Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond

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1 Key Features of investing in an Old Mutual Wealth Collective Investment Account* via an Old Mutual International - International Portfolio Bond For UK Customers *Provided by Old Mutual Wealth Limited The Financial Conduct Authority is a financial services regulator. It requires us, Old Mutual International Isle of Man Limited, to give you this important information to help you decide whether investing in an Old Mutual International - International Portfolio Bond is right for you. You should read this document carefully so you understand what you are buying and then keep it safe for future reference.

2 CONTENTS AT A GLANCE about us 4 Old Mutual International 4 Old Mutual Wealth Limited 4 Old Mutual plc 4 How does it work? 4 aims 5 The benefits of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond 5 your commitment 6 What you have to do as the investor 6 risks 7 Factors that could affect your investment in the Collective Investment Account via your International Portfolio Bond 7 questions and answers 8 Q1. Could investing in the Collective Investment Account via an Old Mutual International - International Portfolio Bond be right for me? 9 Q2. How can I pay my premium for the International Portfolio Bond? 9 Q3. What assets do I have access to? 9 Q4. Where can I get information about my chosen funds? 10 Q5. What are unit trusts and OEICs? 10 Q6. Can I appoint a fund adviser or discretionary asset manager to manage the assets held within my Collective Investment Account? 11 Q7. Can I switch between assets within the Collective Investment Account? 12 Q8. Does Old Mutual Wealth charge for switches between funds held within the Collective Investment Account? 13 Q9. Can income from funds (dividends/rebates) held within the Collective Investment Account be credited to the International Portfolio Bond s transaction account? 13 Q10. Can I take money out of the International Portfolio Bond? 13 Q11. is my money guaranteed and what might I get back? 14 Q12. How do I pay my adviser? 14 Q13. Where can I find out about the charges? 15 Q14. Can I put my bond into a trust? 16 Q15. What happens to my International Portfolio Bond if I die? 16 Q16. What about tax? 16 Q17. How will you keep me informed about my International Portfolio Bond? 17 Q18. Can I change my mind and cancel myold Mutual International - International Portfolio Bond? 17 other information 18 Contact details 18 About the policy terms 18 Compensation and investor protection 18 Complaint procedures 19 2

3 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond PLEASE READ THIS DOCUMENT CAREFULLY The purpose of this Key Features Document is to give you a clear and balanced summary of the information you need to help you make a decision about investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond. Reading financial literature can be daunting, so we try to make our brochures and other documents as clear as possible, with no small print. If technical expressions are unavoidable, we also include an explanation in plain English. We test our literature regularly to make sure that it can be understood by our customers. Please read this Key Features Document in conjunction with your Key Features Illustration and the client brochure Unlocking the secrets of intelligent investing. Your financial adviser will be able to provide you with the latest Old Mutual Wealth Funds List and Key Features of the Collective Investment Account. Please note: all references to we, us, our and Old Mutual International mean Old Mutual International Isle of Man Limited and all references to Old Mutual Wealth mean Old Mutual Wealth Limited. 3

4 ABOUT US Old Mutual International The provider of the International Portfolio Bond is Old Mutual International Isle of Man Limited. Old Mutual International is the international arm of Old Mutual Wealth, a leading retail investment business. Old Mutual Wealth Limited The provider of the Collective Investment Account is Old Mutual Wealth Limited, which is a part of Old Mutual Wealth owned by Old Mutual plc. Old Mutual plc Old Mutual Wealth is a core part of Old Mutual plc, one of the world s largest financial services companies. Founded in 1845, Old Mutual is a FTSE 100 company overseeing billion in investments for 16 million customers worldwide.* *Source: Old Mutual, 14 June 2014 how does it work? Once you have successfully applied for your International Portfolio Bond, your appointed adviser will make an application to Old Mutual Wealth Limited to set up a Collective Investment Account to hold your chosen investments via Old Mutual Wealth. Old Mutual International will own the Collective Investment Account to which the value of your bond is linked. Your financial adviser, your fund adviser or discretionary asset manager, if one has been appointed, can manage the holdings within your International Portfolio Bond. If you wish to change your investment choice in the future, your financial adviser, fund adviser or discretionary asset manager, if one has been appointed, can do this online through Old Mutual Wealth. This avoids the normal International Portfolio Bond dealing charges which would otherwise apply when buying and selling collective investments directly, i.e. when they are not held on a fund platform. 4

5 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond AIMS The benefits of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond The International Portfolio Bond aims to provide a flexible method of investing your money with the potential for growth over a five to ten year or longer period. It is designed to allow capital to grow and to offer you the option to take regular, tax efficient withdrawals. Investing in a Collective Investment Account via an International Portfolio Bond allows you the opportunity to access the SelfSelect or WealthSelect investment fund ranges and the WealthSelect Managed Portfolio Service. Please refer to Question 6 on page 11 for further information on the SelfSelect and WealthSelect fund ranges and the WealthSelect Managed Portfolio Service. 5

6 YOUR COMMITMENT WHAT YOU HAVE TO DO AS an INVESTOR You should satisfy yourself that you understand the features and risks of investing in the International Portfolio Bond and choosing the Collective Investment Account as the underlying investment. You must decide whether it is likely to meet your needs and expectations in terms of access to your investment, capital growth and tax planning. You must invest an initial lump sum of at least 25,000 (or currency equivalent) into your Old Mutual International - International Portfolio Bond. To ensure that your International Portfolio Bond and your chosen funds continue to meet your needs, you should monitor their performance regularly, consider new assets that become available and give your financial adviser, or if appointed, your fund adviser or discretionary asset manager, instructions to switch the assets online through Old Mutual Wealth. If you have agreed with your financial adviser to use the WealthSelect Managed Portfolio Service, the choice of funds held in your account will be made by us, as the Portfolio Manager. You will also need to keep us informed of any future changes of address or contact details so we can continue to keep in touch with you. Our contact details are detailed on page 18 of this document. The International Portfolio Bond is designed to be a medium to long term investment and you should aim to hold it for at least five to ten years. You can cash it in earlier but you may get back less than you invested. Meeting the cost of charges and funding regular withdrawals from your International Portfolio Bond We will deduct portfolio fund charges from your transaction account, which is set up within the portfolio fund linked to your policy as soon as it starts. To help you manage the deduction of portfolio fund charges, you must nominate an asset which we will sell to automatically clear the portfolio fund charges we debit from this account. This is known as the Charge Deduction Asset and you can change this asset at any time. If you do not nominate a Charge Deduction Asset, you should keep enough cash a general guide is approximately 5% of your premium(s) in your transaction account to cover any charges. The Collective Investment Account is an asset itself. If you want us to sell from a named asset held within the Collective Investment Account you should specify this, otherwise cash will be raised by selling proportionately across all holdings. When you request regular withdrawals are set up, you must select either the transaction account or an asset(s) to fund the withdrawals. If there is not sufficient value in the transaction account or in the asset(s) selected for the regular withdrawals at the time of the payment, the withdrawal payment will not be sent. We will start paying the regular withdrawals again as soon as the asset(s) selected to fund withdrawals is replenished, replaced or there is sufficient value in the transaction account. These options give you control over your policy and ensure that we don t sell an asset that you want to keep. Please refer to the Policy Terms for further information on meeting the cost of charges and funding regular withdrawals and regular withdrawals for ongoing fees. Your financial adviser will be able to provide you with a copy of the Policy Terms. 6

7 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond RISKS Factors that could affect your investment in the Collective Investment Account via your International Portfolio Bond All types of investment involve some risk. By choosing to invest in a Collective Investment Account via the International Portfolio Bond you will have access to a wide variety of investment assets. Their value and the value of any income from them may fall as well as rise. This means that we cannot guarantee the amount you get back when you switch out of this investment or completely surrender your Collective Investment Account via your International Portfolio Bond. The amount you get back may be less than forecasted in your personal Key Features Illustration, or less than you invested, for the following reasons. Choice of assets the assets available for you to invest in all have specific objectives and associated risks. These differ according to the assets held within them. For example, if you choose emerging market funds that are invested in parts of the world with less well established economies, their value could be subject to considerable price variations known as volatility. Similarly, some funds, such as those investing in property, can be difficult to sell and you might not be able to sell or switch from such funds when you want if you or your fund adviser or discretionary asset manager do not review the choice of assets within your policy regularly and monitor their performance, they may fail to meet your expectations if the assets do not match your attitude to risk (willingness to accept potential losses), they may not perform as you anticipate Where an asset holds investments in a currency different to the one in which it is based and in which your bond is held, there may be additional risks because of exchange rate fluctuations. Charges and Withdrawals the effect of charges may be higher than illustrated in your Key Features Illustration. For example, you might decide to change to assets with higher charges than those shown in your Illustration, or investment management costs may increase in the future if you take greater withdrawals than originally planned, the value of your International Portfolio Bond may be less than shown in your Illustration. Tax Changes Future tax changes may affect the amount available after taxation. Cancellation risk If you decide to cancel your bond within the first 30 days, its value could fall over this time. If so you will get back less than you invested. If, at your request, we have facilitated the fee for advice given to you by your financial adviser or if appointed, your fund adviser or discretionary asset manager and you decide to cancel your contract, we cannot reclaim or refund the fee. The fee agreement is between you and your financial adviser or fund adviser or discretionary asset manager if appointed, not Old Mutual International and it is up to you to reclaim the fee from them. 7

8 QUESTIONS AND ANSWERS 8

9 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond Q1. COuld investing in the Collective Investment Account via an Old Mutual International - International Portfolio Bond be right for me? You need to consider whether the International Portfolio Bond and the investment into the Collective Investment Account meets your needs. Old Mutual International - International Portfolio Bond This could be the right investment for your needs if you are looking for the potential for investment growth and/or the facility of taking withdrawals, and you can afford to commit a minimum investment of 25,000 (or other currency equivalent) for at least five to ten years. Whether you choose the Old Mutual International - International Portfolio Bond Life or the Old Mutual International - International Portfolio Bond Redemption, it can be set up to continue after your death, possibly to help with inheritance tax planning. Investing in the Old Mutual Wealth Collective Investment Account The Collective Investment Account provides the flexibility of easy switching between funds, without any Old Mutual International dealing charges or Old Mutual Wealth administration charges. This facility is especially valuable to clients who plan to actively manage their portfolio and who wish to avoid incurring additional costs for that facility. It involves more risk than bank or building society savings accounts but the potential for growth is better. The Collective Investment Account offers you the opportunity to invest in the SelfSelect or WealthSelect investment range. This choice is not available if you invest directly into the International Portfolio Bond. Please see Question 3 for further information on assets you can invest in through your Collective Investment Account. If you have any questions about the suitability of the International Portfolio Bond or the Collective Investment Account, we recommend that you speak to your financial adviser. Q2. How can I pay my premium for the International Portfolio Bond? You can pay your premium by electronic transfer in most major currencies, or by using our asset transfer or share exchange services. If you wish to make an electronic bank transfer you can find full information on the banking details in the guidance notes for starting your International Portfolio Bond. Your financial adviser will be able to provide you with a copy of the guidance notes. You can make an offer to add an additional lump sum premium to your International Portfolio Bond whenever you like by making further payments of at least 2,500 (or other currency minimum ask your financial adviser for details). Please contact your financial adviser or our Head Office if you wish to add an additional lump sum premium into your International Portfolio Bond. Q3. What assets do I have access to? The Collective Investment Account offers you a choice of two investment ranges, the WealthSelect investment range and the SelfSelect investment range. Your financial adviser will discuss with you which is most appropriate for your needs. This will depend on a number of factors, including your financial objectives, the level of investment risk you are comfortable with and the breadth of fund choice you require. The funds available for you to hold in your Collective Investment Account cover a wide range of UK and overseas investments, including shares, government stocks, fixed interest securities and commercial property. SelfSelect SelfSelect offers an extensive choice of more than 1,250 funds from over 100 fund management groups, spanning a broad range of asset classes, sectors and markets. WealthSelect WealthSelect offers a choice of more than 45 fully-researched funds from some of the UK s best-known investment houses, together with award-winning packaged funds from Old Mutual Global Investors. WealthSelect investors can opt for the Managed Portfolio Service. The funds in the Managed Portfolios are exclusively from the WealthSelect researched range. We do not provide advice on selecting investments. Your financial adviser can help you choose the most suitable funds for your circumstances and needs. You can change your choice of funds as your needs change. 9

10 Managed Portfolio Service If you and your financial adviser decide to invest using the WealthSelect Managed Portfolio Service, we, as the Portfolio Manager, take decisions about changing fund holdings in line with the Managed Portfolio investment strategy detailed in the relevant Managed Portfolio fund factsheet. Your financial adviser will select the Managed Portfolio suitable for you based on their assessment of your attitude to risk and your investment objectives. Holding cash You may also hold cash in your account. Interest will be calculated and applied daily to your cash holding at the rate set by us on a monthly basis. There are tax implications on interest earned. Please refer to the client brochure A Managed Portfolio to match your goals for more information. Your financial adviser will be able to provide you with a copy. Phasing and rebalancing Whichever investment range you choose, you can opt for automatic rebalancing to keep the proportions allocated to individual funds in line with your original choice. Alternatively, by initially investing cash, you can choose to spread the timing of your investment into your chosen selection of funds. This is known as phased investment. The phasing and rebalancing options are not available if you are using the Managed Portfolio Service, since all investment decisions within the Managed Portfolios are taken by us, as the Portfolio Manager. Q4. Where can I get information about my chosen funds? Some funds are complex in nature which is why we refer you to the appropriate Funds List for information on your chosen funds. These however only provide summary information. A Key Investor Information Document issued by the fund manager will give more comprehensive information about the way each fund works and its investment risks. Key Investor Information Documents (KIIDs) are produced by fund managers, not Old Mutual Wealth, for certain types of collective funds such as OEICs or unit trusts. KIIDs contain details of those funds and (where available) must be provided to anyone who is thinking of investing into such funds via an ISA or Collective Investment Account. When you read a KIID, you will notice that some information is different from that in other Old Mutual Wealth documentation. This is because the information in the KIID reflects a direct investment in the fund, whereas the Fund Factsheet and Funds List provided by Old Mutual Wealth reflect the accurate figures for investment through Old Mutual Wealth. Q5. What are unit trusts and OEICs? Unit trusts and Open-Ended Investment Companies (OEICs) are pooled investment funds, also called collective investment funds. These provide a useful way for savers to invest for long-term growth, without the need for specialist investment knowledge. Collective investment fund managers pool investors money to buy assets such as UK and international stocks and shares, commercial property, fixed interest assets or cash deposits. These are known as the fund s underlying assets. Typically a fund manager heads a team of analysts and stock buyers. It is their responsibility to make whatever investment decisions are necessary to keep the fund s performance in line with its objectives and to look after all the regulatory requirements and administration involved. Different funds have different objectives. For example, some specialise in particular asset types or geographic areas. Some are managed in such a way as to produce a particular outcome. When you invest in a unit trust you buy units and when you invest in an OEIC you buy shares. The number of units or shares you receive depends on the amount you invest and the price of the units/shares at the time of your investment. The value of your investment will vary according to the total value of the fund, which is determined by the performance of the underlying investments. Unit trusts and OEICs are either accumulation or income funds. Accumulation funds retain any income (such as dividends or interest) received from underlying investments within the fund. The accumulated income will be reflected in the price. Income funds regularly pay out any income received on underlying investments on specified dates. 10

11 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond Q6. Can I appoint a fund adviser or discretionary asset manager to manage the assets held within my Collective Investment Account? Unless you have chosen to invest in a WealthSelect Managed Portfolio, you can appoint a fund adviser or discretionary asset manager to provide investment services in respect of the assets held within your Collective Investment Account. (All investment decisions within WealthSelect Managed Portfolios are made by us as the Portfolio Manager.) Fund adviser a fund adviser is an individual or firm that you appoint to manage some or all of the assets in the portfolio fund linked to your policy. There are two types of fund adviser: an advisory fund adviser can guide you through the process of choosing assets and then manage the relevant assets in the portfolio fund linked to your policy for you. However, all decisions will ultimately be made by you you can also go one step further and allow your fund adviser to make decisions on your behalf in line with pre-agreed boundaries. This role is sometimes known as a discretionary manager. If you wish to appoint a fund adviser you must complete an Appointing a fund adviser to your Old Mutual International - International Portfolio Bond or Old Mutual International Ireland European Portfolio Bond form. Terms of business will normally need to be agreed between you and the fund adviser and any fees for such a service are personal to you and will not be deemed a portfolio fund charge. If you request that we facilitate payment of a fee to your fund adviser, this will be a part surrender or regular withdrawal for ongoing fees and will form part of your 5% UK tax deferred allowance. Please refer to the Policy Terms for further information on appointing a fund adviser to provide investment services in respect of the assets. Your financial adviser will be able to provide you with a copy of the Policy Terms. Discretionary asset manager a discretionary asset manager is an individual or firm that is appointed by Old Mutual International to manage some or all of the assets in the portfolio fund linked to your policy. A discretionary asset manager can be appointed on a discretionary or an advisory basis. The difference between the activities performed by a discretionary asset manager on a discretionary and advisory basis are explained below: discretionary basis means the adviser holds regulatory authority to carry out discretionary investment management activities based on an agreed investment mandate and does not need to agree with you any changes to the assets before they submit the asset dealing instructions advisory basis means the adviser holds the regulatory authority to advise on investments and can only submit asset dealing instructions following discussions with you. Where the discretionary asset manager is to act on an advisory basis, then we will appoint you to make investment decisions in respect of the assets which are linked to the relevant portfolio fund for your policy. Your investment decisions will be based on investment advice given to you directly by the discretionary asset manager as a requirement of the discretionary asset manager s appointment. You will need to complete the form mentioned below if you wish to appoint a discretionary asset manager to act on an advisory basis. The appointment form and your Policy Terms confirm the restrictions placed on the assets linked to the portfolio fund for your policy. The discretionary asset manager must have your written approval of any investment recommendations before they submit asset dealing instructions. If you wish to request that we use a discretionary asset manager either on a discretionary or advisory basis in respect of your policy, you must complete the Old Mutual International Isle of Man Limited/Old Mutual International Ireland Limited to appoint a discretionary asset manager form. Once we are satisfied that the discretionary asset manager is regulated by an appropriate regulatory authority and has qualifications required by law or regulation to carry out discretionary fund management services, we will confirm their appointment to you through the Online Service Account, if you have one, or by post. Please note that the discretionary asset manager fee does not form part of your 5% UK tax deferred allowance. Please refer to the Policy Terms for further information on appointing a discretionary asset manager to provide investment services in respect of the assets. Your financial adviser will be able to provide you with a copy of the Policy Terms. 11

12 Q7. Can I switch between assets within the Collective Investment Account? You can switch between funds at any time within the same range investment range (ie within the WealthSelect or the SelfSelect investment range) but you cannot hold funds from both investment ranges in your account at the same time. If you wish to switch to a fund that is not available in your current investment range, you will need to swap all your holdings to funds in the other investment range. If you have agreed with your financial adviser to invest in the WealthSelect Managed Portfolio Service, please bear in mind that all fund switches within the Managed Portfolios are made by us, as the Portfolio Manager. If you or your financial adviser want to move to the SelfSelect investment range, or switch funds within your Managed Portfolio to other WealthSelect funds, you can do so but it will automatically mean that the Managed Portfolio Service will stop and any future changes to your fund choice will be your responsibility. You should therefore discuss any proposed switch with your financial adviser. If you wish to switch from one Managed Portfolio to another, your financial adviser can do so on your behalf. How do I switch funds? You can submit switch instructions directly to us using our secure client extranet, provided you have registered to use this service. Your financial adviser will also be able to switch online for you unless you cancel this authority by writing to us. If a switch instruction is placed prior to the cut-off time for your fund, then it will be actioned at the next dealing point for that fund. Information on funds can be found in the Funds List. If you are using the Managed Portfolio Service and wish to switch to a new Managed Portfolio, your financial adviser will have to arrange the switch. They will need to assess that the new Managed Portfolio is suitable for your needs before requesting the switch. You can send your switch instructions to us by post. Instructions received by post will usually be processed on the day of receipt, and actioned at the cut-off point no later than the following dealing day. If you instruct us to switch a specific amount of money from one fund into another fund, then the sale and purchase of units/ shares will normally take place on the same day. For all other switch instructions, the purchase will usually be made at the next dealing point after all of the sales in your instruction have taken place and the fund manager(s) have confirmed the sale proceeds. For some funds, buying or selling units/shares can take up to two working days. This means that if you are switching from one fund to another, the whole process will typically take no more than five working days from receipt of your instruction. You, or your adviser, can also redirect future direct debit payments into a new fund choice by using the Old Mutual Wealth client and adviser extranet services. Alternatively, you can complete a switch/redirection instruction form, which is available from your financial adviser. If you want both your existing and future investments to be moved into new funds, you must request both a switch and a redirection. Before you switch or redirect future contributions into new funds your financial adviser must provide you with a Key Investor Information Document for each of these funds, where appropriate. You (by post) or your financial adviser (using the adviser extranet services) can also request to swap the investment range for your account. You will need to complete the switch/redirection instruction form, which is available from your financial adviser. Old Mutual Wealth reserve the right to reject or defer an instruction, or apply an appropriate charge on a fund or individual transaction if, under Financial Conduct Authority guidelines and best market practice, we reasonably consider any activity to constitute Market Timing. Market Timing is the practice of speculative investment with the aim of gaining short-term advantage. It typically involves a high volume of fund transactions and short holding periods. Such activities are to the detriment of the long-term investors for whom our products are designed. 12

13 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond Q8. does Old Mutual Wealth charge for switches between funds held within the Collective Investment Account? Old Mutual Wealth does not currently make an administrative charge for fund switches or for swapping investment ranges. We reserve the right to introduce a charge in the future, if administration costs make this necessary. If we have to do this we will let you know. You may incur charges made by the managers of the funds you are switching. If you have agreed to pay your financial adviser a fee for switching funds you can ask us to pay them that fee on your behalf from your account. If you have agreed with your financial adviser to invest in a WealthSelect Managed Portfolio, Old Mutual Wealth will charge you for moving your investment to a Managed Portfolio as part of the active management of the portfolio. Please refer to Question 13 for further details on the charge for the WealthSelect Managed Portfolio Service. If you have agreed an adviser s fund switch fee, this fee can only be paid to your adviser if you change from one Managed Portfolio to another but not for switches instigated by us, as the Portfolio Manager as part of the Managed Portfolio Service. Q9. Can income from funds (dividends/rebates) held within the Collective Investment Account be credited to the International Portfolio Bond s transaction account? No. As we do not reflect the underlying funds held within the Collective Investment Account, we are unable to allocate any dividend payments. Instead, any dividend will be reinvested within the Collective Investment Account. Q10. Can I take money out of the International Portfolio Bond? The International Portfolio Bond gives you the flexibility to access your capital subject to a minimum regular withdrawal amount of 400 and provided that the amount in your bond can sustain both the withdrawals and the charges involved. Any withdrawals made to pay for advice fees are exempt from this monetary limit. Please see Question 12 for further information on fees. You can withdraw up to 5% of your total investment each year without any immediate UK tax liability. This allowance will be reduced by the amount of any partial withdrawals made to pay fees to your financial adviser or fund adviser. If you don t use this allowance in a specific policy year, it can be carried over to the next year, so you could withdraw 10% tax deferred, and so on. All withdrawals will be free of policy encashment charges. If the value of your bond falls below the minimum value for maintaining a policy (currently 1,000 or currency equivalent), we can decide to surrender it unless you agree to add a further premium to top up your investment. REGULAR WITHDRAWALS You can use your bond to create a regular income stream; either yearly, half-yearly, termly (every 4 months) quarterly, bi-monthly or monthly. These will be deducted from the transaction account for your bond. To help you manage these deductions, you can nominate one or more assets which we will sell to automatically clear the sums we debit from this account. This is known as the Nominated Asset. You need to nominate this asset when you set up your regular withdrawals, but you can change it at any time. This gives you control over how we fund your regular withdrawals. If you have agreed with your financial adviser to use the WealthSelect Managed Portfolio Service, payment will be taken proportionally across all funds. ONE-OFF WITHDRAWALS (PART SURRENDERS) As long as you leave the minimum amount in your bond you can, subject to a minimum of 1000, normally withdraw any amount you want at any stage by making a request to us and providing a withdrawal instruction. However, please remember that the International Portfolio Bond is designed for medium to long-term investment, so taking money out of your bond in the early years can dramatically reduce its potential. You should ask your financial adviser about the tax and financial planning implications before you commit to withdrawals. 13

14 Q11. Is my money guaranteed and what might I get back? No, the value of your International Portfolio Bond can go down as well as up and you may not get back the original amount invested. Your Key Features Illustration gives examples of what you might get back and the projections shown are based on a range of assumptions about future growth rates, none of which are guaranteed. The amount you get back will depend on: how much you have invested how long your premiums have been invested the investment performance of your chosen fund(s) or Managed Portfolio how much you have previously withdrawn the charges that we have taken any tax due when you cash it in how much you have asked us to withdraw to facilitate payment of fees to your financial adviser, fund adviser or discretionary asset manager. Q12. How do I pay my adviser? PAYING FOR YOUR FINANCIAL ADVICE From 31 December 2012, new UK regulatory rules known as the Retail Distribution Review (RDR) mean that any fee your adviser charges for advice must be agreed with you in advance, to make sure you know exactly what you re going to pay and are happy that it s fair and reasonable based on the service and advice provided. Old Mutual International has no involvement in setting this fee - it is agreed between you and your adviser. ADVICE FEES You can pay your adviser s fee in a number of ways. You can pay it directly to your adviser, for example by cheque, keeping it completely separate from your policy. Alternatively, you can ask Old Mutual International to pay a withdrawal from the policy that s equivalent to the fee, which will then be paid to your adviser. We will also confirm to you any fees for which you ask us to arrange payment to either your financial adviser or fund adviser. Please note your adviser cannot ask Old Mutual Wealth to make these payments. If you decide on this route, there are a number of options which can be used on their own or in combination with each other: FINANCIAL ADVISER ADVICE FEES Initial fee from your payment before it is invested as a premium in the policy (not available for cash or asset transfers): you can ask Old Mutual International to pay a fixed monetary amount or a percentage of the initial investment we receive from you to pay to your financial adviser. Initial fee taken as a withdrawal from your policy once we have accepted your application for the policy: you can ask Old Mutual International to make a one-off withdrawal from your policy equal to a fixed monetary amount or percentage of the premium invested in the policy. These initial fees can also apply to advice for additional premium payments (top ups) where the fee can be paid either before or after the top up is accepted by us. If you ask us to pay a fee after the policy or top up is accepted, we will treat this as a withdrawal. Ongoing service fee: you can also ask Old Mutual International to make a regular withdrawal for ongoing fees of either a fixed monetary amount or an annual percentage of the value of the portfolio fund linked to your policy. This will be paid to your financial adviser for any ongoing advice you have arranged with them. This is payable quarterly in arrears. Ad hoc fee: you can also ask Old Mutual International to pay a one-off withdrawal to your financial adviser to pay an ad hoc fee. This must be a monetary amount. 14

15 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond FUND ADVISER FEES If you appoint a fund adviser (which could be your financial adviser or a third party), there are a number of fee payment options which can be used on their own or in combination with each other: 1. Fund adviser fee: you can ask Old Mutual International to make a regular withdrawal for ongoing fees of a fixed monetary amount or an annual percentage of the assets held in the portfolio fund linked to your policy. This will enable a regular fee to be paid to the fund adviser you have appointed to manage those assets. You can request to pay a fund adviser fee for each fund adviser you have appointed in respect of the assets they manage for you. This is payable quarterly in arrears. 2. ad hoc fee: you can ask Old Mutual International to pay a one-off withdrawal to your fund adviser to pay an ad hoc fee. This must be a monetary amount. 3. dealing advice fee (only available where some or all of your assets are held with Old Mutual International s default custodian): you can ask Old Mutual International to pay a dealing advice fee of a fixed percentage of the value of the assets held with our default custodian on the purchase date of the transaction. These are payable quarterly in arrears to your fund adviser for their ongoing investment services. DISCRETIONARY ASSET MANAGER FEES If Old Mutual International appoint a discretionary asset manager you can choose to pay their fees as either an annual percentage of the value of the portfolio fund to be taken quarterly or a monetary amount to be paid quarterly. Please refer to your Policy Terms for further information on discretionary asset manager fees. Q13. Where can I find out about the charges? Investing in the Collective Investment Account through your International Portfolio Bond means that you pay charges on both contracts. Your financial adviser will give you a personalised Key Features Illustration for both your International Portfolio Bond and your Collective Investment Account that will illustrate the effect that both sets of charges could have on your investment. PORTFOLIO FUND CHARGES There are a number of charges that we may deduct from your policy, for example, to cover administration and management of your policy and any asset dealing charges. Any assets that you invest in will also charge an annual management charge. The cost of this varies from asset to asset. Full details of the charges for the International Portfolio Bond and the Collective Investment Account, can be found in their respective Policy Terms. Details of asset charges can be found in the Old Mutual Wealth fund list, which is available from your financial adviser. PAYING FOR THIRD PARTY AND OTHER CHARGES You may incur some additional charges due to the nature of this investment, such as bank charges, and telegraphic transfer charges. Your financial adviser will provide details and explanations of all the charges. Old Mutual International s Portfolio Fund charges will be listed for you in a charges schedule and your Key Features illustration. WealthSelect Managed Portfolio Service There is an extra charge for using the WealthSelect Managed Portfolio Service. The charge will cover the administrative costs of running the WealthSelect Managed Portfolio Service and is equivalent to 20% of the Collective Investment Account charge. Your financial adviser will give you a personalised Key Features Illustration that will display the charges for the Collective Investment Account and WealthSelect Managed Portfolio Service. Please note the charge for the WealthSelect Managed Portfolio Service is presented as VAT in the Illustration but it is in fact a charge for the WealthSelect Managed Portfolio Service. There is no VAT payable for the WealthSelect Managed Portfolio Service because you have invested in a Collective Investment Account via an offshore Portfolio Bond. Please contact your financial adviser if you require further information regarding VAT and your WealthSelect Managed Portfolio Service. 15

16 Q14. Can I put my bond into a trust? Yes, it is possible to place your International Portfolio Bond into a trust. If you put your bond in a trust, the trust conditions will need to be followed when making changes to the bond. Old Mutual International do offer a number of trusts which may be suitable for your needs. Details of how these trusts work can be found in the relevant trust literature and in the trust documents. It is important for trustees to ensure that any changes they make to the bond do not breach the trust conditions. We strongly recommend that you speak to your financial adviser before making any decisions regarding trusts. Q15. What happens to my International Portfolio Bond if I die? If you choose the Old Mutual International - International Portfolio Bond Life, you can set up the life assurance on your own life ( single-life basis), yourself and one other person ( joint-life basis), or yourself and others ( multiple-life basis). You can also set it up to cover a life other than yourself ( life of another ). When the last person whose life is assured dies, we will pay out 101% of the surrender value of your bond. (So, if the encashment value of your bond at death is 200,000, for example, the total amount paid out will be 202,000.) If you have put your bond under trust, we will pay the benefit to the trustees to distribute. If you choose the Old Mutual International - International Portfolio Bond Redemption then your bond will continue until its maturity date, unless it is fully cashed in by you before your death, or by your executors following your death, or by the trustees if it is held under trust. If you have agreed with your financial adviser to use the WealthSelect Managed Portfolio Service, this service will stop once we receive written notification of your death, or that of the last surviving account holder if the account was held jointly. Q16. What about tax? The following information is based on our understanding of the current UK tax legislation, although tax treatment will depend on your country of residence when you cash in your bond. The tax position of your bond may change in the future. You may be subject to additional taxes or costs which are not accounted for within the contract. Please contact your financial adviser for advice about tax liabilities and also any potential tax liabilities if the bond is placed under trust. Personal Tax The following applies if you are a UK taxpayer. you may withdraw up to 5% of your original investment (plus any additional investments) each year for at least 20 years without any immediate liability to income tax if you withdraw more than 5%, or withdraw over the years more than you invested, you may be liable to income tax if you request that we facilitate payment of a fee to your fund adviser, this fee will form part of your 5% tax deferred allowance if you request that we facilitate a payment of a fee to your discretionary asset manager, the fee will not form part of your 5% tax deferred allowance When you finally cash in your bond, you may have to pay income tax on any gain you have made. This could also affect your right to age related personal reliefs and any entitlement to children s tax credit if you have chosen the Old Mutual International - International Portfolio Bond Life, your bond is treated for tax purposes as though you had fully cashed it in just before the death of the relevant life assured you will not normally have to pay capital gains tax in connection with your bond if you are not a UK taxpayer then you should seek advice from a tax adviser who may also be your financial adviser. Taxation of the assets invested through the Collective Investment Account Through the Collective Investment Account, you can access UK domiciled and some non UK domiciled assets to help meet your investment objectives. However, please note that Old Mutual International cannot reclaim any tax paid on income from the assets held with Old Mutual Wealth that are UK domiciled. In such circumstances the returns could be less if you hold the assets on the platform instead of investing in external assets directly through the International Portfolio Bond. Assets held directly through the International Portfolio Bond are not currently liable to taxes in the Isle of Man, where Old Mutual International is based and would grow virtually tax free. You are unable to benefit from gross returns or reclaim any tax paid at source on any assets held through the Collective Investment Account. You need to consider the benefits of choosing the Collective Investment Account as the underlying investment for your International Portfolio Bond against the reduced income returns. 16

17 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond Q17. How will you keep me informed about my International Portfolio Bond? When you become a policyholder you will be able to register for an Old Mutual International Online Service Account, via the client extranet on Wealth Interactive. Wealth Interactive gives you a straightforward, clear and transparent way to access information about your investment. You can sign in to your own secure online service account and review your policy, including your portfolio of assets, whenever you have access to the internet. You can check the latest available figures and facts about your investments and keep up to date with changes made by your financial adviser. Q18. Can I change my mind and cancel my Old Mutual International - International Portfolio Bond? Yes. When we notify you that your application for the Old Mutual International - International Portfolio Bond Life or Old Mutual International - International Portfolio Bond Redemption has been accepted and send you the appropriate documentation, we will remind you that you have 30 days to change your mind and cancel your application. You can do this by writing to the customer service centre at the address shown in contact details on page 18 or online via your Online Service Account. If you decide to cancel, we will give you your money back. However, if the value of your investment has fallen in the meantime, you may not get back the full amount you paid in. You should be aware that this reduction could be substantial if your chosen funds have a medium or high level of volatility or risk, or non-refundable charges. The description of the funds and/or assets you have chosen will give details if this applies. In cases where the investment you have selected is not redeemable for a period, we may not be able to return that part of your payment until the end of that period. Please note that some funds are priced on a weekly or less frequent basis, and certain funds also have cut off times for dealing purposes, so you may not be able to disinvest as quickly as you would like during periods of market volatility. This therefore could potentially cause delays in you receiving your money back. Please discuss this with your financial adviser if this is an area of concern for you. Any Old Mutual International charges will be refunded in full. If, at your request, we have facilitated any fees for advice given to you by your financial adviser, or if appointed your fund adviser or discretionary asset manager and you decide to cancel your contract, we cannot reclaim or refund the fees. The fee agreement is between you and your financial adviser, fund adviser or discretionary asset manager not Old Mutual International and it is up to you to reclaim the fee from them. 17

18 OTHER INFORMATION CONTACT DETAILS If you need any further information about this product, please contact your financial adviser in the first instance. If you wish to contact us directly, you can do so in the following ways: Phone: +44 (0) Fax: +44 (0) By writing to: Old Mutual International Isle of Man Limited King Edward Bay House King Edward Road Onchan isle of Man im99 1NU British Isles about the policy terms This Key Features Document gives a summary of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond. It does not include all the definitions, exclusions, or Policy Terms. For a copy of the relevant Policy Terms and our customer brochure Unlocking the secrets of intelligent investing, or for more information about the fund range, please ask your financial adviser or contact us directly. We reserve the right to amend certain contractual terms, some without prior notice, as explained in the Policy Terms. If we do so we will let you know in writing and you may, if you wish, cash in your policy. The contract you are applying for is subject to Isle of Man Law. If your application is accepted, we will send you the Policy Terms confirming the law applying to the contract. You can also obtain a copy of the Policy Terms from your financial adviser. All our literature and future communications to you will be in English. We provide all disclosure documents in accordance with the pre-contract disclosure requirements applying in the United Kingdom. Compensation and investor protection Policyholder protection schemes are regarded as offering protection for policyholders of financial services providers and allow policyholders to claim for compensation in the unlikely event the financial services provider becomes insolvent. The rules governing schemes and specific rights for each policyholder vary from one jurisdiction to another and in some jurisdictions there is no scheme at all. Old Mutual International On the Isle of Man there is a statutory protection scheme which covers Old Mutual International policyholders. The compensation scheme is a result of the Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991 which protects all investors whose policies are effected on or after 1 February eligible investors in policies issued by the Isle of Man authorised life assurance companies are protected no matter where they reside in the unlikely event that a life assurance company is unable to meet its liabilities, the policyholder will be protected by this compensation scheme the compensation scheme offers investors 90% of the policy benefit. For the purposes of the scheme this is calculated as the policy value less any contractual charges associated with the policy. No monetary limit applies to the calculation of the policy benefit. Please note that this protection only applies if Old Mutual International is unable to meet its liabilities. 18

19 Key Features of investing in an Old Mutual Wealth Collective Investment Account via an Old Mutual International - International Portfolio Bond OTHER INFORMATION (CONTINUED) Old Mutual International only writes unit linked business and therefore there is always a close link between the value of the company s assets and the liabilities to its policyholders. Assets linked to Old Mutual International policies are segregated from Old Mutual International s business assets in order to comply with the Isle of Man Insurance Act Please either speak to your financial adviser or alternatively contact us if you have have questions regarding the above. Full details are available from Old Mutual International on request. Investment risk associated with the underlying investment (Collective Investment Account) The Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991 are in place to compensate eligible policyholders of an insolvent life assurance company, not to compensate for risks associated with investing in the underlying assets of the policy. The outcome is the same where the policyholder is holding a collective investment, OEIC or unit trust with a management group and the fund management group goes into liquidation. Old Mutual International as the owner of the underlying asset (Old Mutual Wealth Collective Investment Account) Old Mutual International is the legal owner of the Old Mutual Wealth Collective Investment Account. If Old Mutual Wealth Limited, the provider of the Old Mutual Wealth Collective Investment Account cannot meet its liabilities, the Financial Services Compensation Scheme (FSCS) may provide compensation. However you should be aware that the compensation arrangements provided by the FSCS relate only to Old Mutual International s aggregate holdings across all affected Collective Investment Account s rather than to individual investors and as a result you may not benefit from the scheme. Further information about compensation arrangements is available from the Financial Services Compensation Scheme website Wealth Select Managed Portfolio Service Please note that if you are using the WealthSelect Managed Portfolio Service for your Collective Investment Account, the contractual relationship for this service is between you and your financial adviser and the regulatory responsibility for the service rests with them. If this is a concern, please discuss this with your financial adviser so you are aware of the possible risks. Complaint procedures Customer satisfaction is very important to us at Old Mutual International, but if you do have any cause to complain about the service provided, either by your financial adviser or by Old Mutual International, you should proceed as shown below. If your complaint relates to the advice you have been given, including the suitability of a Managed Portfolio, you should write in the first instance to your financial adviser. If it concerns the service you have received from Old Mutual International, please write to the Complaints Team Manager at the address on page 18, and we will do everything we can to resolve your problem. If you are not satisfied with the response you receive and your complaint relates specifically to advice on the sale of your International Portfolio Bond given by a UK-regulated financial adviser, you can complain to: Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR If your complaint relates to the administration or service of your Old Mutual International - International Portfolio Bond and if you are not satisfied with our response then you can complain to: The Financial Ombudsman Service for the Isle of Man Government Buildings Lord Street Douglas Isle of Man IM1 1LE Complaining to either Ombudsman may affect your legal rights. 19

20 This document was last reviewed in October Please confirm with your financial adviser that this is the most up-to-date document for your product or servicing needs. Calls may be monitored and recorded for training purposes and to avoid misunderstandings. Old Mutual Wealth is the trading name of Old Mutual Wealth Limited which provides an Individual Savings Account (ISA) and Collective Investment Account (CIA) and Old Mutual Wealth Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB). Old Mutual Wealth Life Assurance Limited, Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England & Wales under numbers , and respectively. Registered Office at Old Mutual House, Portland Terrace, Southampton SO14 7EJ, United Kingdom. Old Mutual Wealth Life Assurance Limited and Old Mutual Wealth Life & Pensions Limited are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are and respectively. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority with register number VAT number for all above companies is Old Mutual International Isle of Man Limited is registered in the Isle of Man under number 24916C. Registered and Head Office: King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Phone: +44 (0) Fax: +44 (0) Authorised and regulated by the Isle of Man Insurance and Pensions Authority. All promotional material is approved by Old Mutual Wealth Limited. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority. Financial Services register number The rules made under the Financial Services and Markets Act 2000 (as amended) for the protection of retail clients in the UK do not apply. Old Mutual International Isle of Man Limited is a member of the Association of International Life Offices. Old Mutual International is registered in the Isle of Man as a business name of Old Mutual International Isle of Man Limited. PDF5118/INT R/October 2014

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