NHS Additional Voluntary Contributions (AVC) Facility:

Transcription

1 NHS AVC Facility NHS Additional Voluntary Contributions (AVC) Facility amendment form Printed form Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Any corrections must be initialled. Please do not use correction fluid as this will invalidate your application. Online form Type in fields or tick as appropriate. You can save, print and submit the form. Online form available at About this form Please return all 12 pages of this form in the enclosed reply envelope. Alternatively, to complete online please use the SUBMIT link at the end of the form. This form is for existing members of the NHS AVC Facility, who want to amend their Additional Voluntary Contributions (AVCs). Please note: If you are contributing towards Life Cover with Prudential and wish to amend your level of cover, please contact our Retirement Specialist Team on * who will arrange for the appropriate form to be forwarded to you. *Opening hours are 9am to 6pm, Monday to Friday. Calls may be monitored or recorded for quality and security purposes. Please complete the form carefully and fully, otherwise delays in processing may occur. Should an error be made in completing this form, it must be clearly crossed through and the correction signed by yourself. For further information, please refer to your Key Features Document and Guide to Fund Options. These documents can be found at Please read the Key Features Document, Key Facts about our services and the Key Features Illustration as these will provide you with important information regarding the key risks and benefits of the product to help you make a decision. Please also read the Guide to Fund Options as this will provide you with full details of the funds available, their objectives, Prudential s risk rating of these funds and charges to help you select the funds suitable for your needs. Page 1 of 12

2 Part 1 Your personal details Title Dr Mr Mrs Miss Ms Other Full forenames Surname National Insurance number Date of birth D D M M Y Y Y Y Gender Male Female Address Postcode Home telephone number * There are a number of possible ways you may trigger the Money Purchase Annual Allowance (MPAA) when accessing your benefits flexibly. Your pension scheme or provider will have informed you if this is the case. Have you previously accessed benefits flexibly*? If Yes, please specify the date these were accessed D D M M Y Y Y Y Yes No For further information please speak to your Financial Adviser. Page 2 of 12

3 Part 2 Employment details Employer s name Payroll office address Postcode Payroll office contact name and telephone number (if possible) Payroll reference number (see last payslip) Current annual salary Page 3 of 12

4 Part 3 Amendment of contributions Please see your Key Features Document for information on contribution limits. Available on request or online at Please amend my AVCs as follows: Existing regular contributions % of salary or gross* New contribution level % of salary or gross* Please state how you are paid by ticking one of the boxes below. Your contributions will be deducted with the same frequency as you are paid. Weekly Fortnightly Four-weekly Monthly You may wish to make a lump sum payment through payroll, please state amount: * Please note that the contribution you have specified is gross of income tax and is the full amount which will be credited to your pension fund, once any Life Cover premiums have been deducted. Please note that all payments will be made by deductions from your salary. Lump sum payment: gross* Number of months, within the same tax year, over which the payment is to be spread: Tax relief will normally apply to your own contributions up to 100% of your earnings. There are limits on the tax relief you can receive, for more information please see your Key Features Document. This information is based on our understanding of current taxation, legislation and HM Revenue & Customs practice. These tax rules could change in the future without notice. The impact of taxation (and any tax relief) depends on an individuals personal circumstances. Page 4 of 12

5 Part 4 Investment instructions I wish to (please tick appropriate boxes): a) Invest my new contribution level in the same funds and in the same proportions as my existing contributions. You do not need to complete this part of the form. b) Invest my future contributions in different proportions and/or different funds. c) Switch my existing investment into different funds and allocate proportions to be applied. Complete Section A Investment allocation of future contributions. Complete Section B Switch of existing investment. Details of the funds can be found in the Guide to Fund Options document. Section A Investment allocation of future contributions Please indicate below the proportion of your contributions to be invested in each fund. You can choose a combination up to a maximum of ten funds or a Lifestyle option. If this section is not completed, your contributions will be invested as directed in your initial application. Investment Fund Regular Lump Sum Payments Payments With-Profits Fund % Cash Fund % Fixed Interest Fund % Index-Linked Fund % Retirement Protection Fund % Global Equity Fund % Discretionary Fund % Property Fund % UK Equity Fund % UK Equity (Passive) Fund % Socially Responsible Fund % International Equity Fund % Deposit Fund % Total 100% Please ensure that the proportions you have indicated add up to 100% or choose the Lifestyle option see opposite. Page 5 of 12

6 Part 4 Investment instructions continued Lifestyle option: Please note that if you choose to invest in the Lifestyle option, you cannot invest your future contributions into any other funds. Please tick the appropriate profile below: Profile 6 Profile 8 Profile 10 When selecting the Lifestyle option, 100% of your existing investment (excluding savings invested in the With-Profits Fund, if applicable) is automatically switched into the Lifestyle option chosen above. If you have savings invested in the With-Profits Fund, do you wish to switch this into the Lifestyle option? Yes No 100% of your existing With-Profits Fund investment will be switched. A Market Value Reduction may be applied. Your existing savings will remain invested in the With- Profits Fund. If you require any further information about this option, please refer to the Guide to Fund Options document, or go to the Lifestyling section within Choice of Funds on our website. Page 6 of 12

7 Part 4 Investment instructions continued Section B Switch of existing investment Please confirm below the percentages of the existing investment to be switched, the fund(s) to which the investment is now to be applied and the proportion to be applied to the fund(s). Please see the example below for guidance. Example: A customer wants to transfer 50% of the money they have invested in the With-Profits Fund to the Cash Fund and the UK Equity Fund. They would like 25% of the switched funds to be invested in the Cash Fund and the remainder in the UK Equity Fund. Investment Fund % of existing investment to be switched Fund(s) into which the investment is now to be applied % of amount being switched to be applied to each new fund indicated With-Profits Fund 50% Cash Fund 25% UK Equity Fund 75% 100% Page 7 of 12

8 Part 4 Investment instructions continued Investment Fund % of existing investment to be switched Fund(s) into which the investment is now to be applied % of amount being switched to be applied to each new fund indicated 100% You may invest in up to a maximum of ten funds. If you need more boxes, please continue on a separate sheet of paper and enclose with this form. Notes 1. If the percentage of the investment to be applied to the new fund(s) is not stated, the amount available for the investment will be split equally between the funds selected. 2. Instructions received before noon will normally receive the price calculated at noon that day. Instructions received after noon will normally receive the price calculated at noon on the following working day. 3. Details of switch terms and available funds are contained in the Key Features Document. 4. A switch from the With-Profits Fund may be subject to a Market Value Reduction which if applied will have the effect of reducing your fund value. Page 8 of 12

9 Important notice 1. Your employers do not accept responsibility for the accuracy, or otherwise, of any statements or representations made in Prudential s literature. 2. Individual circumstances vary, therefore, you should, before amending the level of your AVCs, consider your position carefully. 3. The facility is a way of investing money in order to provide pension benefits, those benefits will depend on the contributions paid, the performance of the investments and on annuity rates at retirement. Therefore there is no guarantee that any particular level of benefit will be available at retirement. 4. You may vary or cease your contributions at any time in the future but you have no cancellation rights conferred under the Financial Services and Markets Act 2000 and cannot therefore cancel your election retrospectively. Declaration I confirm that I am a contributing member of the NHS Pension Scheme. I authorise the deductions from my earnings of the Additional Voluntary Contributions (AVCs) specified on this AVC Application Form. I declare that the total of my contributions does not exceed the limits described in part 3. I understand that any benefits which become payable will be paid in accordance with the NHS Pension Scheme AVC Regulations. I understand that the AVC arrangements are governed by the provisions of the NHS Pension Scheme AVC Regulations. I also accept the provisions in the "Important notice". I can confirm that I can afford to pay the level of contribution chosen by me. I understand what happens if my AVC pension causes HM Revenue & Customs benefit limits to be exceeded at retirement. The consequences are explained in the Key Features Document, a copy of which is available on request or online at I understand that re-investing a tax-free lump sum from another pension arrangement into this AVC facility (known as recycling ), either as regular or single premium payments, means I could be liable to an unauthorised payment charge of up to 55% from HM Revenue & Customs. I am aware of the NHS additional pension option. Page 9 of 12

10 How we use your personal data For a copy of your Data Protection Notice please refer to your original application form. If you have any questions about this please write to: The Information Risk and Security Department, Prudential, Lancing, BN15 8GB. For certain products we will need to process sensitive personal data such as health data. By signing and returning this form, you consent to us processing your sensitive data. I consent to information about me being used as described above. For your own benefit and protection, you need to read carefully the documentation provided before signing this form. You need to also read carefully any further documentation provided to you in the future. If there is anything you do not understand, please ask us for further information. Before submitting this application, please confirm you have read the documentation provided. A signature is only required if you are submitting by post. Your signature 7 Print full name (in capitals) Date D D M M Y Y Y Y Before pressing submit, please tick this box to confirm you are submitting this application. Page 10 of 12

11 How we use your personal data continued A copy of your completed application form is available on request. Print form Submit form Your address will be held only as origin of submission.you should only submit from a computer you trust. If submitting this form online, you will receive confirmation via the address provided that your application has been received. If you do not receive confirmation, please contact us on Lines are open 9am 6pm Monday to Friday. Once you ve completed this form, please return it to Prudential. Page 11 of 12

12 "Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group. Registered office at Laurence Pountney Hill, London EC4R 0HH. Registered number Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Page 12 of 12