REQUEST FOR WITHDRAWAL OR SURRENDER OR MATURITY FOR OLD MUTUAL INTERNATIONAL IRELAND

Transcription

1 REQUEST FOR WITHDRAWAL OR SURRENDER OR MATURITY FOR OLD MUTUAL INTERNATIONAL IRELAND This document was last reviewed in January Please confirm with your financial adviser that this is the most up-to-date document for your product or servicing needs. This form should be used to request a full or partial surrender, a regular withdrawal or the maturity proceeds on an Old Mutual International Ireland dac (Old Mutual International Ireland): European Executive Investment Bond, European Collective Investment Bond, Spanish Collective Investment Bond, European Portfolio Bond, European Capital Account, European Savings Account, European Pension Account, Executive Life Portfolio, European Wealth Bond, Swedish Executive Portfolio and a European Select Bond. To complete this form: use CAPITAL LETTERS only use blue or black ink specify choices as appropriate complete all relevant sections; refer to the guidance notes where relevant do not use correction fluid; any amendments should be crossed out and initialled by all policyholders. Please return the completed forms in original to our administration centre address at: Old Mutual International Ireland, King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU. To help you, we have used an arrow u to highlight certain facts and to let you know that you can find further information and explanations in the guidance notes at the back of this document. Before completing and submitting this from you should: Speak to your financial adviser to ensure you are following the most suitable course of action for your circumstances Refer to your policy terms and literature Read the guidance notes on taking money from your policy at the end of the form Be fully aware of the possilbe tax consequences that may apply on taking money from your policy. This is particularly important for UK and Spanish residents If surrendering your policy (whether fully or partially), request an approximate calculation of the surrender values as early encashment charges may apply. What does Old Mutual International Ireland need to process your request? We cannot complete your request until we receive all the relevant documents in original at our administration centre. We reserve the right to request additional documentation where necessary and we may delay your payment until we have received it. In addition, we will only place instructions to sell assets once all of our checks have been completed. The sale of assets will depend on when they can be sold. Therefore we do not offer an instant dealing service. If you have changed residential address and have not previously provided us with evidence of this change we need confirmation of your new address before we can proceed. Please provide a certified copy of a utility bill or bank statement (but not mobile phone). This should be the latest available, but no more than six months old. If you require a one-off partial surrender, segment surrender or a regular withdrawal, the following values must remain in your policy after we have made the payment to you: For the Portfolio Bond products, E15,000 surrender value (or equivalent) or 25% of the overall premiums received (whichever is greater).these amounts take into account the deduction of any charges. If the value of the policy drops below this level, we may ask for additional premiums or request that you surrender the policy. Therefore it s a good idea to leave a value above this limit, as market or exchange rate fluctuations can affect residual values. For all other policies a minimum surrender value of E1,500 (or equivalent), after any charges have been taken, must be retained in the policy following a payment. u Please refer to the Policy proceeds and payment section in the guidance notes at the back of this document for information on requesting payment and to find out how we can send you the policy proceeds. 1 of 10

2 A DETAILS OF THE POLICY FROM WHICH PAYMENT WILL BE MADE u Please see the guidance notes on how to complete this section. All payments must be made to account(s) in the same name as the policy. Policy number (for example E ) Type of investor (3) Individual Trustee Corporate TRUSTEE The trust name is (for example the John Brown Will Trust ) The trust was created CORPORATE Corporate name DETAILS OF POLICYHOLDERS(S) If there are any further policyholders, please photocopy this page, attach the details with this form and tick here. (3) Title (3) Full forename(s) POLICYHOLDER 1 Mr Mrs Miss Other POLICYHOLDER 2 (IF ANY) Mr Mrs Miss Other Surname Residential address (where you are currently living) Correspondence address (if different from above) Tax ID/PPS for Irish resident (if not previously provided) Daytime telephone number including dialling code address FINANCIAL ADVISER DETAILS Company name Contact number Name of adviser address If there is missing information, please contact my financial adviser (3) THIRD PARTY/PLEDGEE/ASSIGNEE DETAILS If a corporate third party/pledgee/assignee interest exists, please ensure that we have an up to date signatory list. If this has not already been provided, please also include ID and proof of residency of two directors which must be certified as true copies. Please also provide a copy of the third party/pledgee/assignee interest authority if not already provided. Capaticy (3) Third party Pledgee Assignee Third party Full name(s) of Pledgee(s) Addresses of Pledgee(s) Pledgee Assignee Can you confirm if you are a UK resident for tax purposes? If yes, what type of taxpayer are you? (3) (tick on right for answer) This information is irequired for tax reporting purposes Non taxpayer Basic rate 2 of 10 Yes Higher rate No Additional rate

3 B TYPE OF ENCASHMENT u Please see the guidance notes for information about the different options. If you do not indicate which currency you wish to receive the payment in, we will make the payment in your policy currency. Please note that if you choose to receive the payment in a currency which is not the same as your policy currency (which is only allowed for our portfolio bond products), currency dealing charges may apply. The exchange rate we apply will be the prevailing mid market rate on the payment date. Before you cash in your policy, you may want to request an approximate calculation of the surrender value as charges, such as early encashment charges, may apply. Minimum regular withdrawal Minimum partial surrender ECA E 75 E 750 E 1,500 ESA E 75 E 750 E 1,500 EPA E 75 E 750 E 1,500 Minimum residual value EEIB E 750 E 750 E15,000 or 5% of premiums whichever is higher ECIB E 750 E 750 E15,000 or 5% of premiums whichever is higher SCIB E 750 E 750 E15,000 or 5% of premiums whichever is higher ELP E 750 E 750 $15,000 or 25% of premiums whichever is higher EPB 400 1,000 10,000 EWB ,000 SEP SEK5,000 SEK5,000 SEK100,000 or 25% of premiums whichever is higher. ESB ,000 Please tick here if you have taken professional advice on the best way of cashing in your policy, taking your present tax status into account. (3) Currency (3) US$ E Other (Please state) Please indicate below which type of encashment you would like (Please tick one option only): (3) Full surrender of all policies You would like to cash in all policies, in other words all allocated policy units, to receive the full surrender benefit from your policy. Maturity of all policies Part surrender (individual / corporate policies) Identical part surrenders to all policies to release a total sum (complete section C on the next page) Amount OR Full surrender of individual policy segment(s) Enter a range, for example 1 to 5, or choose a value for which Old Mutual International Ireland will calculate the appropriate number of policies for surrender. We will encash whole policies as close to the value needed, and then will partially encash the remaining polices to achieve your requested amount For example 1 to 5. Range to Value Part surrender (Trust/QROPS/QNUPS cases) Encashment to pay Trust/QROPS/QNUPS charges (complete section C on the next page) OR Encashment to provide for an annuity payment to the beneficiary (complete section D on next page) ID on the beneficial owner(s) will be required before such annuity payments can be made unless previously provided Amount Amount Set up a regular withdrawal (complete section D on next page) If you do not have the cash available in your policy, you must sell from your investment to fund the requested surrender, please provide as much information as possible in the following section, for example, number of units, percentage or value. The Discretionary Asset Manager will sell investments to fund regular withdrawals for the European Wealth Bond. Please note that proceeds will not be paid until we receive settlement on the assets selected so settlements periods of the assets selected should be considered. 3 of 10

4 C SALE OF SPECIFIC INVESTMENTS TO FUND REQUESTED SURRENDER (THIS OPTION IS NOT AVAILABLE IF YOU HAVE A EUROPEAN WEALTH BOND) u This section must be completed for European Executive Investment Bond, European Collective Investment Bond, European Portfolio Bond, Spanish Collective Investment Bond, Executive Life Portfolio, Swedish Executive Portfolio and European Select Bond unless a dealing instruction has been sent by you or your fund adviser. See guidance notes for more information. Please state in the space below which specific investment(s) held in your policy should fund your requested surrender. Please clearly indicate below the percentage or value of each investment to be sold. If you wish to add more investments to be sold, please attach a photocopy of this page, attach the details with this form and tick here. (3) Investment name Percentage of Investments - to a total 100% Please tick if you wish to re-register assets to fund the surrender (3) (This option is not available to the European Wealth Bond) D REGULAR WITHDRAWALS u This section should be completed if you wish to make a regular withdrawal by way of a partial surrender from your policy. Please see guidance notes for more information. Please note that regular withdrawals are not allowed for Belgian resident policyholders. Please indicate the amount or percentage of investment to be withdrawn each year. (Please refer to the table above regarding minimum withdrawal limits) Amount (per annum) OR Percentage (per annum) Please choose the frequency of the withdrawal (3) Monthly Quarterly Half-yearly Yearly Date of first withdrawal Currency (3) US$ E Other (Please state) Investment(s) (to be sold specifically to cover the regular withdrawals, applying to portfolio bonds only) (This option is not available for the European Wealth Bond) Percentage of Investments to total 100% 4 of 10

5 E PAYMENT DETAILS u Please see the payment details section of the guidance notes before completing this part of the form. Please make sure this section is completed in clear BLOCK CAPITALS. If your payment is to be sent by telegraphic transfer a bank charge will apply. BANK DETAILS OF POLICYHOLDER Bank name Bank address Country Payee name Payee account number/ IBAN Sort code (applicable to UK accounts only) SWIFT/BIC code (SWIFT code needed for bank accounts outside Europe; BIC code needed for European accounts with an IBAN) Additional information that may be required by the bank Branch code for non-uk payments ABA number Second applicant bank details on the next page For Old Mutual International use only Policy number Payment details Template number Currency Amount (figures) Date Payment type NatWest charges Client Foreign bank charges Client JDE code or Orion reference Amount Narrative Raised by Authorised Signed (Fin only) Additional information 5 of 10

6 E PAYMENT DETAILS FOR SECOND PAYEE (IF APPLICABLE) u Please see the payment details section of the guidance notes before completing this part of the form. Please make sure this section is completed in clear BLOCK CAPITALS. If your payment is to be sent by telegraphic transfer a bank charge will apply. BANK DETAILS OF SECOND POLICYHOLDER Bank name Bank address Country Payee name Payee account number/ IBAN Sort code (applicable to UK accounts only) SWIFT/BIC code (SWIFT code needed for bank accounts outside Europe; BIC code needed for European accounts with an IBAN) Branch code for non-uk payments ABA number Additional information that may be required by the bank For Old Mutual International use only Policy number Payment details Template number Currency Amount (figures) Date Payment type NatWest charges Client Foreign bank charges Client JDE code or Orion reference Amount Narrative Raised by Authorised Signed (Fin only) Additional information 6 of 10

7 F AUTHORITY OF POLICYHOLDER(S) REQUESTING THE PAYMENT u SIGNATORIES all policyholders, including additional trustees and/or assignees where applicable, must sign below. Please indicate the capacity in which you are acting. The undersigned as policyholder (each policyholder if the policy is owned jointly) hereby: 1. authorise and request Old Mutual International Ireland dac to carry out the transaction detailed in Section B in accordance (where applicable) with Old Mutual International Ireland dac s Terms and Conditions. 2. confirms that all the information contained in the document is true and correct and that the payee(s) is/are entitled to the legal and/or beneficial interest in the policy unless, for example the policy is subject to a trust or nomination and the beneficiaries are entitled to receive payment in accordance with the trust/nomination provisions. 3. confirm that there is no Bankruptcy Order against the policyholder or beneficiary nor are they an undischarged bankrupt or deemed to be insolvent under any relevant insolvency legislation. 4. undertakes to indemnify Old Mutual International Ireland dac against any claims or demands made by any other person or party as a result of the payment requested in Section B. 5. agrees that payment of the the partial or full surrender proceeds or maturity benefit shall constitute full discharge of the liability of Old Mutual International Ireland dac. 6. confirms where fully/partially encashing my policy or taking the maturity benefit from my policy (if applicable) I have read and understood the guidance notes attached to this form, have sought and considered financial advice in regards to the potential tax consequences from my financial adviser, received advice from my fund adviser (where a fund adviser has been appointed) and have referred to my policy terms and literature. u Old Mutual International Ireland dac does not offer legal, tax or financial advice and we can accept no responsibility for any action taken or refrained from on the basis of information provided by us. Any information provided is based on our understanding of the current law and practice and is subject to change in the future. Signatory 1 Signed Date Full name Capacity (3) Policyholder Trustee Pledgee Beneficiary Other Signatory 2 Signed Date Full name Capacity (3) Policyholder Trustee Pledgee Beneficiary Other Signatory 3 Signed Date Full name Capacity (3) Policyholder Trustee Pledgee Beneficiary Other Signatory 4 Signed Date Full name Capacity (3) Policyholder Trustee Pledgee Beneficiary Other 7 of 10

8 G CHECKLIST I have taken professional advice on the best way to cash in my policy taking my present tax status into account Fully completed form Declaration of residence outside Ireland if the settlor of the Trust is outside the EU (if not previously provided) Current photo ID plus proof of residential address certified by financial adviser, if suitable certifier, otherwise notary public/solicitor (if this has not already been provided) Proof of address no more than six months old (mobile phone bills are not acceptable) H FEEDBACK QUESTIONS We are keen to improve our products and services. To help with this, we would value your feedback on why you have decided to fully or partially cash in your Old Mutual International Ireland policy. Could you please spend a few moments completing the questions below to help us understand why you have decided to cash in your Old Mutual International Ireland policy. 1. What is the main reason for deciding to cash in your policy? Poor fund performance Premiums/charges too high or not what you expected Poor customer service experience To invest in a different product with Old Mutual International or Old Mutual Wealth Product not what you expected (eg lack of flexibility) Money required for another purpose (eg to buy a house) Product acheived my financial needs/expectation Purchase an alternative product with another provider No specific reason Other please specify 2. If you intend to invest the payment from this encashment with another product provider, please confirm with whom. Thank you for completing these questions. Calls may be monitored and recorded for training purposes and to avoid misunderstandings Old Mutual International Ireland dac is regulated by the Central Bank of Ireland. Registered No Administration Centre for correspondence: King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU Tel: +353(0) Fax: +353(0) Head Office Address: Hambleden House, Lower Pembroke Street, Dublin 2, Ireland. VAT number for Old Mutual International Ireland dac is S Registered Office: Arthur Cox Building, Earlsfort Terrace, Dublin 2, Ireland. Old Mutual International is registered in Ireland as a business name of Old Mutual International Ireland dac. PDF3274/INT /November of 10

9 GUIDANCE NOTES IMPORTANT INFORMATION ON POLICY PROCEEDS AND PAYMENT The following will define the type of policy you hold with Old Mutual International Ireland: Portfolio Bond - All references to Portfolio Bonds in this document mean your single premium contract which includes, but is not restricted to, your European Collective Investment Bond (ECIB), European Executive Investment Bond (EEIB), Spanish Collective Investment Bond (SCIB), European Portfolio Bond (EPB), Executive Life Portfolio (ELP), European Wealth Bond (EWB), Swedish Executive Portfolio (SEP) and European Select Bond (ESB). Regular Premium All references to Regular Premium products in this document mean your contract which permits regular premiums which include, but are not restricted to your European Savings Account, European Pension Account or your European Capital Account. When cashing in or making one-off withdrawals, it s important to consider that: You may have to pay tax if you withdraw or surrender from your policy. You may incur early encashment charges. Therefore we strongly recommend that you ask for an approximate calculation of the surrender value before completing this form. You may incur set up costs if you move your investments to a new provider. Please note that for our regular premium products any encashment will be taken proportionally across all funds. You may receive less than requested if you have an overdrawn position on your transaction account(s). How can we send you the policy proceeds? Payments will be made in the currency in which the policy is denominated. However, for all portfolio bond products an alternative currency may be specified. You can ask for your payment to be made in a different currency in Section B. For maturing regular premium policies, we cannot make any payment until the maturity date of the policy has been reached. No third party payments are allowed. When you are ready to request a payment, what should you do? If you are cashing in a regular premium policy, please cancel or amend your bank or credit card mandate. For any queries contact: admin.ie@ominternational.com A DETAILS OF THE POLICY FROM WHICH PAYMENT WILL BE MADE In this section you should enter the policy number from which you wish the payment to be made. Please choose whether this is a request from an individual, trustee or corporate policyholder by ticking the relevant field. If the policyholder is a trust please fill out the name of the trust and the date that it was created. If the policy is in the name of a corporate investor please enter the corporate name in the space provided. You then need to give the full name(s) and address details of policyholder(s). FINANCIAL ADVISER DETAILS Please complete the company name, individual name, contact number and address of your financial adviser. THIRD PARTY DETAILS Please give the name of any third party to whom the policy has been pledged or with whom the policy schedules may have been deposited or otherwise charged as security. If this applies please also ensure that section F is also signed by the third party. B TYPE OF ENCASHMENT In this section please choose the currency in which you would like to receive your payment (if you choose a currency which is not the currency of your policy, currency dealing charges may apply). This option only applies to our portfolio bond products. Please choose the type of encashment that you require from the options: Full surrender of all policies This is the sale of all investments into the policy currency (unless you advise us otherwise) and the encashment of all policies. Maturity of all policies This is the sale of all investments into the policy currency and the maturity of all policies now you have reached the end of the policy term or your selected retirement date. Identical part surrenders to all policies to release a sum This is to request a specific amount by cashing in an equal amount across all policies. For all portfolio bond products (excluding the European Wealth Bond), please indicate which investments you want us to sell in order to fund your requested surrender. Trust/QROPS/QNUPS cases Payments can only be made to an account in the name of the Trust. 9 of 10

10 B TYPE OF ENCASHMENT (CONTINUED) Full surrender of individual policy segment(s) This is the full surrender of a specific policy segment(s). For all portfolio bond products (excluding the European Wealth Bond), please indicate which investments you want us to sell in order to fund your requested surrender. The original policy schedule for the policy segment(s) you wish to cash in needs to be returned with this form. C SALE OF SPECIFIC INVESTMENTS TO FUND REQUESTED SURRENDER (THIS OPTION IS NOT AVAILABLE IF YOU HAVE A EUROPEAN WEALTH BOND) This section must be completed for all Portfolio Bond products (excluding the European Wealth Bond) to fund the surrender you have requested unless a dealing instruction has been sent by you or your fund adviser. For regular income payments under the ECIB, EEIB, SCIB, EPB, ELP, SEP and ESB in the absence of specific instructions Old Mutual International Ireland will sell from cash, bank deposits and Old Mutual International Ireland deposit fund or, if not held, from the largest holding by value at which time it may be necessary to clear any debit position on the account. For the EWB, we will look to your Discretionary Asset Manager to provide specific instructions. For EEIB, ECIB, SCIB, EPB, ELP, EWB, SEP and ESB monthly payments are only available where a minimum investment of C150,000 (or currency equivalent) has been made. In all circumstances we suggest that you seek financial advice before submitting any request for payment. D REGULAR WITHDRAWALS For all product types percentages withdrawn will be based on the premium(s) received prior to this request. If you require the percentage to include any additional funds received in the future, we will require revised instructions to this effect at that time. For portfolio bond products payment will be sent by telegraphic transfer which will incur a bank charge of C20 (or other currency equivalent) For portfolio bond products should the value of the specific investment(s) you have specified fall to zero, then in the absence of alternative instructions we will sell investments in line with the Policy Terms and Conditions to meet future regular withdrawal payments. For portfolio bond products please note that the sale of each investment may be subject to a dealing charge and sometimes also third-party charges. E PAYMENT DETAILS Payments can be made to parties who are connected to the Policy. In exceptional circumstances payments can be made to financial institutions, financial advisers/solicitors/accountants which are recognised by the UK Financial Conduct Authority (FCA), and who have the appropriate authorisation to handle client money. Please discuss such requests with Old Mutual International Ireland before submitting your form. For joint policies, payment will be made to both policyholders, either in full to a joint bank account or split equally to bank accounts in each of the policyholders names (please use section E to provide the second policyholder s bank details if applicable). All payments on corporate policies will be made payable to the company. All payments to banks within Europe apart from the UK require a BIC/SWIFT and an IBAN. Please ensure that these fields are filled in as it may delay your payment without this information. F AUTHORITY OF POLICYHOLDER(S) REQUESTING THE PAYMENT All policyholders, including additional trustees and/or pledgees where applicable, must sign this section. Please also indicate the capacity in which you are acting. These signatures authorise and request Old Mutual International Ireland to effect the transaction(s) detailed on this form. G CHECKLIST This is to ensure that you have included all the information needed for us to process your request. Please tick the corresponding fields to make certain that the necessary documents have been supplied. H FEEDBACK QUESTIONS In order for us to continuously improve our products and services we appreciate any feedback that we receive. Please answer these questions and if you have any other comments or suggestions, you can contact us at the address at the beginning of the withdrawal form, or use the address provided. Calls may be monitored and recorded for training purposes and to avoid misunderstandings Old Mutual International Ireland dac is regulated by the Central Bank of Ireland. Registered No Administration Centre for correspondence: King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU Tel: +353(0) Fax: +353(0) Head Office Address: Hambleden House, Lower Pembroke Street, Dublin 2, Ireland. VAT number for Old Mutual International Ireland dac is S Registered Office: Arthur Cox Building, Earlsfort Terrace, Dublin 2, Ireland. Old Mutual International is registered in Ireland as a business name of Old Mutual International Ireland dac. PDF3274/INT /November of 10