Investing in onshore bonds

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1 Investing in onshore bonds Open up your options with our Tailored Investment Bond Before you decide to buy, you need to know what the risks and commitments are. Read our key features document (TNB17). It will help you decide if this product is right for you. If you re still not sure what to do, speak to your financial adviser. Open up new horizons for your money Thinking about your future can be exciting. But there s the cost to think about as well. An onshore bond could help you on your way to achieving the lifestyle you re hoping for in the future. The bond is flexible. So you could use it to get all kinds of ideas off the ground. You choose how you want to invest. Which means you choose how you want your bond to work. It can really give your money the potential to grow over the medium to long-term. There s no set time you need to keep it. If you want, it can also provide you with an income or you can make regular or one-off withdrawals. Our onshore bond is all about having choices. So now it s up to you. There are lots of reasons to think about investing in an onshore bond: Want to grow your money? Onshore bonds offer the potential to grow your money over the medium to long-term. Choice over how you invest And the flexibility to shape your bond around your goals both now and in the future. Options to reduce your risk Want to reduce your risk investing in the stock market? Phasing your investment could help. If things change, so can your bond Switch your investment free of charge. Take an income or withdrawals You can choose regular withdrawals, to take an income or make one off withdrawals when you need them. A tax efficient way to manage your money Plus there are tax efficient ways to provide for your family. See page 7 for more about tax. Protect your investment If you re looking to protect your assets from inheritance tax both now and in the future, a trust can help. i Our Tailored Investment Bond is an onshore bond which is the term we use throughout this guide. Investing in onshore bonds 01/08

2 Want to grow your money? Potential for growth Our onshore bond aims to grow your money over the medium to long-term. The bond lets you choose from a range of funds with different investment strategies. So whatever you want from your money, there are funds to match. On the whole, investment funds that offer the greatest potential growth also have the greatest risk. Because of this, you need to be sure that the funds you choose match the risk you re prepared to take as well as the growth you re hoping for. The price of units depends on the value of the fund s assets after charges. This can go down as well as up, and your investment in the fund may well be worth less that what was paid in. How much do you need to pay in? There s a minimum opening payment for our onshore bonds. It s 15,000 for the Tailored Investment Bond. Speak to your financial adviser about other options that are available to you if you d like to invest a smaller amount. Want to top up? If you have more money to invest in the future, you can top up your investment at any time. There s a minimum top up value of 2,500. Using trusts If you re planning to put your bond into one of our trusts, the same payment values apply, except for the Discounted Gift Plan, which has a minimum opening payment of 60, /08 Investing in onshore bonds

3 What does volatility mean? The volatility rating of a fund indicates how much the fund price might move compared to other funds. The higher the volatility rating, the less stable the fund price is likely to be. You can use this to help you decide how much risk you re comfortable taking with your investments. Typically, higher volatility ratings mean greater potential investment returns over the longer term. But high volatility funds are more likely to suddenly fall or rise in value. The volatility rating is not the only factor you should consider when selecting a fund. If you re not sure which funds to choose, please seek advice from a financial adviser. Choose how you invest your money Our onshore bonds are all about flexibility. And flexibility means choices. That means you can shape your bond around your financial goals. Take your pick from a number of different investment funds. And in the future, if your goals change, your investment mix can change too. With our onshore bond, you can invest in: Equities What are they? Equities are part ownership in a company, usually known as stocks or shares. What s the potential return? The return on equities comes from growth in the value of the shares, plus any income from dividends. For overseas equities, changes in the foreign currency exchange rates could also significantly affect returns. What are the risks? Equities are one of the more volatile asset classes although they can offer good growth potential, their value can rise or drop sharply at any time. Because of this volatility, equities should normally be viewed as a long-term investment. Bonds What are they? Bonds are essentially loans to a government or company. These loans are often for a set time period and the bond owner usually receives regular interest payments. Bonds issued by the UK government are called gilts and those issued by a company are corporate bonds. What s the potential return? The return is a combination of any interest received and any change in the bond s value. For overseas bonds, changes in the foreign currency exchange rates could also significantly affect returns. What are the risks? A bond s return will be affected if: the interest or capital can t be paid back in full or on time the credit worthiness of the company or government reduces interest rates or foreign currency exchange rates change Bonds can be traded on the stock market, so their value can go up and down at any time. Some bonds are riskier than others, eg bonds issued for a longer time period or by companies which are viewed as risky. Investing in onshore bonds 03/08

4 Property What is it? Property investing includes direct investments in buildings and land, as well as indirect investment in property securities, like shares in property companies. What s the potential return? The return from a direct investment in property is a combination of rental income and any change in the property value. In comparison, the return on property securities can be similar to equities (see equities asset class description for potential returns and risks). What are the risks? The value of direct property is generally based on a valuer s opinion and is not fact. Property can take a lot longer to sell than other types of investment, so you might not be able to sell when you want to or get the price you were hoping for. Property securities, like equities, can have sharp changes in value at any time. The values of different types of property do not necessarily move in line with each other. For example,commercial property could be losing value even if house prices are going up. Money market instruments (including cash) What are they? Money market instruments include deposits with banks and building societies, as well as governments and large corporations. They also include other investments that can have more risk and return than standard bank deposits. There are circumstances where money market instruments can fall in value. What s the potential return? The return comes from any interest received and any change in the value of the instrument. What are the risks? Investments in these assets are riskier than cash deposit accounts in some circumstances their values will fall. The return may also be lower than inflation. Other These are investments that don t fit into one of the other asset class categories. They include direct and indirect investments in real assets like commodities, for example oil or precious metals. They also include investments with specialist characteristics. Standard Life uses asset classes to categorise some funds as other because the invest in more than one type of asset and therefore can t be categorised as any individual asset class. Alternatively, funds can be classed as other because they don t meet the criteria of the recognised industry sectors or they haven t provided enough information to be categorised. When you re choosing your options Ask yourself what you want from your money. How much do you want to invest? What level of risk are you prepared to take? This can help you decide which funds you should invest in. Markets can be unpredictable and experience ups and downs. And, at different times, different investments will perform better than others. So it s important to think about the longer-term growth potential of your investment. Some types of investment are more volatile than others, and their value may rise or fall suddenly. Over the long-term though, these investments may have the greatest potential for growth. You might be willing to accept a high level of volatility to take advantage of the potential for strong growth. But how will you feel when you get closer to taking proceeds from your bond? Your priority might then be to keep your investment in funds which don t go up and down in value as much. It s important to bear in mind that you might get back less than you paid in. With the onshore bond, you re not locked into one way of doing things. As time goes on, if you change your way of thinking, you can change your way of investing. What affects the value of your investment? How much you invest The performance of the funds you choose Our charges (please see the key features document (TNB17) for details) How long you invest How much income you decide to take, if any 04/08 Investing in onshore bonds

5 Helping to reduce the risk of investing Phased Investment Option Over the longer term, investing gives you more potential to grow your money than saving. But in the short term, markets can be unpredictable. So how do you know if it s the right time to invest? Our phased investment option takes the worry out of picking a good day, week or month to invest. When investing, ideally you want to buy when prices are low, and sell when they are high - giving you more opportunity to maximise your returns. When you invest, the price you pay is decided on the day you choose to invest. So if you invest on a day when the price is high, your money will buy less than if you invested on a day when the price is lower. But how do you know when to invest? With our phased investment option, your money is invested gradually into your chosen fund(s) on a quarterly basis over a year. So the price that you pay overall will be an average of four prices over that year. Step 1 Invest in a lower risk fund You start by investing all your money in the Standard Life Money Market Life Fund. This is a lower risk fund, where your money is held before we gradually move it into your chosen investment funds. As this is a lower risk fund it does mean the returns may be modest. Please be aware, this fund is not guaranteed and there may be circumstances where the fund price falls. For more information on this fund s aims and where it invests, download the fund factsheet from our website. Step 2 Gradually switch into more risky funds We then gradually switch your money out of that fund and into your choice of other funds over the course of a year. Because we do this over a period of time rather than on one day, the price you pay will vary throughout the year, depending on when the money is switched. It also means at the beginning you take less risk, and this increases slowly as you invest more in your chosen funds. You can switch all of your money, or only part of it if you d prefer. There are benefits and risks involved in all investments, and it s up to you to choose what s best for you. The benefits Your money will be invested over time, so you pay different prices depending on the days we invest it. This means you effectively pay an average price over the year. This lowers your risk of investing when the price is high, and being able to buy less with your money You benefit from the peace of mind you don t put all your money into more risky funds on day one. You gradually take more risk as your money is slowly invested into your chosen investment fund(s) Your risk of picking a good or bad day to invest on is reduced The risks Using the phased investment option doesn t necessarily mean you ll get better returns There will be times where you might have gained more if you d invested all your money in your chosen fund(s) from day one The value of any investment is not guaranteed. It could rise or fall in value at any time, and may be worth less than what you paid in By phasing your investment, you are instructing Standard Life to perform a series of pre-agreed switches from one fund into others For more information on the benefits and risks of phased investment, please see your key features document (TNB17). For more information about the phased investment option, speak to your financial adviser or give us a call. Investing in onshore bonds 05/08

6 Switching between investment funds Want to make some changes? If you decide that another fund(s) would give you greater growth potential, be less risky, or simply would be better suited to your needs, you can switch at any time. And it s currently free of charge. There are two ways you can switch: You can switch all (or part) of your investment on one day This means that how much your money will buy will depend on the unit price of the funds you switch in and out of on that one particular day. If we receive your instructions before 5pm, we will switch your investment two working days later. If we get your instructions after 5pm, we ll make the switch three working days later. Or you can opt for phased investment With this option, we ll gradually switch your investment from a lower risk fund into your choice of other funds over the course of a year. There are more details on page 5. You ll probably be one of many investors in each fund you choose. Sometimes, in exceptional circumstances, we may have to wait before we can surrender or switch your investments. This is to maintain fairness between those remaining in and those leaving the fund. This delay could be for up to a month. But for some funds, the delay could be longer: It may be for up to six months if it s a property based fund because property and land can take longer to sell If our fund invests in an external fund, the delay could be longer if the rules of the fund allow this If we have to delay a surrender or switch, we ll use the fund prices on the day the transaction takes place these prices could be very different from the prices on the day you made the request. Want to take withdrawals or an income? Growing your money might be important. But what if you want to take an income from your investment as well? With an onshore bond, you can. Regular withdrawals Want to have regular access to your money? You could choose to take regular withdrawals from your investment. You can take regular withdrawals every one, three, four or six months, or yearly. There are certain rules about how you can take your money. The main thing is that you can t take out more than you pay in (bearing in mind your withdrawals and any income taken). And any regular withdrawals you take will reduce the value of your investment. To find out more about withdrawals, please see the key features document (TNB17). Regular income One of the funds you can choose as part of your bond is the Standard Life Distribution Life Fund. This fund aims to give you an income and grow your money at the same time. The fund invests in a wide range of assets. Some are chosen for their income potential. Others for their growth potential. You can choose the amount of income you d like and when you want it to start. And you can take your income every month, three months or six months. One off withdrawals You could also take a one off withdrawal from the bond if you d prefer. There s a minimum withdrawal amount for our bonds, check your key features document (TNB17) for the details. If you re taking withdrawals or an income from your bond, keep an eye on what s left in your bond. If your bond falls below a certain value, we may close it and your money will be returned to you. More information about this can be found in the key features document (TNB17). 06/08 Investing in onshore bonds

7 Want to know more about tax? We pay the tax on your money while it s invested. So we can reduce, or even remove, any further tax you have to pay. Laws and tax rules may change in the future. The information here is based on our understanding in April Your personal circumstances also have an impact on tax treatment. Basic rate taxpayer? You won t normally have to pay Income Tax or Capital Gains Tax on the growth of your bond. Higher or additional rate taxpayer? You won t have to pay tax on the money you invested just on any growth. Planning to move to another country and return to the UK in the future? If you cash in your bond or withdraw more than 5% of the amount you invested, in any one policy year, whilst temporarily living abroad you may have tax to pay when you return to the UK. Any tax due may be adjusted by Time apportionment Relief, this relief takes into account the time you spent outside of the UK as a proportion of the total time you have held your bond. Assigning your bond Would you like to help your children benefit from your investment? Let s say you want to use your bond to pay towards their education. While they re studying full time, they re probably paying very little or no tax. By assigning some or all of your bond to your child or children (as long as they re 18 and over) you can transfer ownership of that part to them. And because we pay tax on the money in the bond, non taxpayers and basic rate taxpayers won t have any further tax to pay on the bond. Family wealth transfer An onshore bond can be put in trust which can be a useful way to reduce any inheritance tax (IHT) liability and even remove it altogether. For more information about tax planning and our range of trusts, ask your adviser for a copy of our guide to family wealth transfer Protecting your assets (IHTS10). Take your money out now, pay tax later With our onshore bonds, you can take out up to 5% of the total amount you ve paid into your bond in each year, and put off paying tax until later. This 5% allowance is cumulative. So if you don t use it one year, you can carry it forward to a future year. Right up to a maximum of 100% of your investment, or until you cash in your bond. You may only face an immediate tax charge on your withdrawals if you take more than 5% in any tax year (and you don t have any allowance left over from the previous year). To find out more about the amounts you can take out of your bond and any tax you d pay as a result please see the key features document (TNB17). Investing in onshore bonds 07/08

8 Next steps Your financial adviser can answer any questions you have and help you to consider: What you want from your money How much to invest Which funds you should invest in What level of risk you re happy with Paying your financial adviser You should agree any charges for advice or other services with your financial adviser and pay any agreed fees directly to them. We can t pay your adviser by deducting money from any investment you make into a Tailored Investment Bond. Ask the experts. Your financial adviser will be able to answer any questions you have and help you decide what s right for you. If you don t have a financial adviser, we can help answer any questions about the bond give us a call on Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary. Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. TNB Standard Life

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