1 PORTFOLIO PLUS SELF INVESTED PERSONAL PENSION (COFUNDS) (CP) TERMS SHEET. This is an important document which you should keep in a safe place.
2 2 TERMS SHEET. This document details charges applicable to your plan and should be read in conjunction with the Portfolio Plus Pensions Member s Booklet. Together these items form the terms and conditions of your contract. Further details of charges can also be found in your Illustration(s). 1. THE LEGAL & GENERAL AND COFUNDS RELATIONSHIP Legal & General is the trustee and administrator of the scheme. If you wish to invest in Collective Investments available from Cofunds Limited (Cofunds), by signing the application form you agree to Legal & General setting up a plan and passing all or part of your contribution or transfer value to Cofunds to invest on your behalf. Cofunds are the owners and operators of the Cofunds Investment Platform and are the custodians of any Collective Investments available from Cofunds that you have selected to be held within the plan. As part of your application for the plan you must read the Cofunds Customer Agreement/Terms and Conditions and sign the application form stating that you agree to the terms in this agreement. The Cofunds Customer Agreement/Terms and Conditions gives Cofunds the authority to: manage aspects of the administration of your plan hold your money whilst your plan is being set up accept instructions from your adviser. Cofunds will only administer any Collective Investments available from Cofunds based on instructions from you or your adviser. Whilst Cofunds are the custodians for any Collective Investments available from Cofunds that you have selected, those assets are the property of Legal & General as trustee of the plan. Details of the Collective Investments available from Cofunds can be found in the Cofunds Collective Funds List (which is available on their website A copy is available from your adviser on request.
3 3 2. INSURED FUNDS CHARGES ALLOCATION RATE Your allocation rate is the percentage of your contribution/payment that we use to buy units. If your allocation rate is less than 100% then a charge applies. Example: If your gross contribution is 200 and your allocation rate is 97%, 194 (97% of 200 = 194) will be used to buy units. So the charge is 6. ANNUAL MANAGEMENT CHARGE (AMC) The table shows the minimum and maximum AMC rates that apply to the different bands of the total value of your insured fund(s). The AMC rates that apply to your plan are shown in your Illustration(s). The AMC applies irrespective of your chosen fund(s). Insured fund(s) value band Less than 25,000 25,000 and over Minimum and maximum AMC rates that apply to the band 0.6% to 1.6% a year 0.1% to 1.1% a year Based on an example AMC rate of 1.1% up to 25,000 and 0.6% for 25,000 and over, if the total value of your insured fund(s) was 40,000 at the start of a plan month the overall AMC rate would be calculated as follows: (1.1% of 25,000) + (0.6% of 15,000) = = 40,000 40,000 40,000 = 0.913% The AMC and additional AMC (see below) amounts are worked out daily (based on the daily total value of your insured fund(s) and the overall AMC rate calculated at the beginning of each plan month as shown above) and taken monthly for the month just passed by cashing in units in the insured fund(s). ADDITIONAL ANNUAL MANAGEMENT CHARGE (AMC) (THIS MAY BE REFERRED TO AS TEMPORARY AMC IN YOUR ILLUSTRATION(S)) If the total value of your insured fund(s) is initially less than 15,000, an additional AMC of 0.5% each year will apply until the accumulated value of your insured fund(s) first reaches 15,000 at the start of a plan month. If the total value of your insured fund(s) does not reach, or has not previously reached, 15,000 at the start of a plan month, this charge will continue to apply. This charge applies irrespective of your chosen fund(s). FUND MANAGEMENT CHARGE* A charge is taken from each fund throughout the lifetime of the plan. The amount of the charge varies by fund and is set out in the Portfolio Plus Funds Guide for Insured Funds. For funds managed by Legal & General, the charge is taken by making a deduction from the value of each fund each calendar month. For funds managed by an external fund manager, the charge is taken by making a deduction from the value of each fund each working day. The unit price for all funds is therefore adjusted to reflect the charge. ADDITIONAL FUND EXPENSES* Funds managed by Legal & General may also bear additional expenses, such as the costs of buying and selling assets, that are not included in the fund management charge. The amount of these expenses is variable but an appropriate allowance for them is made when calculating the projected benefits shown in illustrations. If and when they become due, Legal & General makes the appropriate deduction when calculating the unit price of the fund. SWITCHING CHARGES All fund switches are currently free of charge and there is no restriction on the number of switches in a year. *Note: The latest published fund management charges and additional fund expenses can be found on our website: From the Pension unit fund prices menu, select Portfolio plus pension unit prices. 3. SELF INVESTMENT CHARGES In addition to Collective Investments available from Cofunds there is a wide range of permitted investments, which are listed in section 9 on page 13. You may wish to speak to your financial adviser before any self investment is made. You should make sure that you are aware of any risks associated with any self invested asset that you choose to invest in. You should also ensure that the self invested asset is appropriate for the required need, for example, the asset may need to be sold easily and quickly if you are planning to take your benefits in the near future. Legal & General will not accept any responsibility for losses, damages, costs and/or legal charges that may be incurred as a result of buying a self invested asset on your behalf.
4 4 Legal & General may decline to purchase certain self invested assets. When buying or selling assets we will take all reasonable steps to obtain the best possible result for you, taking into consideration things such as price, speed, size and nature of order and timings. An explanation of our best execution policy is available on request. If you provide any specific instructions for buying or selling assets we will follow these instructions but this may not obtain the best possible result for you. The combined value of your investments in insured funds and/or Collective Investments available from Cofunds must be at least 25,000, and be maintained at this minimum level, in order for any other form of self investment to be held (unless we agree otherwise). The charges that follow are in addition to any charges applicable to the individual investments you select. INSTALLATION CHARGE There is currently no installation charge for investing in Collective Investments available from Cofunds. For any self investment other than Collective Investments available from Cofunds, there is a one off installation charge which is currently 295 plus VAT. If you only hold Collective Investments available from Cofunds and subsequently make an investment into other self invested assets, the installation charge of 295 plus VAT will apply. Within your plan you may have more than one arrangement containing self invested assets but the installation charge will only apply once. ANNUAL CHARGE An annual charge applies to self investment. The amount depends upon your chosen investment(s). The date you initially self invest determines when the charge is taken. The first annual charge is deducted from your Member s SIPP bank account when you first self invest. Please see the Member s SIPP bank account section on page 10. Thereafter, we will take the annual charge on each anniversary of that set up date. The period between the dates when the charges are taken is known as the SIPP year. Within your plan you may have more than one arrangement containing self invested assets but only one annual charge will apply, based on the original SIPP year. THE ANNUAL CHARGE CURRENTLY APPLICABLE IS AS FOLLOWS: Type of self Investment Value at the start of the SIPP year of Collective Investments purchased through Cofunds Annual charge Collective Investments available from Cofunds less than 150, ,000 up to 274, plus VAT 100 plus VAT 275,000 and over Nil Option A allows a wider range of self investment N/A 200 plus VAT Option B allows investment in any self invested asset permitted under the plan N/A 375 plus VAT A list of the investments available to you through Option A and Option B is provided in section 9 on page 13. If you invest in more than one category of self investment, the annual charge will be the highest applicable to your chosen investments. For example, if you have Option B investments in addition to Collective Investments available from Cofunds, a single annual charge of 375 plus VAT will apply. If you move into an investment option where a higher annual charge applies, an additional charge will be made when you make the change, based on the difference in the charges and the number of months remaining until the end of the SIPP year. For example, if your SIPP year starts on 1 January and you move from Option A to Option B on 1 July, an additional charge of plus VAT will be taken at the time of this change ( 375 plus VAT Option B charge less 200 plus VAT Option A charge for six months).
5 5 Movement to an option with a lower annual charge (for example, from Option B to Option A) does not result in a reduction in the charge until the start of the next SIPP year. This is due to the costs incurred in the valuation of the self invested assets. If all self investment ceases, no annual charge will be deducted at the start of the next SIPP year. ADMINISTRATION CHARGES Administration charges apply to the buying and selling of self invested assets. They apply to each transaction, including those arranged by an investment manager on your behalf. Transactions involving Collective Investments available from Cofunds will not be subject to an administration charge. ADMINISTRATION CHARGES WILL APPLY AS SHOWN IN THE FOLLOWING TABLE: Purchase or sale of UK securities, investment and unit trusts, Open Ended Investment Companies (OEICs), UK Real Estate Investment Trusts (REITs) and Permanent Interest Bearing Shares (PIBS) 20 plus VAT Capital actions (including scrip issues) Insurance company funds In-specie transfers of OEICs, unit trusts, stocks, shares and PIBS Other assets on request 20 plus VAT 35 plus VAT 20 plus VAT Establishing An external Trustee Investment Plan or Insurance company funds policy An external bank account A building society account Appointment of a NEW investment manager 50 plus VAT 50 plus VAT 50 plus VAT 110 plus VAT Please note that deals involving the buying and selling of assets are treated as two separate transactions. The administration charges shown relate to the principal investments. Please contact us for details of charges in respect of other investments. The buying and selling charges for overseas securities are often higher, please ask your adviser for further details. CORPORATE ACTION AND VOTING RIGHTS You may choose to exercise voting rights in respect of certain investments, for example UK securities, held on your behalf by Legal & General. You can exercise voting rights free of charge provided you vote no more than 12 times in any calendar year. If you exercise your voting rights more frequently than this, we may make a charge to cover our administration costs. When you reach the limit we ll let you know and give you details of how much we ll charge you for additional voting rights. SWITCHING CHARGES No switch charge will currently apply for investments being switched between Collective Investments available from Cofunds. ADDITIONAL VALUATION CHARGE You will receive one free valuation of self invested assets in each SIPP year. This will be automatically sent to you. Any additional valuations will be subject to our hourly rate of 94 plus VAT.
6 6 VALUING ASSETS Legislation requires that investments are valued at market value. This means that for bonds, gilts, investment trusts, equities and other shares or other securities quoted in The Stock Exchange Daily Official List (SEDOL) they are valued on a market value price (incorporating quarter-up) basis. This may be different to the valuation basis normally used by an investment manager. The market value price (incorporating quarter-up) is calculated using the lower of: The lower of the two prices (buying and selling) from the last business day plus one quarter of the difference between those two figures (the quarter-up rule), or The average of the highest and lowest prices for normal bargains on that last business day. If assets are not quoted in SEDOL (for example, they may be held on a foreign exchange) this basis does not apply and the value is determined by the reasonableness test (the price which those assets might reasonably be expected to fetch). For collective funds and shares and securities not quoted in SEDOL we use selling prices as a reasonable basis for market value. Foreign investments or cash are translated to Sterling as at the date of valuation using the exchange rate provided by Interactive Data. STOCKBROKER AND CUSTODIAN CHARGES For the majority of self invested assets, the custodian of those assets will be the third party they are purchased through and not Legal & General. For investments other than Collective Investments available from Cofunds, our nominated stockbroker is Stocktrade. The Stocktrade custodian charge is 40 plus VAT each year, paid annually. For each Stocktrade transaction a dealing commission of 0.3% of the transaction value will be charged. This is subject to a minimum charge of 15 and a maximum charge of 75. PROPERTY INVESTMENT (PERMITTED IN THE UNITED KINGDOM ONLY) Property investment and management services are provided by Countrywide Property Management. We will consider any commercial property in the United Kingdom. Each property will be considered on a case-bycase basis to assess whether it is an allowable investment. The most common types of commercial property acquisition for the Portfolio Plus SIPP include: Shops Offices Industrial units Warehouses Factories Commercial properties that include residential accommodation may only be allowable if they fulfil certain conditions. However most residential properties are not allowable, as they would incur significant tax charges. If you have any queries about a specific property, please contact us. DISCRETIONARY FUND MANAGERS We don t have a list of recommended discretionary fund managers that we can give you, however we do require that any discretionary fund managers we use have met our specific requirements and have accepted our terms and conditions.
7 7 THE FOLLOWING CHARGES APPLY TO PROPERTY INVESTED IN THE PORTFOLIO PLUS SIPP: 1. Property acquisition (minimum value 100,000 excluding VAT) 400 plus VAT 150 plus VAT on completion (if the property does not complete the 400 plus VAT charge will not be refunded) 2. Arranging a mortgage 125 plus VAT 3. Ongoing administration 150 plus VAT each quarter year AND the quarterly charges set out in 4 below, as applicable 4. Joint purchases (over and above one) VAT registered properties Properties with rent arrears 10 plus VAT each quarter year for each Member 25 plus VAT each quarter year 60 plus VAT each quarter year 5. Additional property/property unit charge An additional annual charge of 150 plus VAT a year 6. Development or refurbishment 0.5% of the final cost plus VAT (minimum 850 plus VAT) 7. New lease or renewal of lease 265 plus VAT 8. Rent review 265 plus VAT (Member tenant) 470 plus VAT (third-party tenant) 9. Deed of variation 470 plus VAT 10. Sale or transfer 470 plus VAT These charges may be made to the tenant: 11. Assignment 470 plus VAT 12. Sublet (whole or part) 470 plus VAT 13. Licence to alter/change of use 470 plus VAT We will make additional charges at the rate of 94 plus VAT for each hour or part-hour for work outside of our normal duties. You will be informed of any such charges before any work is carried out. An inspected valuation, completed by a surveyor, will be required for all property acquisitions, sales and in-specie transfers. An in-specie transfer is a transfer of an asset, other than cash, from another pension scheme to this one. FURTHER SERVICES Countrywide Property Management offers further services which are charged for on an individual basis. A surveyor service is included in this and may be used to undertake inspected valuations. Please contact us for further information in respect of this service.
8 8 SOLICITORS CHARGES (ENGLAND AND WALES) 1 The following solicitors charges will apply to property purchases in England and Wales and are dependent on the purchase price of the property. Acquisition: Property value up to 300, ,001 to 400, ,001 to 750, ,001 to 1 million Over 1 million 1,750 plus VAT and disbursements 2,500 plus VAT and disbursements 4,000 plus VAT and disbursements 5,000 plus VAT and disbursements to be quoted separately These charges are inclusive of borrowing and a lease to Member tenants. A lease to a third party may be charged at a higher rate, by separate agreement. In-specie transfers Sale/transfer out 1,750 plus VAT and disbursements 0.5% of the sale price/transfer value plus VAT (min 1,000 plus VAT) and disbursements 1 For details of the solicitors charges applicable in Scotland, please contact us. 4. INCOME DRAWDOWN CONDITIONS AND CHARGES INCOME DRAWDOWN CONDITIONS Income drawdown can be taken from self invested assets and/or up to a maximum of 10 insured funds. IN ADDITION: Minimum undesignated pension fund value to start income drawdown Minimum designated transfer value to continue income drawdown 100,000 The greater of 25,000 or 75,000 less 75% of the existing Portfolio Plus SIPP fund value if the existing Portfolio Plus SIPP funds are undesignated 25,000 if your existing Portfolio Plus SIPP already has designated pension funds Minimum pension fund value that can be designated for income drawdown 1,000 Minimum remaining undesignated pension fund value immediately following a pension fund designation for partial or phased income drawdown 10,000
9 9 INCOME DRAWDOWN CHARGES THESE CHARGES APPLY TO EACH ARRANGEMENT USED FOR INCOME DRAWDOWN Income drawdown charges depend on how the designated pension fund is invested and where the income is taken from. Depending on how your pension fund is designated for income drawdown it is possible that more than one installation charge and annual charge will apply. For example, the value of certain pension benefits may have to be held in a separate arrangement(s) to comply with HM Revenue & Customs requirements and charges will apply to each arrangement. If you require further information on this please speak to your adviser. ARRANGEMENT(S) CONTAINING INSURED FUNDS ONLY Setting up income drawdown (full, partial or phased) from an arrangement, defined as taking a cash lump sum (if allowable) and/or starting to take regular income or transferring in pension funds that are already designated for income drawdown 1 Nil Annual charge Nil ARRANGEMENT(S) CONTAINING SELF INVESTED ASSETS ONLY OR BOTH SELF INVESTED ASSETS AND INSURED FUNDS Setting up income drawdown (full, partial or phased) from an arrangement, defined as taking a cash lump sum (if allowable) and/or starting to take regular income or transferring in pension funds that are already designated for income drawdown plus VAT Annual charge, due on each anniversary of setting up income drawdown if no income payments made during the preceding 12 months if income payments made from any self invested assets during the preceding 12 months if income payments made from insured funds only during the preceding 12 months Nil 130 plus VAT Nil ALL ARRANGEMENTS Payments by BACS credit to a Member s bank account Payments by cheque/chaps One-off (ad hoc) additional income payments Alterations to income amount or frequency Nil 35 plus VAT each payment 50 plus VAT 50 plus VAT Designation of an additional sum for income drawdown (from an existing arrangement being used for income drawdown), other than at a relevant anniversary date All other alterations not specifically identified 50 plus VAT 50 plus VAT 1 Note: Transferring in the value of pension benefits that are already designated for income drawdown into a new arrangement. The anniversary of setting up income drawdown in respect of that pension fund designation will normally be based on when income drawdown was first set up within the ceding pension scheme. The amount of the first annual charge will be proportionate based on the length of time between the receipt date of the transfer value and the date the first annual charge is due. For example, if income payments have been made from self invested assets, the transfer payment was received on 1 January and the first annual charge is due on 1 July, then the first annual charge will be 65 plus VAT ( 130 plus VAT annual charge for six months). The next annual charge will be as outlined above.
10 10 5. MEMBER S SIPP BANK ACCOUNT When you first self invest or take income drawdown, we set up a bank account for your benefit with the Bank of Scotland. This is known as the Member s SIPP bank account. The account is used to: pay any charges, hold cash to facilitate buying and selling self invested assets, facilitate income drawdown payments. Interest is payable by the Bank of Scotland on all money held on deposit in Members SIPP bank accounts. This is payable at a rate known as the Reference Rate. This rate was 0.5% at 1 April As with most bank accounts the rate of interest received can go up or down. Legal & General will receive the first 1% of interest paid on balances held, to help meet the cost of running the scheme. Anything over 1% will be paid to the Member s SIPP bank account. Therefore, Members receive an interest rate of 1% less than the Reference Rate. Where the Reference Rate is 1% or less, no interest will be paid to the Member s account. You can see how this works in these two examples: A balance held in a Member s SIPP bank account of 1,000 for the last 12 months, where the Reference Rate is 0.5%: Bank of Scotland pays a total interest payment of 5 (0.5%). Legal & General receives all the interest payment of 5 to help meet the cost of running the scheme. The Member s SIPP bank account receives no interest because the Reference Rate is less than 1%. A balance held in a Member s SIPP bank account of 1,000 for the last 12 months, where the Reference Rate is 1.5%: Bank of Scotland pays a total interest payment of 15 (1.5%). Legal & General receives the first 10 (1%) to help meet the cost of running the scheme. The remaining 5 (0.5%) is paid to the Member s SIPP bank account.
11 11 6. COFUNDS TRADING ACCOUNT If you decide to invest in Collective Investments available from Cofunds, an additional bank account is set up by Cofunds to help trading. The account is used to: hold cash pending your instructions to invest in Collective Investments, make it easy for your adviser to buy and sell Collective Investments on your behalf, and receive all income from the Collective Investments you hold. Interest is payable by the Bank of Scotland on all money held on deposit in Cofunds trading accounts. This is payable at a rate known as the Reference Rate. This rate was 0.5% at 1 April As with most bank accounts the rate of interest received can go up or down. Legal & General will receive the first 1% of interest paid on balances held, to help meet the cost of running the scheme. Anything over 1% will be paid to the Cofunds trading account. Therefore, Members receive an interest rate of 1% less than the Reference Rate. Where the Reference Rate is 1% or less, no interest will be paid to the Member s account. You can see how this works in these two examples: A balance held in a Cofunds trading account of 1,000 for the last 12 months, where the Reference Rate is 0.5%: Bank of Scotland pays a total interest payment of 5 (0.5%). Legal & General receives all the interest payment of 5 to help meet the cost of running the scheme. The Cofunds trading account receives no interest because the Reference Rate is less than 1%. A balance held in a Cofunds trading account of 1,000 for the last 12 months, where the Reference Rate is 1.5%: Bank of Scotland pays a total interest payment of 15 (1.5%). Legal & General receives the first 10 (1%) to help meet the cost of running the scheme. The remaining 5 (0.5%) is paid to the Cofunds trading account.
12 12 7. SALE OF INVESTMENTS WHERE THERE IS INSUFFICIENT MONEY IN YOUR MEMBER S SIPP BANK ACCOUNT If there is not enough money in your Member s SIPP bank account to cover any charges due, and/or income drawdown payments, we will use any money available in your Cofunds Trading Account. If this is still insufficient you will be asked to provide instructions. If it is not possible to obtain instructions within 30 days, we reserve the right to sell sufficient investments to raise the outstanding amount. For income drawdown and any charges due which relate to income drawdown then the investments sold will be those designated for income drawdown. Assets will be sold in accordance with our liquidity policy. An explanation of our liquidity policy is available on request. 8. NOTES There may be other charges not listed in this document, such as charges in respect of property or other investments not listed here. In particular, overseas investments often involve comparatively high expenses and hence may incur additional charges. All self investment and income drawdown charges are subject to VAT at the rate applicable when the charge becomes due. Further information about insured fund charges and how they operate can be found in your Portfolio Plus Pensions Member s Booklet. Legal & General reserves the right to introduce charges or change the type and level of charges. Further information can be found in your Portfolio Plus Pensions Member s Booklet. The latest published fund management charges and additional fund expenses can be found on our website:
13 13 9. SELF INVESTMENT (OTHER THAN IN COLLECTIVE INVESTMENTS AVAILABLE THROUGH COFUNDS) List of permitted self investments Option A Option B Stocks and shares traded on a recognised UK or overseas stock exchange Shares quoted on the Alternative Investment Market (AIM) Authorised unit trusts Tax exempt unauthorised unit trusts (excluding those holding residential property) Investment trusts Open Ended Investment Companies (OEICs) Insurance company funds, for example, Trustee Investment Plans (TIPs) (only one TIP is allowed under Option A, any number of TIPs are allowed under Option B) Fixed interest securities UK gilts UK Real Estate Investment Trusts (UK REITs) Debenture stocks Warrants Permanent Interest Bearing Shares (PIBS) Convertible securities Listed hedge funds Commodity futures (subject to terms and conditions) Venture Capital Trusts (VCTs) Deposit accounts Undertaking for Collective Investment in Transferable Securities (UCITS) Rents Depository interests Traded Endowment Policies (TEPs) Individual Pension Accounts (IPAs) Commercial property and land For more details on permitted self investments, please contact us.
14 14 Legal & General (Portfolio Management Services) Limited Registered in England and Wales No Registered office: One Coleman Street, London EC2R 5AA Authorised and regulated by the Financial Conduct Authority. Q /14 NON ASD
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