KEY FEATURES OF THE GROUP STAKEHOLDER PENSION SCHEME

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1 KEY FEATURES OF THE GROUP STAKEHOLDER PENSION SCHEME The Financial Conduct Authority is a financial services regulator. It requires us, Friends Life Limited to give you this important information to help you to decide whether our Group Stakeholder Pension Scheme 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. Please read this document with the accompanying illustration. Where relevant information is contained in other documents these will be signposted at the appropriate point. You need to be comfortable that you understand the benefits and risks of this plan before deciding whether to invest. The purpose of this document is to help you to make an informed decision. However, we recommend that you seek professional advice before you make any decisions about this plan. What is a Group Stakeholder Pension Scheme? A Group Stakeholder Pension Scheme is a collection of individual Stakeholder Pension Plans arranged by an employer for their employees. It is designed on a group basis so that it is easier to administer. Each individual plan is a long term investment plan designed to help the employee invest for their retirement. Stakeholder Pensions have to meet certain standards and obey certain rules. This plan meets all of the Stakeholder legislative requirements. Through the pension plan you can invest in one or a number of investment funds. These funds invest in different types of assets, which tend to fall into four main categories: Money Market, Fixed Interest, Property and Shares. Please see the pension funds guide appropriate to your plan for further information. Should you consider this plan? You should consider this plan if: you are at least 18 years of age (there are some circumstances where you can join a Group Stakeholder Scheme at age 16 so please speak to a financial adviser if this applies to you); you want to invest for your retirement; you re under age 75; you can afford the contributions due; you are prepared to keep your funds invested until you are eligible to take benefits; you have considered any other pension plan your employer may offer. For most people it will pay to save in a pension or some other scheme. For a few people it may not be so clear cut. In particular, if you re over fifty, haven t been able to save much and can t afford to save much as you approach retirement, you should seek financial advice before starting a pension plan. If you don t have a financial adviser, one can be found at

2 Its aims To build up a sum of money in a tax efficient way to provide pension benefits. To provide benefits on your death to your dependant(s) and beneficiaries. Your commitment To make regular and/or one off contributions to the plan. These contributions can be paid by you or your employer. Your employer may also contribute to your plan. This may be dependent on you paying a minimum level of contribution. For more details regarding minimum contribution levels, please speak to your employer. To understand that funds remain invested until you decide to take your benefits. You cannot normally take these benefits before age 55. Under this plan you must decide before your 75th birthday on the type of benefits you wish to take. To tell us if you stop being eligible for tax relief on your contributions. For example if all your pension contributions in a tax year are greater than your earnings for that tax year. Where your employer is using your membership of the scheme to fulfil their duties under the automatic enrolment regulations, you will pay any contribution required to ensure that the total contributions to your plan are at least equal to the minimum levels required under those regulations. To review your plan regularly to ensure your investment fund(s) still meet your needs. To understand the risks shown in the Risks section below. To tell us and your employer if you have flexibly accessed your money purchase pension savings. Please refer to the section What about tax when money is paid into my plan? on page 7. Risks The value of investments can fall as well as rise and is not guaranteed. This could mean that when you choose to take your retirement benefits the value of your fund may be lower than the amount paid in. The retirement benefits you receive from this plan may be lower than illustrated. This could happen for a number of reasons. For example, if: annuity rates provide less retirement benefits than those assumed in the illustration. This might be because: interest rates when you retire are lower than assumed; or life expectancy when you retire is greater than that assumed. charges have been higher than assumed; investment performance is lower than assumed; you and/or your employer stop or reduce contributions or there has been a break in contributions paid; you have chosen to take your benefits before your chosen retirement date; tax rules change. The tax information provided here is based on our interpretation of current legislation which is subject to change and individual circumstances. It is important to understand the Group Stakeholder Pension is denominated in British pounds. So if you invest in a fund that is denominated in a different currency, there is an additional risk that your investment could lose value because of changes in exchange rates between the different currencies. Some of the funds in which you can invest may carry additional risks because of the types of asset they may hold. For instance, the value of funds that invest overseas may fall and rise due to changes in exchange rates, funds that invest in emerging markets may not be regulated as strictly as the UK and it may be harder to sell these assets, there may be a delay in accessing your money if you invest in property etc. There are other risks which could affect the performance of the funds that you invest in. Please see the Where do you want to be? pension funds guide for more information. If you join this pension scheme you should bear in mind that the pension you receive in retirement could affect your entitlement to means-tested State benefits. 2

3 Questions & Answers: 1. Can I change my mind? You can change your mind within 30 days. If you decide to invest in this plan we will send you a Your right to change your mind form. You will then have 30 days to cancel your plan. Regular Contributions: If you cancel within 30 days you will receive back any money that you have paid. Single Contributions: If you cancel within 30 days you will get back the contributions less any fall in investment that has occurred before we receive your notice. This means you may get back less than you invested. Any employer contributions will be returned to your employer. If you do not exercise your right to cancel within 30 days your plan will continue in accordance with the plan terms and conditions. Any decision to transfer your fund at a later date will be subject to any charges as shown in the illustration. Please send your cancellation form to the address shown in the How to contact us section on page What are the charges? The accompanying illustration shows the charges for your plan. Charges reduce the potential for growth. Yearly Management Charge We take a Yearly Management Charge (YMC) from your plan to cover the cost of setting up your plan including any commission, which will be shown on your illustration. The charge also includes the cost of administering your plan and professionally investing your money. However, it does not cover any fee you may wish to pay your financial adviser. The YMC will accrue daily and will be calculated as a percentage of your fund value. The amount of the charge will be detailed in your illustration in the section called What are the charges. Fund charges vary depending on the fund chosen. Please see the pension funds guide appropriate to your plan for further details. Fund Expenses Some funds may have additional costs which are reflected in the unit price. These are known as fund expenses and are made by the fund manager to cover the cost of running the fund. These costs can include custodian and audit fees, and commission on the buying and selling of assets. Fund expenses vary depending on the fund chosen. Additional Fund Charges You may invest in funds from specialist fund managers. These funds may have additional management charges. Further information about all the funds and their charges can be found in the pension funds guide appropriate to your plan. Changes to charges There are a number of circumstances that could lead to an increase in charges, such as tax rule, legislative or regulatory changes, or staff and overhead costs (which are reasonable in amount and reasonably incurred) being higher than we expect. In some cases the cost of using third parties could be more than we expected. A third party is any party which is not Friends Life. If any of this happens we would write to all planholders who are affected to tell them of the change. Under Stakeholder Pensions, the Government sets a maximum level for charges. For further details please refer to The charges under this plan will never exceed the maximum permitted by the Government. 3. How can I pay money in? What contributions can I make? You and/or your employer can make regular contributions or make single one-off contributions at any time. Your employer will usually deduct regular contributions directly from your earnings and pay them to Friends Life. Contributions will be invested when Friends Life receives them from your employer. You can make contributions based on a fixed amount or a fixed percentage of your salary. You and/or your employer can change your contributions in the future. If you make regular contributions your employer will deduct them from your salary and add them to any contributions they make, before forwarding the total amount to us for investing. You can make any single one-off contributions by cheque. Please note that charges apply to additional investments as if they are a new initial investment and they will attract their own cancellation rights. The value of additional investments, as well as the existing investment, can fall as well as rise and is not guaranteed. 3

4 As an alternative to having your contributions deducted from your salary as described above, your employer may operate a salary sacrifice arrangement. This means that you agree to a reduction in your basic salary and in return your employer will increase the contributions that they make into the plan, by paying in an amount at least equivalent to the amount that you have sacrificed. You must be aware that salary sacrifice may impact your ability to borrow, income protection payments and access to state benefits, so it may not be suitable for your circumstances. Also you may only be able to change your contribution levels once a year. You should contact your employer for further details of this. Minimum Contributions Under the Group Stakeholder Pension Scheme there is a minimum contribution of 20 a month for both regular contributions and single contributions. If contributions are reduced they must not fall below the minimum level required at the time. The minimum levels may change from time to time in accordance with the Policy Booklet. Maximum Contributions There is no limit on the contributions that can be made by your employer but there is a limit on personal contributions (those paid by you or others on your behalf) to your plan under the Group Stakeholder Pension Scheme. The plan can only accept personal contributions that will attract tax relief. For more information about contributions that will attract tax relief please see the What about tax? section on page 7. Can I stop or vary contributions? Yes, you and/or your employer can stop making or vary the amount of contributions at any time. However you should note that: if contributions are stopped or reduced the plan will stay invested and charges will continue to be taken. If the plan has not been in force for long or its value is small the ongoing charges may significantly reduce the future value of the fund and there is a possibility that the value will reduce to zero; any employer s contributions may automatically stop if you stop making contributions. if employer contributions stop then employee contributions may have to stop also; fewer and/or reduced contributions will reduce the fund available at retirement. If you are a member of a pension scheme that your employer is using to fulfil their duties under automatic enrolment regulations; contributions will need to meet the minimum regulatory levels; and if contributions stop or fall below the minimum regulatory levels, you will be automatically enrolled into your employer s automatic enrolment scheme at the minimum level, approximately every three years if you meet the requirements for automatic enrolment at that time. Can I restart contributions? You can restart contributions at any time, so long as you are still eligible. You may also be able to make up any contributions you missed. An illustration of the effect on the plan benefits can be provided on request if stopping, reducing or restarting contributions is being considered. What will happen if I leave my current employer? Employer contributions will stop, however you can normally keep making contributions. In some cases fund availability may be restricted. If your previous employer contributed to your plan, your new employer does not have to. 4. How does my plan work? Where can I invest? You can choose where to invest from a range of investment funds. These funds are unit linked. Full details of the funds available and their charges are described in more detail in the pension funds guide appropriate to your plan. The funds invest in assets like stocks, shares and property, and in different markets and countries. You can invest in up to 10 different funds at any one time. When choosing investment funds they should be expressed in whole percentages on your application form. The default investment fund The default investment fund is a fund into which your contributions, and your employer s if applicable, will be automatically invested if you do not select your own investment fund(s). The default investment for this scheme is detailed in your illustration. 4

5 What are units and unit-linked funds? Each unit-linked fund is divided into units of equal value and contributions are used to buy units in your chosen fund or funds. The value of your investment on a particular date is calculated by multiplying the number of units you hold by their price at that date. The value of units can fall as well as rise and is not guaranteed which means that the benefits you receive could be less than illustrated and could be less than the amount you have paid in. Can I switch between investment funds? You can normally switch your investment between the available funds at any time. Currently there is no charge for this but one could be introduced in the future in accordance with the Policy Booklet. We reserve the right to delay any dealings in the funds such as switches for up to one month (for example when dealings on a stock market exchange are suspended), and six months for funds that invest in property (to allow property to be sold if necessary). In unusual or exceptional circumstances these periods may be extended for as long as is necessary and is fair to planholders who are invested in the fund. Any transactions deferred will then be based on the unit price at the point the transaction takes place and not the date that it was requested. Please refer to the Policy Booklet for further details. How will I know how my plan is doing? We will send you an annual statement on your scheme s anniversary to show how your plan is doing. You should review your contributions and the investment performance of your chosen fund(s) regularly. You may want to have a regular review with a financial adviser. Can I transfer my plan to another provider? You may transfer your plan to a registered pension scheme with another pension provider, a new employer or to a qualifying recognised overseas pension scheme. You should seek financial advice before considering any transfer. 5. Can I transfer money in from another registered pension? Yes, and you need only read this section if you are considering transferring the benefits from another pension arrangement into the Group Stakeholder Pension Scheme. You should discuss your options with a financial adviser before making a decision. In some cases you must take independent financial advice before you can transfer your benefits. It s important to consider if your previous arrangement or any alternative new arrangement offers any valuable guarantees that this plan cannot match. What is a transfer payment into a Group Stakeholder Pension Scheme? This is where the Group Stakeholder Pension Scheme is used to accept a transfer payment from another pension plan you hold with another registered pension scheme. You will not receive any tax relief on transfer payments into your Group Stakeholder Pension Plan as this money will already have benefited from tax relief when it was paid into your pension plan. Are there any additional risks to transferring payments in? The benefits you receive from the transfer could be less than those you would have got under your previous arrangement. If you decide to cancel the transfer, it may not be possible to get the transfer value back to the original arrangement. Many occupational pension schemes which were contracted out of the State Second Pension and/ or State Earnings Related Pension Scheme had to provide guaranteed benefits which replaced these state benefits. The replacement benefits under this plan are not guaranteed. If you transfer into this plan from a defined benefit pension scheme or other pension scheme that offers guaranteed benefits, your replacement benefits will not be guaranteed. 5

6 Can I cancel the transfer? Yes. You have 30 days in which you can cancel a transfer payment. If you decide to transfer money into this plan you will receive a cancellation notice with your documentation. You will then have 30 days to cancel the transfer. You should be aware that your existing pension scheme is not obliged to take back the transfer payment. If this is the case the transfer must be paid to an alternative registered pension scheme. If you cancel you will get back less than the transfer value you invested if your investment has fallen in value during that time. 6. What choices will I have on retirement? When can I take my benefits? You can normally choose to take your pension benefits between age 55 and 75 under this plan. You do however have the option of a transfer out of this plan before age 75 into a scheme offering additional options after age 75. If you have an agreed early retirement age or cannot work because of ill health you may be able to take your benefits earlier. The benefits you receive at early retirement may however be lower than illustrated. We will write to you shortly before your selected retirement date to let you know your retirement options. How can I take my benefits under this plan? You will have a fund that you can use to provide pension benefits. There are currently several options available and when you take your pension benefits you should speak to your financial adviser for help in determining which option(s) suits your needs best. This is important as shopping around could help you obtain a higher income. Annuity You can convert all or part of your pension fund into an annuity. An annuity is a product that will give you income and can be purchased with any provider in the market (known as Open Market Option). The amount of the annuity payable will depend upon a number of factors such as the type of annuity purchased, whether you take a tax-free cash sum, the provider selected and your health. You can normally take up to 25% of your pension fund as a tax-free cash sum. We have enclosed an illustration of the annuity benefits you might get when you retire. Lump Sum You will have the option to take your pension fund as a lump sum. 25% of the lump sum you take will be paid to you tax free, with the balance subject to tax at your marginal rate of income tax. Drawdown pension You may be able to request a drawdown product depending on the size of your pension fund. You can normally take up to 25% of your pension fund as a tax-free cash sum, with any subsequent withdrawals taxed as income. This option allows you to take income directly from your pension fund while leaving the remaining fund invested. Transfer You can transfer your pension fund to another registered pension scheme. Other registered pension schemes may allow additional options. Information available to you The Money Advice Service publish a consumer fact sheet, Your pension it s time to choose, which is available on their website, The government has announced that you will be able to access free impartial guidance on your retirement options from Pension Wise 6

7 7. What happens to the plan if I die before retirement? We will use the full value of your plan to provide benefits. How will the benefits be paid? The value of your plan will be paid as a lump sum as now described. This lump sum will normally be paid to your family members or any others we select, at our discretion, in accordance with the scheme rules. At any time before your death you can give us details about who you would like the lump sum to be paid to. We will take your wishes into account in making our decision. If you have set up a trust for your plan we will pay the lump sum to that trust. By putting your plan in trust you can arrange for the benefits to go to the people you want to receive them, and it may speed up the payment of benefits. It is the trustees responsibility to pay the beneficiaries you have nominated. If you would like to set up a trust for your plan, please contact us for the relevant forms. 8. What about tax? This is a registered pension scheme and must follow HM Revenue & Customs (HMRC) rules on contributions and benefits. If these are not followed you could end up paying more tax than you planned to. What about tax when money is paid into my plan? When you make contributions into your pension plan you are normally entitled to tax relief on the contribution. To obtain this tax relief you pay your contributions to us net (after deducting basic rate tax from the amount of the contribution). We will then claim back from HMRC the basic rate tax deducted and use it to increase the contribution into your pension. If you are transferring money from another pension plan into this one then you will not receive any tax relief as this money will already have benefited from tax relief. Annual Allowance HMRC puts a limit on the total amount that can be paid into all your pension arrangements each year before a tax charge is payable. For the 2016/17 tax year this annual allowance is 40,000. Anything paid in above this may incur a tax charge. If you earn more than 110,000 (2016/17 tax year) your annual allowance may be reduced. If you flexibly access your pension savings your annual allowance in respect of money purchase pension arrangements is 10,000 for the 2016/17 tax year. The provider of the arrangement you have accessed will notify you if this applies. You can find out more about the annual allowance on the HMRC website at: If you think you might be affected then we strongly recommend that you receive individual tax advice. For more information about tax please refer to a financial adviser. Are there any tax implications whilst my money is invested? The growth in the value of the money in the investment funds you choose is currently free of UK taxes on capital gains and investment income, as long as it remains invested. However, the funds cannot claim back tax credits on dividends received from any investments they make in UK shares or any withholding tax paid in respect of non-uk equity held. Any investments the fund holds in overseas assets will be subject to the tax rules applicable in that country. If you re a higher rate tax payer you can claim any additional tax relief you are entitled to through your self-assessment tax return. You are entitled to tax relief provided your total gross pension contributions do not exceed the greater of 3,600 or your relevant UK income for the tax year. Any contributions your employer makes, including those made via a salary sacrifice arrangement are on a gross basis. 7

8 What about tax when I take my benefits? If you are age 55 or over you can normally take up to 25% of your pension fund as a tax-free cash lump sum. You may take the remainder as a taxable cash lump sum or pension. If you take all or part of your pension fund as a cash lump sum, you will get a smaller pension or no pension at all. The taxable part of any lump sum and/or any pension you receive will be taxed through the Pay As You Earn (PAYE) system as pension income. The amount of tax you have to pay will depend on your income tax rate at the time the cash sum and/or pension income is paid. Lifetime Allowance HMRC puts a limit, called the lifetime allowance, on the total amount that can be taken from pension schemes before a tax charge is payable. The standard lifetime allowance is 1 million for the tax year 2016/17. Your lifetime allowance reduces each time you take benefits. If, when you take benefits, or at age 75 if earlier, the value of benefits being taken exceeds your remaining lifetime allowance then the excess will be subject to a tax charge, known as the lifetime allowance charge. Your personal lifetime allowance may be higher than the standard lifetime allowance, if you have been granted one or more types of protection by HMRC. You can find out more about the lifetime allowance on the HMRC website at: If you think you might be affected then we strongly recommend that you receive individual tax advice. For more information about tax please refer to a financial adviser. What about tax when I die? The payment of a lump sum will not normally incur any tax liability although tax charges may apply if, when you die the value of all lump sums paid from your pension plan(s) is more than the lifetime allowance (see above). The value of the benefits may also form part of your estate for inheritance tax purposes in some circumstances. Further Information How to contact us Your financial adviser will normally be your first point of contact. If you have any questions, you can phone us or write to us. Call us on from Monday to Friday between 8am and 6pm. As part of our commitment to quality service, telephone calls may be recorded. If you wish to exercise your right to cancel your plan or to write to us for any other matter please use the following address: Friends Life PO Box 582 Bristol BS34 9FX United Kingdom Customer Status Friends Life will treat you as a retail client. This means that you have the highest degree of protection available under the Financial Conduct Authority rules. This includes access to complaints and compensation procedures. However you will not be covered for wrong advice unless this product was personally recommended to you by a financial adviser authorised by the Financial Conduct Authority. How to Complain If you are not satisfied with any aspect of the service that you have received from us, please contact us using any of the methods detailed in the How to contact us section. Information regarding our formal complaints procedure is also available from the same contact points. Complaints that we cannot settle may be referred to the Financial Ombudsman Service at: Exchange Tower, Harbour Exchange Square London E14 9SR United Kingdom Phone: Mobile: (calls to this number are charged at the same rate as 01 or 02 numbers on mobile phone tariffs) Website: Making a complaint will not affect your right to take legal proceedings. 8

9 Compensation Your plan is covered by the Financial Services Compensation Scheme. This means that if we are unable to pay claims/benefits because of financial difficulties you may be able to make a claim. You are covered for 100% of the claim, without any upper limit. For further information please see uk or telephone or Terms and conditions This Key Features document gives you a summary of the Friends Life Group Stakeholder Pension Scheme. It does not include all the definitions, exclusions, and terms and conditions. These are shown in the Policy Booklet. If you would like a copy of the booklet please ask your financial adviser or contact us. Financial Services register details Friends Life Limited is a company limited by shares. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services register, number ( systems-reporting/register/search). Law and language The plan is governed by the law of England and Wales. Your contract will be in English and we will always write and speak to you in English. Key Features document information If the illustration supplied to you contains an expiry date and you wish to apply after this date, you should ask for a further illustration and Key Features document from your financial adviser. The date when the Key Features document was produced is shown at the end of the document. If you are not sure if you have the most up-to-date version, please contact your financial adviser. Visual impairment Large Text, Braille and Audio versions are available on request. Please call us on Financial advisers We recommend that you seek financial advice before making any decisions about this plan. Where you have received information or advice from a financial adviser they will provide you with information regarding their identity, the capacity in which they are acting and their address for future communications. 9

10 Friends Life, PO Box 582, Bristol BS34 9FX. Telephone number Friends Life Limited An incorporated company limited by shares and registered in England and Wales, number Registered office: Pixham End, Dorking, Surrey RH4 1QA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Telephone calls may be recorded. Friends Life is a registered trade mark of the Friends Life group. GSHKFDL (51936)

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