Aviva Approved Retirement Fund and Aviva Approved Minimum Retirement Fund. Policy Conditions. Sample. Retirement Investments Insurance

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1 Aviva Approved Retirement Fund and Aviva Approved Minimum Retirement Fund Policy Conditions Sample Retirement Investments Insurance

2 Welcome to Aviva These policy conditions including any supplementary conditions together with your policy schedule and the application form are your contract with Aviva Life & Pensions Ireland DAC. It's important that you read the policy conditions carefully together with your policy schedule and then keep both documents in a safe place. If you have any questions, you can call us on or speak to your financial broker. The words shown in bold may be defined terms, we explain these in the "Definitions & Interpretation" section. Signed at Dublin on the issue date for and on behalf of Aviva Life & Pensions Ireland DAC. Tom Browne General Manager

3 What is the Aviva Approved Retirement Fund and the Aviva Approved Minimum Retirement Fund? Each of the Aviva Approved Retirement Fund and the Aviva Approved Minimum Retirement Fund is a contract between you and Aviva Life & Pensions Ireland DAC and both are personal retirement funds for investing your pension fund after retirement. Subject to Revenue requirements you can withdraw from your fund to give yourself an income, and will be taxed as such. Any money left in the fund after your death can be left to your estate. Details of the contract can be found in these policy conditions, any supplementary conditions, the policy schedule and the application form. These policy conditions may be changed by us in certain circumstances - see Condition 9.5. Any changes will also form part of the contract. We have issued this policy to you on the basis that the information on the application form was true and complete including (without limiting the general nature of this requirement) that you were resident at the time you completed the application form. Any change in your circumstances between completing the application form and the start date must be disclosed. If any of the information is not true and complete and this might reasonably have affected our decision to provide you with this policy then we may: (i) (ii) (iii) change the terms of this policy, or restrict the benefits payable under this policy, or cancel this policy and refund the contributions paid, less our reasonable expenses. Place of payment / Governing Law All payments to or by us under this policy will be in the currency of the Republic of Ireland, through our registered office, Aviva Life & Pensions Ireland DAC, One Park Place, Hatch Street, Dublin 2, D02 E651. The policy is issued in the Republic of Ireland and is governed by the laws of the Republic of Ireland. How does the policy work? We receive the single contribution outlined on your policy schedule by way of a payment from an approved source within the meaning of Part 30 of the TCA and Revenue requirements. This is initially invested in the fund choices requested in the application form. Within limits we may apply from time to time, you can choose to alter your fund choices over the term of the policy. The benefits under this policy are governed by Part 30 of the TCA. The level of benefit will depend on the contribution made, the amount of income paid, our charges and the accumulated value of the funds to which your policy is linked. See Section 2 (Funds and Unit Prices) and Section 3 (Contributions). Charges We apply charges to the policy. See Section 4 (Charges) and the policy schedule. When will the benefits be paid? We will pay benefits in line with Revenue requirements and your instructions. We will also pay benefits if you die during the period of this policy or if a transfer is paid from this policy. See Section 5 (Transfers), Section 6 (Benefits on Death) and Section 7 (Benefits on Encashment).

4 How are the benefits paid? We will pay you the benefits in line with Revenue requirements and your instructions. See Section 7 (Benefits on Encashment) and Section 8 (Regular Withdrawals / Mandatory Income Payments). Generally you or your estate are entitled to receive all of the benefits outlined in this policy. If you die during the period of this policy, we will pay the death benefit to the personal representatives of your estate. Transfer out payments can only be paid within Revenue requirements to another QFM. Tax Context The Aviva Approved Retirement Fund and the Aviva Approved Minimum Retirement Fund are designed to operate within the requirements under Part 30 of the TCA. It is beyond the scope of these policy conditions (setting out the terms of our contract with you) to address the details of the law or related Revenue requirements on Approved Retirement Funds and Approved Minimum Retirement Funds. Any information we do set out in these policy conditions is current at the time of our writing these policy conditions for these types of contracts (May 2017), and could become out of date with subsequent changes in law or Revenue requirements. The following are some of the main effects of the TCA and Revenue requirements relevant to the administration of this policy: i. There are rules around when, and the form in which, you can take benefits. ii. iii. iv. There are rules about the other pension arrangements from which a transfer payment can be paid to this policy and to which the value of this policy can be transferred. All your rights and options under this policy cannot be greater than those allowed under Revenue requirements. These policy conditions sometimes refer to the relevant provisions of the TCA. v. If this policy is an ARF, to which Section 790D of the TCA applies, we will, subject to Condition 8.3, on or before the mandatory income payment date pay, less tax due, automatic mandatory income equal to the mandatory income payment amount, each payment being subject to the start date occurring prior to the mandatory income calculation date. vi. We reserve the right to: advise the Revenue Commissioners of any matter which is relevant to the Revenue requirements in relation to the policy; deduct from the accumulated value any tax, duty or levy relevant to benefits under this policy that we may be obliged to deduct or for which we may be accountable. Please refer to our Aviva Approved Retirement Fund and Aviva Approved Minimum Retirement Fund guide for more details on the TCA and Revenue requirements on Approved Retirement Funds and Approved Minimum Retirement Funds. This guide provides information and does not form part of your contract under this policy.

5 Eligibility/Residence You need to be at least 50 years of age but typically less than 75 years of age to apply for this policy. The maximum age restriction does not apply where this policy is set up with the proceeds from a previously established Approved Retirement Fund. At the time you complete the application form you must be a resident. If you stop being a resident, you should seek independent professional advice as to any possible taxation consequences of keeping this policy in force. Writing to us If you need to write to us about your policy, please address your letter (quoting your policy number) to our registered office: Customer Experience Aviva Life & Pensions Ireland DAC One Park Place Hatch Street Dublin 2, D02 E651. Please use this address for any written communication with us relating to your policy (unless a change of address has been advertised or otherwise notified to you). Cooling off period If, after taking out this policy you feel that it is not suitable, you may cancel it by writing to us at the address shown above. To do so, please return these policy conditions (including your policy schedule) to us within 30 days of the day you receive your policy documents with a covering letter signed and dated instructing us to cancel your policy. Your letter should be posted on or before the 30th day after the day you received your policy documents. Upon receipt of this we will cancel your policy and pay you the accumulated value of any single contribution less any fall in investment value during the period and less any encashment(s) or withdrawals you may have taken during the period. Complaints We will do our best to sort out any complaints you have. If you are not satisfied after complaining to us, you can take your complaint to the Financial Services and Pensions Ombudsman. You can get more information from: Financial Services and Pensions Ombudsman Lincoln House, Lincoln Place, Dublin 2, D02 VH29. Tel: (01) Website:

6 Family law and pensions If you are involved in a judicial separation, divorce, dissolution of a civil partnership or end of a relationship with a qualified cohabitant, a property adjustment order may be granted by the courts over the benefits we may pay from this policy. The Revenue Commissioners have confirmed that a transfer from an ARF or AMRF into another ARF or AMRF in the name of a spouse or civil partner, in exercise of rights under a property adjustment order, will not be regarded by Revenue as a distribution from the transferring ARF or AMRF.

7 Contents Section 1 - Definitions & Interpretations This section sets out the definitions of key words and phrases we use in the policy conditions. Section 2 - Funds & Unit Prices This section describes the operation of our investment funds, how we work out the unit price of a fund, how units are allocated and how fund switches happen. Section 3 - Contributions This section describes how you can make contributions. Section 4 - Charges This section deals with the charges you will have to pay and when these will be paid. Section 5 - Transfers This section describes how you can transfer your policy value to another Approved Retirement Fund or Approved Minimum Retirement Fund (as applicable). Section 6 - Benefits on Death This section sets out what will happen to your fund if you die while your policy is in place. Section 7 - Benefits on Encashment This section sets out when you can cash in this policy in whole or in part and the conditions that we apply to any encashment. Section 8 - Regular Withdrawals / Mandatory Income Payments This section sets out when you can make regular withdrawals from this policy and our position on mandatory income payment. Section 9 - General Conditions This section sets out the general terms relating to your policy. These should be read very carefully. LEGAL DOCUMENT - KEEP SAFE

8 Section 1 - Definitions & Interpretation This section sets out the definitions of key words and phrases we use in these policy conditions. Throughout these policy conditions we have (except for personal terms like "we" and "you") highlighted defined terms in bold type so you know when they apply. The meaning of these words is set out below. "You" or "your" means the legal owner of the policy, that is the policyholder named in the policy schedule. "Aviva","We", "us" or "our" means Aviva Life & Pensions Ireland DAC acting through its registered office in Ireland. accumulated value The policy's value for all funds to which the policy is linked, calculated in respect of each fund to which the policy is linked as: the number of units allocated to the policy in respect of that fund; multiplied by the unit price of the units of the fund. application form The application form for this policy. It includes any other relevant information given to us in relation to taking out this policy with us. Approved Minimum Retirement Fund or AMRF A fund managed by a qualifying fund manager that meets the conditions of Section 784D of the TCA. You are only allowed one AMRF at a time. When you reach the age of 75, on your death or upon furnishing satisfactory evidence to us that you are in receipt of any required guaranteed pension income amount, your AMRF will, subject to Revenue requirements convert into an Approved Retirement Fund. Approved Retirement Fund or ARF A fund managed by a qualifying fund manager that meets the conditions of Section 784B of the TCA. benefit A payment by us (to include without limitation any transfer under Condition 5) which becomes payable on the happening of an event or contingency described in these policy conditions. fund(s) Any of the funds available at any time on the Aviva Approved Retirement Fund and Aviva Approved Minimum Retirement Fund - details of the current range of funds and the investment objectives of such funds are available from us on request or can be found in our fund guide Your Investment Options. Issue date This is identified on your policy schedule and is the date on which we issued these policy conditions.

9 imputed distribution The specified amount that would pursuant to Section 790D of the TCA be regarded as a distribution of that amount from this policy for the relevant period where this policy is an ARF but on the basis that this policy and other Aviva relevant funds are deemed to be the only relevant funds within the meaning of Section 790D of the TCA. mandatory income payment amount The amount of the imputed distribution reduced (but not below zero) by the aggregate of all partial encashments and/or regular withdrawals in the relevant period from: (i) (ii) (iii) this policy; other Aviva relevant funds. an Aviva Approved Minimum Retirement Fund mandatory income calculation date The date in each year determined by Aviva for the calculation of any automatic mandatory income payment amounts for the relevant period. The current date is available from us on request or through your financial broker. mandatory income payment date The date in each year determined by Aviva for payment of any automatic mandatory income payment amount. The current date is available from us on request or through your financial broker. other Aviva relevant funds any policies (other than this policy) issued by Aviva to you comprising an ARF (including any ARF the assets of which were first invested before 6th April 2000) or (as defined by Section 790D of the TCA) a vested PRSA. policy The contract between you and us comprising of the application form, these policy conditions, any supplementary conditions and the policy schedule. policy anniversary Each anniversary of the start date. policy schedule The policy schedule issued with these policy conditions. This will show the specific detail of your policy at the start date, the amount of your single contribution, the funds to which your policy is linked and the application of charges to your policy. This definition also includes any subsequent amendments to your original policy schedule that we notify to you. policy year Each period of 12 months starting on the start date or on each policy anniversary.

10 qualifying fund manager or QFM A qualifying fund manager within the meaning of section 784A of the TCA. relevant period The period as determined by us by reference to which we calculate the mandatory income payment amount. resident Means resident for tax purposes in the Republic of Ireland and having an address in the Republic of Ireland. Revenue Commissioners The Irish Office of the Revenue Commissioners. Revenue requirements The relevant limits and requirements of the Revenue Commissioners under the TCA in relation to the operation of Approved Retirement Fund and Approved Minimum Retirement Fund contracts. single contribution This means: (i) the single contribution received and accepted by us by way of a transfer payment as at the start date, the amount of which is shown on your policy schedule; and/or (ii) any additional single contribution received and accepted by us by way of a transfer payment. start date This is the start date of the policy and is shown on your policy schedule. TCA The Taxes Consolidation Act, transfer payment Transfer payments within Revenue requirements from an approved pension arrangement under Part 30 of the TCA or any other pension arrangement approved by the Revenue Commissioners for such transfer payments to an Approved Retirement Fund and/or an Approved Minimum Retirement Fund. We will treat any such transfer payment as a single contribution. units This is the mechanism we use in conjunction with the unit price to calculate the value of your policy. Each fund is divided into a number of units. For the contributions you make into your policy, we allocate to your policy units in the funds you have chosen. See Conditions 2.1 and 2.2. unit price The value we apply to each unit in a fund. The term, 'unit pricing' has a corresponding meaning. The calculation of the unit price for various events under your policy is calculated by us in line with our current practice on unit pricing. Our current practice on unit pricing is available upon request from us or through your financial broker. See also Conditions 2.10 to 2.14.

11 Please Note i. Where appropriate, words in the masculine include the feminine and words in the singular include the plural and vice versa. ii. Condition and Section headings have been inserted for convenience only and do not form part of the policy conditions. iii. References to legislation are meant to catch all relevant amendments, replacements, secondary legislation and regulations. iv. The policy conditions should be read in their entirety. Whether or not it specifically refers to them, a condition may be qualified by other relevant conditions. v. To the extent that any supplementary conditions apply and conflict with or qualify the provisions of any other policy conditions then those supplementary conditions shall prevail.

12 Section 2 - Funds & Unit Prices This section describes the operation of our investment funds, how we work out the unit price of a fund, how units are allocated and how fund switches happen Each of our funds is divided into units. At all times the assets and units of all funds belong to us. We use them to calculate the value of the benefits to be provided to you by this policy We may allow for the fund choice under your policy to be exercised separately in relation to each single contribution. In respect of a single contribution to your policy we allocate to your policy units in your chosen funds. The number of units depends on the allocation rates that apply and the unit price The allocation rate that applies to the single contribution for which units are allocated by reference to the start date is shown on your policy schedule. The allocation rates that apply to any additional single contributions received by us comprising a subsequent transfer payment are available from us on request or through your financial broker. See Conditions 4.9 and 4.10 also Details of our investment funds to include the fund's investment objectives are available from us on request or you can find out more information in our fund guide - Your Investment Options. For each fund, we decide which assets to include and when to buy and sell them. We do this in line with the fund's investment objectives. Income and gains from these assets are added to the fund. Losses relating to these assets are met from the fund As well as our general powers as regards investment in line with the fund's investment objectives, we can: Invest through re-insurance in a fund of another insurance company. Engage in investment overlay strategies and in techniques and instruments for the purposes of efficient portfolio management to include by way of example securities lending and financial derivatives, such as futures and options that may be written on assets of any fund. We can borrow money on behalf of any fund and use the assets of any fund as security for a loan. Interest payments to cover the cost of any borrowings will also be taken from the fund on which the loan is secured. Your Investment Options provides more information in respect of these We can wholly or partly, suspend to further contributions, close, merge, split or replace any existing funds or set up new funds at any time. We can at any time limit the number of funds that can be used for this policy. The closure, merger or replacement of funds will occur through the cancellation of units and the use of the proceeds from the cancelled units to allocate units in the new or replacement funds. If this affects your policy, we will tell you in writing at least 30 days in advance, unless external factors beyond our control mean that only a shorter notice period is possible. We will notify you of your options when this occurs. Our current practice on unit pricing sets out the reasons why we may act under this condition and the process that applies regarding your options For a fund to be available on the policy, we may impose limits on the value of the units allocated to the policy for that fund. The minimum and maximum limits will be set by us and will be available from us on request or through your financial broker Throughout the term of your policy you can by writing to us switch the funds in which your contributions are already invested and/or redirect future single contributions into new funds. The choice of funds available may be more limited than when you originally set up your policy. Units are switched by cancelling existing units equal to the accumulated value of the switch requested by you. Units equal to that accumulated value will then be allocated from the funds into which you have requested to switch We may delegate some or all of our powers in relation to the funds, including the administration and management of the funds, to another suitable person or corporation.

13 2.10. The unit price is determined in line with Conditions 2.11 to 2.14 and our current practice on unit pricing. Our current practice on unit pricing can change over time and information on that practice is available on request from us or through your financial broker We will make (and in fixing the unit price at Condition 2.12 will take account of) the following deductions from the fund where we have reasonably incurred or anticipate incurring: i. expenses, taxes, levies, duties and other charges connected with buying and selling the assets and valuing, owning, managing and maintaining them; ii. interest on borrowings, as well as the borrowings themselves, on behalf of the fund; iii. taxes, duties, levies and other charges, including our management charges which are explained in Section 4; iv. other expenses, taxes, duties, levies or charges which in our opinion should be paid from the funds We will value each fund at least once a month to fix the unit price of units. Commonly we carry out valuations more frequently. Where possible the value of stock exchange investments will be based on quoted prices. Where quoted prices are not available other suitable valuation methods will be used. In the case of land and buildings we will rely on valuations from independent valuers. However, we may adjust these independent land and buildings valuations for changes in property prices and other factors since the last valuation. Any other assets will be valued using recognised accounting principles. The unit price cannot be more than the maximum unit price. This is found by: valuing the assets of the fund relating to units of that particular type using the prices at which they could be bought plus the buying costs; and dividing this by the number of units of the type in the fund and then rounding to the nearest 0.01 cent. The unit price cannot be less than the minimum unit price. This is found by: valuing the assets of the fund relating to units of that particular type using the prices at which they could be sold less the selling costs; and dividing this by the number of units of the type in the fund and then rounding to the nearest 0.01 cent There may be circumstances where the number and/or amount of cancellations require us to sell the underlying assets in or relevant to a fund. In such circumstances, we reserve the right to adjust the unit price, to reflect the actual costs involved in selling the assets. There may be circumstances where the number and/or amount of allocations require us to buy assets for a fund. In such circumstances we reserve the right to adjust the unit price, to reflect the actual costs involved in buying the assets We may delay cancelling units in a fund, where we consider that it is reasonable to do so having regard to all the relevant information and circumstances. We are only likely to consider it reasonable to do so where it is in the interests of the relevant funds, policyholders in general or individual policyholders or we are unable to readily realise investments in the funds. The periods for which we may delay the cancellation of units are: in any fund for up to three months; in a property fund for up to 6 months; for a longer period in exceptional circumstances, examples of which are outlined below. Examples of exceptional circumstances where we may delay the cancellation of units for a longer period include where: i. there is a stock or property market crash; ii. there is a failure in infrastructure, such as the effect of a computer virus in the stock trading system;

14 iii. there is physical damage arising from events such as a terrorist attack, an explosion or flood; iv. there is any interruption of a stock exchange which materially affects the pricing of the units; v. we reasonably consider there is no suitable market upon which to sell the assets of a fund; We will tell you if and why a delay in cancelling units is necessary. If there is a delay, then the cancellation of units will take place using the unit price next available after the period of delay has ended. If charges are taken by cancelling units, then the cancellation of units to meet these charges will continue during the period of delay. Cancelling units to pay for charges will be done equally across all the funds in respect of which units have been allocated.

15 Section 3 - Contributions This section describes how you can make contributions We will only accept single contributions (comprising transfer payments) to this policy. Contributions paid to your policy must be in accordance with Revenue requirements. We will not accept single contributions to the policy that are in conflict with Revenue requirements The initial single contribution paid is the only contribution due. The initial single contribution is payable on the start date We could decide in the future to no longer accept single contributions under your policy and we will give you one month's notice of any such decision. However, external factors beyond our control may mean we have to give you less notice Each time we accept a single contribution we allocate units from the chosen funds to your policy (in accordance with Conditions 2.2 and 2.3). We use the unit price of each fund to work out the number of units from each fund that we allocate to your policy The single contributions may not be less than the minimum or more than the maximum amounts we allow from time to time. Please contact us or your financial broker to find out the current limits that apply Single contributions can be paid in different ways but we must agree to the method of payment.

16 Section 4 - Charges This section deals with the charges you will have to pay and when these will be paid Total charges deducted from your policy are made up of a number of separate charges described in more detail below. In addition to the charges described below, where our fund invests in other funds (such as in a collective investment vehicle) there may be charges within the other fund that will be reflected in the unit price - you can find out more information on request from us or through your financial broker Of the charges described below we deduct the annual fund management charge from the fund before arriving at the unit price. We deduct other charges by cancelling units to meet those charges. A combination of the annual fund management charge and those deducted by unit cancellation gives the Total Annual Management Charge (expressed as a percentage of the accumulated value of the funds) shown on your policy schedule. A full breakdown of the Total Annual Management Charge is available on request from us or through your financial broker The charges in respect of which units are cancelled include; i. unless we have exercised our right to deduct these from the assets of the fund under Condition 2.11, any tax, levy or duty imposed, now or in the future, by any government or taxing authority; ii. a percentage of your accumulated value that we pay to your financial broker for their advice to you in relation to this policy - see Condition 4.7 below; iii. a charge to cover the provision of a service not normally involved in running this policy; should this occur you will be given 30 days notice of such a charge; iv. any other expenses and / or charges which are incurred in the operation of the funds Subject to any variation in respect of particular charges in the later conditions of this Section 4, charges for which units are cancelled start on the start date of your policy and will be taken monthly. Units will be cancelled monthly from the different funds to which your policy is linked in proportion to the value of the units held in each fund. If there are not enough units to meet these charges then your policy will end and have no value. If this happens we will not pay any benefits under your policy An annual fund management charge applies to the value of the funds in which you're invested as follows: The annual fund management charge is taken as a percentage of your accumulated value and is included in the Total Annual Management Charge shown on your policy schedule. The annual fund management charge is taken daily from and is reflected in the unit price of each fund. The annual fund management charge can be different for each fund. Where we replace or set up a new fund, under Condition 2.6, the annual fund management charge applying to the new funds may differ from the annual fund management charge applying to the existing funds. Where our funds invest in other funds (such as in a collective investment vehicle), if we so determine, all or part of the annual fund management charge may be deducted within the other fund In certain cases (e.g. where we have an ad-hoc special offer for a specified period for the particular product) we may add extra units to your policy so that we reduce the effect of the charges. Units will be added to your policy for each of the different funds to which your policy is linked in proportion to the value of the units held in each fund. Where this occurs it will be included in the Total Annual Management Charge shown on your policy schedule An annual percentage of your accumulated value that we pay to your financial broker for their advice to you in relation to this policy may apply to your policy and if so this will be stated on your policy schedule and the charge will be included in the Total Annual Management Charge shown on your policy schedule. We will take one twelfth of this annual percentage of your accumulated value by cancelling units monthly in arrears from your policy start date.

17 4.8. The allocation rate that applies to a single contribution at the start date is shown on your policy schedule. Allocation rates define how much of the contribution is invested. Any amount not invested is a charge Further single contributions could have different allocation rates. Before requesting us to accept further single contributions, we advise that you check with your financial broker as to how much of the contribution will be invested. Any amount not invested is a charge We may reasonably increase or vary the existing charges and/or introduce new charges under this policy. We will write to you not less than 30 days before the change has any effect on your policy We may vary how and the frequency of when the charges are taken from this policy. We will notify you at least 30 days before the change has any effect on your policy.

18 Section 5 - Transfers This section describes how you can transfer your policy value to another Approved Retirement Fund or Approved Minimum Retirement Fund (as applicable) You may request us to transfer-out the amount payable under your policy to one or more other Approved Retirement Funds or to one other Approved Minimum Retirement Fund identified by you to us. Where your policy is an AMRF, partial transfers out of this policy are not allowed except on the basis of relevant orders granted by the courts in family law proceedings Any request for a transfer-out must be made to us in writing and be in accordance with Revenue requirements To pay the transfer-out amount for a full transfer we will cancel all units allocated to your policy after we receive all (or, where received separately, the last of) our requirements that we require in order to pay the transfer-out amount For a transfer, the transfer out amount will be the accumulated value 5.5. In the case of a full transfer, after we have made the transfer out payment your policy will end and no further benefits will be payable from your policy. Payment of the transfer out amount will constitute a complete discharge to Aviva and we shall have no further obligations in respect of the receiving Approved Retirement Fund or Approved Minimum Retirement Fund On a partial transfer the amount we pay will be the amount of the partial transfer as notified by you to us. The cancellation will, unless you notify us in writing as to the funds to which the cancellation is to be applied, apply proportionately according to value across the range of funds to which this policy is linked at the time of cancellation. If the accumulated value of a fund isn't sufficient to meet its proportionate share of any such cancellation then the shortfall will be taken in proportion to value from the remaining funds. If, after we have paid a partial transfer, there are no units remaining allocated to your policy, it will end. We will notify you in this event If on a partial transfer the value of the remaining units allocated to your policy would be less than the minimum allowed, we will notify you of your options.

19 Section 6 - Benefits on Death This section sets out what will happen to your fund if you die while your policy is in place On your death, your Aviva Approved Minimum Retirement Fund will, subject to Revenue requirements, convert into an Aviva Approved Retirement Fund If you die before the policy ceases we will, subject to Revenue requirements, pay, in line with conditions 6.3 to 6.5 below, the accumulated value to your personal representatives. If your personal representatives request us in writing, we may at our discretion, instead of paying to your personal representatives, make payment, subject to Revenue requirements, to such persons as your personal representatives direct us in writing. Any payments so made by us:. i. do not change the position that only you/your personal representatives have rights against us under the policy; and ii. shall (as an essential term of this policy) be a complete discharge to us for the payments due (to your personal representatives) under the policy We will pay the death benefit after we receive all (or, where received separately, the last of) our requirements that we require in order to the pay the death benefit To pay the death benefit we will, on receiving notice of your death, cancel all units allocated to your policy. The amount of the death benefit will be the accumulated value less any tax, duty or levy we deduct plus any interest if any. Depending on the time lapse between when we cancel units and when we pay the benefit, we may pay interest. Further information on interest payments is available from us or through your financial broker After we have paid the death benefit, the policy will end and no further benefits will be payable from your policy.

20 Section 7 - Benefits on Encashment This section sets out when you can cash in this policy in whole or in part and the conditions that we apply to any encashment You can by writing to us encash all or part of the accumulated value under your policy on the following terms (i) We will pay the full or partial encashment after we receive all (or, where not received together, the last of) our requirements that we require in order to pay the full or partial encashment. (ii) Any request must be in accordance with Revenue requirements applicable to Approved Retirement Funds and/or Approved Minimum Retirement Funds (as relevant). (iii) If this policy is an Approved Minimum Retirement Fund it cannot be encashed in full prior to age 75 and the amount you may take as a partial encashment must be in line with Revenue requirements and/or legislation. (iv) The amount of each partial encashment must not be less than the minimum allowed or greater than any maximum allowed by us from time to time, available upon request from us or through your financial broker, and is subject to the value of the units remaining allocated to the policy not being less than the minimum amount required by us from time to time. (v) On full encashment the amount we pay will be the accumulated value. All units will be cancelled to pay for this amount at the unit price applicable. On full encashment your policy will end. (vi) On partial encashment the amount we pay will be the amount of the partial encashment as notified by you to us. Units will be cancelled to pay this amount at the unit price applicable. The cancellation will, unless you notify us in writing as to the funds to which the cancellation is to be applied, apply proportionately according to value across the range of funds to which this policy is linked at the time of cancellation. If the accumulated value of a fund isn't sufficient to meet its proportionate share of any such cancellation then the shortfall will be taken in proportion to value from the remaining funds. If, after we have paid a partial encashment, there are no units remaining allocated to your policy, it will end. We will notify you in this event. (vii) If on a partial encashment the value of the remaining units allocated to your policy would be less than the minimum allowed, we will notify you of your options.

21 Section 8 - Regular Withdrawals / Mandatory Income Payment This section sets out when you can make regular withdrawals from this policy and our position on mandatory income payments You can choose to take regular withdrawals from this policy, if it is an Approved Retirement Fund, provided that: (i) (ii) (iii) The regular withdrawal will be in the amount (expressed as a percentage of the value of the units allocated to the policy) chosen by you in the application form for this policy or such percentage as subsequently notified to us in writing. You can tell us in writing to change the amount (expressed as a percentage of the value of the units allocated to the policy) of the regular withdrawal. You must give us at least 30 days written notice in advance of any change. Withdrawals may typically be paid to you monthly, quarterly, half yearly or yearly on the first day of the month in which they are due. We must agree to the date we pay you on your first regular withdrawal. You can change the frequency your regular withdrawals are paid to you by telling us in writing at least 30 days in advance of any proposed change. Units will be cancelled to pay for the withdrawal payable. The unit cancellation will be effected at the unit price applicable and such cancellation will apply proportionately according to value across the range of funds to which this policy is linked at the time of cancellation You cannot take regular withdrawals if this policy is set up as an Approved Minimum Retirement Fund, though you may, subject to and in accordance with Condition 7.1, take partial encashments If this policy is an ARF, to which Section 790D of the TCA applies, we will, unless: (i) you have notified us in writing of the appointment in respect of this policy for the purposes of Section 790D of a 'nominee' (other than Aviva) under Section 790D(5); or (ii) we reasonably determine not to pay for any other reason and notify you on or before the mandatory income payment date; pay, less tax due, automatic mandatory income equal to the mandatory income payment amount, each payment being subject to the start date occurring prior to the mandatory income calculation date. Units will be cancelled by reference to the mandatory income calculation date to pay for the automatic mandatory income payment amount. The cancellation will, unless you notify us in writing as to the funds to which the cancellation is to be applied, apply proportionately according to value across the range of funds to which this policy is linked at the time of cancellation. If the accumulated value of a fund isn't sufficient to meet its proportionate share of any such cancellation then the shortfall will be taken in proportion to value from the remaining funds If, after we have paid the sum payable on regular withdrawal or an automatic mandatory income payment amount, there are no units remaining allocated to your policy, it will end and no further benefits will be payable from your policy. We will notify you in this event. If after we have paid the sum payable on regular withdrawal or an automatic mandatory income payment amount, the value of the remaining units allocated to your policy would be less than the minimum allowed in accordance with our requirements, we will notify you of your options.

22 Section 9 - General Conditions This section sets out the general conditions relating to your policy You must provide us with any information or evidence which we need to administer your policy. 9.2 To pay benefits under this policy we may need any one or more of the following: i. where a benefit is payable on your death, the death certificate and grant of probate/administration; ii. iii. iv. proof that the person making the claim is entitled to do so; your birth certificate; health evidence; v. any other documents relevant to this policy; vi. any other information that is appropriate to ensure that benefits are paid in accordance with the policy and Revenue requirements. 9.3 We have relied on information given by you to us to set up this policy. If a material fact was not disclosed, we may not pay the benefits, we may cancel this policy or we may alter the terms of the policy, as we consider appropriate and equitable. 9.4 Any change in your circumstances between completing the application form and the start date must also be disclosed unless we agree otherwise. 9.5 We may change the terms of this policy for any of the following reasons: to respond, in a proportionate manner, to changes in the way we administer policies of this type; to respond, in a proportionate manner, to changes in technology or general practice in the life and pensions industry; to respond to changes in taxation, the law or interpretation of the law, decisions or recommendations of the Financial Services and Pensions Ombudsman, regulator or similar person, or any code of practice with which we intend to comply; to respond to any changes in the tax status of the policy under the TCA or changes in Revenue requirements; to respond in a proportionate manner to any changes in the tax status, residency or citizenship of the policyholder; to correct errors, if it is reasonable to do so. If we think any alteration to these policy conditions is to your advantage, we'll make it immediately and notify you at a later date. We'll also do this if the alteration is due to regulatory requirements. If any alteration is to your disadvantage, we'll aim to notify you at least 30 days before we make it. However, external factors beyond our control may mean we have to give you less notice. If any alteration is to your disadvantage, we'll outline any options then available at the time of notifying you. 9.6 Subject to Revenue requirements, if any person entitled to a benefit under the policy suffers from any physical, mental or other incapacity which in our opinion renders him unable to manage his affairs, we may at our discretion pay or apply the benefit to or for the benefit of that person or any relative or other person who, in our opinion, may be dependent upon him. Any such payments we make will be a complete discharge to us for the money so paid or applied. We reserve the right to withhold out of any sum payable out of this policy an amount or amounts to pay legal and/or professional fees reasonably incurred by us in relation to the exercise of any discretion by us under this condition. 9.7 To be effective any notice or other communication to Aviva in connection with this policy must be received at our registered office Aviva Life & Pensions Ireland DAC.

23 9.8 Except in accordance with Revenue requirements, no part of the benefits under this policy may be assigned to any third party or surrendered. 9.9 Any reference to criteria which are not outlined in these policy conditions such as our current practice on valuing assets, unit allocations, unit cancellations or unit pricing, minimum or maximum investment requirements or amounts of contributions, scales of charges, encashments, levies or duties and mandatory income payments this information is available on request from us at our registered office Aviva Life & Pensions Ireland DAC We reserve the right to withhold out of any sum payable out of this policy an amount or amounts to discharge legal and/or other professional fees reasonably incurred in respect of the exercise by us of a determination, pursuant to our not receiving exhaustive directions, in relation to application of the sum payable towards the provision of benefits This policy is governed by the laws of Ireland Single contributions and benefits are payable through our registered office Aviva Life & Pensions Ireland DAC in Dublin in the currency of Ireland Without limitation on our rights under any of the other conditions of the policy or any of our statutory rights in this regard, benefits are payable subject to any obligations imposed by legislation and net of such taxes, levies, duties and transaction charges as we are entitled, or obliged by statute, to deduct or in respect of which we have any liability or accountability. In addition or in the alternative, subject to Revenue requirements, we may withhold all or any part of any sums payable out of the policy in connection with which we may have any liability or accountability to tax, levy or duty (and any interest due thereon) until such time as we receive satisfactory evidence that such liability or accountability has been discharged Without limitation on our rights under any of the other conditions of the policy or any of our statutory rights in this regard, we shall be entitled to cancel units in order to give effect to any deduction to cover expenses, taxes, levies, duties or other charges which we are entitled, or obliged by statute, to deduct or collect, to include (without limitation) any distribution, any transaction regarded as a distribution or any amount regarded as a distribution under Part 30 of the TCA We reserve the right to advise the Revenue Commissioners of any matter which is relevant to the policy.

24 Retirement Investments Insurance Aviva Life & Pensions Ireland Designated Activity Company, a private company limited by shares. Registered in Ireland No Registered office at One Park Place, Hatch Street, Dublin 2, D02 E651. Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland. Tel (01) A R F O p t i o n B.03.19