Important document please read. Wesleyan SIPP (Self-Invested Personal Pension)

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1 Important document please read Wesleyan SIPP (Self-Invested Personal Pension)

2 Key features of the Wesleyan SIPP (Self-Invested Personal Pension) The Financial Services Authority is the independent financial services regulator. It requires us, Wesleyan Bank, to give you this important information to help you to decide whether our SIPP is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. This Wesleyan SIPP is a flexible, long-term and tax-efficient way to take full control of your investments, before and after you retire. Helping you decide This document gives the main points about your SIPP. It doesn t explain all the definitions or include all the terms and conditions. That information is in the Wesleyan SIPP Member Agreement and the charges guides, which your Financial Consultant will give you. We run and manage the Wesleyan SIPP and are also the trustee. Wesleyan SIPP Trustees Limited holds the assets of the Wesleyan SIPP in its name. In this document when we us we, Wesleyan or trustee this means Wesleyan Bank. Its aims To build up a sum of money in a tax-efficient way. To let you take an income and lump sum from the age of 55, in a flexible way that suits you. To give you more control over your investments and give you a greater choice of investments. Your investment You need to make: regular contributions (monthly, quarterly, half-yearly or yearly); at least one lump-sum contribution; or at least one payment transferred from another pension scheme into your SIPP. You must keep at least 2000 in the trustee bank account. Risks The value of your pension fund can go up and down and you might get less back than you paid in. There are no guarantees. The value of your fund will affect the amount of income you get when you start taking benefits. If you buy an annuity, (a plan that pays out an income for the rest of your life) annuity rates can go up and down, and the rate that will apply when you buy the annuity is not guaranteed. If you choose to take Capped Drawdown (see How can I take my benefits? on page 6), the income you can take is based on a rate set by the Government Actuary s Department (GAD).This is called the GAD rate, which can go up or down and is not guaranteed. If you transfer benefits from another pension scheme, you may get back less from your SIPP than you would have received from the original scheme. Taking an income from your SIPP will affect the value of the plan and could reduce it dramatically. The charges may increase. The tax rules which apply to your SIPP could change. If you start this plan with a one-off contribution and you cancel in the first 30 days, you may get back less than you invested if the value of your investments has fallen by the time we receive your cancellation notice (this is a form we send to you with your plan documents). 2

3 Questions and answers Who can pay into in my Wesleyan SIPP? You can pay regular contributions or a one-off lump sum into your SIPP if you are under 75 and a UK resident for tax purposes. If you re 75 or older, you can only transfer benefits from other pension schemes. Contributions can also be made by your employer (if you have one) and anyone else on your behalf. Is the Wesleyan SIPP a stakeholder pension? No it isn t. A stakeholder pension is a type of personal pension which has to meet certain standards set by the Government such as how much it costs and its terms and conditions. The Wesleyan SIPP doesn t meet all of those standards. A stakeholder pension may meet your retirement needs at least as well as a SIPP. How do I pay into my Wesleyan SIPP? We will provide a trustee bank account. Any contributions and transfers will be paid into this account. Only Wesleyan SIPP Trustees Limited can have access to and manage the account in line with your instruction. Any other income, such as dividends from shares, will also be paid into the trustee bank account. Interest on the balance in the trustee bank account is calculated daily and will be added to the account twice a year (on 30 June and 31 December). This interest is tax-free. Our current interest rates (as at 6 April 2012) are shown below, but these may change from time to time. You can check the latest interest rates at Balance Annual equivalent Gross rate rate (AER) 5000 or more 0.50% 0.50% a year 4999 or less 0.10% 0.10% a year Once your SIPP is set up, we will take the charges out of the trustee bank account when they are due. The way we take the charges is explained in our core charges guide. You must keep at least 2000 in the trustee bank account at all times. The charges from Brewin Dolphin and Stocktrade will be taken directly from the fund they are managing (see Who are Brewin Dolphin and Stocktrade? on page 5 for more information). How much money can be paid into my Wesleyan SIPP? If you start your SIPP with a lump-sum contribution, it must be 50,000 or more. You can pay extra lump-sum contributions of 500 or more at any time. If you start your SIPP with a lump-sum contribution and you also want to make regular contributions, your regular contributions need to be 250 a month ( 3000 a year) or more. If you don t start your SIPP with a lump-sum contribution, you need to pay in 750 a month ( 9000 a year) or more. If you choose to take Capped Drawdown, you need to have 100,000 or more in your pension fund (after any tax-free lump sum you take) when you start to take benefits (see How can I take my benefits? on page 6). If you choose to take Flexible Drawdown you need to have 20,000 or more in your pension fund (after any tax-free lump sum you take) when you start to take benefits (see How can I take my benefits? on page 6). You can increase your regular contributions by any amount at any time. If you want to use the services of an investment manager you must have 100,000 or more in the trustee bank account (see Where can I invest my Wesleyan SIPP fund? on page 5). We won t accept any contributions which we know will take you over your annual allowance or which do not get tax relief (see How much can I build up in my pension plans in total without having to pay a tax charge? on page 4). 3

4 Each tax year you can pay in up to 3600 (even if you earn less than this amount), or up to the total of all of your relevant UK earnings, whichever is higher. If you re employed, your relevant UK earnings are the income you receive from your employer in a tax year, including any bonuses, commission and benefits in kind (for example, private medical insurance or a company car). If you re self-employed, your relevant UK earnings are the income you receive in a tax year from carrying out your trade, profession or vocation. HM Revenue & Customs (HMRC) set the above limits. They apply to the total contributions you pay, and any paid on your behalf, into all your pension plans. They don t apply to any contributions your employer pays or any money you transfer from other pension schemes into your SIPP. You must write and tell us within 30 days if: you stop earning money that you pay UK income tax on; your earnings in a tax year are less than your pension contributions for that tax year; or you stop being a UK resident. You need to regularly review your plan to make sure you re on track to meet your retirement goals. What about tax relief? You ll get basic rate tax relief (currently 20%) on the contributions you pay into your plan. We claim the tax from HMRC and add it to your plan. (For example, if you want to put 1000 into your plan, you pay us 800 and we claim 200 back from HMRC and add it to your plan.) If you re a higher- or additional-rate taxpayer, you may be able to claim further tax relief through your self-assessment tax return. If your employer pays into your plan, they may get tax relief on the contributions they make as a business expense. The annual allowance is 50,000, but it might change in the future. In some circumstances, you can also carry forward any annual allowance you haven t used from the previous three tax years and use it in the current tax year. If you pay in more than the annual allowance, you ll have to pay an annual allowance tax charge. For defined-benefit pension schemes (a type of pension where the income you get depends on your salary and how long you have been a member of the plan) the annual allowance includes the yearly increase in the value of your benefits. The NHS Pension Scheme and the Teachers Pension Scheme are both defined-benefit pension schemes. For money-purchase pension plans (a type of pension where the income you get depends on how much you or someone else has paid in and how well your investments have performed) the annual allowance includes: all the contributions you pay; and all the contributions anyone else pays, including your employer. The contributions into money-purchase pensions and the yearly increase in your benefits under defined-benefit schemes is known as the pension input amount. For the purposes of the annual allowance, the Wesleyan SIPP normally runs from 6 April one year to 5 April the following year (the pension input period). This means your pension input for the year ending 5 April is the amount you (or someone else) have put into your plan during the last 12 months. You should speak to your Financial Consultant if you want to change your pension input period. How much can I build up in my pension plans in total without having to pay a tax charge? The total amount that you can build up in all of your pension plans without paying a tax charge is called the lifetime allowance. The lifetime allowance is 1.5 million. This may change in the future. If your pension savings are worth more than the lifetime allowance when you take the benefits you may have to pay a tax charge. If you have been given lifetime allowance protection by HMRC, your lifetime allowance may be higher. Different types of pension plans are valued in different ways for the purposes of the lifetime allowance. How much can be paid into all my pension plans each year without having to pay a tax charge? HMRC set a maximum amount that you (or someone else on your behalf) can pay into pension plans in any tax year and receive tax relief. This is called the annual allowance. 4

5 Where can I invest my Wesleyan SIPP fund? You can invest your SIPP fund in any of the following. A Trustee Investment Plan (TIP) With the Wesleyan TIP you can invest in a variety of funds. The TIP will be issued in the name of Wesleyan SIPP Trustees Limited. Full details of this product are included in the Wesleyan Trustee Investment Plan key features document, which your Financial Consultant will give you. Wesleyan Assurance Society investments We have four risk-based portfolios in the Wesleyan Unit Trust Investment Portfolios which you can invest in: Safety First UK Balanced UK and International Global Growth Collective investments Open-ended investment companies (OEICs), unit trusts and investments trusts are all types of collective investments (or collectives). This is where your cash is pooled with that of other investors so they can invest in a number of different stocks. This gives you a wide range of funds to invest in. An OEIC is a type of company that invests in businesses and sectors on behalf of its investors. You can buy and sell shares in the fund, which grows or shrinks as a result of this. The shares are not traded between investors on the stock market and are only bought and sold by the investment company. The value of the shares in OEICs always reflect the value of the fund. A unit trust is a fund that spreads the risk over a range of investments. Investors can usually benefit from professional fund management, so you don t have to make your own choices about where to invest within the fund. Unit trusts are open-ended funds, which mean they have an unlimited number of shares in which to invest. Different unit trusts will have different objectives, such as investing for income or growth. An investment trust is a company listed on the London Stock Exchange that invests the funds of its shareholders in the shares of other companies. This lets people with lower funds invest in a range of shares without having to pay high costs for fund management. It also lets investors reach shares that aren t easy to get to, such as emerging countries markets. Investment trusts are closed-end funds, which means there is a set number of shares available. The price of shares is affected by supply and demand. Collectives can be invested in the Wesleyan SIPP through: Brewin Dolphin Limited, as part of a portfolio (where an investment manager will buy, sell and manage your investments for you); or Stocktrade, on an execution-only basis (where you make all your own decisions without advice). The minimum investment to use Brewin Dolphin Limited is 100,000. There is no minimum investment to deal through Stocktrade (see Who are Brewin Dolphin and Stocktrade? below). Stocks and shares You can invest in individual stocks and shares through Stocktrade. Stocktrade is part of Brewin Dolphin Limited and does not offer advice (known as execution-only ). This means you will instruct Stocktrade about how to deal with your investment, without any advice from us. You can get instant access to your investments over the phone or on the internet. Whichever way you access your account, you can buy and sell investments, check market prices and check your portfolio value. Your Financial Consultant will give you advice about your financial planning needs but if you use Stocktrade, you will make your own decisions about the investments within your SIPP. Who are Brewin Dolphin and Stocktrade? Brewin Dolphin Limited is one of the UK s largest investment managers, with 25 billion under management (at September 2011). We use their investment management service to buy, sell and manage investments for you. Brewin Dolphin has been managing SIPP investments since SIPPs were introduced in Brewin Dolphin is authorised and regulated by the Financial Services Authority (FSA number ). Wesleyan has selected Stocktrade to be the single access point for our SIPP investment dealing services. Stocktrade is part of Brewin Dolphin Limited and was founded in 1993 as the execution-only service. Stocktrade look after all investments that are dealt through them for your SIPP. Stocktrade is a division of Brewin Dolphin Limited who are authorised and regulated by the Financial Services Authority (FSA number ). 5

6 How can I take my benefits? You can take your benefits from your SIPP as: a tax-free lump sum (within limits); and an income paid from your SIPP, either as a lifetime annuity or as an income from a drawdown pension (see below for more information). Tax-free lump sum When your pension starts you can usually take up to 25% of the fund as a tax-free lump sum. You can use the rest of the fund as an Income Drawdown, or to buy a lifetime annuity to provide an income (see below for more information). You may not be able to take a tax-free lump sum if you are near to or over the lifetime allowance. What happens if regular contributions to my Wesleyan SIPP stop? You can stop contributing to your SIPP at any time. However, this will affect how much you get back. You can stop paying into your SIPP altogether or take a payment break. You can start paying contributions again at any time before you are 75. You can t make any contributions if you are 75 or older. If you stop making contributions we will continue to invest your money. When can I take the benefits from my Wesleyan SIPP? You can take the benefits at any time from the age of 55, even if you re still working. You may be able to take the benefits from your plan before you are 55 if: you cannot work due to long-term illness or disability; or you have a certain job (such as a professional sportsman, a pilot or a deep-sea diver). How much will my pension fund be worth when I take my benefits? The value of your pension fund when you take your benefits will depend on: how much money has been paid in; how much money has been taken out; how long the money has been invested for; how well your investments have performed; and the charges. Phased retirement You can choose how you want to receive the income from your fund. You can use your full retirement fund to provide an income in one go. Or you can use parts of the fund to get your income or tax-free lump sum (or both) in stages. This is called phased retirement. When you choose phased retirement, your fund can be split into two parts. The used fund is the part of your pension fund that is used to provide a regular income. If you take a tax-free lump sum, this will be paid when the regular income starts. You won t be able to pay any more money into the used fund. The unused fund is the part of your pension fund that has not yet been used to provide a regular income or a tax-free lump sum. You can carry on making contributions to the unused fund. Income Drawdown You can use some or all of your pension fund as an Income Drawdown. This is where you take your pension fund as an income. This option is available from the age of 55. Capped Drawdown Your fund will still be invested and you can choose how much income you want to get each year. You don t have to take any income if you don t want to, but the maximum you can take each year is set by the Government Actuary s Department (GAD). Your Financial Consultant will be able to tell you the limit for your SIPP. If you take a Capped Drawdown before the age of 75, the maximum amount of income you can take stays the same for three years. We will review this maximum amount every three years until you are 75. After that, we will review the maximum amount every year. We will give you a new limit based on your age and the value of the funds. We will also review your limit if you: use any of your used fund to buy a lifetime annuity; start to take benefits from the unused fund ; divorce your husband or wife, or your registered civil partnership is dissolved (legally ended), and we are provided with a pension sharing order; or you ask for a review. 6

7 It is important that you meet these requirements when you ask to take an income through Flexible Drawdown. If you start Flexible Drawdown and you are not eligible, HMRC could apply tax charges of up to 70% of the amount of income you take. You will need to sign a declaration to confirm that you meet these requirements. We will refuse your request for Flexible Drawdown if you fail to provide evidence that you are eligible for Flexible Drawdown. Please speak to your Financial Consultant if you are not sure whether you qualify for Flexible Drawdown. Lifetime annuity Flexible Drawdown Like Capped Drawdown, your fund will remain invested but the level of income you can take is not limited. However, you must meet certain requirements. Minimum Income Requirements (MIR) You must confirm that you have a minimum guaranteed lifetime pension income of 20,000 (before tax) or more in the tax year you want to take Flexible Drawdown. Your lifetime pension income can include one or more of the following sources from within the UK. State Pension Lifetime annuities Scheme pensions Dependants pensions Dependants annuities Periodic compensation paid by the Pension Protection Fund Social security pensions Certain payments made by the Financial Assistance Scheme (FAS) or because your pension scheme is to enter FAS. Annuity payments will qualify towards the 20,000 income if they have a lifetime guarantee. Any non-guaranteed annuities will not count towards your guaranteed lifetime pension income. Scheme pension payments will only qualify if they are made from a registered pension scheme with 20 members or more. A lifetime annuity is when an authorised pension provider promises to pay you an income for the rest of your life. You can buy a lifetime annuity with the pension fund in your SIPP at any time from the age of 55. Pension providers offer different annuity rates, so you should shop around for the best deal. You can ask your Financial Consultant for a leaflet on how to do this. The income you get is based on your age, the value of your fund and the annuity rates at the time. Can I transfer benefits from another pension scheme? Yes, you can set up a Wesleyan SIPP with a payment transferred from another pension scheme. You can also make lump-sum or regular contributions. If you are transferring into the Wesleyan SIPP and start taking benefits, you can usually take out 25% of the transferred amount as a tax-free lump sum. However, if you have already taken a drawdown from the pension scheme that is being transferred, you won t be able to take any more tax-free cash after the transfer. If you are using all the funds in your SIPP to provide an income, you will need to start a second SIPP to accept further transfer payments. In some cases you may not be able to transfer existing benefits to your SIPP. Please speak to your Financial Consultant for advice. No future pension contributions If you take Flexible Drawdown, you must not: make any contributions, or have any contributions paid on your behalf (such as by your employer), to a money purchase pension scheme in the same tax year that you take Flexible Drawdown; or be an active member of a defined-benefit arrangement when you apply for Flexible Drawdown. (An active member is someone who is still building up benefits in their scheme. If you are not sure whether you are an active member of a defined-benefit arrangement you should speak to your Financial Consultant.) If you make contributions in any tax year after the tax year in which you started to take Flexible Drawdown, you will have no annual allowance, and you will have to pay an annual allowance tax charge. 7

8 What happens to my Wesleyan SIPP when I die? When you die, the benefits can be paid to your beneficiaries, such as your husband, wife, partner or dependant, and can be paid as a lump sum or be used to provide them with a pension through drawdown or an annuity. We are responsible for paying out these benefits and we will take into account anyone you have previously said you wanted the money to go to. The person who receives the money from your SIPP won t normally have to pay any inheritance tax on it. If a lump sum is paid out when you die, there will be a 55% tax charge if; you die aged 75 or over; or the funds are being used for Income Drawdown (even if you are 75 or under). What are the charges? There are various charges applied to your SIPP. These charges are explained in the following Wesleyan SIPP charges guides which your Financial Consultant will give you. Core charges guide Collective, share dealing and miscellaneous investments charges guide You are personally responsible for making sure you have enough funds to pay for fees and charges when they are due. How can I find out how my plan is doing? You can: check the statements we send you every six months; call our helpline on between 8.30am and 6.30pm Monday to Friday, and between 9am and 2pm on Saturdays. Can I change my mind? Yes, you can change your mind within 30 days from receiving your plan documents. If you decide, for any reason, that you don t want the plan, we ll return all your fees back to you. If you pay a one-off contribution and ask us for your money back in the cancellation period, you may get back less than you invested if the value of your investments has fallen by the time we receive your cancellation notice. During the 30-day cancellation period, we will not process any transfer into your plan, claim tax relief on your contributions or carry out any investment instruction. However, if you want to us to do any of these things before the end of the cancellation period, you can waive (give up) your right to cancel. You can do this through the member declaration on the Wesleyan SIPP application form or by writing to us at the address on page 9. You can t waive your right to cancel if funds are being transferred into your plan from another registered pension scheme. If you waive your right to cancel, or the 30-day cancellation period has passed, we won t refund any charges for setting up and managing your plan. This also means that we won t refund any payments made into the plan, but you can transfer the funds to another registered pension plan. Any funds or assets that have been transferred into your SIPP plan from another scheme can only be transferred back to that scheme. However, if that scheme does not accept the transfer back, you must transfer it to another registered pension scheme. There is no general right to cancel an investment made by your SIPP plan. You will only have the right to cancel if it is specific to that particular investment. Other information How to complain We hope that you re happy with our service. If you do need to complain, please write to the Complaints Team, Compliance Department at the address below. If, after receiving our response, you re still not happy, you should contact the Financial Ombudsman Service. The Financial Ombudsman Service Investment Division South Quay Plaza 183 Marsh Wall London E14 9SR Phone: (Free if you are calling from a landline.) Phone: (Free if you are calling from a mobile phone and you pay a monthly charge for calls to numbers starting 01 or 02.) Website: If you complain to the ombudsman, it won t affect your legal rights. Law The law of England applies to the plan. The information in this document is based on how we understand the current tax rules. They may change in the future. 8

9 Compensation If we can t meet our financial obligations to you, you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS). For information about the scheme, please contact them direct. FSCS 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU Phone: Phone: Website: How to contact us If you have any questions, please contact us in any of the following ways. Call us on Our lines are open from 8.30am to 6.30pm, Monday to Friday. We may monitor our calls to improve our service. Write to us at: SIPP Centre Wesleyan Assurance Society Colmore Circus Birmingham B4 6AR. us at Fax us on Visit our website at 9

10 Please call: If you would like this document in Braille, large print or audio tape, please contact Wesleyan Bank Ltd, PO Box 3420, Colmore Circus, Birmingham, B4 6AE. Telephone: Fax: Website: Wesleyan Bank Ltd is authorised and regulated by the Financial Services Authority (Registered in England No , FSA Register No ). Wesleyan Bank Ltd is wholly owned by Wesleyan Assurance Society. Please note all telephone calls to Wesleyan Bank will be recorded for training and monitoring purposes. WR-KFD-3-12/12

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