Norwich Union Stakeholder Pension. Your Guide

Size: px
Start display at page:

Download "Norwich Union Stakeholder Pension. Your Guide"

Transcription

1 Norwich Union Stakeholder Pension Your Guide

2 Welcome to Norwich Union By choosing Norwich Union, you benefit from the financial strength of the UK s largest insurer. Together with millions of customers, you can feel certain of your choice whether you invest for the future, provide against the unexpected or protect the things that are important to you. Norwich Union aims for superior long-term investment performance and, as one of the UK s strongest financial companies, we have the strength to deliver. Our size and efficiency give us even greater opportunities to provide an extensive range of value-for-money, quality products investments, retirement, protection and healthcare designed to meet your needs, both now and in the future. This guide will show you the benefits of taking out a Norwich Union Stakeholder Pension and will answer some of the important questions you may have. As well as reading this Guide, you should also read the Pension Fund Guide, Your Plan Details and Pension Fund Charges booklets, Key Features document and illustration.

3 What is a Norwich Union Stakeholder Pension? A Norwich Union Stakeholder Pension is a stakeholder pension which satisfies all of the rules set by the Government. It is open to people from all walks of life. For example, you could be under 16, caring for a relative on a full-time basis or unable to work, but you will be able to save for your own retirement whether you are earning or not. Norwich Union Stakeholder Pensions give you: Simplicity: you can start your plan with as little as 20 and with our low charges, your money works from day one. You may be able to pay in up to 3,600 each year even if you have no earnings. Flexibility: regular payments can be stopped, reduced or restarted at any time without penalty. You can also make one-off payments if you wish. You can even arrange for a relative or friend to make payments for you. Tax-efficient way of saving: you get income tax relief on all of your payments the level depending on your rate of tax. You won t normally pay tax or National Insurance on payments made by your employer. Your fund will grow free of UK income and capital gains tax. Corporation tax is paid on dividends received from UK shares. This is based on our understanding of current tax laws. The laws relating to tax may change in the future. 3

4 Why Norwich Union? Value for money It s important to know that as much of your money as possible works for you from day one and continues to work as hard as possible right up to your retirement. Norwich Union a trusted name in finance for over 300 years When it comes to experience, Norwich Union as part of the Aviva Group, is a world leader in financial services. We ve been managing people s money for over 300 years. By choosing Norwich Union you will also benefit from being with the UK s largest insurer. Together with 30 million Aviva customers worldwide, you can feel certain you ve made the right choice when investing for your future. Our size, strength and expertise give us even greater opportunities to provide an extensive range of value-for-money, quality products. From investments, retirement solutions and pensions, to protection and healthcare we have a wide range to meet your needs, both now and in the future. We re committed to providing a high level of customer service and expertise to our customers. Each year we will send you a statement showing how much you have paid into your plan and its current value, though we do recommend that you review your plan each year. As you can see, Norwich Union can provide you with the confidence and reassurance you re looking for when choosing a pension. Please bear in mind that the size and strength of the company can decrease or increase over time. 4

5 Am I eligible for this plan? You can take out this plan if you re under age 75 and eligible for tax relief on the payments you make. You re eligible for tax relief when you take out the plan if : you re resident* in the UK, or you have earnings which are subject to UK income tax. You may also be eligible for tax relief if either you or your spouse** works overseas for the UK Government. So we can make sure your payments continue to be eligible for tax relief, you should tell us if: you stop being resident in the UK, or you stop having earnings subject to UK income tax, or you or your spouse stop working for the UK Government overseas. You should also tell us if you move abroad or start working abroad as this may affect what you can pay. We ll tell you more about this at the time. * Resident You re likely to be classed as resident if you live in the UK all or most of the time. If you re not sure, please ask your local tax office. ** Spouse References to spouse in this guide include Civil Partners in a Civil Partnership registered under the Civil Partnership Act What if I have an existing pension? If you have been employed by more than one company during your working lifetime, then it s likely that at some point you will have built up benefits from one or even several company pension schemes. On the other hand, you may be a member of your employer s scheme or you may have other private pension plans. You can carry on paying into these as well as taking out this plan. If your employer has a company scheme that you are able to join, you should always consider your employer s scheme first. You should discuss this with your financial adviser. In most cases, you will be able to transfer pension benefits that you have built up in other pension arrangements to this plan. Not all pension schemes work in the same way so you should seek financial advice before transferring existing pension funds. You can, of course, take out this plan now and transfer money into it from other schemes later on. 5

6 How do I invest in a Norwich Union Stakeholder Pension? You can start your plan with as little as 20 and this can even be paid by your employer, if you have one. Any amount paid by an employer will count towards the minimum. You should pay as much as you can comfortably afford, but because of the valuable tax relief given, there are rules about how much money you can build up in all your pension plans and still get tax breaks. Please see the section What are the tax rules? for more details. Increasing or reducing the amount You are free to increase or reduce the amount you regularly invest, without penalty. If you need to take time out of work, for example to study or raise a family, you can simply stop your payments into your plan and start them again when you return to work. Regular and one-off payments You can make payments into your plan regularly, either every month or every year. This is normally done by direct debit from your bank or building society account. If your employer pays into your plan, then instead of paying by direct debit, your employer can collect your payments from your pay and send them to us. Your employer may ask you to pay a minimum amount to benefit from any employer payment. You can also make one-off payments at any time. This could include money you transfer from another pension scheme. 6

7 Is there a way of increasing payments in line with my income? As the cost of living rises, the real value of your payments each year will decrease. You can help maintain the real value of your payments by choosing automatic yearly increases. This is called indexation. If indexation is included, payments will increase each year in line with the National Average Earnings Index. The minimum increase will be 3% and the maximum will be 15% of the amount you pay regularly. These relatively small increases could make a big difference to the size of your future pension fund. We will tell you in advance of the amount of any increase. Indexation can be stopped at any time. 7

8 What are the tax rules? On 6 April 2006 HM Revenue & Customs introduced new rules about how much money you can build up in all your pension plans and still get tax breaks. These replace all the old rules and introduce new allowances. Tax Relief There s no limit on the amount that can be paid into this and any other pension plans that you have, but you won t get tax relief on payments over a certain amount. HM Revenue & Customs allows tax relief on your personal payments to all your plans up to 3,600 a year or 100% of your UK taxable earnings if greater. Annual Allowance There s an overall limit called the Annual Allowance. This is 215,000 in the tax year 2006/2007, rising to 255,000 by 2010/2011. If total payments from you and your employer to all your pension plans are above the Annual Allowance, you may be subject to a tax charge. The Annual Allowance doesn t apply in the tax year that all benefits are taken under the plan. Norwich Union won t accept payments from you that don t qualify for tax relief. Lifetime Allowance There is a limit, called the Lifetime Allowance, on the amount of money you can build up in all your pension plans without losing tax advantages. Any amount above this allowance will be subject to a tax charge when benefits are paid, or you reach age 75 if earlier. The Lifetime Allowance is 1.5 million in the tax year 2006/2007, rising to 1.8 million by 2010/2011. As well as the amount you re currently building up in pension plans, the Lifetime Allowance also takes into account the cash value of any pensions already being paid to you and any tax-free lump sums you have received. If you already have pension funds that exceed the Lifetime Allowance or you think may exceed it in future, you should seek financial advice before taking out this plan. 8

9 How do I get tax relief? You pay your payments less an amount equal to the basic rate of income tax. Norwich Union will claim this back from HM Revenue & Customs (HMRC) on your behalf and add it to your plan, together with the amount you have paid. This is often referred to as making payments net of basic rate tax. For example, if you pay 78 into your plan, HMRC will add 22 to this, so the total invested is 100. This is known as basic rate tax relief and you will get this, even if you don t pay tax. If you were to invest 40 each month, HMRC will add over 11 a month, a total of around 1,300 in ten years! And this doesn t even take account of the potential investment growth during the ten years. If you re a higher rate taxpayer, payments to your plan will only be increased by basic rate tax relief, but you will be able to claim higher rate tax relief on your annual self-assessment tax return. Taxation Any statement about tax liability is based on our understanding of current law and tax practice. Future changes in law and tax practice could affect how much your plan is worth and your tax liability. Your plan could also be affected by changes in your personal financial circumstances. 9

10 How is my money invested? You may choose to invest in one or more of the investment funds available. Please refer to the Pension Fund Guide for full details of the funds available to your plan. You do not have to select an investment fund unless you wish to do so. If you do not choose a fund, the money paid into your plan will be invested into the Balanced Managed Lifestyle Strategy, which has been selected as our Default Investment Strategy. As you approach retirement we automatically move your investment to lower risk funds. The value of investments can go down as well as up and is not guaranteed. Past performance is no guarantee to the future. Up to 5 years before retirement Less than 5 years before retirement All payments will be made into the Balanced Managed Fund. Your fund will gradually be moved into the Retirement Protection Fund and Deposit Fund. At your chosen retirement date, 75% of your whole fund will be invested in the Retirement Protection Fund and 25% will be invested in the Deposit Fund. If you start your plan with a term of less than 5 years, from outset your fund will be invested 75% in the Retirement Protection Fund and 25% in the Deposit Fund. Phased Switching If you make an investment choice, we will write to you five years before your selected retirement age to ask whether you wish to start moving your money into the Retirement Protection Fund and Deposit Fund. This is called Phased Switching. If you tell us you want to do this, we will start switching your money each month. Under the current Phased Switching option, the objective is that by your selected retirement age, 25% or your money will be invested in the Deposit Fund and 75% will be invested in the Retirement Protection Fund. Choosing the level of risk that s right for you Risk is one of the most important factors when it comes to investing your money for the future. The key to a good investment is finding the right balance between the amount of risk you re willing to take and the potential for return, over your investment period. What do we mean by risk? All funds carry the risk of losing money some more than others. This risk can be measured by the volatility of the fund, or the amount of ups and downs in its value. Typically, the more the value of an investment fund fluctuates, the higher the potential may be for gains or losses. Everyone is different. Some people may have a long time before they retire which means they might wish to take bigger risks. While others, closer to retirement, might want to limit the amount of risk. Understanding your attitude to risk is vital to ensure your future is taken care of. Full details of the aims and risks of the funds available to your plan are found in the Pension Fund Guide. 10

11 When can I take my benefits? When you start your plan, you choose the age from which you wish to take your benefits and this is known as your selected pension age. But you don t have to take your benefits at this time you can take them at any time after age 50 (55 from 2010) even if you re still working. Some benefits can be paid earlier if you are unable to work again due to illness or disability. You can take your benefits after age 75 but you will have less choice about what you can take. Phased retirement You may not want to take all your benefits at the same time. For example, you might want to work part-time rather than retiring altogether. Your plan allows you to take parts of your benefits at different times. This is known as phased retirement. 11

12 What choices will I have when I take my benefits? You can use the whole of your fund to buy a pension or take part of the fund as a tax-free lump sum and use the rest to buy a smaller pension. Normally, you can have up to a quarter of your fund paid to you as a tax-free lump sum. You can choose from a number of different types of pension income, for example: A pension that increases every year A pension that continues to be paid to your spouse after your death. Tax will be deducted from your pension income before it s paid to you. If you don t pay income tax, you can arrange for your pension income to be paid without tax being deducted. If you start taking benefits on or after age 75 you won t be allowed to take a tax-free lump sum. You will have to use your whole fund to provide pension income. You don t have to take your pension income from Norwich Union. You can move your fund to another insurance company at retirement to provide your retirement benefits. We ll give you details of your choices nearer your retirement date and tell you how much of your Lifetime Allowance you have used. If you take benefits above the Lifetime Allowance there may be a tax charge. We ll tell you more about this if it applies to you. Serious ill health If you become seriously ill and a doctor tells you that you re likely to live for less than a year, you can take your whole fund as a lump sum. This is tax-free provided the benefits are not greater than the Lifetime Allowance. Please see the section What are the tax rules? for information about the Lifetime Allowance. 12

13 What happens if I am unable to make payments due to illness or disability? Long-term illness or disability could mean that you can no longer afford to make payments to your pension plan. To guard against this and protect the future value of your pension benefits, you can apply for Your Pension Norwich Union. This means that Norwich Union will take over the regular payments that you would otherwise make to your pension plan, if you are unable to work for more than six months. The same cover is available if you are not employed, and due to ill health or disability can no longer afford to continue making your pension payments. Norwich Union will carry on making the pension payments for you until you recover, Your Pension Protector ceases or you die, whichever happens first. To apply for Your Pension Protector you must be under age 55. You will be asked to answer some questions about your health and occupation. Your answers will be kept strictly private and confidential. For full details of Your Pension Protector, please ask for a quote and read the Key Features document. 13

14 What happens if I die? Before you start receiving your pension Before age 75 If you die before you start receiving your pension, we will normally pay the full value of your fund as a lump sum to your spouse, civil partner, children or legal personal representatives. To help us pay out this lump sum more quickly or if you want us to pay someone else, you can name who you would like to receive it. If you change your mind, you can change the people named at any time. Your wishes are not binding, but we will bear them in mind when making payment. The advantage of this method of payment is that it will normally ensure that benefits are free of Inheritance Tax. If you wish, you may be able to set up your own individual trust instead, so that we pay the money to trustees appointed by you. We can provide you with a trust form or you can use your own. We will need to see the original or a certified copy of the completed trust. We recommend that you see a solicitor before setting up a trust. Any lump sum paid on death will count towards your Lifetime Allowance. Instead of your fund being paid out as a lump sum, it can be used to give your dependants, such as your spouse or civil partner, an income for as long as they live. Any benefits paid in this way will not count towards your Lifetime Allowance. Please see the section What are the tax rules? for information about the Lifetime Allowance. After age 75 If you are age 75 or over and die before you start receiving your pension we cannot pay your benefits as a lump sum. The fund will normally be used to provide income for your spouse, civil partner or dependants. After you start receiving your pension If you re receiving a pension which is guaranteed to be paid for a minimum period, any remaining payments due under the guarantee will be made to your legal personal representatives. If you chose to provide a pension for your spouse, civil partner or dependant(s) after your death, payments will start on the selected basis providing the chosen beneficiary is still alive. 14

15 What about State Pensions? The State will provide you with a Basic State Pension if you have paid enough National Insurance contributions. Starting your pension will not affect your entitlement to Basic State Pension. If you are, or have been, an employee, you may also qualify for a second State Pension. This is currently known as the State Second Pension (S2P). The actual amount of Basic State Pension and S2P you receive will depend on the National Insurance contributions you have paid. 15

16 What next? You should have received a Key Features document and an illustration which gives you an estimate of possible benefits based on your payments. Application form To take out a plan you must complete an application form. Please make sure you complete all of the sections that apply to you including the Direct Debit Instruction. You will need to provide details such as your National Insurance Number. Beneficiaries On the application form, you can name the person or people that you wish to receive the lump sum death benefits. Alternatively, if you want to set up your own trust, we can provide you with an information pack including a trust form for you to complete. You will need to decide who you would like to act as trustees. The Pensions Advisory Service (TPAS) If you or your beneficiaries have any queries or complaints you should contact Norwich Union first. TPAS is available to assist you and your beneficiaries in connection with any difficulties you have failed to resolve with us. Their address is: The Pensions Advisory Service 11 Belgrave Road London SW1V 1RB 16

17 What happens after my plan starts? Norwich Union is committed to providing you with an efficient, professional service at all times. This section tells you about the service we provide and what we need from you to administer your plan. What we will do In our day-to-day service we will: promptly invest payments made send you a statement once a year, giving full information about how your plan is performing, including an estimate of your retirement benefits give you a quotation of your benefits when you approach retirement give information about benefits payable on your death pay benefits promptly, once we have received all necessary documentation give you details of the options available if your circumstances change. These are the services that are already allowed for in the plan charge. We reserve the right to charge for additional services. What we need from you to administer your plan You must tell us as soon as possible of any changes in your personal circumstances, such as: change of name, address or bank details you move abroad or start working abroad. You also need to tell us as soon as possible if you want to change any of the following: the amount of regular payments the funds you invest in your retirement age who you want to receive benefits on your death. 17

18

19

20 SP /2006 Norwich Union Life Services Limited. Registered in England No Rougier Street, York, YO90 1UU. Norwich Union Life Services Limited is authorised and regulated by the Financial Services Authority. Aviva plc

Key Features of the Personal Pension

Key Features of the Personal Pension Key Features of the Personal Pension For plans started after 12 December 2004 Key Features of the Personal Pension The Financial Services Authority is the independent financial services regulator. It

More information

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future.

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. STAKEHOLDER PENSION KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. 2 STAKEHOLDER PENSION KEY FEATURES USING THIS DOCUMENT.

More information

The Personal Range Key Features of the Individual Personal Pension

The Personal Range Key Features of the Individual Personal Pension The Personal Range Key Features of the Individual Personal Pension Reference MPEN11/A 04.16 The Financial Conduct Authority is a financial services regulator. It requires us, Friends Life and Pensions

More information

Beaufort Self Invested Personal Pension. Key Features Document

Beaufort Self Invested Personal Pension. Key Features Document Beaufort Self Invested Personal Pension Key Features Document Introduction The purpose of this document is to provide important information to help you to decide whether our SIPP is right for you. You

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

Group Flexible Retirement Plan. Staff Guide

Group Flexible Retirement Plan. Staff Guide Group Flexible Retirement Plan Staff Guide Terms and information you may need to know Company Jones Lang LaSalle and any other company participating in the Plan. Contribution rates The contribution rates

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

KEY FEATURES OF THE GROUP STAKEHOLDER PENSION SCHEME

KEY FEATURES OF THE GROUP STAKEHOLDER PENSION SCHEME 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

More information

IMPORTANT DOCUMENT PLEASE READ WESLEYAN PERSONAL PENSION PLAN

IMPORTANT DOCUMENT PLEASE READ WESLEYAN PERSONAL PENSION PLAN IMPORTANT DOCUMENT PLEASE READ WESLEYAN PERSONAL PENSION PLAN 02 Wesleyan Personal Pension Plan KEY FEATURES OF THE WESLEYAN PERSONAL PENSION PLAN The Financial Conduct Authority is a financial services

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

Key features of the Flexible Pension Plan

Key features of the Flexible Pension Plan For customers Key features of the Flexible Pension Plan Contents Its aims 2 Your commitment 2 Risks 3 Questions and answers 4 Other information 8 How to contact us 9 The Financial Conduct Authority is

More information

Key features of the Aviva Self Invested Personal Pension

Key features of the Aviva Self Invested Personal Pension Key features of the Aviva Self Invested Personal Pension Retirement Investments Insurance Health Key features of the Aviva Self Invested Personal Pension The Financial Conduct Authority is a financial

More information

G4S Personal Pension Plan Employee Guide

G4S Personal Pension Plan Employee Guide G4S Personal Pension Plan Employee Guide Expiry 05/04/16 Section Page number Introduction 1 Contacts 1 What the Plan can offer you 2 How does the Plan work? 3 Contribution levels 4 Contribution limits

More information

Group Personal Pension Key features

Group Personal Pension Key features Group Personal Pension Key features This is an important document. Please read it and keep for future reference. Key features document: Pages 1 17 Terms and conditions for joining: Pages 18 20 The Financial

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

Key features of the Group Personal Pension Plan

Key features of the Group Personal Pension Plan For employees Key features of the Group Personal Pension Plan Contents Important note 2 Its aims 2 Your commitment 2 Risks 3 Questions and answers 4 Other information 9 How to contact us 12 The Financial

More information

KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) Important information you need to read

KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) Important information you need to read KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE

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

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

KEY FEATURES OF THE PERSONAL PENSION (TOP UP PLAN) Important information you need to read

KEY FEATURES OF THE PERSONAL PENSION (TOP UP PLAN) Important information you need to read KEY FEATURES OF THE PERSONAL PENSION (TOP UP PLAN) Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU

More information

This way to more information

This way to more information Please keep this booklet safe This way to more information This Member Booklet will take you through what you need to know about The People s Pension For people, not profit Contents: Page Understanding

More information

Elite Retirement Account TM

Elite Retirement Account TM Elite Retirement Account TM Key Features of the Elite Retirement Account The Elite Retirement Account (ERA) is a Self Invested Personal Pension (SIPP). A SIPP is a personal pension that allows you greater

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

Key features of the Home Retail Group Personal Pension Plan

Key features of the Home Retail Group Personal Pension Plan Key features of the Home Retail Group Personal Pension Plan This is an important document which you should keep in a safe place. You may need to read it in future. Home Retail Group Personal Pension Plan

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

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

partnership pension account A guide to available benefits

partnership pension account A guide to available benefits partnership pension account A guide to available benefits Contents partnership pension account 3 Paying into your pension 4 Choosing your pension fund 8 How to open a partnership pension account 13 Leaving

More information

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 01 Accessing your pension savings with Standard Life 03 What do you want to do with your pension pot? 09 A regular retirement income for the rest

More information

KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES.

KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES. PEnSIon AnnuITIES KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES. Helping you make the right decisions for your future INsuRANCe. savings. INVesTMeNT MANAGeMeNT. 01 Key features of Legal & General

More information

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and

More information

The New Firefighters Pension Scheme (NFPS)

The New Firefighters Pension Scheme (NFPS) The New Firefighters Pension Scheme (NFPS) May 2013 The Scheme This is a short description of the conditions of membership and main scheme benefits that apply if you pay into the New Firefighters Pension

More information

Key Features of the Prudential Premier Personal Pension Plan

Key Features of the Prudential Premier Personal Pension Plan Key Features of the Prudential Premier Personal Pension Plan Important information you need to read The Financial Conduct Authority is a financial services regulator. Prudential is required to give you

More information

Key features of the Zurich Retirement Account

Key features of the Zurich Retirement Account Key features of the Zurich Retirement Account Helping you decide This important document gives you a summary of the Zurich Retirement Account. Please read this before you decide to invest, and keep it

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 of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Important information you need to read The Financial Conduct Authority is an independent financial

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

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

Mortgage Life Insurance

Mortgage Life Insurance Mortgage Life Insurance Moving with your mortgage In association with Welcome to Norwich Union YOUR MOVE s relationship with Norwich Union means we re able to offer you all the protection you need when

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

Self Invested Personal Pension for Wrap Key Features

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

More information

A guide to pension tax

A guide to pension tax A guide to pension tax Footer info Zurich Blue 2 or White Contents About this guide 3 Tax treatment of payments 4 Eligibility to receive tax relief on payments Tax relief on payments made to pension schemes

More information

Relevant Life Insurance

Relevant Life Insurance For adviser use only. Not approved for use with customers. Relevant Life Insurance Introducing Relevant Life Insurance Retirement Investments Insurance Health Introducing Relevant Life Insurance We ve

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

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

STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme

STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme The Stakeholder scheme is a money purchase scheme - this means it does not offer guaranteed benefits related

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

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

Free Standing Additional Voluntary Contributions Plan Key Features

Free Standing Additional Voluntary Contributions Plan Key Features Free Standing 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

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

Key Features of the Pension Annuity (including the Enhanced Pension Annuity)

Key Features of the Pension Annuity (including the Enhanced Pension Annuity) Key Features of the Pension Annuity (including the Enhanced Pension Annuity) Key Features of the Pension Annuity (including the Enhanced Pension Annuity) The Financial Conduct Authority is a financial

More information

KEY FEATURES OF THE PHASED ANNUITY PLAN

KEY FEATURES OF THE PHASED ANNUITY PLAN KEY FEATURES OF THE PHASED ANNUITY PLAN The Financial Services Authority is the independent financial services regulator. It requires us, Friends Life Company Ltd, to give you this important information

More information

Investing for income when you retire

Investing for income when you retire KEY GUIDE Investing for income when you retire Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that

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

DB Personal Pension Plan

DB Personal Pension Plan Deutsche Bank Human Resources DB Personal Pension Plan Handbook for employees of DB Group Services (UK) Limited DB Personal Pension Plan Contents Introduction 4 What is the Group Personal Pension Flex?

More information

KEY FEATURES OF THE CAREY PENSION SCHEME SIPP

KEY FEATURES OF THE CAREY PENSION SCHEME SIPP KEY FEATURES OF THE CAREY PENSION SCHEME SIPP The Financial Conduct Authority is a financial services regulator. It requires us, Carey Pensions UK, to give you this important information to help you decide

More information

KEY FEATURES. CASH-OUT RETIREMENT PLAN

KEY FEATURES. CASH-OUT RETIREMENT PLAN 1 KEY FEATURES OF OUR CASH-OUT RETIREMENT PLAN CASH-OUT RETIREMENT PLAN KEY FEATURES. For customers who are not receiving financial advice. This is an important document that you should keep in a safe

More information

WELCOME TO YOUR GREGGS PENSION SCHEME.

WELCOME TO YOUR GREGGS PENSION SCHEME. WELCOME TO YOUR GREGGS PENSION SCHEME. YOUR FUTURE. YOUR JOURNEY. October 2015 Legal & General working in association with: 2 WORKING HARD? ONE DAY YOU MAY NEED TO SLOW DOWN. What will the State Pension

More information

Network Rail CARE Pension Scheme

Network Rail CARE Pension Scheme Network Rail CARE Pension Scheme Your Member s Guide The bigger picture Jargon buster Additional Voluntary Contributions is the name given to any contributions you pay above your normal employee contributions

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

O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET

O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET O P Q RETIREMENT & DEATH BENEFITS PLAN For Employees of The OPQ Company MEMBERS' BOOKLET 2014 EDITION Reviewed January 2014 INTRODUCTION This booklet is an overview of the main benefits and conditions

More information

Stakeholder pension decision trees

Stakeholder pension decision trees Stakeholder pension decision trees Financial Services Authority Decision trees provide information and help you to answer the question: Would a stakeholder pension be a good choice for me as part of my

More information

Retirement Investments Insurance Health. Investment Portfolio

Retirement Investments Insurance Health. Investment Portfolio Retirement Investments Insurance Health Investment Portfolio Investment Portfolio from Aviva Whatever your financial needs, Investment Portfolio offers you a wide range of investment options, giving you

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

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

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

PLANNING THE RETIREMENT YOU WANT

PLANNING THE RETIREMENT YOU WANT PLANNING THE RETIREMENT YOU WANT Charlotte Supply Chain Graduate HEINEKEN UK Flexible Retirement Plan Contents A reminder of... How the Flexible Retirement Plan works 4 The benefits 6 Consider what you

More information

The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK

The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional Voluntary Contributions (AVCs) 5 Tax relief 6 Retirement Benefits (including

More information

SIPP Key Facts. This is an important document which you should keep.

SIPP Key Facts. This is an important document which you should keep. SIPP Key Facts! This is an important document which you should keep. 2 Key Facts of the Alliance Trust Savings SIPP The Financial Conduct Authority is the independent financial services regulator. It requires

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

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

Key features of the Nucleus Offshore Bond

Key features of the Nucleus Offshore Bond Key features of the Nucleus Offshore Bond Edition 12 Date of publication 15/04/16 You should note that the terms and conditions of the Nucleus Offshore Bond and a signed declaration constitute a legally

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

Key Features of the Prudential Investment Plan (including additional investments)

Key Features of the Prudential Investment Plan (including additional investments) Key Features of the Prudential Investment Plan (including additional investments) Applicable to plans originally taken out from 11 November 2013 Important information you need to read Braille, large print

More information

ABOUT OUR SERVICES AND COSTS

ABOUT OUR SERVICES AND COSTS ABOUT OUR SERVICES AND COSTS Virgin Money PO Box 9522 Chelmsford CM99 2AB 1 The Financial Conduct Authority (FCA) The FCA is an independent watchdog that regulates financial services. This document is

More information

Key features of the Aviva Stocks & Shares ISA

Key features of the Aviva Stocks & Shares ISA Key features of the Aviva Stocks & Shares ISA Retirement Investments Insurance Health Key features of the Aviva Stocks & Shares ISA The Financial Conduct Authority is a financial services regulator. It

More information

Important information. Key Features of the Flexible Life Plan (top-up payments)

Important information. Key Features of the Flexible Life Plan (top-up payments) Important information Key Features of the Flexible Life Plan (top-up payments) > Contents About this booklet 4 About the Flexible Life Plan (top-up payments) 4 Its aim 5 Your commitment 5 Risks 6 Questions

More information

THE MERLIN ENTERTAINMENTS PLC

THE MERLIN ENTERTAINMENTS PLC THE MERLIN ENTERTAINMENTS PLC GROUP PERSONAL PENSION PLAN A guide to help you prepare for the retirement you want Your Merlin company pension is provided by Scottish Widows in association with JLT. SUPPORTING

More information

The Local Government Pension Scheme

The Local Government Pension Scheme Rhondda Cynon Taf Pension Fund A Short Guide To The Local Government Pension Scheme Contents The Scheme 3 Retirement 5 The Benefits 7 Protection for your Family 9 Leavers without an immediate 10 entitlement

More information

Your guide to the Universities Superannuation Scheme

Your guide to the Universities Superannuation Scheme Your guide to the Universities Superannuation Scheme February 2016 02 Contents The document contains the following sections: Contents 02 About this guide 03 Your USS at a glance 04 Joining the scheme 05

More information

TD Direct Investing A Guide to SIPPs

TD Direct Investing A Guide to SIPPs TD Direct Investing A Guide to SIPPs Introduction If you are considering investing for retirement, there are a number of ways to approach it. One way is to embark on the do it yourself (DIY) self investment

More information

Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section)

Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section) Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section) From 1 October 2015 GKN Group Pension Scheme 2012 GKN Group Pension Scheme 2012

More information

Key Features of the NFU Mutual Pension Annuity

Key Features of the NFU Mutual Pension Annuity Key Features of the NFU Mutual Pension Annuity Contents Who should buy this product? page 1 Its Aim page 1 Your Commitment page 1 Risks page 1 How do pensions work? page 2 What is a Pension Annuity? page

More information

THE MERLIN ENTERTAINMENTS PLC

THE MERLIN ENTERTAINMENTS PLC THE MERLIN ENTERTAINMENTS PLC GROUP PERSONAL PENSION PLAN A guide to help you prepare for the retirement you want Your Merlin company pension is provided by Scottish Widows in association with JLT. SUPPORTING

More information

Aviva Self Invested Personal Pension

Aviva Self Invested Personal Pension For financial advisers only. Not approved for use with clients. Aviva Self Invested Personal Pension Charges and investment limits summary for financial advisers The information contained within this document

More information

Your pension and tax. How the tax rules affect you

Your pension and tax. How the tax rules affect you Your pension and tax How the tax rules affect you Occupational pension schemes and personal pension arrangements which benefit from tax relief are subject to tax rules. The rules limit the amount of tax

More information

KEY GUIDE. Investing for income when you retire

KEY GUIDE. Investing for income when you retire KEY GUIDE Investing for income when you retire Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that

More information

Prudential Personal Pension Plan top-up Example Illustrations for monthly and single payments

Prudential Personal Pension Plan top-up Example Illustrations for monthly and single payments Prudential Personal Pension Plan top-up Example Illustrations for monthly and single payments The Financial Conduct Authority is a financial services regulator. It requires us, Prudential, to give you

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

Important information. Key Features of the Income Choice Annuity

Important information. Key Features of the Income Choice Annuity Important information Key Features of the Income Choice Annuity Important information The Financial Conduct Authority is a financial services regulator. Prudential is required to give you the important

More information

Immediate Vesting Personal Pension Plan Key features

Immediate Vesting Personal Pension Plan Key features Immediate Vesting Personal Pension Plan 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

Important information. Key Features of the Guaranteed Pension Annuity

Important information. Key Features of the Guaranteed Pension Annuity Important information Key Features of the Guaranteed Pension Annuity Important information The Financial Conduct Authority is a financial services regulator. Prudential is required to give you the important

More information

Your guide to retirement savings and fund choices

Your guide to retirement savings and fund choices Your guide to retirement savings and fund choices The Global Connections Group Personal Pension Plan for employees automatically enrolled into the plan Contents What is The Global Connections Group Personal

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

Enhanced members. Click to begin. Published March 2015. a helping hand for later life

Enhanced members. Click to begin. Published March 2015. a helping hand for later life Enhanced members Published March 2015 Click to begin Hello! Contents This is your guide to the Morrisons Retirement Saver Plan. Congratulations on joining the Morrisons Retirement Saver Plan (Retirement

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

The Plan for Your Future

The Plan for Your Future The TJX UK Pension Plan The Plan for Your Future Pension Booklet 2 P age Welcome to the TJX UK Pension Plan To look after your financial future, you need to take a little time out of your present. Setting

More information

Guaranteed Drawdown. Giving you confidence about your retirement income

Guaranteed Drawdown. Giving you confidence about your retirement income Guaranteed Drawdown Giving you confidence about your retirement income 1 The new retirement landscape As you approach retirement, it s time to make those important financial decisions that will see you

More information

Trustee training workbook Your one-member Company Pension Scheme with Irish Life

Trustee training workbook Your one-member Company Pension Scheme with Irish Life Trustee training workbook Your one-member Company Pension Scheme with Irish Life Committed to Plain English There is no financial jargon in this booklet and everything you need to know is written in an

More information

Key Features of the Immediate Life Annuity

Key Features of the Immediate Life Annuity Key Features of the Immediate Life Annuity Key Features of the Immediate Life Annuity The Financial Conduct Authority is a financial services regulator. It requires us, Aviva, to give you this important

More information