of protection will be the same. 19

20 THE investment funds Investment Bond Fund Guide Before investing in these funds it is important that you understand how the capital protection works and the specific circumstances in which the protection could fail. An important starting point is to understand that these funds do not offer a guarantee and you could get back less than the amount you invest. Also the funds growth potential is reduced compared to identical funds that do not offer protection. The underlying funds invest in a mix of risky and lower risk assets and these are regularly rebalanced to reflect the performance of those assets and to maintain the protection. When markets are volatile there could be significant buying and selling of assets which could reduce the performance of the funds. If the share price of the funds falls and continues to fall, then in order to achieve the protection, the fund could become 100% invested in lower risk assets and could remain so for some time. Consequently there will be little or no prospect of investment growth during this period and limited prospects of growth in the early stages of any market recovery. There are additional costs to the fund for providing the protection and these are reflected in the fund charges. These charges reduce the potential for investment growth. As mentioned above, there are certain events that could cause the protection to fail. These events and further risks associated with the funds are explained in Your guide to the FL Architas Protector funds. It is important that you read this guide and are comfortable with these risks before investing. Further and more detailed information regarding these funds is also available in this guide, and from your financial adviser. How costs of buying and selling assets may affect your unit price The unit price(s) of a fund will take into account the costs of buying or selling assets of the fund, e.g. dealing costs and taxes. Funds use different methods to reflect these costs, e.g. a dilution levy a transaction charge which may be made by the underlying fund manager. The price allocated to transactions will depend on whether the fund is buying or selling assets, either on a given date or over the longer-term. Two valuations of each of our funds are made at every valuation point. One takes into account the prices at which the assets could be bought and the associated purchase costs. This is the purchase valuation. The other is the sale valuation, and reflects the prices and costs of selling assets. We monitor cash flows of our funds to set the unit price either on a purchase valuation or a sale valuation basis. The difference between a purchase and a sale valuation can vary and may be significant. This means you may get back less than you expect, especially with regard to property funds where the difference could exceed 7%. You can get more information from Our unit-linked principles and practices document which is available from our website 20

21 Investment Bond Fund Guide Income producing funds Income producing funds We offer a number of funds that have been designed to provide income in the form of regular withdrawals. These funds typically invest in assets that have the capacity to earn dividends or interest payments. They can then use this income to provide payments to investors on a regular basis. The level of the payments will fluctuate depending on the income that is received by the fund. We will send a statement each month informing you of the monthly amount payable. It is important to note that bond income, in the form of withdrawals from the funds, can fall as well as rise, as can capital value, and is not guaranteed. Income taken as regular withdrawals reduces the potential for capital growth potential. For more information please see the section Important information about taking withdrawals out of your Bond on the next page. The income producing funds are: FL Distribution AL FL High Yield Distribution AL FL Sterling Corporate Bond AL FL Monthly Distribution AL FL Monthly High Yield Distribution AL FL Monthly Sterling Corporate Bond AL These funds provide distributions or payments at different regular intervals. The table below gives more detail on these funds. Fund Name Distribution Timing Payment Date FL Distribution AL Half Yearly 17 May and 17 November FL High Yield Distribution AL FL Sterling Corporate Bond AL Half Yearly Quarterly 18 February and 18 August 31 March, 30 June, 30 September and 31 December Fund Name Distribution Timing Payment Date FL Monthly Distribution AL Monthly 17th of each month FL Monthly High Yield Distribution AL Monthly 18th of each month FL Monthly Sterling Corporate Bond AL Monthly The last day of each month. For all of the above income producing funds you can choose to either take the payments/distributions or re-invest them. You will be sent a statement informing you of the amounts payable after each income payment whether paid half-yearly, quarterly or monthly. These funds pay out a level of income generated by the assets in your chosen fund. As the level of income generated will vary then the amount of income distribution will go up and down. 21

22 Income producing funds Investment Bond Fund Guide Important information about taking withdrawals out of your Bond If you take a regular withdrawal in the form of income from your Bond, it s important to know that the potential for capital growth is reduced, and the value of your investment could fall below its original level, especially at times when investment performance is poor or when you take out more than your investment is growing by. In addition, the more you take out, the more the potential for future growth will be reduced. Withdrawing more than 5% of the initial amount of your investment in one plan year means you could be subject to an immediate tax liability. You can read more about Tax in the section Tax and Withdrawals below. Withdrawals of more than 7.5% per annum of the value of the Bond may attract early cash-in charges. These are considered to be a partial cash-in and cannot be made regularly. The FL Monthly Distribution AL and FL Monthly High Yield Distribution AL funds invest in the underlying units of the FL Distribution AL and FL High Yield Distribution AL funds respectively. These monthly funds are specially designed to pay you a monthly amount based on the half-yearly distribution payments of the underlying funds. Tax and withdrawals It is important to remember that any withdrawal taken from the Bond is considered a withdrawal of capital and is subject to special income tax rules for calculating and assessing the amount of income tax liability that may arise on a chargeable gain. These rules mean any chargeable gain you make on withdrawal will be free from capital gains tax and the basic rate of income tax. You can currently withdraw up to 5% of your initial and any additional investments each plan year for 20 years and defer any tax. If you do not take the full 5% entitlement in any plan year, the unused amount can be carried forward for use in future years. If you withdraw more than 5% of your initial investment and any additional investments in any plan year and this causes you to go over the higher rate income tax limit, you will be liable to pay income tax on the difference between the higher and basic rates. This will be payable on the withdrawals above 5% per plan year of your total investment(s). If you pay tax at the additional higher rate or the chargeable gain causes you to do so you will pay tax at the difference between the additional higher rate and the basic rate. Withdrawals are free from capital gains tax and the basic rate of income tax, but it should be borne in mind that all withdrawals are taken into account on final encashment of the Bond to calculate what tax (if any) should be paid. Tax details are subject to change and their value depends on individual circumstances. You should discuss your individual tax implications with your financial adviser. Please note your financial adviser may charge you for this advice. Friends Life reserves the right to delay payment in accordance with the product terms and conditions. Any chargeable gain on taking a regular income may mean that the high amount that people over 65 are allowed to earn before paying income tax (known as age related allowance) is reduced. The gain may also reduce the value of tax credits and working tax credits. For more information about Tax and Withdrawals please see section Tax and your Investment Bond in the Investment Bond Guide. 22

23 Investment Bond Fund Guide Income producing funds What do I need to know if I choose to take distributions from the FL Distribution AL and/or FL High Yield Distribution AL funds? If you chose to take half-yearly distributions or monthly withdrawals, this will reduce the underlying value of your Investment Bond. Your personal illustration does not reflect this. To give you an indication of how the underlying value of your Investment Bond could be affected please see the below examples. Tables 1 to 8 illustrate invested in FL Distribution AL, FL High Yield Distribution AL, FL Monthly Distribution AL, or FL Monthly High Yield Distribution AL funds. They are based on the youngest life insured being below age 65. We have used the standard growth rates set by the Financial Conduct Authority for funds with a high equity content. If you switch into different funds in the future, different growth rates may become more appropriate. Please note that the growth rates are based on long-term investment returns and do not necessarily reflect returns available over the short-term. Table 1 FL Distribution AL At 1.5% per year growth the cash value would be 6,810 At 4.5% per year growth the cash value would be 9,110 At 7.5% per year growth the cash value would be 12,000 Table 2 FL Distribution AL At end of year Total paid in to date Distributions Effect of deductions to date What you might get back ,120 1,480 1, ,620 1,790 9,110 The effect of deductions over the term shown would be equivalent to bringing the investment growth rate used down from 4.5% to 2.9% each year. 1,300 1,340 1,390 1,240 1,100 8,740 8,770 8,790 9,030 9,260 Table 3 FL Monthly Distribution AL At 1.5% per year growth the cash value would be 6,830 At 4.5% per year growth the cash value would be 9,140 At 7.5% per year growth the cash value would be 12,100 23

24 Income producing funds Investment Bond Fund Guide Table 4 FL Monthly Distribution AL At end of year Total paid in to date Distributions Effect of deductions to date What you might get back ,310 8, ,350 8, ,120 1, ,480 1,250 9, ,840 1,110 9, ,620 1,800 9,140 The effect of deductions over the term shown would be equivalent to bringing the investment growth rate used down from 4.5% to 2.9% each year. Notes applicable to tables 1 4 We have assumed that you are taking full distributions. The distributions have been estimated to be 3.88% and the figures are based on the net yield at 17 November 2014 for the FL Distribution AL and FL Monthly Distribution AL funds. These amounts are not guaranteed and could fluctuate in the future, depending on market conditions. The distributions will be paid in two instalments for the FL Distribution AL fund and twelve monthly amounts, based on the half-yearly distributions, for the FL Monthly Distribution AL fund. The illustration assumes the tiered allocation charging structure applies and that full commission has been paid to your financial adviser. Distributions are made on May 17 and November 17 each year for the FL Distribution AL fund. For the FL Monthly Distribution AL fund, monthly amounts, based on the half-yearly distributions, are declared on the 17th of each month. However, for the purposes of these illustrations, we have assumed that the next distribution will happen straight away. Table 5 FL High Yield Distribution AL At 1.5% per year growth the cash value would be 6,910 At 4.5% per year growth the cash value would be 9,240 At 7.5% per year growth the cash value would be 12,200 Table 6 FL High Yield Distribution AL At end of year Total paid in to date Distributions Effect of deductions to date What you might get back ,780 3,510 1,310 1,340 1,400 1,250 1,100 1,800 8,750 8,790 8,830 9,080 9,330 9,240 The effect of deductions over the term shown would be equivalent to bringing the investment growth rate used down from 4.5% to 2.9% each year. 24

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