INCOME MULTI-ASSET RETIREMENT PREMIER ASSET MANAGEMENT S GUIDE TO MULTI-ASSET RETIREMENT INCOME INVESTING

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1 PREMIER ASSET MANAGEMENT MULTI-ASSET RETIREMENT INCOME SOLUTIONS MULTI-ASSET RETIREMENT INCOME PREMIER ASSET MANAGEMENT S GUIDE TO MULTI-ASSET RETIREMENT INCOME INVESTING SEPTEMBER 2015

2 2 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income WELCOME Welcome to the Premier Asset Management Guide to Multi-Asset Retirement Income Investing. The aim of this guide is to explain how two of Premier s multiasset income funds, that pay a monthly or quarterly income from a diversified portfolio of different income generating investments, may be able to help you with your income needs in retirement. Dramatic changes in the pension rules came into effect on 6 April 2015 that mean if you have a defined contribution pension fund, you have significantly more flexibility in terms of how you use that fund after you reach age 55, including no longer having to buy an annuity. If you are considering options alongside or instead of an annuity, our Premier Multi-Asset Distribution Fund and Premier Multi-Asset Monthly Income Fund may be able to help you. A few words about Premier Asset Management. We manage 4.1 billion of assets on behalf of our clients, including multi-asset, equity and fixed interest funds. We are specialists in multi-asset investing and manage 1.7 billion in a range of funds, including our popular multi-asset income funds (all figures as at 30 September 2015). We hope you enjoy this guide. If you have any questions or need more information, please contact your financial adviser, call us on or visit our website at premierfunds.co.uk/retirementincome Important information This guide looks at how you can use Premier s multi-asset income funds within a flexi-access drawdown plan. Premier Asset Management do not offer flexiaccess drawdown plans and it is important that you check the conditions of your plan with your individual plan provider or financial adviser before making an investment commitment. These funds are also available for investment outside of a flexi-access drawdown plan, for example in a New Individual Savings Account (NISA).

3 3 CONTENT 4 INTRODUCTION TO PREMIER S MULTI-ASSET RETIREMENT INCOME FUNDS 6 PREMIER MULTI-ASSET DISTRIBUTION FUND 8 PREMIER MULTI-ASSET MONTHLY INCOME FUND 10 MULTI-ASSET INVESTING FOR INCOME IN RETIREMENT 14 NEW PENSION FREEDOMS AND WHAT THEY MIGHT MEAN FOR YOUR NEST EGG 16 INCOME IN RETIREMENT: HOW WE MANAGE OUR MULTI- ASSET INCOME FUNDS 20 CHARGES, RISKS AND OTHER KEY INFORMATION 23 GLOSSARY The Premier Multi-Asset Distribution Fund and Premier Multi-Asset Monthly Income Fund are designed to be long-term investments. The price of the shares and the level of income generated from them can go down as well as up and there is the possibility of loss to some of your investment. The amount of income paid out by the funds is not guaranteed and will fluctuate. The different risks of investing are outlined on pages 20 to 22 of this guide and further information is available in each fund s Key Investor Information Document which you should read carefully before investing. We would strongly recommend that you consult with an authorised financial adviser before you decide to invest. An adviser can help guide you on the most appropriate investment for your circumstances and your individual tax position. The information contained and opinions expressed in this document are based on our current understanding and are subject to change.

4 4 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income IN THIS SECTION... Key characteristics and potential benefits for retirement income investors using the Premier Multi-Asset Distribution Fund and Premier Multi-Asset Monthly Income Fund INTRODUCTION TO PREMIER S MULTI-ASSET INCOME FUNDS A new world of investment opportunities opened up on 6 April 2015 to anyone retiring who has a defined contribution pension fund. The Government has changed various pensions rules to allow significantly increased flexibility in terms of what you can do with your pension fund once you reach age 55. Whereas previously many people ended up buying an annuity, although this is still an option, it is easier to take advantage of other ways of using your pensions savings. For example, since 6 April 2015 all new drawdown arrangements (which is a way of taking an income from your pension fund) are now flexi-access drawdown plans. Flexi-access drawdown is a new form of accessing a pension, with no cap on the amount that can be withdrawn each year and no minimum income requirement. This replaces flexible drawdown, which people could access only if they had a guaranteed minimum retirement income of 12,000 a year. Your choices Here is a summary (according to the Government s Pension Wise website) of your main choices: leave your pension pot untouched until you need the money - your pot could still grow purchase an annuity (for guaranteed income) - you can take 25% of your pot tax free before buying an annuity invest for income through a flexi-access drawdown fund - you can either take 25% of your whole pot tax free, or you can take smaller cash sums each 25% tax free take your whole pension pot as cash - 25% will be tax free You can also mix these options. You will need to check with your pension provider about which options they can offer you. Clearly there are lots of things to take into account when considering what option might suit you best, including the amount of money you have, how much income you want, how long your money needs to last, what different sources of income you may have (including any state pension), your attitude to risk, the importance of leaving assets to beneficiaries after you die, tax and so on. If you are already retired and in an existing drawdown pension fund set up before 6 April 2015, the new freedoms might also be able to help you. The list of different things you have to consider is why we recommend you consult a financial adviser. Our diversified income funds You might be considering investing your pension fund for income using a new flexi-access drawdown plan, that allows you to keep your pension fund invested, receive an income, but retain flexible access to your money. Premier Asset Management offers two actively managed, diversified income funds called Premier Multi-Asset Distribution Fund, which pays quarterly income, and Premier Multi-Asset Monthly Income Fund. You could use either of these as your flexi-access drawdown investment fund. Both are multi-asset funds, which means they are invested in different types of assets (for example: company shares, bonds, commercial property and alternative investments). Our experienced multiasset investment team, who manage 1.7 billion (as at 30 September 2015) in a range of multi-asset funds, including multi-asset income funds, build a portfolio of different income investments, typically income funds managed by specialist income fund managers. In this way, your retirement income portfolio and your income is diversified across different assets and lots of income managers, covering the world s markets. Each of these underlying income funds will themselves be invested in lots of different investments. We believe these multiple levels of diversification can deliver good income potential, good long-term growth potential and ensure that you are not overly reliant on a single type of investment to generate these outcomes. A diversified portfolio can also help to reduce the risk that comes from investing in a single asset type or stock.

5 5 PREMIER MULTI-ASSET DISTRIBUTION FUND AND PREMIER MULTI-ASSET MONTHLY INCOME FUND Income Premier Multi-Asset Distribution Fund pays quarterly income. Premier Multi-Asset Monthly Income Fund pays monthly income. Minimum investment 1,000 ( minimums may vary depending on your flexi-access drawdown plan provider) Capital growth potential As well as paying you a regular income, you also have the potential to benefit from long-term capital growth. Diversification The funds invest in a diversified portfolio of assets, including company shares, fixed interest securities, commercial property and alternative assets. The funds are also diversified by investing in different income funds, managed by specialist income managers, and different global markets, including the UK. Each of the underlying funds in which we invest will themselves be invested in many different, individual holdings. Full time fund management The funds are managed by Premier Asset Management s specialist and experienced multi-asset investment team. Tax Your investment inside a new flexi-access drawdown plan can grow free of UK capital gains and income tax. If you withdraw money from your flexi-access drawdown fund, 25% of the fund will be tax-free and the remainder will be taxable as pension income. If you are not invested through a flexi-access drawdown plan and withdraw money from the fund, you may be liable to capital gains tax on the full amount. You can also invest via a Self Invested Personal Pension Plan (SIPP) or a New Individual Savings Account (NISA), where your investment can grow free of UK capital gains tax and income tax. You should consult your financial adviser for guidance on your individual tax position. Access These are daily dealing funds and so you can access your fund at any time. Passing on your money after you die Under the new pension rules, from April 2015, whether or not you have started to receive an income from your pension fund, the value of your drawdown fund can be passed on to your survivors completely free of tax if you die before the age of 75. Whoever is your nominated beneficiary can use your unused drawdown funds to provide a tax-free income or tax-free lump sum. In effect, a 100% joint life income. If you die on or after your 75th birthday, your beneficiary can receive the fund as a lump sum or as income subject to tax at their highest marginal rate (currently up to 45%). There is a lifetime allowance for a pension fund which is currently 1.25m and anything over this is subject to a 55% tax charge. A retirement income for your partner or dependents after you die The fund effectively offers a joint life pension as the value of unused drawdown funds can be passed on to your beneficiary tax free if you die before age 75. After 75, a beneficiary can receive all of the income distributed after any tax at the beneficiary s highest marginal rate of income tax has been paid. Natural income The funds distribute income through dividends per share (which are generated by dividends from all the different underlying investments in the funds), which means that although the income you receive will fluctuate, you do not need to cash-in shares to receive income. So the number of shares stays intact to maximise future dividends and capital growth. Costs of investing There is an ongoing charge for investing in the funds which covers the cost of managing and administering your investment. Further details are provided on page 20. Risks You can find a description of the risks associated with investing in these funds later in this guide, but please note that the level of income and the value of your capital will fluctuate and you might not get back the capital you invested. The fund is designed for long-term investors and not for those seeking short-term gains. How to invest If you want to invest in the Premier Multi-Asset Distribution Fund or Premier Multi-Asset Monthly Income Fund through a flexi-access drawdown plan, please speak with your financial adviser or a flexi-access drawdown plan provider. Your provider will get in touch with us to set up your investment. You can also invest in these funds outside of a flexi-access drawdown plan, either directly by completing our application form or NISA application form or via your financial adviser, a fund platform, SIPP provider or a fund supermarket. However you decide to invest, we recommend you consult your adviser in the first instance. Keeping you informed If you invest for income in the Premier Multi-Asset Distribution Fund or Premier Multi-Asset Monthly Income Fund, you would be invested in the income shares, which means you would receive your quarterly or monthly income payments (depending on which fund you choose). On our website, we provide monthly factsheets for each fund, showing how the fund is performing from an income and capital point of view, together with where your fund is invested. More detailed investment reports are published every quarter. If you invest direct with Premier Asset Management, you will also receive a personalised investment statement every six months. And of course you can contact your financial adviser or Premier Asset Management if you have any queries after you invest. i

6 ww6 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income PREMIER MULTI-ASSET DISTRIBUTION FUND HISTORIC YIELD* 4.3% p.a. The aim of the fund is to give you an attractive income, paid each quarter, and grow the value of your investment over the long-term. The full investment objective and policy, which outline all the eligible investments, are available in the fund s prospectus which is available on our website. You can find details of the charges associated with investing in this fund on page 16. OVERVIEW The fund sits in the Investment Association (IA) Mixed Investment 20-60% shares sector and aims to have between 20% and 60% invested in company shares (equities) and at least 30% in fixed income investments (for example, corporate and Government bonds) and/or cash, typically through investment in funds and other investments run by specialist managers. Income is paid quarterly in the form of a dividend per share. The aim of the fund is to pay an annual income (in the form of the four quarterly payments) that rises over the long term, and to deliver some longterm capital growth. This is a multi-asset fund and is invested in different asset classes, such as equities (company shares), bonds, commercial property and alternative investments, covering the world s investment markets. Please note there is no guarantee that the fund will achieve its objective. *The historic yield is net of basic rate tax as at It is a calculation of the income return on an investment, relative to its value. It is calculated using dividends paid over the past twelve months as a percentage of the mid-market unit price of the fund at the date shown. The yield is not guaranteed and can fluctuate. Please consult with an authorised financial adviser who will be able to advise on the suitability of a fund for you. This fund might be suitable for investors: looking for an investment that provides a regular income that has the potential to grow over time. who want a diversified portfolio to help manage risk. who can invest for the long-term. who are not put off by ups and downs in the value of their capital and income payments. who understand there are no guarantees on the return of their original capital when they come to sell their investment. This fund would not be suitable for investors: seeking a guaranteed amount of income. unable to accept the possibility of loss of their investment. looking for short-term gains. Total return (%) CAPITAL PERFORMANCE FIVE-YEAR PERFORMANCE Premier Multi-Asset Distribution Fund IA Mixed Investment 20%-60% Shares -20 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 PREMIER MULTI-ASSET DISTRIBUTION FUND DISCRETE YEAR PERFORMANCE TO LAST QUARTER END Share price with income paid out 0.03% 4.1% 12.5% 8.0% -6.2% Share price with income reinvested 4.3% 8.8% 17.1% 13.4% -1.8% Source: FE Analytics, taken on a bid to bid UK Sterling basis. Based on the A income shares. Past performance is not a guide to future returns. The price of shares and any income is not guaranteed and there is the risk of loss to your capital. Up to date performance information is available on the fund factsheets, published monthly on the Premier website.

7 7 INCOME Income (paid as a dividend per share): Income payments: Quarterly Income payment dates: 31 January, 30 April, 31 July, 31 October INCOME HISTORY (PENCE PER SHARE) The information below illustrates how the income payments are spread out over the fund s financial year. The longer- term income history is available in the fund s report & accounts document. ex-dividend date* Payment date Fund financial year (1 Mar 28 Feb) Dividend (pence per share) 01-Jun Jul Sep Oct Dec Jan Total paid over the fund s financial year 01-Mar Apr p 01-Jun Jul Sep Oct Dec Jan Mar Apr p 01-Jun Jul Sep Oct Dec Jan Mar Apr p 01-Jun Jul Sep Oct Dec Jan Mar Apr p 01-Jun Jul Sep Oct Dec Jan Mar Apr p 01-Jun Jul Sep Oct Dec Jan DIVIDEND PER SHARE HISTORY: Total dividends (pence per share) Income paid out (based on 10,000 invested at the start of the 5-year period) 2014/ p / p / p / p / p Net Pence Per Share Based on class A income shares NET INCOME DISTRIBUTION (p) 2004/05 01-Mar Apr p * To be entitled to receive the next dividend payment from the fund, you would need to be invested in the fund before the ex dividend date. The payment date is the date that the dividends are expected to be paid out from the fund to investors as a dividend per share. The level of income is not guaranteed and will fluctuate. The income paid out may vary depending on the share class you are invested in. 2005/ /07 01-Jun Jul / / / / /14 Fund Financial Year (01 March - 28 February) 01-Sep Oct p 2007/ / /15 FUND BREAKDOWN as at EQUITIES UK 30.9% Franklin UK Equity Income 5.0% Fidelity Moneybuilder Dividend 4.8% Standard Life UK Equity High Income 4.7% Schroder Income 4.5% Rathbone Income 4.0% Miton UK Multi Cap Income 2.7% Aberforth UK Smaller Companies 2.1% S&W UK Equity Income 1.9% Montanaro UK Equity Income 1.4% EQUITIES EUROPE EX-UK 3.7% BlackRock Continental European Income 2.0% Polar Capital European Ex UK Income 1.8% EQUITIES EMERGING MARKETS 4.0% Charlemagne Magna Emerging Market Dividend 4.0% EQUITIES JAPAN 3.1% Coupland Cardiff Japan Income & Growth 3.1% EQUITIES ASIA PACIFIC EX-JAPAN 4.2% Shroder Asian Income 2.2% Prusik Asian Equity Income 2.0% EQUITIES OTHER 3.0% Polar Capital Global Convertible Fund 3.0% BONDS SPECIALIST 10.4% WyeTree Yield Distribution Fund 1.8% Starwood European Real Estate Finance 1.2% CVC Credit Partners European Opportunities 1.2% GCP Infrastructure Income 1.2% Real Estate Credit Investments 1.0% Longbow Senior Senior Secured UK Property 0.9% UK Mortages 0.9% Doric Nimrod Air 2 0.8% TwentyFour Income Fund 0.8% Doric Nimrod Air 3 0.6% BONDS CORP. INV. GRADE & HIGH YIELD 16.6% TwentyFour Dynamic Bond 5.0% Hermes Multi-Strategy Credit 4.8% Pimco Select UK Income Bond 2.9% Baillie Gifford Corporate Bond 2.1% Royal London Corporate Bond 1.9% BONDS FLOATING RATE DEBT 3.1% M&G European Loans 1.6% NB Global Floating Rate Income 1.5% PROPERTY UK COMMERCIAL 15.1% Threadneedle UK Property Trust 2.8% Aberdeen Property Trust 2.7% Henderson UK Property 2.4% AEW Core Property Income 1.6% Picton Property Income 1.6% Schroder Real Estate Inv Trust 1.1% M&G Property 0.9% Medic X 0.9% Target Healthcare 0.8% Standard Life UK Property 0.4% ALTERNATIVE ASSETS 4.1% P2P C Global Investments 1.7% VPC Speciality Lending 1.4% Foresight Solar Fund 1.0% CASH 1.8%

8 8 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income PREMIER MULTI-ASSET MONTHLY INCOME FUND HISTORIC YIELD* 4.6% p.a. The aim of the fund is to give you an above average level of income, paid to you each month. The full investment objective and policy, which outline all the eligible investments, are available in the fund s prospectus, which is available on our website. You can find details of the charges associated with investing in this fund on page 16. OVERVIEW The fund sits in the Investment Association (IA) Mixed Investment 20-60% shares sector and aims to have between 20% and 60% invested in company shares (equities) and at least 30% in fixed income investments (for example, corporate and Government bonds) and/or cash investments, typically through investment in funds and other investments managed by carefully selected, specialist managers. Income is paid monthly, in the form of a dividend per share. This is a multi-asset fund and is invested in different asset classes, such as equities (company shares), bonds, commercial property and alternative investments, covering the world s investment markets. Please note there is no guarantee that the fund will achieve its objective. *The historic yield is net of basic rate tax as at It is a calculation of the income return on an investment, relative to its value. It is calculated using dividends paid over the past twelve months as a percentage of the mid-market unit price of the fund as at the date shown. The yield is not Please consult with an authorised financial adviser who will be able to advise on the suitability of a fund for you. This fund might be suitable for investors: whose main priority is to receive a high and regular income. looking for a diversified portfolio to help manage risk. investing for the long-term. who are not put off by ups and downs in the value of their capital and income payments. who understand that there are no guarantees on the return of their original capital when they come to sell their investment. This fund would not be suitable for investors: seeking a guaranteed level of income. unable to accept the possibility of loss of their investment. looking for short-term capital gains. CAPITAL PERFORMANCE Total return (%) FIVE YEAR PERFORMANCE Premier Multi-Asset Monthly Income Fund IA Mixed Investment 20%-60% Shares -20 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 PREMIER MULTI-ASSET MONTHLY INCOME FUND DISCRETE YEAR PERFORMANCE TO LAST QUARTER END Share price with income paid out -1.1% 3.2% 11.2% 8.7% -5.6% Share price with income reinvested 3.5% 8.4% 16.7% 14.8% -1.8% Source: FE Analytics, taken on a bid to bid UK Sterling basis. Based on the A income shares. Past performance is not a guide to future returns. The price of shares and any income is not guaranteed and there is the risk of loss to your capital. Up to date performance information is available on the fund factsheets, published monthly on the Premier website.

9 9 INCOME Income (paid as a dividend per share): Income payments: Monthly Income payment dates: 28th of each month INCOME HISTORY (PENCE PER SHARE) The information below illustrates how the income payments are spread out over the fund s financial year. The longer- term income history is available in the fund s report & accounts document. ex-dividend date* Payment date Net Pence Per Share Based on class A income shares Fund financial year (1 May 30 April) This fund began paying the income on a monthly basis in January Dividend (pence per share) 01-Jun Jun Jul Jul Aug Aug Sep Sep Oct Oct Nov Nov Dec Dec Total paid over the fund s financial year 01-Jan Jan Feb Feb Mar Mar Apr Apr May May p 01-Jun Jun Jul Jul Aug Aug Sep Sep Oct Oct Nov Nov Dec Dec Jan Jan Feb Feb Mar Mar Apr Apr FIVE-YEAR NET INCOME DISTRIBUTION (p) Fund Financial Year (01 May - 30 April) 01-May May p 2009/10 DIVIDEND PER SHARE HISTORY: * To be entitled to receive the next dividend payment from the fund, you would need to be invested in the fund before the ex dividend date. The payment date is the date that the dividends are expected to be paid out from the fund to investors as a dividend per share. The level of income is not guaranteed and will fluctuate. The income paid out may vary depending on the share class you are invested in. 2010/11 Total dividends (pence per share) 2011/ /13 Income paid out (based on 10,000 invested at start of 5-year period) 2014/ p / p / p / p / p Jun Jun Jul Jul Aug Aug Sep Sep Oct Oct / /15 FUND BREAKDOWN as at EQUITIES UK 26.8% Franklin UK Equity Income 5.0% Fidelity Enhanced Income 4.6% Rathbone Income 4.5% Schroder Income Maximiser 4.5% Standard Life UK Equity High Income 4.5% Chelverton UK Equity Income 2.4% Montanaro UK Equity Income 1.3% EQUITIES EUROPE EX-UK 4.0% FP Argonaut European Enhanced Income 4.0% EQUITIES EMERGING MARKETS 4.0% Charlemagne Magna Emerging Market Dividend 4.0% EQUITIES JAPAN 2.3% Coupland Cardiff Japan Income & Growth 2.3% EQUITIES ASIA PACIFIC EX-JAPAN 4.5% Schroder Asian Income Maximiser 2.3% Prusik Asian Equity Income 1.6% EQUITIES OTHER 4.5% Polar Capital Global Convertible Fund 3.1% JPM Global Convertibles Income 1.4% BONDS SPECIALIST 11.0% WyeTree Yield Distribution Fund 1.8% Starwood European Real Estate Finance 1.5% TwentyFour Select Monthly Income Fund 1.3% CVC Credit Partners European Opportunities 1.1% GCP Infrastructure Income 1.1% UK Mortgages 1.0% Longbow Senior Secured UK Property 0.8% TwentyFour Income Fund 0.8% Doric Nimrod Air 2 0.7% Doric Nimrod Air 3 0.5% Real Estate Credit Investments 0.4% BONDS CORP. INV. GRADE & HIGH YIELD 18.5% TwentyFour Dynamic Bond 5.0% Kames High Yield Bond 3.8% PIMCO Select UK Income Bond 3.0% Hermes Multi-Strategy Credit 2.7% Royal London Corporate Bond 2.2% Baillie Gifford Corporate Bond 1.8% BONDS FLOATING RATE DEBT 2.6% NB Global Floating Rate Income 1.4% M&G European Loans 1.1% PROPERTY UK COMMERCIAL 17.1% Threadneedle UK Property Trust 2.5% Aberdeen Property Trust 2.4% Kames Property Income 2.3% Henderson UK Property 2.2% Picton Property Income 1.4% Empiric Student Property 1.4% AEW Core Property Income 1.2% Schroder Real Estate Investment Trust 1.1% MedicX 0.8% Standard Life UK Property 0.7% Target Healthcare REIT 0.7% GCP Student Living 0.4% ALTERNATIVE ASSETS 4.1% P2P C Global Investments 1.5% SQN Asset Finance Income Fund 1.4% VPC Specialty Lending 1.2% CASH 1.3%

10 10 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income IN THIS SECTION... What is multiasset investing? How can multiasset investing help you if you are looking for long-term income in retirement? Description of some of the different asset classes MULTI-ASSET INVESTING FOR INCOME IN RETIREMENT What does multi-asset mean? Multi-asset investing means investing in a portfolio of different asset types. In Premier s multi-asset income funds, Premier Multi- Asset Distribution Fund and Premier Multi- Asset Monthly Income Fund, this includes investing in company shares (typically known as equities), fixed interest securities (including bonds), commercial property and other alternative assets. A key purpose of multi-asset investing is to use different asset classes as a way to achieve diversification, both to spread your risk and to expand the opportunities to find good investments to meet a specific objective, such as income in retirement. A key principle behind multiasset investing is that asset classes can behave differently in different market conditions. Holding a mix of assets that behave in different ways at different times can help manage the level of risk to your income and capital, for example, when one type of asset is not performing as well as another. Although it may seem like the perfect investment portfolio to have every single underlying holding doing well at the same time, this is good news when everything is doing well, but not such good news if everything is doing badly at the same time. For example, in the Premier Multi-Asset Distribution Fund and Premier Multi-Asset Monthly Income Fund, the fund managers will consider how they can build a balanced portfolio of different income investments that offer different characteristics and which can add something extra to the portfolio, rather than more of the same. In this way, we believe investors are able to enjoy the potential benefits of a good, sustainable income, plus the prospects of some long-term capital growth. How does multi-asset investing work for getting an income in retirement? People have worked hard and saved hard to accumulate a pension fund at retirement. One of the basic ideas of diversification is as simple as not putting all your eggs in one basket. Unfortunately nobody knows what will happen to the value of any stock market or investment in the future, but we do believe that for investors who understand and are happy to accept risk, different assets, such as equities and bonds, have the potential to deliver attractive long-term income, as well as capital growth potential. So finding a way to capture this long-term potential but to try and manage risk effectively at the same time, is useful for many investors. Expanding your retirement income investment opportunity Investing in a multi-asset fund for retirement income means the potential for your investment manager to access lots of different types of income investments, from company shares to bonds to property and alternative asset classes. All of these offer plenty of specialist investment

11 11 BUILDING DIVERSIFIED MULTI- ASSET INCOME PORTFOLIOS TRULY MULTI-ASSET: SHARES, BONDS, COMMERCIAL PROPERTY, ALTERNATIVES BLEND THE ASSETS IN THE DESIRED PROPORTION SELECT INCOME FUNDS RUN BY GOOD SPECIALIST MANAGERS opportunities for income investors. And there are lots of talented fund managers in all these areas, covering different global markets that we can utilise in our multi-asset income portfolios. So through multi-asset income investing, there are many sources of income that can be tapped into for your retirement income portfolio and then carefully blended together so your income is not too dependent on any one investment. Spreading the sources of your income across different assets and many different investment funds, themselves invested in many different individual shares or bonds, means your income in retirement is not reliant on any one asset class, fund or fund manager. Living longer and asset allocation Income is clearly set to be a key focus for many people as they move into retirement. However, for many investors, the days of moving straight into fixed interest assets such as bonds have passed. And with interest rates and yields as low as they are today, this would essentially mean taking a pay cut as well as a pay freeze, which creates problems for income investors over the long term, as the real value of your money, after inflation is taken into account, will be eroded. We take the view that in the same way that investors use different assets for long-term growth when they are accumulating a retirement fund, investors can utilise long-term income assets when they are de-accumulating and aiming to receive a long-term income from their drawdown fund. Therefore our funds include equities, bonds, property and other investments if we believe they can add long-term value for income investors. Natural income Income funds such as the Premier Multi-Asset Distribution Fund and Premier Multi-Asset Monthly Income Fund have the benefit of paying natural income, which means they distribute all the income generated naturally by the underlying funds and their investments, in the form of dividends per share. This means that you receive your income from the shares you own without having to cash-in any of your investment. So you can retain your shares to capitalise on future dividends per share and any increase in the share price. And whilst the value of your capital may fall or rise, any dividends will continue to be paid to you. This is important if your primary investment goal is to receive a regular income. If you were to cash-in shares or units instead, which effectively means cashing-in part of your investment rather than taking the natural income, you could face significant challenges. Poor returns in the early period after retirement can cause significant damage to a portfolio, even if they are followed by good returns. Once cash is flowing out to pay your income, it may not be enough for returns to average out in the long run to keep paying the income you need. Cashing-in units or shares for income in a falling market also means you are forced to sell more when prices are falling to sustain your required income. This means less units or shares to cash-in for the future and less units or shares to benefit from any future price rises.

12 12 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income Shares Company shares, or equities as they are also known, are what people often imagine when they think about investing. Buying shares is essentially buying a piece of a company. Companies offer shares as a way to raise money. The value of shares can grow and offer investors an opportunity to benefit from the profits of a company when it does well through the payment of a dividend. Just as a share price can go up or down depending on factors including how well investors believe the company is doing, dividend payments can also go up and down or be stopped altogether. But regular dividend payments are often considered as a sign of company strength and a good source of income for investors. ASSET CLASSES: A STEP-BY-STEP GUIDE Fixed Income /Bonds Investing in fixed income typically means investing in bonds; they are a type of IOU issued by a government or company in exchange for a loan from investors. Bonds are issued when an organisation or government wants to raise money. Bonds are typically designed to pay regular interest, known as a coupon, and then return the original capital at a set date, known as a maturity date. The UK government issues bonds, which are more commonly known as gilts. Gilts are generally considered to be one of the safest type of bond because the UK government is not expected to default on the loan, so investors expect to get the interest paid and their original investment back. Bonds in general, whether issued by companies or governments, are often graded depending on how likely it is an investor will receive their coupon and their money back. There are independent rating agencies that try to determine the risk a company poses and grade their bonds accordingly, typically using a lettering system for example AAA as the highest credit rating, moving down through AA, A, BBB and so on. Alternatives We use the term alternative investments to describe investments that are not company shares, traditional bonds or traditional property investments or cash. Examples of alternative assets include commodity investments (such as gold), absolute return investment funds (designed to make money in all market conditions) and infrastructure investments (for example, linked to building for housing, hospitals and schools). Commercial Property For many, investing in property means buying a home or becoming a landlord. Buying property directly is a big commitment and requires large upfront sums of money to put down a deposit and cover buying and selling costs. Tying up money in a physical property means it is difficult to get the money out quickly unlike buying bonds and shares that can be sold at the click of a button. For those who don t want to own a property or cannot afford to, exposure to property can be gained by investing in real estate funds. Many of these funds typically invest in commercial property which can be anything from shopping centres and office blocks to industrial estates and student accommodation. There are many types of property funds, including real estate investment trusts (Reits), shares in listed property companies, property investment trusts, and property unit trusts. Real estate can be a good way to produce income because the properties can be rented out to provide a regular rental income. As the managers of property funds invest in multiple properties, this spreads the risk of a development not being finished or a property remaining untenanted. For our multi-asset team, alternative does not mean higher risk. We will consider some alternative investments to be higher risk, but we consider other alternative investments, including some we have invested in, as being lower risk and amongst the expected lowest risk assets we hold in our various multi-asset portfolios. One of the key characteristics of the alternative assets in our multi-asset portfolios is they can have a low correlation (so their price does not move closely in line) with more traditional asset classes such as company shares and bonds. This immediately highlights a potential attraction of such assets, namely diversification. This should be the foundation of what a truly diversified multi-asset fund is about. Alternative investments have typically been primarily accessed by larger, institutional investors such as pension funds, but they can add to the diversification and value of a portfolio of many more investors. Cash Cash is typically considered the safest of assets but in a low interest or inflationary environment there may also be little reward. Although it is wise to have some money in cash for easy access, the main risk can be inflation which can significantly erode the value of your money over time. This means that 1,000 placed in cash five years ago would not buy as much now as it would have done then because the cost of living has increased.

13 13

14 14 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income IN THIS SECTION... Summary of the changes that took effect in April 2015 A comparison of annuities and drawdown funds How Premier s multi-asset income funds can be used as drawdown funds for retirement income NEW PENSION FREEDOMS AND WHAT THEY MIGHT MEAN FOR YOUR NEST EGG In the Government s Budget speech in March 2014, the Chancellor of the Exchequer announced: Pensioners will have complete freedom to draw down as much or as little of their pension pot as they want, anytime they want. No caps. No drawdown limits. Let me be clear: no one will have to buy an annuity. He said: I want people to be trusted to make decisions about their future. These changes, that have been described as the most radical changes to pensions in almost a century, started in earnest from 6 April There are many changes which are designed to offer anyone retiring with a defined contribution pension pot, more flexibility in terms of how and when they use their pension pot. Here are some highlights. KEY CHANGES A number of changes have been made to pension tax rules to reflect the greater flexibility individuals now have to access their money purchase (also known as defined contribution) pension savings from age 55. Here are some of the main highlights. Don t forget you can still receive 25% of your pension fund tax-free. All of the funds in a defined contribution pension arrangement can be taken as an authorised taxed lump sum There is no limit on withdrawals and no minimum income requirements for anyone starting a new drawdown fund Those with existing capped drawdown arrangements can convert to a new flexibleaccess drawdown fund Certain tax charges that apply to death benefits have been restricted and reduced Persons other than dependants can inherit unused drawdown funds and provided the death occurred before age 75, lump sum death benefits and drawdown pension from these funds can be paid tax free, subject to the member having sufficient available lifetime allowance (currently 1.25 million) In essence, before these changes, many people retiring or retired with a defined contribution pension fund had limited options. They could take 25% of their fund as a tax free cash sum but then would either typically buy an annuity or start an income drawdown plan with many restrictions attached. Under the new rules, you have significant new freedoms about what you can do with your pension fund.

15 15 RETIREMENT OPTIONS PRE AND POST 6 APRIL 2015 FOR DEFINED CONTRIBUTION PENSION SCHEMES BEFORE 6 APRIL % of pension pot can be taken as taxfree cash Annuities Income drawdown (subject to limits on how much income you can take) Flexible drawdown (subject to eligibility criteria) Combination of the above choices ON OR AFTER 6 APRIL % of pension pot can be taken as taxfree cash Annuities Flexi-access drawdown replacing existing income drawdown arrangements with no upper limits Taking lump sums from uncrystallised funds known as uncrystallised funds pension lump sums (UFPLS) Combination of the above choices Annuities vs drawdown funds Lots of people are expected to take advantage of these new rules at some point in their retirement and with some, or all, of their pension fund. Annuities have the advantage of offering a guaranteed income. This guarantee will be of great value to some investors. But current low interest rates mean lower annuity rates (although higher rates are available the older you are and for certain medical conditions). You also have to pay, in the form of lower income, to secure an income for a partner or dependents after you die, for increases to help combat the impact of inflation on the future value of your income, and for any guaranteed period of payments in case you die early. Premier s diversified, retirement income solutions Investing your drawdown fund in funds such as the Premier Multi-Asset Distribution Fund or Premier Multi-Asset Monthly Income Fund has many potential advantages. The funds are designed to pay either a quarterly or monthly income depending on the fund. Premier Multi-Asset Distribution Fund has a strong emphasis on trying to grow the income over time. Both funds offer significant diversification to help manage risk and to broaden the opportunity to find good income investments. Both funds offer the potential for some longterm capital growth, which may be useful to you in later life or for you to pass on to your beneficiaries after you die. Subject to your flexi-access drawdown plan provider s terms, you can access your money at any time, as these are daily dealing funds You benefit from having your money managed by an experienced team of multi-asset investment specialists. Death benefits: If you die before aged 75, your remaining fund can be passed to your nominated beneficiary to provide a tax-free income or a tax-free lump sum. In effect, the potential for a 100% joint life income. Or your beneficiary could choose to convert the value of the drawdown fund to an annuity. If you die on or after your 75th birthday, your remaining fund can be passed to your nominated beneficiary, but any income payments or other withdrawals (up to the whole fund) will be taxed at their highest marginal rate. So your beneficiary could decide to withdraw the fund and buy an annuity.

16 16 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income IN THIS SECTION... Premier Asset Management s experience of multi-asset investing How we manage our multi-asset income funds Importance of active management for retirement income solutions INCOME IN RETIREMENT HOW WE MANAGE OUR MULTI-ASSET INCOME FUNDS Overview Premier Asset Management has been managing multi-asset portfolios since the mid 1990s and now manages 1.7 billion (as at 30 September 2015) in a range of multi-asset funds, including income, growth, conservative growth and absolute return funds. Our multi-asset team s investment philosophy is built around treating each fund like an individual client portfolio with a particular focus, which means the funds avoid trying to be all things to all investors. The particular focus of the Premier Multi-Asset Distribution Fund and Premier Multi- Asset Monthly Income Fund is delivering longterm income. Which is why we talk about these funds as our retirement income solutions. Premier Multi-Asset Distribution Fund pays a quarterly income and aims to grow the income over time. Premier Multi-Asset Monthly Income Fund pays a monthly income but is designed to pay a higher starting income without the emphasis on growing this over time. Both funds offer the potential for long-term capital growth. Investment approach The team s investment approach to managing both funds is the same. The approach is built around creating diversified portfolios, which the team believe are well positioned to deliver the relevant income. In order to help the team achieve this objective, every investment in the portfolio is expected to contribute to the income generated by the fund. So, for example with Premier Multi- Asset Distribution Fund this means underlying investments offering the potential of a growing income over time. Although the team don t make predictions, they form a current view on the economic and market environment, different asset classes and what the short, medium and long-term future might look like. Our multi-asset investment team see a key part of their role as managing uncertainty for you, as an investor. On the basis that no-one knows what the future holds for different investments and investment markets, the team manage this risk by implementing their views but maintaining significant diversification. This diversification

17 17 includes different assets, for example company shares, fixed interest securities, commercial property and alternative assets. This diversification also includes investing in different funds managed by different fund management companies and different managers. It also means accessing assets and funds covering markets around the world. We will also invest in different types of fund structures, including open ended funds, such as unit trusts, or closed ended funds, such as investment trusts. Quality and potential, rather than big or small Importantly, each investment will be selected because our multi-asset investment team has identified a strong long-term income opportunity. This approach leads us to invest in some of the most established and well known fund managers and in some of the most common asset classes, such as UK equities. It also leads our team to invest in highly talented, emerging managers as well as smaller, emerging funds. We invest where we believe there is value for our investors, not where we see other people invest. This approach is in line with our view that big funds typically grow big because they have delivered for investors. Funds don t deliver for investors because they are big. Although the Premier Multi-Asset Distribution Fund and Premier Multi-Asset Monthly Income Fund might be considered as long-term buy and hold income solutions for our clients, there is no stopping with our investment process. At any time, each fund will offer a diversified income portfolio, reflecting the team s current view of the world and current best ideas to create a good, risk-aware income portfolio. At the end of June 2015, the Premier Multi- Asset Distribution Fund held 42 different funds and other investments, managed by 39 fund management companies, each one selected for their quality and potential to add to your income portfolio. So our multi-asset income funds are invested across different asset classes and different world markets. One income investment. A world of income opportunities. SO WHAT IS THE DNA OF A FUND THAT IS LIKELY TO GET INTO A PREMIER MULTI-ASSET INCOME FUND? The team lists some of the qualities that tick the boxes, while stressing that they are more like guidelines than strict rules: Income focus: Selecting income managers is different to selecting growth managers. In every asset class, we search for investments and specialist managers that share our passion for generating longterm income and can demonstrate a clear, disciplined and robust skill for income investing. An active approach: The multi-asset team like fund managers to have high active share in other words, concentrating on good companies to invest in, which they believe can generate income for investors rather than because they are part of an index. Smaller and larger: Managers running millions rather than billions can have a more nimble approach to investing. There are lots of times we ve sold when funds get too big, though we always have room for larger funds that we believe can buck the trend. A clear approach: The team needs to see evidence of a clear and proven investment process. We have to understand how a fund has delivered income and capital growth and whether we believe it can continue to do so. We expect to conduct more than 300 face to face fund manager meetings a year to ensure we fully understand the mechanics behind an investment strategy. No market timing: Many investment gurus will tell you that market timing is a mug s game. By all means hold cash as a strategic weapon to get the right entry point, but be careful about jumping in and out of an asset class too quickly. We are long-term investors. Value: The multi-asset team is no different from the rest of us in that they naturally want to buy at the best possible price, to maximise returns for investors. But they do so with an eye on value for money. You often have to pay for quality and if we believe a fund is good enough that it can deliver great returns after fees, then we will buy it.

18 18 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income Active management Another key aspect of our investment approach is being active. We are constantly reviewing our view and strategy, and will make changes to our asset allocation and investment allocation when we feel it is right. When we invest in a fund, we generally intend to maintain a position for the long term, in some cases this has been over 10 years. That said, we recognise the fact that investment performance will fluctuate, and part of our work when we select a fund and manager is to understand what factors might prompt us to sell. When we sell an investment, it will often be proactive rather than reactive. It may be a case of taking advantage of performance cyclicality by trimming positions that have performed well and recycling proceeds into areas that have suffered short-term underperformance, but where we expect a change of fortune. When we sell an investment outright, this can be for a number of reasons. It might be because of disappointing performance but this has rarely been the case. It is typically for other reasons, such as we believe the fund has become too big for the underlying asset class or investment style, or if we want to take profits from one area or recycle money into other areas. Natural income a reminder Another important thing to note is how the income is generated and paid. Each of the investments in the funds generate income in the form of dividends. Our multi-asset income funds aggregate the income paid from these underlying investments and pay it out to you as a dividend per share. In this way, if you own 10,000 shares and we distribute 4.5p per share, your income would be 450. We call it natural income as we pay out all the income rather than you having to cash in shares or units to generate an income. Income for growth Although we have covered a lot about the income focus of these funds, these funds offer the potential benefit of some long-term capital growth. So, even after you have invested in the funds income shares and received all your income, the value of your original investment has the potential to grow over the long term. Although we pick the underlying investments primarily for their income characteristics, we believe these investments are well placed to offer good potential for long-term capital growth. When you are retired, having this capital pot might be very useful. For example, at some stage you might decide another investment, such as an annuity, is more suitable for your needs. You might need some capital for additional expenditure. If you die while you are an investor in the fund, the capital value can be passed on to your nominated beneficiaries. Investment team Premier Asset Management s multi-asset team has experience of multi-asset style investing since the mid 1990s. The team manage 1.7 billion of assets (as at 30 September 2015) on behalf of clients in a range of multi-asset funds with a different primary focus, including income, growth, balanced returns (growth with some income), conservative growth and absolute return. The team includes five fund managers and is headed by Director of Multi-Asset Funds, David Hambidge, who has over 25 years of investment experience and also includes Head of Research, Ian Rees, who has been part of Premier s multiasset team for 15 years.

19 19 10 REASONS WHY PREMIER ASSET MANAGEMENT CAN HELP DELIVER THE INCOME YOU NEED IN RETIREMENT We are an independent asset management group, managing 4.1 billion of assets (as at 30 September 2015) on behalf of our investors across a range of asset classes, including multi-asset, UK equities, global equities and fixed interest The managers in our multi-asset team have many years of investment experience. The team is headed by our Director of Multi-Assets David Hambidge, who has over 25 years of investment experience Our multi-asset team follow their proven investing for income investment philosophy and process, supported by a strong risk management framework We ve a proven track record of managing multi-asset funds; we launched our first multi-asset style funds two decades ago and manage 1.7 billion (as at 30 September 2015) in our range of multi-asset funds Our multi-asset funds invest across different funds, fund groups and investment types, providing exposure to a range of assets, including company shares, bonds, commercial property, and cash across the UK and world markets By using a multi-asset structure we aim to ensure investors money is well-diversified to manage investment risk and expand the range of income investment opportunities We are strong believers in the importance of active management We are by nature long-term investors but we can be flexible and nimble when market conditions dictate 10 Above all, our multi-asset investment team look after investors money as if it was their own

20 20 PREMIER ASSET MANAGEMENT Multi-Asset Retirement Income PREMIER MULTI-ASSET INCOME SOLUTIONS GUIDE We run through the facts investors need to know on our multi asset income funds, including charges, risks and other key information Fund charges When you invest in a fund, there are different charges that will apply which cover the costs of managing and administering your investment. The fees are typically paid from the fund and reflected in the fund s published share price. The ongoing charges figure shows the annual cost of investing in a fund, including the annual management charge paid to Premier Asset Management. The charges will vary depending on the share class that you invest into. FUND NAME SHARE CLASS MINIMUM INVESTMENT ANNUAL ONGOING CHARGES FIGURE (including annual management charge) REGULAR INVESTMENT PREMIER MULTI-ASSET DISTRIBUTION FUND¹ PREMIER MULTI-ASSET MONTHLY INCOME FUND² Class A 1, % (1.5%) Minimum 50 per month Class B 50, % (1.0%) Not available Class C 250, % (0.75%) Not available Class A 1, % (1.5%) Minimum 50 per month Class B 50, % (1.0%) Not available Class C 250, % (0.75%) Not available ¹OCF as at ²OCF as at Charges explained Ongoing charges figure (OCF) This figure is designed to provide investors with the most accurate measure of what it costs to invest in a fund over a year. The OCF includes the fee paid to Premier Asset Management for the management of the fund (known as the annual management charge), with the remainder of the OCF covering costs that have to be paid to external companies for other services relating to the ongoing administration and management of a fund. This includes fees paid to the Depositary, Custodian, Regulator, Auditor and Administrator. Premier multi-asset funds are comprised of a number of underlying investments, including many different income funds, and the OCF also includes an annual management fee paid to the management companies of these underlying investments. The OCF is not paid directly by investors; instead the fee is deducted annually from the value of the fund and reflected in the fund s share price. Annual management charge (AMC) - This is expressed as a percentage of the value of your investment and pays for the different costs associated with managing your investment each year. Initial charge Premier Asset Management has waived the initial charge for these funds. The initial fee is usually taken from your original investment amount before it is invested. The initial charge for the Premier multi-asset income funds is normally 4% (class A shares). Where to find out more about charges Current charges are published in the Fund prospectus documents and on the factsheets. We publish an Enhanced disclosure of fund charges and costs document, available on the Premier website, which lists all the associated charges of operating our funds. This document is designed to provide

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