INCOME DRAWDOWN DEATH BENEFITS

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "INCOME DRAWDOWN DEATH BENEFITS"

Transcription

1 For professional advisers INCOME DRWDOWN DETH BENEFITS Pension Portfolio Technical Information

2 It s now easier than ever for your clients to pass on any remaining money in their personal pension or income drawdown plan when they die. From 6 pril 2015, whether death benefits are taxed or not depends on death occurring before or after age 75. nyone can be nominated as a beneficiary. nd when a beneficiary dies, any remaining funds can be passed onto further nominated beneficiaries, until it eventually runs out. Death benefits can be paid at the discretion of the scheme administrator or at the client s direction and can be taken in any combination which includes: lump sum annuity drawdown If any tax needs to be paid by the beneficiaries, it will depend on the age at which death occurs and how the beneficiaries choose to receive their benefits. 2

3 LUMP SUM Death before age 75 The full value of the Pension Portfolio and/or Income Release plan will normally be paid free of income tax to the chosen beneficiary/beneficiaries. If the client wants the scheme administrator to use their discretion, they ll use the nomination form to express their wishes as to which beneficiary the benefits should be paid. If the client wanted the benefits to be paid at their direction, the scheme administrator will pay them to whoever is detailed on the nomination form. ny lump sum payment must be paid within two years from when the death occurred. If it s not, a 45% tax charge will be paid on the lump sum. Death after age 75 The value of the Pension Portfolio and/or Income Release plan can be paid to the beneficiary(s) as a one-off lump sum taxed at 45%. The tax rate is changing to the beneficiary s marginal rate of income tax from 2016/17. NNUITY ny beneficiary can use their death benefits to buy an annuity. From 6 pril 2015, they don t have to be a dependant of the member. If death occurs before age 75, the beneficiaries will receive their payment free of income tax. If the death occurs on or after age 75, any benefits will be taxed at the beneficiaries marginal rate of tax. lifetime annuity is used to provide an agreed level of income for the remainder of the beneficiary s life. The level of income is fixed at the outset of the contract and: may be purchased from an insurance company of the beneficiary s choice must be paid at least once a year, either in advance or in arrears may stay level or increase. For annuities bought after 6 pril 2015, some of these restrictions have been removed. lthough a lifetime annuity must still be payable for life by an insurance company: it can decrease it can continue to be paid after the member s death within a guaranteed period of any length. 3

4 DRWDOWN If the deceased client s existing pension plan supports nominee and successor flexi-access drawdown, the beneficiaries can choose to receive their benefits as drawdown. n income drawdown plan allows a dependant, nominee or successor beneficiary to receive income directly from the pension fund. If the beneficiary selects this option they can receive as much or as little income as they want from the pension each year. If death occurs before age 75, withdrawals will be paid tax free. If death occurs on or after age 75, withdrawals will be taxed at the beneficiary s marginal rate of tax. Before the beneficiaries decide how they want to take their benefits, it s important they discuss this with a financial adviser. Nominee key points: Clients can nominate an individual who is not a dependant to receive a nominee flexi-access drawdown. If the client s already completed their nomination form and they ve nominated a surviving partner, individual or charity to receive their benefits, the scheme administrator can t use their discretion and choose to pay drawdown to a nominee of their choice. No tax-free cash can be taken from a nominee flexi-access drawdown. No additional payments can be made to a nominee flexi-access drawdown. If the holder of the plan dies before age 75, the nominee/successor will receive their income payments tax-free. However if the holder dies after age 75, the nominee/successor income payments will be taxed at their marginal rate. ny income payments made from a nominee flexi-access drawdown plan will not trigger the Money Purchase nnual llowance (MP). Successor key points: If in the event of the client s death their benefits are paid to a nominated beneficiary who is a dependant or a nominee, on their death the benefits can be passed down as a successor flexi-access drawdown. If the dependant, nominee or successor nominates an individual or a charity to receive their benefits, the scheme administrator can t choose a successor. No tax-free cash can be taken from a successor flexi-access drawdown. No additional payments can be made to a successor flexi-access drawdown. If the holder of the plan dies before age 75, the successor will receive their income payments tax-free. However if the holder dies after age 75, the successor s income payments will be taxed at their marginal rate. ny income payments made from a successor flexi-access drawdown plan will not trigger the MP 4

5 EXMPLE To show how nominee and successor flexi-access drawdown can be used to pass on pension benefits through generations, we ve put together the following scenarios. Within this example, we ve assumed Royal London is the scheme administrator, using our discretion when paying pension benefits. Scenario 1 Death occurs without completing a nomination form and member has no dependants. ndy dies leaving no surviving dependants. We ll decide who to pay the benefits to. Benefits can be paid as an annuity, lump sum or flexi-access drawdown. nnuity FD nnuity FD FD ndy (Deceased) FD Scenario 2 Death occurs without ndy (Deceased) completing Scheme a nomination dministrator form but there is a surviving spouse. ndy dies without completing a nomination form. If we decide that his wife Jane is the most appropriate person to receive his pension benefits, they can be paid as a lump sum, an annuity or a dependant s drawdown. nnuity If we thought there was someone more appropriate to receive the pension benefits, we could only pay them as a lump sum death benefit. FD If ndy died having nominated his wife Jane as a beneficiary, we could pay the benefits as an annuity, lump sum or flexi-access drawdown to her. If we felt someone else was a more appropriate beneficiary, we could only pay them a lump sum. nnuity FD FD Jane FD ndy (Deceased) Jane ndy (Deceased) 5

6 nnuity FD FD nnuity FD Jane ndy (Deceased) Scenario 3 Death occurs with no surviving spouse but the children are detailed on the nomination form. FD ndy dies a few years after Jane If we thought that Billy and Danielle If we thought there was someone and he s nominated their were the most appropriate people to more appropriate to receive the Jane children Billy and Danielle as receive the death benefits, they could pension benefits, we could only pay beneficiaries on the form. be paid as a lump sum, an annuity or as a nominee flexi-access drawdown. them as a lump sum death benefit. ndy (Deceased) nnuity FD Billy FD nnuity FD Billy ndy (Deceased) FD FD their late father and decide to nominate nnuity Danielle Scenario 4 Death occurs whilst nominee flexi-access is being paid. Both Billy and Danielle ndy are (Deceased) receiving an Scheme dministrator When Billy dies, Laura can receive income from a flexi-access drawdown from her pension benefits as a lump sum each of their respective children Laura and Toby. In the event of Billy Billy or Danielle s death Laura and Toby will receive successor pension benefits. death Lump benefit, sum FD a successor or she can purchase Danielle an annuity. nd although Danielle Laura is still alive, this cannot affect how Laura will receive her pension benefits. FD FD If Billy had another dependant, Stan who was not previously nominated, we couldn t pay Stan any pension benefits as Laura is still alive, but we could pay him a lump sum payment. nnuity FD Stan Billy Laura FD FD Danielle Toby Stan FD Danielle Toby 6

7 LIFETIME LLOWNCE If any lump sum death benefits are paid out which exceed the level of Lifetime llowance at that time, they ll be subject to a tax charge. Different lifetime allowances can apply, depending on whether or not one of the various protections are in force. These include: the standard lifetime allowance (SL) which is 1.25m for tax year 2015/16 or the personal lifetime allowance (PL) if primary protection (PP) has been chosen, or the benefits value (e.g. fund value) if enhanced protection (EP) has been chosen, or the Fixed Protection 2012 limit which is 1.8m, or the Fixed Protection 2014 limit which is 1.5m, or the Individual Protection 2014 limit which is the value of the planholder s total pension savings on 5 pril 2014 (capped at 1.5m). If an additional tax charge needs to be paid, 55% will be paid on the amount that exceeds the relevant allowance when the benefits are take as a lump sum. This will be paid to whoever is receiving the lump sum payment. SPOUSL BY-PSS The most commonly selected death benefit option is a lump sum. Whilst this has the obvious advantage of making the funds immediately available for use, these funds will become part of the recipient s estate in the event of their subsequent death. It is common for the recipient in these circumstances to be the deceased s spouse, and as a result the fund may become liable for inheritance tax on their death. This situation can be avoided if the fund is passed directly to the next generation using the discretionary disposal available to the original planholder, however this can lead to financial difficulties if the spouse has limited assets in his/her own right. Spousal By-Pass 1st Death Trust Pension fund Loan 2nd Death Spouse ny fund in excess of the relevant lifetime allowance can be used to provide an annuity or drawdown, in which case a 25% tax charge is payable. to beneficiaries Loan repaid from estate Estate For more information on the lifetime allowance see INHERITNCE TX Unless death benefits are paid to the deceased member s estate there is not normally any liability to inheritance tax. The solution is to set up and nominate a trust to receive the benefits on first death, with the spouse and any children as beneficiaries. The trustees may then make a loan to the spouse as a potential beneficiary to cover any short-term needs. When the spouse subsequently dies the trust may be wound up and the assets distributed to the remaining beneficiaries. These assets include the value of the loan which will be repaid from the deceased spouse s estate. s a result the pension fund has not only been kept out of the spouse s estate, but the remaining estate has been further reduced by the value of the loan, resulting in an even lower liability for inheritance tax. ll references to taxation are based on our understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances of the investor. 7

8 Royal London 1 Thistle Street, Edinburgh EH2 1DG royallondon.com ll literature about products that carry the Royal London brand is available in large print format on request to the Marketing Department at Royal London, 1 Thistle Street, Edinburgh EH2 1DG. ll of our printed products are produced on stock which is from FSC certified forests. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation uthority and regulated by the Financial Conduct uthority and the Prudential Regulation uthority. The firm is on the Financial Services Register, registration number It provides life assurance and pensions. Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Marketing Limited is authorised and regulated by the Financial Conduct uthority and introduces Royal London s customers to other insurance companies. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Corporate Pension Services Limited is authorised and regulated by the Financial Conduct uthority and provides pension services. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. ug us t S21/9

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions PASSING ON YOUR PENSION A guide to death benefits from income drawdown Retirement Solutions It s now easier than ever to pass any remaining money in your pension to the people you love when you die. New

More information

Provide for your loved ones. A guide to death benefits from your pension plan

Provide for your loved ones. A guide to death benefits from your pension plan Provide for your loved ones A guide to death benefits from your pension plan This guide covers the death benefits from the following plans: Self Invested Personal Pension Group Self Invested Personal Pension

More information

MORE CHOICE MORE FREEDOM

MORE CHOICE MORE FREEDOM LOOK FORWARD TO MORE CHOICE MORE FREEDOM A guide to Income Release Pension Portfolio royallondon.com WELCOME TO ROYAL LONDON We re a mutual organisation and, unlike a PLC, we don t have any shareholders

More information

DATA CAPTURE FORM FOR TRUST FORMS SUBMITTED ONLINE

DATA CAPTURE FORM FOR TRUST FORMS SUBMITTED ONLINE For advisers only DATA CAPTURE FORM FOR TRUST FORMS SUBMITTED ONLINE Important notes Please read these notes before completing the data capture form You should use this data capture form to collect the

More information

KEY FEATURES OF THE GROUP PERSONAL PENSION PLAN

KEY FEATURES OF THE GROUP PERSONAL PENSION PLAN KEY FEATURES OF THE GROUP PERSONAL PENSION PLAN The Financial Conduct Authority is a financial services regulator. It requires us, Royal London, to give you this important information to help you to decide

More information

This Trust form is designed for use to hold the lump sum death benefits payable under the following plan types in trust:

This Trust form is designed for use to hold the lump sum death benefits payable under the following plan types in trust: GGA1568 FLEXIBLE TRUST FORM This Trust form is designed for use to hold the lump sum death benefits payable under the following plan types in trust: Individual Plan issued in connection with your past

More information

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED.

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. Following Government changes effective on 6 April 2015, there are different ways for anyone over 55 to access their defined contribution pension pots

More information

Fact find template BUSINESS PROTECTION. Contact details. Protection Business Menu

Fact find template BUSINESS PROTECTION. Contact details. Protection Business Menu BUSINESS PROTECTION Fact find template This fact find template will help you to understand more about your client s business and provide an opportunity for you to ask them where the money would come from

More information

KEY FEATURES OF PENSION PORTFOLIO SELF INVESTED PERSONAL PENSION (SIPP)

KEY FEATURES OF PENSION PORTFOLIO SELF INVESTED PERSONAL PENSION (SIPP) KEY FEATURES OF PENSION PORTFOLIO SELF INVESTED PERSONAL PENSION (SIPP) The Financial Conduct Authority is a financial services regulator. It requires us, Royal London, to give you this important information

More information

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN KEY FEATURES OF THE PROTECTED RETIREMENT PLAN Customer version The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information to help you

More information

For professional advisers only CLEAR CHARGES. Pension Portfolio. royallondon.com

For professional advisers only CLEAR CHARGES. Pension Portfolio. royallondon.com For professional advisers only CLEAR CHARGES Pension Portfolio royallondon.com INTRODUCTION At Royal London, we re all for making pensions as transparent as possible. That s why we want you to be clear

More information

SSAS SMALL SELF ADMINISTERED PENSION SCHEME

SSAS SMALL SELF ADMINISTERED PENSION SCHEME SSAS SMALL SELF ADMINISTERED PENSION SCHEME DEATH BENEFIT OPTIONS www.investacc.co.uk/ssas Introduction This is a basic guide to the options available on death of a member of an InvestAcc SSAS. It is not

More information

Lump sum death benefits

Lump sum death benefits Lump sum death benefits This leaflet covers the position on death before age 75 and explains > the effect of legislation on the payment of lump sum death benefits, > possible tax liability for anyone receiving

More information

THE TAXATION OF PENSIONS ACT 2014. February 2015

THE TAXATION OF PENSIONS ACT 2014. February 2015 THE TAXATION OF PENSIONS ACT 2014 February 2015 THE TAXATION OF PENSIONS ACT 2014 An Act to make provision in connection with the taxation of pensions Only four sections and two schedules 2 RESTRICTION/REDUCTION

More information

Information about tax relief, limits and your pension

Information about tax relief, limits and your pension Information about tax relief, limits and your pension Published: August 2015 Laws and tax rules have changed in 2015. The information here is based on our understanding in August 2015. Your personal circumstances

More information

Buying a pension annuity

Buying a pension annuity Buying a pension annuity Why do I need to think about buying a pension annuity? When you come to retire, you will have some important decisions to make. Probably most important of all is how you will generate

More information

April 2015: Forthcoming Pension Changes. Retirement options for money purchase pension schemes (including SSAS).

April 2015: Forthcoming Pension Changes. Retirement options for money purchase pension schemes (including SSAS). April 2015: Forthcoming Pension Changes Significant changes to pension regulations are being introduced on the 6 th April 2015. The legislation will be covered in the Taxation of Pensions Bill 2014 and

More information

Pension benefits guide How you can use your pension pot to suit your needs

Pension benefits guide How you can use your pension pot to suit your needs Pension benefits guide How you can use your pension pot to suit your needs axawealth.co.uk With the flexibility you have to take benefits through your pension, it can be difficult to know what s best for

More information

Pre 75 benefit options death of the member. The value of the pension fund at the date of death will be payable to the beneficiaries.

Pre 75 benefit options death of the member. The value of the pension fund at the date of death will be payable to the beneficiaries. Death benefits Guidance Notes This document is provided for use by professional advisers in conjunction with products provided by Talbot and Muir. The information in this document is based on our interpretation

More information

Taxation of a lump sum death benefit paid to an individual or a James Hay Partnership bypass trust

Taxation of a lump sum death benefit paid to an individual or a James Hay Partnership bypass trust ADVISER FACTSHEET Tech Talk February 2015 Taxation of a lump sum death benefit paid to an individual or a James Hay Partnership bypass trust In light of the Taxation of Pensions Act 2014, this Tech Talk

More information

Instruction for payment of death benefits

Instruction for payment of death benefits Instruction for payment of death benefits Group Flexible Retirement Plan/ Active Money Personal Pension/ Personal Pension/Stakeholder Pension Filling in this form 0515 Your payments aim to build up a fund

More information

Key Features of the Ascentric Pension Account (SIPP)

Key Features of the Ascentric Pension Account (SIPP) Key Features of the Ascentric Pension Account (SIPP) Introduction The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

the benefits of relevant life policies

the benefits of relevant life policies the benefits of relevant life policies Welcome to our guide to relevant life policies. This guide explains the benefits of taking out a stand-alone single life policy on the life of an employee, and gives

More information

Contents 1 The purpose of a trust 2 The key people involved in a trust 3 Choosing which trust form to use 5 Deciding how to set up the trust 8 Your

Contents 1 The purpose of a trust 2 The key people involved in a trust 3 Choosing which trust form to use 5 Deciding how to set up the trust 8 Your Our guide to trusts Contents 1 The purpose of a trust 2 The key people involved in a trust 3 Choosing which trust form to use 5 Deciding how to set up the trust 8 Your questions answered 13 Appendix 1

More information

This form consists of 3 separate sections. Please read each section carefully.

This form consists of 3 separate sections. Please read each section carefully. 32A28 CHANGE OF INVESTMENT Application form You or your financial adviser can alter your existing investment choice at any time on our website royallondon.com, if you/they have the required permissions.

More information

experienceandexpertise Pensions Landscape Claire Trott Head of Technical Support

experienceandexpertise Pensions Landscape Claire Trott Head of Technical Support Pensions Landscape Claire Trott Head of Technical Support Agenda Benefits options overview Taxation issues Death of the death tax? Money purchase annual allowance rules. Benefits options overview Options

More information

New death benefit rules

New death benefit rules Adviser update February 2015 New death benefit rules All this information is based on our understanding of the Treasury and HMRC guidance. Tax rules can change in the future and the tax treatment depends

More information

KEY FEATURES OF THE RETIREMENT ACCOUNT

KEY FEATURES OF THE RETIREMENT ACCOUNT Key Features of the Royal London Retirement Account KEY FEATURES OF THE RETIREMENT ACCOUNT IMPORTANT INFORMATION YOU SHOULD READ 1 HOW TO CONTACT US If you have any queries relating to your Retirement

More information

For adviser use only. Your Guide to Relevant Life Policies

For adviser use only. Your Guide to Relevant Life Policies For adviser use only Your Guide to Relevant Life Policies Your guide to relevant life policies Welcome to the Scottish Provident guide to relevant life policies. In this guide you will find all the information

More information

Pension Flexibility 2015

Pension Flexibility 2015 Pension Flexibility 2015 Who is likely to be affected? Individuals who have reached the normal minimum pension age, (normally age 55), who have money purchase pension savings in a registered pension scheme

More information

Self Invested Personal Pension and Group Self Invested Personal Pension

Self Invested Personal Pension and Group Self Invested Personal Pension Self Invested Personal Pension and Group Self Invested Personal Pension Instruction for payment of death benefits Who this form is for You should complete this form to let Standard Life know how you would

More information

KEY FEATURES OF THE INCOME DRAWDOWN PLAN. Important information you need to read

KEY FEATURES OF THE INCOME DRAWDOWN PLAN. Important information you need to read KEY FEATURES OF THE INCOME DRAWDOWN PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY (FCA) IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS

More information

Pension Portfolio SELF INVESTMENTS CHARGES APPENDIX

Pension Portfolio SELF INVESTMENTS CHARGES APPENDIX Pension Portfolio SELF INVESTMENTS CHARGES APPENDIX ANNUAL CHARGES AND INVESTMENT CHARGES These charges are applicable as at April 2016 and they are exclusive of VAT unless otherwise stated. For details

More information

SIPP ISA Dealing Junior ISA SIPP benefi ts guide

SIPP ISA Dealing Junior ISA SIPP benefi ts guide SIPP ISA Dealing Junior ISA SIPP benefits guide Contents Introduction SIPP benefits - the basics Annuity, income drawdown and taxable lump sums the commitments and risks 3 Your benefits options Lump sums

More information

Relevant Life Policy Trust and Nomination Forms

Relevant Life Policy Trust and Nomination Forms Relevant Life Policy Trust and Nomination Forms Use these forms if an employer owns the plan and they want to provide life cover for one of their employees outside of a registered group life scheme. Part

More information

THE TAX TREATMENT OF PENSION DEATH BENEFITS

THE TAX TREATMENT OF PENSION DEATH BENEFITS THE TAX TREATMENT OF PENSION DEATH BENEFITS Recent changes to the rules for pensions have radically changed the approach of advisers with regard to pension savings. The following notes are designed to

More information

Death benefits: annuities

Death benefits: annuities ADVISER FACTSHEET Tech Talk April 2015 Death benefits: annuities The Finance Act 2015 contains further changes in connection with death benefits post 5 April 2015. The purpose of the legislation is to

More information

Expression of Wishes. Your details. Important notes. Completing this form. Retirement. Health. Retirement Investments Insurance Health

Expression of Wishes. Your details. Important notes. Completing this form. Retirement. Health. Retirement Investments Insurance Health Retirement Investments Insurance Health Retirement Investments Insurance Health Retirement Investments Insurance Health Aviva Retirement Pension Investments Insurance Death Health Benefit Expression of

More information

Key features of the Protected Retirement Plan

Key features of the Protected Retirement Plan Key features of the Protected Retirement Plan Customer version The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information to help you

More information

Key features. For customers One Retirement

Key features. For customers One Retirement For customers One Retirement Key features Contents Its aims 02 Your commitment 02 Risks 03 Questions and answers 04 Secure retirement income (SRI) 08 Other information 11 How to contact us 12 The Financial

More information

Understanding trusts. Your easy to follow guide

Understanding trusts. Your easy to follow guide Understanding trusts Your easy to follow guide Understanding trusts: Your easy to follow guide Important note The information in this guide is based on our understanding of current legislation and HM Revenue

More information

A guide to the pension changes in April 2015

A guide to the pension changes in April 2015 A guide to the pension changes in April 2015 106027837.indd 1 05/01/2015 10:00 Contents What do the changes mean for you? 3 Summary of the changes from 6 April 2015 5 What s changed in practice? 6 How

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0845 077 7077 (8.30am-6pm weekdays) Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction to

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account

The Personal Range Key Features of the Individual Personal Pension Transfer Value Account The Personal Range Key Features of the Individual Personal Pension Transfer Value Account Reference MPEN11/F 07.15 The Financial Conduct Authority is a financial services regulator. It requires us, Friends

More information

Guide to trusts and being a trustee

Guide to trusts and being a trustee Contents P3 P4 P5 Fast facts Could you use a trust? What are the benefits? P10 What trusts do we offer? P10 The split trust P10 The gift trust P10 The probate trust P10 Trusts for joint life policies P11

More information

KEY FEATURES OF THE INVESTMENT PORTFOLIO BOND. Important information you need to read

KEY FEATURES OF THE INVESTMENT PORTFOLIO BOND. Important information you need to read KEY FEATURES OF THE INVESTMENT PORTFOLIO BOND Important information you need to read IMPORTANT INFORMATION THE INVESTMENT PORTFOLIO BOND IS PROVIDED BY CLERICAL MEDICAL. ALL COMMUNICATIONS AND INFORMATION

More information

Onshore Bond for Wrap Key Features

Onshore Bond for Wrap Key Features Onshore Bond for Wrap Key Features This is an important document. Please read it and keep it along with your personal illustration for future reference. The Financial Conduct Authority is a financial services

More information

INHERITANCE TAX: THE FACTS

INHERITANCE TAX: THE FACTS INHERITANCE TAX: THE FACTS INHERITANCE TAX IT PAYS TO PLAN AHEAD I M NOT RICH ENOUGH TO WORRY ABOUT INHERITANCE TAX I NEED MONEY TO LOOK AFTER MYSELF IN MY OLD AGE I LL DO SOMETHING ABOUT IT LATER THESE

More information

Investments GUIDE TO FUND RISKS

Investments GUIDE TO FUND RISKS Investments GUIDE TO FUND RISKS CONTENTS Making sense of risk 3 General risks 5 Fund specific risks 6 Useful definitions 9 2 MAKING SENSE OF RISK Understanding all the risks involved when selecting an

More information

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity It s flexible Key features of the Flexible Income Annuity Flexible Income Annuity This is an important document and you should read it before deciding whether to buy your pension annuity from us Purpose

More information

RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE.

RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE. RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN 1 RELEVANT LIFE PLAN TECHNICAL GUIDE. 2 TECHNICAL GUIDE TO THE RELEVANT LIFE PLAN ABOUT THIS GUIDE This guide has been designed for financial

More information

KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP)

KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) 2 INTRODUCTION The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

Key Features Document

Key Features Document Keyfacts Key Features Document Transact Section 32 Buy Out Bond IntegraLife UK Limited A firm authorised and by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and

More information

WITHDRAWING MONEY PURCHASE FUNDS

WITHDRAWING MONEY PURCHASE FUNDS WITHDRAWING MONEY PURCHASE FUNDS WITHDRAWING MONEY PURCHASE FUNDS Pension commencement lump sum plus annuity Uncrystallised funds pension lump sum Flexi -access drawdown Small pots PRESERVE YOUR FUTURE

More information

The Partnership Enhanced Retirement Account

The Partnership Enhanced Retirement Account For financial advisers only not for retail clients The Partnership Enhanced Retirement Account ADVISER GUIDE 2 ENHANCED RETIREMENT ACCOUNT Contents Introduction 3 The ERA an all-in-one solution 4 Benefits

More information

Group Additional Voluntary Contributions Plan Key features

Group Additional Voluntary Contributions Plan Key features Group Additional Voluntary Contributions Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator.

More information

The Retirement Account

The Retirement Account The Retirement Account Key Features This is an important document and you should read it before deciding whether to buy your Retirement Account from us Purpose of this document This Key Features booklet

More information

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments SIPP ISA Dealing Junior ISA SIPP key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information

More information

1. Alice has the following income and benefits in the tax year 2016/17

1. Alice has the following income and benefits in the tax year 2016/17 1. Alice has the following income and benefits in the tax year 2016/17 Salary 100,000 Company car 5,000 Dividends 4,000 Income from a rental property 10,000 Employer pension contribution 60,000 (carry

More information

Benefits guide for the AJ Bell Investcentre SIPP

Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Contents Introduction 3 SIPP benefits - the basics 3 Annuity, income drawdown and taxable lump sums - the commitments and risks

More information

BUSINESS FINANCIAL QUESTIONNAIRE (NOVEMBER 2015)

BUSINESS FINANCIAL QUESTIONNAIRE (NOVEMBER 2015) Plan number BUSINESS FINANCIAL QUESTIONNAIRE (NOVEMBER 2015) Important Note: Please answer all of the questions on this form honestly and in full. If you miss any information out, or give us misleading

More information

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme Important information Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme > Contents About this booklet 4 About the Teachers AVC Scheme 5 Its aim 5 Your commitment 5 Risks 6 Questions

More information

Retirement Account Plan Key features

Retirement Account Plan Key features Retirement Account Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator. It requires us, Standard

More information

Relevant Life Policy Trust and Nomination Forms

Relevant Life Policy Trust and Nomination Forms Relevant Life Policy Trust and Nomination Forms Important notes The forms are only suitable for use with Scottish Provident Self Assurance plans that have been applied for as relevant life policies. Both

More information

KEY FEATURES OF THE INVESTMENT BOND. Important information you need to read

KEY FEATURES OF THE INVESTMENT BOND. Important information you need to read KEY FEATURES OF THE INVESTMENT BOND Important information you need to read IMPORTANT INFORMATION THE INVESTMENT BOND IS PROVIDED BY CLERICAL MEDICAL. ALL COMMUNICATIONS AND INFORMATION RELATING TO YOUR

More information

RETIREMENT ACCOUNT ADVISER TECHNICAL GUIDE

RETIREMENT ACCOUNT ADVISER TECHNICAL GUIDE RETIREMENT ACCOUNT ADVISER TECHNICAL GUIDE This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person. INTRODUCTION THE RETIREMENT ACCOUNT

More information

Elevate. Your guide to the Elevate Pension Investment Account. I need a pension that will look after me and my family

Elevate. Your guide to the Elevate Pension Investment Account. I need a pension that will look after me and my family Elevate Your guide to the Elevate Pension Investment Account 1 I need a pension that will look after me and my family What is Elevate? 5 What is the Elevate PIA? 6 Choosing Investments 12 Your options

More information

Helping your loved ones. Simple steps to providing for your family and friends

Helping your loved ones. Simple steps to providing for your family and friends Helping your loved ones Simple steps to providing for your family and friends Contents 01 How can I take control of who gets what? 02 Inheritance Tax 04 Do you know how much you re worth? 06 Making lifetime

More information

Group Flexible Retirement Plan Key features

Group Flexible Retirement Plan Key features Group Flexible Retirement Plan Key features This is an important document. Please read it and keep it for future reference. Key features document: Pages 1 21 Terms and conditions for joining: Pages 22

More information

> How does our With-Profits Fund work? > What are bonuses? > How are regular bonuses worked out?

> How does our With-Profits Fund work? > What are bonuses? > How are regular bonuses worked out? Your With-Profits Plan a guide to how we manage the Fund Conventional With-Profits Plans originally issued by Scottish Amicable Life Assurance Society (SALAS) Your With-Profits Plan is a medium to long-term

More information

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk Investment Helpdesk: 0131 550 1212 www.cs-d.co.uk SIPP stands for Self Invested Personal Pension. SIPPs are a flexible type of personal pension. Like most, they are designed to provide a retirement pot

More information

International Bond Key features

International Bond Key features International Bond Key features This is an important document. Please read it and keep for future reference. Helping you decide This key features document contains important information about the main

More information

Your Business. Protecting your Business

Your Business. Protecting your Business Protecting your Business Your Business No matter what business sector you operate in, your company s ongoing success and development will often hinge on a number of leading individuals, be they Key Personnel,

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0800 014 7470 0333 014 6267 am-5.30pm weekdays. Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction

More information

PENSION TRANSFER POLICY

PENSION TRANSFER POLICY Pensions OPTION 32 PENSION TRANSFER POLICY Reminder of important facts What is an Option 32 Pension Transfer policy? You transferred benefits from a previous employer s occupational pension scheme (OPS)

More information

International Portfolio Bond for Wrap Key Features

International Portfolio Bond for Wrap Key Features International Portfolio Bond for Wrap Key Features This is an important document. Please read it and keep it along with the enclosed personal illustration for future reference. The Financial Conduct Authority

More information

Your guide to Annuities

Your guide to Annuities Your guide to Annuities From Standard Life It s good to know what s around the next corner 1 of 24 If you would like a secure source of income and have a built up pension fund or a lump sum to invest,

More information

Post April 2015: taxation of death benefits

Post April 2015: taxation of death benefits ADVISER FACTSHEET Tech Talk December 2014 Post April 2015: taxation of death benefits The Taxation of Pensions Bill was introduced to Parliament on 14 October 2014. Amendments to the Bill have been tabled

More information

Active Money Personal Pension Key Features

Active Money Personal Pension Key Features Active Money Personal Pension Key Features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is the independent financial services regulator.

More information

day of National Insurance Number Postcode

day of National Insurance Number Postcode Flexible Pension Plan/ Personal Pension Plan/ Stakeholder Pension Plan Important please ensure that you have: 1213 Completed Parts A to F Consulted your legal, tax or financial adviser before signing this

More information

Key Features of the Just Retirement. Key Features of the Just Retirement Fixed Term Annuity

Key Features of the Just Retirement. Key Features of the Just Retirement Fixed Term Annuity Key Features of the Just Retirement Fixed Term Annuity This brochure outlines the key features of the Just Retirement Fixed Term Annuity. The Financial Conduct Authority is a financial services regulator.

More information

Pension death benefits discretionary trust.

Pension death benefits discretionary trust. retirement annuity contract Pension death benefits discretionary trust. IMPORTANT NOTES before completing this Trust, please read the following notes. 1. This documentation has been produced for consideration

More information

Key Features of the Prudential Personal Pension Scheme

Key Features of the Prudential Personal Pension Scheme Key Features of the Prudential Personal Pension Scheme Important information you need to read The Financial Conduct Authority is the independent financial services regulator. It requires us, Prudential,

More information

How can a SSAS benefit you & your company?

How can a SSAS benefit you & your company? THE SMALL SELF ADMINISTERED SCHEME WESTERBY TRUSTEE SERVICES LTD How can a SSAS benefit you & your company? THE SMALL SELF ADMINISTERED SCHEME GIVING YOU CONTROL OF YOUR PENSION With corporation tax relief

More information

Benefit crystallisation event application form (capped drawdown)

Benefit crystallisation event application form (capped drawdown) For customers Benefit crystallisation event application form (capped drawdown) This form should only be used if you re making an additional designation into an existing capped drawdown account or choosing

More information

An Explanation of Pension Terms

An Explanation of Pension Terms abcdef An Explanation of Pension Terms Pension Term / Name Annual allowance Annuitant Annuity Bonuses Commutation Commutation for Smaller Pension Funds 10,000 or less Also Known or Previously Known As

More information

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser.

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser. 00000 Old Mutual Wealth Life Assurance Limited is a provider of long-term life assurance. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential

More information

KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT. Important information you need to read

KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT. Important information you need to read KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR.

More information

Spring 2015 reforms: the new DC flexibilities

Spring 2015 reforms: the new DC flexibilities Spring 2015 reforms: the new DC flexibilities THE REFORMS AT A GLANCE y Until April 2015, members usually faced serious tax penalties if they did not spend at least 75% of their DC pots on an annuity meeting

More information

A PLAN FOR EVERY BUSINESS.

A PLAN FOR EVERY BUSINESS. BUSINESS PROTECTION GUIDE TO THE RIGHT SOLUTION A PLAN FOR EVERY BUSINESS. With 99.9% of the UK s businesses being SMEs and more than half of these having no protection in place, there s an opportunity

More information

25 Must Ask Annuity Questions

25 Must Ask Annuity Questions 25 Must Ask Annuity Questions When Can I Buy An Annuity? Who Is The Best Annuity Provider? Why Do I Need Advice? 1. What is an Annuity? If you have a private pension when you retire you can purchase an

More information

Let s talk pension flexibility The current position

Let s talk pension flexibility The current position Let s talk pension flexibility The current position 1 Let s talk pension flexibility the current position Change is coming. Budget 2014 heralded a shake-up of the pension system that will change how we

More information

Retirement Key Features of the Lifetime Annuity

Retirement Key Features of the Lifetime Annuity Retirement Key Features of the Lifetime Annuity IMPORTANT INFORMATION The Financial Conduct Authority is a financial services regulator. It requires us, AXA Wealth Limited, to give you this important information

More information

A guide to the Loan Trust Your questions answered

A guide to the Loan Trust Your questions answered A guide to the Loan Trust Your questions answered Contents Why might i consider using a loan trust? 3 What is the Loan Trust? 4 How the Loan Trust works 5 Choice of trust 6 The Loan Trust in action 7 Further

More information

Key Features of the Stakeholder Pension Scheme

Key Features of the Stakeholder Pension Scheme Key Features of the Stakeholder Pension Scheme Reference MPEN2/A 07.16 The Financial Conduct Authority is a financial services regulator. It requires us, Friends Life and Pensions Limited, to give you

More information

YOUR GUIDE TO RETIREMENT

YOUR GUIDE TO RETIREMENT YOUR GUIDE TO RETIREMENT www.phoenixlife.co.uk CONTENTS Page Purpose of this guide 3 Your pension options - Buying your pension income (annuity) from us 4 Your pension options - Buying your pension income

More information

COMPANY SHARE BUY BACK GUIDE COMPANY SHARE BUY BACK GUIDE.

COMPANY SHARE BUY BACK GUIDE COMPANY SHARE BUY BACK GUIDE. COMPANY SHARE BUY BACK GUIDE COMPANY SHARE BUY BACK GUIDE. 2 COMPANY SHARE BUY BACK GUIDE CONTENTS INTRODUCTION 3 WHAT IS THE AIM OF THE AGREEMENT? 4 HOW DOES THE ARRANGEMENT WORK? 4 WHY IS AN AGREEMENT

More information

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Important information you need to read The Financial Conduct Authority is a financial services regulator. It requires us, Prudential,

More information