Annuity Policy. For benefits bought out from an occupational pension scheme or a section 32 buy-out plan

Size: px
Start display at page:

Download "Annuity Policy. For benefits bought out from an occupational pension scheme or a section 32 buy-out plan"

Transcription

1 Annuity Policy For benefits bought out from an occupational pension scheme or a section 32 buy-out plan

2 Please keep this Policy in a safe place, along with the accepted Annuity Quotation, the Statement of Benefits and the Key Features Document. Annuity policy for benefits bought out from an occupational pension scheme or a section 32 buy out plan This is your Policy. It contains the full legal explanation of your annuity and the Policy Conditions that is, the contractual terms and conditions relating to it. This Policy is designed to provide trustees of occupational pension schemes with the means of securing either a lifetime annuity or a scheme pension (as defined in section C of this Policy) in the individual's own name. This Policy can also be used to provide a lifetime annuity for: > an individual who wishes to buy their pension under a section 32 buy-out plan with a different insurer, or > an individual who has already started to draw their pension in the form of drawdown, and who has asked the trustees or the insurer to replace that pension with a lifetime annuity. The Policy outlines our understanding of the tax treatment and regulations governing your annuity in force at the date the Policy is issued. It is important to understand that like all legislation, the tax treatment and other provisions can change in the future. Definitions A number of specific words and expressions are used in this Policy. These words and expressions are shown in bold print and their meanings are set out in section C of the Policy. Address for correspondence Please address any letter about this document, called the Policy, to: Prudential Annuities Contact Centre Lancing BN15 8GB Please read the Policy, Statement of Benefits and the Annuity Quotation carefully. Please return the documentation to us at once if any correction is necessary. Important This Policy is a general-purpose annuity policy. It describes a variety of options, features and benefits. Some of these may not be relevant to your annuity. The Policy needs to be read alongside the accepted Annuity Quotation in order to understand the particular options, features and benefits that apply. If you would like copies of this document in Braille, large print or on audio tape, please contact us at the address shown above. 02 Planning For Retirement

3 Contents A. General 4 1. Introduction 4 2. Important Notes 4 B. Agreement 5 C. Meaning of words 5 D. Conditions 9 1. First annuity 9 2. Second annuity 9 3. Third annuity Payment of benefits Annuity guarantee Changes to amounts of annuity payments Taxation Non-profit benefits; surrenders; transfer of ownership Production of documents and other evidence Proof of age and marriage/civil partnership Notices to annuitants Changes to benefits and amendment of policy conditions Divorce and dissolution Annuity terms not in accordance with provisions of employer's scheme or section 32 buy-out plan Applicable law Financial Services Compensation Scheme Third party rights 19 E. Other Information Complaints Long-term business Pensions business 19 Planning For Retirement 03

4 A. General 1. Introduction The value of your pension benefits under your pension arrangement (either an occupational pension scheme run by your employer or a section 32 buy-out plan to which your occupational scheme benefits were previously transferred) has been paid to Prudential. This is so a lifetime annuity or scheme pension can be set up for you and you can start to receive your pension. This payment is likely to have been made to us as a result of your having exercised an open market option an option which enables you to purchase a lifetime annuity with a different insurer from the provider of the employer's scheme or the section 32 buy-out plan. You have chosen Prudential as the provider of your annuity. Alternatively, this payment may have been made to us in circumstances where the trustees of the employer's scheme are required to pay a scheme pension and they either wish or need to purchase a policy that is in your name. You will receive (or have already received) other documents from us. These include the following: > Annuity Quotation > Key Features Document > Statement of Benefits Please read these documents and the Policy carefully. They all contain important information. You should keep them all in a safe place, and ensure the people who will handle the affairs of your estate when you die know where they are. 2. Important Notes (a) Contracting-out benefits This Policy covers guaranteed minimum pensions which is a type of pension that can arise if you were contracted-out of the State Earnings- Related Pension Scheme. If the Annuity Quotation does not show a contracting-out pension, then your Policy will not include any contracting-out benefits and you should therefore disregard all references to guaranteed minimum pension. (b) Compulsory requirements Certain compulsory requirements apply to pensions arising from contracting-out. The compulsory requirements concern increases to pensions, guarantee periods and the need to provide pensions for your legal spouse or civil partner on your death. The compulsory requirements are explained in this Policy and apply to benefits bought out from both an employer s scheme and a section 32 buy-out plan. Compulsory requirements regarding increases to pension also apply to pensions accrued in defined benefit pension schemes on or after 6 April These may apply to your annuity if the Policy is for benefits from an employer s scheme. They do not apply if the Policy is for benefits bought out from a section 32 buy-out plan. If any of the compulsory requirements apply to you, this will be indicated in the Annuity Quotation. (c) Annuity terms to be in accordance with the provisions of the employer s scheme or section 32 buy-out plan Some of the terms such as the level of increases to pensions and guarantee periods chosen for your annuity must be permissible under the provisions of the employer s scheme or the section 32 buy-out plan. At the time when the Annuity Quotation is accepted, we require confirmation that the accepted terms are permissible. We cannot accept any liability if the terms of the annuity are not allowed under the provisions of the employer s scheme or the section 32 buy-out plan. If we discover that any of the terms of your annuity do not comply with those provisions, we may have to change the amount and/or terms of your annuity. See also section D14 of this Policy. (d) Lifetime Allowance At the time when the Annuity Quotation is accepted, we require confirmation that the value of the benefits does not exceed the Lifetime Allowance. We cannot accept any liability if it is later discovered that your available Lifetime Allowance has been exceeded and you have become liable to pay a Lifetime Allowance Charge. 04 Planning For Retirement

5 B. Agreement Subject to section D14, we have agreed to provide the benefits described in the Policy and the Annuity Quotation. The agreement results from the payment by the trustee or trustees of the employer s scheme or by the insurer of the section 32 buy-out plan to us of a premium, to buy benefits for you that would otherwise be payable by the trustees of the employer s scheme or the insurer of the section 32 buy-out plan. In this way, although the contract was entered into by the trustee or trustees of the employer s scheme, or by the insurer of the section 32 buy-out plan, the Policy has been set up solely for your benefit and the benefit of any dependants stated to be so entitled. This agreement is designed to give you direct contractual rights with us and to allow you to deal directly with us. The trustee or trustees of the employer s scheme or the insurer of the section 32 buy-out plan have determined that all contractual rights under the Policy are to be enforceable only by you, the first annuitant, or such other person who may be entitled to receive the benefit, and not by the trustees or insurer. C. Meaning of words In the Policy the words Prudential, "we", "us" and "our" refer either to: > Prudential Retirement Income Limited, if the annuity is a Level Annuity, or a Fixed Increase Annuity, or an LPI Annuity, or an Increasing GMP Annuity, or an RPI-Linked Annuity, or > The Prudential Assurance Company Limited, if the annuity is an Income Choice Annuity. The words "you" and "your" refer to the client named in the Annuity Quotation. The "annuitant" is a person receiving an annuity. This can refer either to you or to your spouse, civil partner, or other dependant as defined below, depending on the context and circumstances. Act This is the Pension Schemes Act Annuity change date This is the date on which we change the amount of a Fixed Increase Annuity, an LPI Annuity, an RPI- Linked Annuity, an Increasing GMP Annuity or an Income Choice Annuity under section D6. The annuity change date may be either: > the anniversary of the annuity start date, or > any other date that we agree with the trustees of the employer's scheme or the insurer of the section 32 buy-out plan. If the annuity change date is not the anniversary of the annuity start date, the first annuity change date must not be more than twelve months following the annuity start date and must be a date on which a payment would normally be made under the Policy. Any change under section D6 is calculated as at the annuity change date and takes effect from that date. Please note, however, that if the annuity is payable in arrears, the new amount will actually be payable from the next payment date following the annuity change date. Annuity start date This is the effective date from which the Policy is set up. If the annuity is set up to be payable in advance, the first annuity starts to be paid on the annuity start date. If, however, the annuity is set up to be payable in arrears, the first annuity will start on a later date, called the first arrears date. The annuity start date is indicated in the Annuity Quotation and the Statement of Benefits. It will be either: > the date on which we receive all of the purchase money(s), or > it may be a specified date agreed between the trustees of the employer's scheme or the insurer of the section 32 buy-out plan. Annuity Quotation This is the annuity quotation provided by us and which has been formally accepted either by you, the first annuitant, or by the trustee(s) of the employer's scheme or by the insurer of the section 32 buyout plan, as appropriate. A copy of the accepted Annuity Quotation is issued with the Policy and the Statement of Benefits as confirmation of the accepted terms. Planning For Retirement 05

6 The accepted Annuity Quotation forms part of the contractual documentation and this Policy needs to be read and understood in conjunction with it. You should keep these two documents together with the Statement of Benefits and the Key Features Document. The Annuity Quotation will be issued either by Prudential Retirement Income Limited or The Prudential Assurance Company Limited. Civil partner A registered same-sex civil partner. Employer s scheme If this Policy has been set up to provide pension in place of benefits arising from an employer s registered occupational pension scheme, the employer s scheme is that occupational pension scheme. The pension that arises under an employer s occupational pension scheme can be paid either by the trustee(s) of that scheme through a policy set up in their name, or it can be paid through a policy set up in the name of the retiring scheme member. This Policy provides the means for the trustees of an occupational pension scheme to buy an annuity with Prudential in the name of the retiring scheme member. First annuitant The first annuitant is the client named in the Annuity Quotation, being a member of the employer's scheme or the holder of the section 32 buy-out plan. First annuity An annual amount payable to the first annuitant. The first annuity is the total annual amount (including any guaranteed minimum pension) shown in the Annuity Quotation as being payable to the first annuitant. The first annuity will be, in whole or in part: > non-increasing, in which case it will be a Level Annuity, or > increasing by a fixed percentage, in which case it will be a Fixed Increase Annuity, or > linked to changes in the RPI, in which case it will be an RPI-Linked Annuity, or > an LPI Annuity, in which case increases will be linked to changes in the RPI, subject to a maximum percentage, or > an Increasing GMP Annuity, if any part of the annuity is guaranteed minimum pension accrued after 5 April 1988 and before 6 April 1997; or > linked to the performance of the Prudential With-Profits Fund, in which case it will be an Income Choice Annuity. More detail on the significance of these different types of annuity is given in section D6. Details of which one or more of these options apply to the first annuity will be indicated in the Annuity Quotation. First arrears date If the payments are set up to be paid in arrears, the first payment will be after the annuity start date. The actual date of the first payment in this case is the first arrears date. Fixed Increase Annuity This is any part of the first annuity, second annuity, or third annuity which is indicated in the Annuity Quotation as being subject to fixed annual increases, and for which the payments will be increased at the same level throughout the life of the relevant annuitant. The rate(s) at which the annuities will increase will also be shown in the Annuity Quotation. The way in which Fixed Increase Annuities are increased is described in section D6. GMP date This is the date from which the first annuitant s fully revalued guaranteed minimum pension (if any) must be payable. It is age 65 for men and age 60 for women. Guaranteed minimum pension This is an annual amount paid as a result of being contracted-out of the State Earnings-Related Pension Scheme by reference to sections 13 to 23 of the Act, through membership of a defined benefit occupational pension scheme, before 6 April If this applies, the amounts of guaranteed minimum pension payable in respect of the first annuitant, the second annuitant (or, if applicable the third annuitant), will be shown on the Annuity Quotation. The amount(s) of guaranteed minimum pension shown may be an amount that includes revaluation to the GMP date, or to any other date supplied to us by the trustees of the employer's scheme or the insurer of the section 32 buy-out plan. 06 Planning For Retirement

7 If the amount shown on the Annuity Quotation does not include revaluation up to the GMP date, the amount to which the first annuitant is actually entitled at the GMP date will include any further revaluation that is required by law. There will be a guaranteed minimum pension only if the benefits under the employer's scheme or section 32 buy-out plan included this benefit. Guarantee period This is a period during which the first annuity will continue to be paid, notwithstanding the death of the first annuitant within that period. The guarantee period (if any) is set out in the Annuity Quotation. The guarantee period cannot exceed: > five years from the annuity start date in the case of that part of the annuity which is guaranteed minimum pension; and > ten years from the annuity start date in the case of that part of the first annuity which is not guaranteed minimum pension. Income Choice Annuity An Income Choice Annuity is an annuity which pays a retirement income linked to the performance of the Prudential With-Profits Fund. If any part of the first annuity, second annuity or third annuity is an Income Choice Annuity, we will issue a separate Appendix which describes the special terms which apply. The Appendix needs to be read in conjunction with this Policy and the Annuity Quotation. Increasing GMP Annuity This is any part of the first annuity, second annuity or third annuity which is guaranteed minimum pension accrued after 5 April 1988 and before 6 April An Increasing GMP Annuity will increase each year either at a fixed rate each year (of not less than 3%) or in line with changes in the RPI subject to a maximum percentage each year (of not less than 3%). Key Features Document This is a document that we issue to you before you decide to buy your benefits with us. The Key Features Document sets out the basic terms and conditions of the contract with Prudential and is designed to help you make your decision about buying your annuity with us. As it sets out the basic features of the contract, the Key Features Document forms part of the contract documentation, alongside the accepted Annuity Quotation, the Statement of Benefits and the Policy. The Policy reflects the terms and conditions set out in the Key Features Document, but in more detail. Level Annuity This is any part of the first annuity, second annuity, or third annuity which is indicated in the Annuity Quotation as being non-increasing, and for which the payments remain at the same level throughout the life of the relevant annuitant. Lifetime Allowance and Lifetime Allowance Charge The Government has set a limit for each tax year on the value of the benefits that can be taken from Registered pension schemes (including pension arrangements such as the employer's scheme or the section 32 buy-out plan) above which a liability for a Lifetime Allowance Charge may arise. This limit is called the standard Lifetime Allowance. The Government has set the standard Lifetime Allowance for the tax year 2012/13 at 1.5m. The standard Lifetime Allowance may, however, be varied in relation to an individual if his or her benefits are eligible for certain protections as authorised by HM Revenue & Customs. When benefits are taken, the value of the benefits will be compared with the individual's available personal Lifetime Allowance at that time. If an individual takes benefits valued above his or her personal Lifetime Allowance, the excess (when paid) will be taxed at 25% if taken as pension and at 55% if taken as a cash sum. This charge is called the Lifetime Allowance Charge. Lifetime Annuity A lifetime annuity is an annuity which is guaranteed to be payable for the lifetime of the first annuitant. A lifetime annuity can only be paid under a pension scheme which is a money purchase arrangement and the first annuitant must have been given the opportunity to select the insurance company. Planning For Retirement 07

8 This Policy is designed to provide either a lifetime annuity or a scheme pension. LPI Annuity This is any part of the first annuity, second annuity or third annuity which has been set up to have limited prices indexation. This means payments will be linked to increases in the RPI subject to a maximum specified percentage, as set out in the Annuity Quotation. Pension credit rights If an annuitant becomes divorced (or if his or her civil partnership is dissolved), his or her ex-spouse (or ex-civil partner) may be awarded pension credit rights in relation to the benefits under the Policy. Policy This document, together with any endorsements, any addenda, or any Appendix that we issue to supplement it. Policyholder This means you, the first annuitant and the client named in the Annuity Quotation. Registered pension scheme A pension scheme or pension arrangement that is registered with HM Revenue & Customs. This gives the scheme or arrangement various tax advantages in respect of payments, investments and benefits. RPI Subject to section D6 (g), this is the Retail Prices Index published by HM Government. RPI-Linked annuity An RPI-Linked Annuity is any part of the first annuity, second annuity or third annuity which pays a retirement income linked to changes in the RPI. The income is fixed for the first year and then changes each year in line with changes in the RPI. An RPI-Linked Annuity will not necessarily increase and may even decrease (see section D6 (g)). If the annuity is an RPI-Linked Annuity, this will be indicated in the Annuity Quotation. Scheme pension A scheme pension is a type of pension which is guaranteed to be payable for the lifetime of the first annuitant and which cannot (except in narrowly defined circumstances) be reduced. A scheme pension can be paid by the trustees of a pension scheme from the resources of the scheme. Where a scheme pension is secured through an insurance company, the insurance company is chosen by the trustees or administrator of the scheme. This Policy is designed to provide a scheme pension or a lifetime annuity. Second annuitant This is the first annuitant's legal spouse, civil partner or other dependant. If a dependant is named in the Annuity Quotation, then that named dependant is the second annuitant. The second annuitant may be defined as the first annuitant s spouse, civil partner or other dependant either at the annuity start date or at the date of his or her death. The definition that applies will be shown in the Annuity Quotation. In the case of any contracting-out benefits, the benefits must always be paid to the spouse or civil partner at date of death (see sections D2 (j) and D3). Second annuity An annual amount, as shown on the Annuity Quotation, which includes guaranteed minimum pension (if any). There will be a second annuity if the annuity has been set up on what we call a joint life basis. If at the date of the first annuitant s death there is a third annuitant (that is, the second annuitant is no longer the first annuitant s legal spouse or civil partner and the first annuitant has a new spouse or civil partner), then we will reduce any second annuity by the amount of the third annuity. Section 32 buy-out plan The first annuitant s benefits from an employer s occupational pension scheme may have been transferred to a section 32 buy-out plan, being a policy designed to provide benefits in place of those that would have been payable under the employer s occupational pension scheme. In that case, the proceeds of that plan have been paid to us to provide the first annuitant s (and any other annuitant s) pension benefits. Section 32 buy-out plans are classed as "Registered pension schemes within the terms of Chapter 2 of Part 4 of the Finance Act Planning For Retirement

9 Statement of Benefits This is a document that we issue as confirmation that the contract with us has been concluded and the annuity has been set up. It gives brief details of the benefits. Full details of the amounts of the payments and the options that have been selected are set out in the Annuity Quotation. Third annuitant This is the first annuitant s legal spouse or civil partner at the date of the first annuitant s death, if at that time the second annuitant is no longer his or her legal spouse or civil partner and the first annuitant has a new spouse or civil partner. Third annuity An annual amount of guaranteed minimum pension (if any). There will be a third annuity only if there is a guaranteed minimum pension and if, at the date of the first annuitant s death, the second annuitant is no longer his or her legal spouse or civil partner and the first annuitant has a new spouse or civil partner. The third annuity will change or increase on the same basis that applies to the guaranteed minimum pension element of the second annuity. D. Conditions 1. First annuity We will pay the first annuity to you, the first annuitant. It starts with effect from either: > the annuity start date, if the first annuity is payable in advance (that is, at the start of specified intervals), or > the first arrears date, if the first annuity is payable in arrears (that is, following the end of specified intervals), and is paid as described in section D4. The Annuity Quotation will indicate whether the first annuity is payable in advance or in arrears. The first annuity cannot in any circumstances be exchanged for a lump sum payment (see also section D8 (b)). 2. Second annuity (a) General This section applies where the Annuity Quotation indicates that there is a joint life pension. A joint life pension means that on the first annuitant s death, a pension will then be payable to another person if they are alive at that date, and this pension will be the second annuity (or the third annuity see section D3). (b) Compulsory requirements A joint life pension is a compulsory requirement in respect of any guaranteed minimum pension. This means that a joint life pension must be included even if the first annuitant is unmarried or is not in a civil partnership at the annuity start date. (c) Joint life option for other pensions A joint life pension is not compulsory in the case of any pension in excess of guaranteed minimum pension. Such pensions will be set up on a joint life basis if: > the provisions of the employer s scheme or the section 32 buy-out plan allow the first annuitant to exercise a choice and he or she has requested a joint life pension, or > the trustees of the employer s scheme or the insurer of the section 32 buy-out plan so require, according to the provisions of the employer s scheme or the section 32 buy-out plan. (d) Amounts shown in Annuity Quotation The Annuity Quotation will show which parts of pension have been set up on a joint life basis and the resulting amount of the second annuity. (e) Payment to second annuitant Subject to section D3, if the second annuitant is still alive when the first annuitant dies, we will pay the second annuity in respect of the second annuitant. We will pay the second annuity as described in section D4. (f) Start date of second annuity Subject to section D2 (g), the second annuity will start as indicated on the Annuity Quotation. There are two possibilities: Planning For Retirement 09

10 > The second annuity may start with effect from the date that the next payment of the first annuity would otherwise have been due, or > Otherwise, the second annuity will start with effect from the day following the first annuitant s death. Any part of the second annuity that is guaranteed minimum pension will, however, always start with effect from the day following the first annuitant s death. (g) Start date of second annuity if first annuitant dies during guarantee period (i) General If the first annuitant dies before the end of the guarantee period (if any) that part of the second annuity which is not guaranteed minimum pension will start as indicated on the Annuity Quotation. There are two possibilities: > The second annuity (excluding any guaranteed minimum pension) may start with effect from the date described in section D2 (f), irrespective of whether the guarantee period has expired. In this case, if the first annuitant dies within the guarantee period, the remaining payments of the first annuity (as described in section D5 (c)) will be said to overlap, and therefore be paid simultaneously with the second annuity; or > Otherwise, the second annuity (excluding any guaranteed minimum pension) will start with effect from the date described in section D2 (f) or at the end of the guarantee period, whichever is later. In this case, if the first annuitant dies in the guarantee period, then the remaining payments of the first annuity (as described in section D5 (c)) will not overlap. The second annuity (excluding any guaranteed minimum pension) will start only once the guarantee period has expired. (ii) Guaranteed minimum pension If the first annuitant dies before the end of the guarantee period (if any) that part (if any) of the second annuity which is guaranteed minimum pension will start in accordance with section D2 (f). In effect payments of guaranteed minimum pension will always overlap. (h) Reduction of spouse s or civil partner's guaranteed minimum pension on first annuitant s death before GMP date This section applies where: > the annuity includes guaranteed minimum pension, > the annuity start date is before the first annuitant s GMP date, and > the first annuitant dies before GMP date. In such circumstances, we will not pay the full amount of guaranteed minimum pension in respect of the second annuitant (or the third annuitant, if applicable). We will pay a smaller amount that we calculate as being required under the Act. The fully revalued guaranteed minimum pension will however be available from GMP date. (i) Second annuity cannot be re-allocated Except where sections D2 (j) or (k) or section D3 (b) apply, the second annuity cannot be re-allocated to another person, even if the second annuitant dies during the life of the first annuitant, or is divorced from the first annuitant or where their civil partnership has been dissolved. (j) Requirement to pay contractingout benefits on death to legal spouse or civil partner If the first annuitant is married, that part (if any) of the second annuity which is guaranteed minimum pension must by law be paid to the first annuitant s legal spouse at the date of death. In addition, if the first annuitant is in a civil partnership, that part (if any) of the second annuity which is guaranteed minimum pension accrued between 6 April 1988 and 5 April 1997 must be paid to the first annuitant's legal civil partner at the date of death. See also section D3 (b) for the effect of remarriage or taking a new civil partner on contracting-out benefits. 10 Planning For Retirement

11 (k) Effect of divorce or dissolution on the second annuity (i) This section D2 (k)(i) applies to: > Guaranteed minimum pension > Pension other than guaranteed minimum pension where the second annuitant is defined in the Annuity Quotation as being the first annuitant's spouse or civil partner at the date of his or her death. In these cases, if the first annuitant divorces the second annuitant after the annuity start date and does not remarry, then the second annuity will not be payable. Likewise, where a civil partnership is dissolved after the annuity start date and the first annuitant does not enter into a new civil partnership, then the second annuity will not be payable. Where the first annuitant has remarried or entered into a new civil partnership, the relevant part of the second annuity will be payable to the new spouse or civil partner. See also section D3 (b) in relation to contractingout benefits. (ii) In the case where the second annuitant is defined in the Annuity Quotation as the spouse or civil partner at the date of retirement or at the date the annuity starts, that part of the second annuity that is not guaranteed minimum pension will be payable to that person, irrespective of a divorce or dissolution and, if applicable, remarriage or new civil partnership. See, however, section D3 (b) in relation to contracting-out benefits. (l) First annuitant is not married or is not in a civil partnership This section D2 (l) applies: > where the second annuitant is defined in the Annuity Quotation as the spouse or civil partner at the date of the first annuitant's death, and/or > where the annuity includes guaranteed minimum pension. Where the annuity has been set up on a joint life basis, even though the first annuitant was unmarried or was not in a civil partnership at the annuity start date, the second annuity will only be payable if the first annuitant is actually married or in a civil partnership at the date of his or her death. (m)dependant's commutation lump sum benefit Where the rules of the employer's scheme or the section 32 buy-out plan so allow, and where certain conditions are met, the second annuity may be paid as a lump sum. The conditions are that: > the first annuitant died before age 75 > the lump sum payment is made before the date on which the first annuitant would have reached age 75 > the lump sum payment extinguishes all of the second annuitant's entitlement to any death benefits under the employer's scheme or section 32 buy-out plan, and > the lump sum does not exceed 18, Third annuity (a) General This section D3 applies where: > there is a second annuity, and > the second annuity includes guaranteed minimum pension under the Policy. (b) Requirement to pay contractingout benefits on death to legal spouse or civil partner As stated in section D2 (j), if the first annuitant is married or in a civil partnership, that part (if any) of the second annuity which is guaranteed minimum pension must by law be paid to the first annuitant s legal spouse or civil partner at the date of death. (Note: a legal civil partner is entitled only to guaranteed minimum pension accrued between 6 April 1988 and 5 April 1997). As such, where the second annuitant is still the legal spouse or civil partner at the date of the first annuitant s death, there will be no separate third annuitant. Planning For Retirement 11

12 Where the first annuitant and second annuitant have become divorced (or their civil partnership has been dissolved) after the annuity start date, and the first annuitant has remarried (or entered into a new civil partnership) before the date of death, any part of the second annuity which is guaranteed minimum pension cannot be paid to any second annuitant named in the Annuity Quotation. In such circumstances: > any part of the second annuity which is guaranteed minimum pension will become the third annuity, > the second annuity will be reduced by the amount of the third annuity, and > the remainder of the second annuity will remain payable to the second annuitant, unless we agree otherwise. (c) Payment to third annuitant If section D3 (b) applies and if the third annuitant is still alive when the first annuitant dies, we will pay the third annuity in respect of the third annuitant. We will pay the third annuity as described in section D4. (d) Start date of third annuity The third annuity, being composed entirely of guaranteed minimum pension will start with effect from the date set out in either section D2 (f) or D2 (g)(ii), depending on whether the first annuitant dies before or after the end of any guarantee period. (e) Reduction of guaranteed minimum pension on death before GMP date Section D2 (h) also applies to the third annuity, where: > that annuity includes guaranteed minimum pension > the annuity start date is before the first annuitant s GMP date, and > the first annuitant dies before GMP date. (f) Dependant's commutation lump sum benefit Where the rules of the employer's scheme or the section 32 buy-out plan so allow, and where certain conditions are met, the third annuity may be paid as a lump sum. The conditions are that: > the first annuitant died before age 75 > the lump sum payment is made before the date on which the first annuitant would have reached age 75 > the lump sum payment extinguishes all of the third annuitant's entitlement to any death benefits under the employer's scheme or section 32 buy-out plan, and > the lump sum does not exceed 18, Payment of benefits (a) Payment to first annuitant We will pay the first annuity for the rest of the life of the first annuitant, or, where there is a guarantee period which continues after the death, (subject to section D5) until the end of the guarantee period. Subject to section D5 (c) and section D13, the first annuity must be paid to the first annuitant. (b) Payment to second annuitant and/or third annuitant We will pay the second annuity for the rest of the life of the second annuitant (and, where applicable, the third annuity for the rest of the life of the third annuitant) except where: > the second annuitant (or third annuitant if applicable) is the first annuitant s spouse or civil partner and special provision has been made for the second annuity or third annuity to stop on the spouse s remarriage or on the civil partner entering into a new civil partnership, or > special provision has been made for the second annuity to be payable to a person who is a dependant solely because that person is under age 23 when the first annuitant dies. In such a case the annuity must stop when the second annuitant reaches age Planning For Retirement

13 The Annuity Quotation will reflect these special provisions if they have been selected for the second annuity. If they have been selected, they will automatically apply to the third annuity. Payment must be made to the relevant annuitant. (c) Payment intervals We will pay annuity instalments at the intervals set out in the Annuity Quotation. Where the annuity is stated in the Annuity Quotation to be payable "in advance", payment will be made at the start of the specified interval. Where the annuity is stated to be payable "in arrears", payment will be made after the end of the specified interval. The Annuity Quotation will indicate whether the annuity is payable in advance or in arrears. (d) Death of annuitant or annuitant ceases to be entitled to annuity If the annuitant dies or stops being entitled to an annuity partway between two annuity payments: > where the annuity is payable "in advance" or where the annuity is payable "in arrears" and the Annuity Quotation indicates that it has not been set up to provide a proportionate last payment, the recipient can keep the full amount of the last payment > where the annuity is payable in arrears and the Annuity Quotation indicates that it has been set up to provide a proportionate last payment, we make a payment to the recipient to take account of the period between the date of the last payment and the date the recipient died or stopped being entitled to the annuity. (e) Splitting annuities We will not split any payment between two or more people, except in the circumstances where either: > a third annuity is payable due to the first annuitant either remarrying or entering into a new civil partnership and the balance of the second annuity remains payable to the second annuitant (as described in section D3 (b), or > an ex-spouse or ex-civil partner has been awarded pension credit rights in relation to an annuitant's benefit under the Policy or an annuity becomes subject to a pension sharing order as described in section D13. (f) Payment method Payments to annuitants will be by direct transfer to a bank or building society account. (g) Overseas annuitants Special arrangements may be necessary for the payment of an annuity if we are making payments to an annuitant and he or she moves overseas. The relevant annuitant should contact us for further details if this applies. In any event, if we start the annuity whilst an annuitant is a United Kingdom resident and he or she then moves overseas, the annuitant must inform us when he or she leaves the United Kingdom. 5. Annuity guarantee (a) General This section D5 applies if: > the Annuity Quotation indicates that there is a guarantee period in relation to any part of the first annuity, and > the first annuitant dies before the end of the guarantee period. Different guarantee periods may apply to different parts of the first annuity. Likewise, the terms that apply to the guarantee period may be different for different parts of the first annuity. If a guarantee period has been selected in relation to part or all of the first annuity, this will be reflected in the Annuity Quotation. (b) Compulsory requirements It is not compulsory to select a guarantee period in respect of any guaranteed minimum pension payable under the first annuity, but if one is selected, then certain compulsory requirements will apply. Any guarantee period in respect of such benefits must not exceed five years. Any guarantee period selected for all or part of the first annuity must be permissible within the provisions of the employer s scheme or the section 32 buy-out plan. We reserve the right to change any guarantee period or the terms that apply to it, if we discover that the guarantee period or the terms selected do not comply with those provisions. Planning For Retirement 13

14 (c) Payment If the first annuitant dies before the end of the guarantee period (if any), we will pay the further continuing instalments of the first annuity for the remainder of the guarantee period. Subject to section D8 (c), we will pay these instalments to the first annuitant s legal personal representatives. If the Annuity Quotation so indicates, the further continuing instalments will take account of any changes that would have been due under section D6. (d) Effect of guarantee period on start date of second annuity and/or third annuity See section D2 (g) for details of the effect of the guarantee period on the date that the second annuity and/or third annuity starts. (e) Defined Benefits Lump Sum Death Benefit The Annuity Quotation may provide for a lump sum, known as a Defined Benefits Lump Sum Death Benefit, to be payable instead of continuing instalments of the first annuity. In such a case, the terms of this section D5 (e) will apply instead of section D5 (c). A Defined Benefits Lump Sum Death Benefit may only be paid where the annuity has been set up to provide pension in place of benefits arising from a defined benefit occupational pension scheme, where the rules of the employer's scheme so allow and where the following conditions are met: > the first annuitant died before age 75; > the payment is made within two years of the date on which the first annuitant died, and > we have not agreed to pay any other form of authorised lump sum death benefit in place of the annuity instalments that would have been paid over the remainder of the guarantee period. The Defined Benefits Lump Sum Death Benefit will be equal to the total value of the instalments of the first annuity payable in the guarantee period, reduced by the total value of the instalments of the first annuity paid to the first annuitant up to the date on which the first annuitant died. If the Annuity Quotation so indicates, the Defined Benefits Lump Sum Death Benefit will: > take account of any changes to the pension that would have been due under section D6, and/or > be discounted by a reasonable amount determined by us to allow for the payment of the remaining instalments of the first annuity payable in the guarantee period being made earlier than when they would otherwise have been made. We will pay a Defined Benefits Lump Sum Death Benefit to the first annuitant's legal personal representatives. A Defined Benefits Lump Sum Death Benefit counts towards the first annuitant's available personal Lifetime Allowance and the recipient(s) must pay any Lifetime Allowance Charge. 6. Changes to amounts of annuity payments (a) General The provisions that apply under this section D6 depend upon the type of pension and upon the selection made, as set out in this section D6 and in the Annuity Quotation. The first annuity, the second annuity and/or the third annuity may be (in whole or part): > a Level Annuity, in which case the payments will remain at a fixed level amount, or > a Fixed Increase Annuity, in which case payments will increase by a fixed, pre-selected percentage, or > an RPI-Linked Annuity in which case payments will be linked to changes in the RPI (including decreases, unless a "negative inflation" guarantee applies as described in section D6 (g)); or > an LPI Annuity, in which case payments will be linked to increases in the RPI, but subject to a maximum percentage increase as indicated in the Annuity Quotation, or > an Increasing GMP Annuity, if any part of the annuity is guaranteed minimum pension accrued after 5 April 1988 and before 6 April 1997, or 14 Planning For Retirement

15 > an Income Choice Annuity, in which case payments will be linked to the performance of the Prudential With-Profits Fund. Any basis selected for all or part of an annuity must be permissible within the provisions of the employer s scheme or the section 32 buy-out plan. We reserve the right to change the terms that apply to an annuity, if we discover that the basis selected does not comply with those provisions (see also section D14). Where the Policy is for a scheme pension, the pension cannot be set up as an Income Choice Annuity. Guaranteed minimum pension cannot be set up as an Income Choice Annuity. (b) Different terms can apply for different parts of an annuity An annuity may be comprised of different parts for example it may be partly guaranteed minimum pension and partly pension accrued in relation to employer and/or the first annuitant s payments. If this is the case, then different options may apply or may have been selected for these distinct parts of an annuity. For example, one part may be a Fixed Increase Annuity and the other part may be a Level Annuity. Similarly, the two parts may be set up to increase at different percentage rates. If different options apply to the distinct parts of an annuity, this will be indicated in the Annuity Quotation. (c) Compulsory requirements (i) Guaranteed minimum pension Any guaranteed minimum pension must be set up to comply with legislative requirements as follows: > guaranteed minimum pension earned in relation to tax years before 6 April 1988 does not have to increase and will normally be set up as a Level Annuity, and > guaranteed minimum pension earned in relation to tax years between 6 April 1988 and 5 April 1997 must be set up as an Increasing GMP Annuity, that is an annuity that either increases at a rate of not less than 3% each year, or that increases in line with the RPI, subject to a maximum increase of not less than 3% each year. Where a guaranteed minimum pension earned in relation to tax years between 6 April 1988 and 5 April 1997 starts to be paid before GMP date, the guaranteed minimum pension does not have to be set up as an Increasing GMP Annuity until the first annuitant reaches GMP date (see section D6 (i) for further information). (ii) Defined benefits accrued after 5 April 1997 If: > the Policy is in respect of benefits bought out from an employer s scheme, and > any part of the first annuity relates to benefits accrued under a defined benefit occupational pension scheme after 5 April 1997, then legislation requires this pension to increase in payment. This means that the annuity must, at the very least, be an LPI Annuity increasing in payment as follows: > pension accrued in relation to service between 6 April 1997 and 5 April 2005 must increase in line with increases in the RPI subject to a maximum increase of 5% each year, and > pension accrued in relation to service on or after 6 April 2005 must increase in line with increase in the RPI subject to a maximum increase of 2.5% each year. (iii) Compulsory requirements are minimum requirements The compulsory requirements set out in section D6 (c) are minimum requirements and the relevant annuity may, if the provisions of the employer s scheme so permit or so require, be set up with higher increases. The rate of increase that actually applies will be shown on the Annuity Quotation. Planning For Retirement 15

16 (d) Optional bases for changes to amounts of annuity payments Pensions which are not subject to the compulsory requirements described in section D6 (c), can be set up using any of the bases described in section D6 (a), providing they are permitted within the provisions of the employer s scheme or the section 32 buy-out plan. Once an annuity basis has been selected it cannot normally be changed, unless we have to change it because we discover that it does not comply with the provisions of the employer s scheme or the section 32 buy-out plan (see section D14). (e) Date from which changes to amounts of annuity payments take effect If this section D6 applies, we will change the amount of each annuity at yearly intervals on the annuity change date. Where the annuity has been set up to be paid in advance, the new amount will be payable with effect from the annuity change date. Where the annuity has been set up to be paid in arrears, the new amount will be payable with effect from the next payment due under the Policy following the annuity change date. (f) Fixed Increase Annuities Subject to section D6 (j), a Fixed Increase Annuity will be increased by the percentage rate(s) indicated in the Annuity Quotation. (g) RPI-Linked Annuities An RPI-Linked Annuity will be fixed for the first year and then (subject to section D6 (j)) will change each year in line with yearly changes in the RPI. If the yearly change in the RPI falls below zero and becomes a negative amount, the RPI-Linked Annuity will be reduced by the same percentage, unless a negative inflation guarantee has been selected for the annuity. If this guarantee has been selected, the RPI-Linked Annuity will not fall in the event that the change in the RPI falls below zero. The yearly changes in the RPI-Linked Annuity will be determined at each annuity change date. Subject to section D6 (j), the new amount will normally be based on the change in the RPI over the 12-month period ending 3 months before the annuity change date. For example, if the annuity change date is in June, the increase will be based on the yearly RPI figure for March. A different RPI period may however apply to the Policy if the trustees of the employer s scheme or the insurer of the section 32 buy-out policy have so requested. For example, the RPI figure may instead be based on a 12-month period ending 2 months before the annuity change date. An RPI-Linked Annuity will continue to be so linked for as long as the RPI continues to be published by HM Government, and it remains the basis for determining the return on Government linked stocks. If the RPI is replaced by another index, whether based on UK or wider European inflation, we reserve the right to adopt that index instead, both for new and existing RPI-Linked Annuities or to make any other changes or arrangements which we consider to be reasonable in the circumstances. Similarly, we reserve the right to adopt a different index or make other reasonable changes or arrangements if the RPI ceases to be the basis for determining the return on Government linked stocks. In any of these circumstances, we will notify the relevant annuitant if, in our opinion, he or she is likely to be materially affected. (h) LPI Annuities The new amount of an LPI Annuity will be determined at each annuity change date and will (subject to section D6 (j)) be linked to increases in the RPI subject to a maximum percentage specified in the Annuity Quotation. In this case, the increase in the RPI is based on the yearly RPI figure for the September of the calendar year immediately preceding the year in which the relevant annuity change date falls. For example, if the annuity change date is in October, the increase will be based on the yearly RPI figure for September in the previous calendar year, not the September which has just passed. (i) Increasing GMP Annuity If an Increasing GMP Annuity is set up to have specified percentage increases each year, then the relevant part of the annuity will, subject to section D6 (j), be increased with effect from the annuity change date by the percentage rate indicated in the Annuity Quotation. 16 Planning For Retirement

17 If an Increasing GMP Annuity is set up to increase in line with changes in the RPI, subject to a maximum percentage (not less than 3%) specified in the Annuity Quotation, then the new amount will be determined at each annuity change date. Where the annuity change date falls between 6 April and 31 December, the increase in the RPI is based on the yearly RPI figure for the September of the calendar year immediately preceding the year in which the relevant annuity change date falls. Where the annuity change date falls between 1 January and 5 April, the increase in the RPI is based on the yearly RPI figure for the September of the calendar year two years before the year in which the relevant annuity change date falls. As stated in section D6 (c)(i), where a guaranteed minimum pension earned in relation to tax years between 6 April 1988 and 5 April 1997 starts to be paid before GMP date, the guaranteed minimum pension does not have to be set up as an Increasing GMP Annuity until the first annuitant reaches GMP date. As such, the guaranteed minimum pension may be set up as a Level Annuity for the period from the annuity start date to the first annuitant s GMP date, and as Increasing GMP Annuity thereafter. If this applies, the Annuity Quotation will reflect the selected basis and the first increase to the guaranteed minimum pension will be made with effect from the next annuity change date following GMP date. (j) Proportionate increase or decrease where first annuity change date is less than twelve months after the annuity start date or first arrears date Where the first annuity change date falls less than twelve months following the annuity start date or first arrears date (as appropriate), the first increase or decrease made under this section D6 may be proportioned. The amount of increase or decrease will be calculated as follows: > We work out the full increase or decrease that would be due had the Policy been in force for twelve months following the annuity start date or the first arrears date, > We then multiply by the number of days that have elapsed since that date, > This sum is then divided by 365. The Annuity Quotation will indicate if the first increase or decrease will be proportioned. (k) Income Choice Annuities Further conditions applying to changes to amounts of payments of Income Choice Annuities are set out in the Appendix, which is issued where relevant. 7. Taxation We will deduct income tax from any payments if required by law and pay it to HM Revenue & Customs on the relevant annuitant s behalf. We are not liable for and do not deal with any inheritance tax arising on payment(s) (if any) made under section D5 of the Policy, following the first annuitant s death. We are not liable for and do not deal with any Lifetime Allowance Charge that may arise in the event that the benefits payable under this Policy exceed the Lifetime Allowance (see section A2 (d)). 8. Non-profit benefits; surrenders; transfer of ownership (a) Non-profit benefits Unless the annuity is an Income Choice Annuity, the benefits arising under this Policy will not share in the profits of any company in the Prudential Group of Companies. (b) Surrenders The benefits arising under this Policy may not be cancelled for a cash payment or any other benefits. (c) Transfer of ownership The benefits arising under this Policy are not capable of mortgage or transfer to any other party except that: (i) ownership may be transferred to the extent necessary to provide pension credit rights or to comply with a pension sharing order under section 28(1) of the Welfare Reform and Pensions Act 1999 or Article 26 of the Welfare Reform and Pensions (Northern Ireland) Order 1999; (ii) following the first annuitant s death, a transfer of ownership to the second annuitant or third annuitant is permitted. If any transfer of ownership takes place, each annuitant will become entitled to receive the annuity which is payable for his or her life. Guarantee payments made under section D5 may be the subject of a provision in the first annuitant s will. Planning For Retirement 17

18 9. Production of documents and other evidence From time to time and before making any payment we may need to see: (a) the Annuity Quotation and/or Statement of Benefits (b) proof of the identity and right of any applicant for payment (c) proof that a person is still alive, if payment is claimed or due in respect of any pension payable only while he or she is alive (d) proof that a person has died, if payment is due on his or her death. 10. Proof of age and marriage/ civil partnership (a) Before we pay any benefit under the Policy, we may require evidence of an annuitant's age and the age of any other person for whom a benefit is payable. If the age previously notified to us proves to have been incorrectly stated, we will adjust the benefits to those that would have applied if the correct age had been given. We will make any further adjustments that are required to collect any overpayments from the annuitant or pay any underpayments that were made before the mistake was put right. We do not pay interest on any adjustments that are made due to underpayment. (b) If the first annuitant is married or in a civil partnership and a benefit is payable to his or her spouse or civil partner, we may also require evidence of the marriage/ civil partnership. 11. Notices to annuitants Each annuitant must give us an address to which we will send any notices. These notices will be treated as having been received by the relevant annuitant two postal days after posting (excluding Sundays and Bank Holidays). Changes in address need to be notified to us promptly. 12. Changes to benefits and amendment of policy conditions (a) Subject to sections D6, D8 (c) (i), D12 (b), D12 (c), D13 and D14, we will not change the amounts of benefits once they have come into payment unless incorrect information has been provided by or on behalf of the relevant annuitant or if the relevant annuitant fails to provide when requested information we require for the ongoing payment of benefits correctly. (b) Subject to section D12 (c), we can make changes to the terms of the Policy providing we obtain the relevant annuitant s consent. (c) We can add to, amend, modify or set aside any of the terms of the Policy without the relevant annuitant s consent in the following circumstances: (i) if it becomes impossible or unreasonable to follow them because of a change in legislation or regulations. (ii) if the basis of taxing Prudential changes. We will only change the Policy in a way that is consistent with standard industry practice and allows the balance between the relevant annuitant and us to remain as it was before the change. (d) We will, in any of the circumstances described in section D12 (c), make only reasonable changes and give the relevant annuitant(s) reasonable notice, and will at all times take account of our obligation to treat our customers fairly. 13. Divorce and dissolution If as a result of a divorce or the dissolution of a civil partnership, pension credit rights are awarded to an annuitant's exspouse or ex-civil partner or if an annuity payable under this Policy becomes subject to a pension sharing order under section 28(1) of the Welfare Reform and Pensions Act 1999 or Article 26 of the Welfare Reform and Pensions (Northern Ireland) Order 1999, we will make any necessary changes to the terms of the Policy to comply with those pension credit rights or that order. Such changes may include the reduction of any annuity in order to take account of payments that have to be made to another party. However, changes cannot normally be made to alter the options which were selected for the annuity as at the annuity start date. The effect of a divorce or dissolution on the second annuity is explained in sections D2 (k) and D3 (b). 14. Annuity terms not in accordance with provisions of employer s scheme or section 32 buy-out plan As stated in section A2 (c), we do not accept any liability if the terms or options selected for part or all of the annuity are not permissible within the provisions of the employer s scheme or the section 32 buy-out policy. It is the responsibility of the administrators/ trustees of the employer s scheme or the insurer of the section 32 buy-out policy to ensure that the benefits purchased are permissible. 18 Planning For Retirement

19 If we discover that the terms or options selected for part of all of any annuity are not permissible within the provisions of the employer s scheme or the section 32 buy-out policy, we can change the amounts and/or terms of the annuity. We can also make any adjustments necessary to correct payments that have already been made. If, as a result of such a discovery, we find that the amounts of the annuity payments already made need to be increased, we will make the necessary payment, but we do not pay any interest in respect of the underpayments. 15. Applicable law The law of England and Wales applies to the Policy and any disputes connected with it will be settled in the courts of England and Wales. The trustees/administrator of the employer s scheme or the insurer of the section 32 buy-out plan (whichever is appropriate), the first annuitant, the second annuitant (if any), the third annuitant (if any) and we agree irrevocably to submit to the jurisdiction of the courts of England and Wales. 16. Financial Services Compensation Scheme The Policy is covered by the Financial Services Compensation Scheme for the purpose of providing compensation in the unlikely event of Prudential s insolvency. If a charge is imposed on us under the Financial Services Compensation Scheme (or any other investor compensation scheme), we can pay for it by imposing on our policyholders whatever level of charges is necessary and reasonable, subject to complying with legal and regulatory requirements. As such, if such a charge is imposed in relation to the Policy we may make an appropriate deduction from benefits payable under the Policy. 17. Third party rights The first annuitant and any second annuitant and/or third annuitant have directly enforceable rights against us in respect of the benefits under the Policy to which they are or become entitled. Subject to this, nothing in the Policy confers or purports to confer on any third party any benefits or any right to enforce any term of the Policy pursuant to the Contracts (Rights of Third Parties) Act E. Other Information 1. Complaints We hope you will never need to, but if you ever wish to complain about any aspect of the service you receive from us, please first of all write to us at Prudential Customer Relations Unit Lancing BN15 8GB Please quote any relevant Quote Reference or Annuity Reference number. The Annuity Reference number can be found on the Statement of Benefits. If you are not satisfied with our response to your complaint, you may be able to take the complaint to the Financial Ombudsman Service at: Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR The Financial Ombudsman Service considers complaints as a free service and your legal rights will not be affected if you subsequently decide not to accept its findings. You or your beneficiaries can also refer any complaint to the Pensions Advisory Service (TPAS) which may be contacted at: Pensions Advisory Service (TPAS) 11 Belgrave Road London SW1V 1RB The telephone numbers of these organisations are: > Financial Ombudsman Service: > Pensions Advisory Service (TPAS): Long-term business The benefits arising under this Policy are part of our "long-term business" within the meaning of the Financial Services and Markets Act Pensions Business This annuity is also classed as pensions business under section 431B of the Income and Corporation Taxes Act 1988 (as amended). The premium which the trustees of the employer's scheme or the insurer of the section 32 buy-out plan paid to Prudential must relate to pension business in the way described in section 431B of the Income and Corporation Taxes Act 1988 (as amended). If we discover that this premium did not meet these requirements, we may modify the Policy in whatever way is necessary to ensure that HM Revenue & Customs does not impose any penalty on us. Planning For Retirement 19

20 "Prudential" is a trading name of The Prudential Assurance Company Limited and of Prudential Retirement Income Limited. This name is also used by other companies within the Prudential Group. The Prudential Assurance Company Limited is registered in England and Wales. Registered office at Laurence Pountney Hill, London EC4R 0HH. Registered number Prudential Retirement Income Limited is registered in Scotland. Registered office at Craigforth, Stirling FK9 4UE. Registered number SCO Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. ANNM /2014

Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme

Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme Annuity Policy For a Compulsory Purchase Annuity from an occupational pension scheme Please keep this Policy in a safe place, along with the accepted Annuity Quotation, the Statement of Benefits and the

More information

Guaranteed Annuity. Policy Terms & Conditions

Guaranteed Annuity. Policy Terms & Conditions Guaranteed Annuity Policy Terms & Conditions Your Guaranteed Annuity Policy The Guaranteed Annuity is a contract of insurance between you and us formed by: your signed application this policy booklet,

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

TERMS AND CONDITIONS PENSION ANNUITY.

TERMS AND CONDITIONS PENSION ANNUITY. TERMS AND CONDITIONS PENSION ANNUITY. This document is intended for reference both before and after the annuity has been bought. If you are looking at it before buying, we recommend that you also read

More information

Pension Annuity. Key features

Pension Annuity. Key features Helping you decide The Financial Conduct Authority is a financial services regulator. It requires us to give you this important information to help you to decide whether our Pension Annuity is right for

More information

FLEXIBLE LIFETIME ANNUITY NATIONAL INSURANCE NUMBER POLICY NUMBER

FLEXIBLE LIFETIME ANNUITY NATIONAL INSURANCE NUMBER POLICY NUMBER FLEXIBLE LIFETIME ANNUITY NATIONAL INSURANCE NUMBER POLICY NUMBER 1 THE PRUDENTIAL ASSURANCE COMPANY LIMITED Incorporated in England Reg'd No. 15454 Registered Office: Laurence Pountney Hill, London, EC4R

More information

TRUSTEE TRANSFER PLAN Policy Document

TRUSTEE TRANSFER PLAN Policy Document TRUSTEE TRANSFER PLAN Policy Document [2] POLICY DOCUMENT TRUSTEE TRANSFER PLAN Contents 1. Introduction 4 2. Payments to us 6 3. Charges 7 4. Benefits payable under the Policy 8 5. Investments under the

More information

Pension Annuity (including the Enhanced Pension Annuity)

Pension Annuity (including the Enhanced Pension Annuity) Pension Annuity (including the Enhanced Pension Annuity) Terms and Conditions Retirement Investments Insurance Health Retirement Investments Insurance Health Retirement Investments Insurance Health Welcome

More information

Pension Annuity. Key Features

Pension Annuity. Key Features Helping you decide The Financial Services Authority is the independent financial services regulator. It requires us to give you this important information to help you to decide whether our Pension Annuity

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

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

THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company

THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company THE XYZ Pension and Life Assurance Scheme Members Booklet January 2014 Edition For Employees of the XYZ Company Reviewed January 2014 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 7 GENERAL

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

A brief guide to the pension provisions of the Family Law Acts

A brief guide to the pension provisions of the Family Law Acts A brief guide to the pension provisions of the Family Law Acts www.pensionsauthority.ie The Pensions Authority Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel: (01) 613 1900 Locall: 1890 65 65 65

More information

THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME

THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME MEMBERS BOOKLET 2011 EDITION Applicable to former members of the University of Dundee (Former CNM Staff) Pension Scheme THE UNIVERSITY OF

More information

Terms of the Just Retirement Pension Annuity

Terms of the Just Retirement Pension Annuity 1. ABOUT THESE CONDITIONS 1.1 If you have any queries about the Policy Schedule or these Policy Conditions, please contact your ADVISERTYPE. 1.2 The Policy Schedule will show whether your Policy is a Lifetime

More information

A guide to your new Prudential Annuity

A guide to your new Prudential Annuity A guide to your new Prudential Annuity > Thank you for choosing Prudential to provide your pension annuity. You might be receiving your pension directly from us or we are paying it on behalf of your pension

More information

Guaranteed Pension Annuity Policy Terms & Conditions

Guaranteed Pension Annuity Policy Terms & Conditions Guaranteed Pension Annuity Policy Terms & Conditions Thank you for choosing Hodge Lifetime for your retirement income. This document sets out the Policy Terms and Conditions that apply to all policyholders.

More information

Superannuation and Life Assurance Scheme. Members booklet 2008

Superannuation and Life Assurance Scheme. Members booklet 2008 Superannuation and Life Assurance Scheme Members booklet 2008 Contents Member Booklet 2008 Contents Introduction 3 Definitions 4-5 Leaving pensionable service If you are a qualifying member 12 If you are

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

THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company

THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company THE XYZ Pension and Life Assurance Scheme Members Booklet April 2015 Edition For Employees of the XYZ Company Reviewed May 2015 1 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS

More information

Retirement Key Features of the Lifetime Annuity

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

More information

THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE

THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional voluntary contributions (AVCs) 5 Tax relief 6 Retirement Benefits (including taking benefits

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

Buying a pension annuity

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

More information

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

Pension benefits with a guarantee and the advice requirement

Pension benefits with a guarantee and the advice requirement Pension benefits with a guarantee and the advice requirement January 2016 This factsheet is intended to help pension scheme providers determine: whether certain types of pension benefits which contain

More information

Compulsory Purchase Annuity

Compulsory Purchase Annuity Application form Who this form is for 0615 This form is for people who want to purchase a pension from Standard Life Filling in this form Before completing this form read the Key Features Document (CPA17)

More information

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

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

More information

Guide to Pension Annuities

Guide to Pension Annuities Guide to Pension Annuities Having successfully built up a pension fund during your working life, there will come a time when you will need to make some important decisions about how to use this fund. These

More information

Annuities - A Brief Guide

Annuities - A Brief Guide Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel 01 613 1900 Fax 01 631 8602 Email info@pensionsboard.ie www.pensionsboard.ie The Pensions Board has prepared this booklet to help people understand

More information

Key Features of the Lifetime Annuity

Key Features of the Lifetime Annuity from the Select Portfolio This is an important document which you should keep along with your personalised Illustration. S E L E C T Alico is a leading international life insurer with a unique heritage

More information

Compulsory Purchase Annuity Plan Terms and conditions

Compulsory Purchase Annuity Plan Terms and conditions Compulsory Purchase Annuity Plan Terms and conditions Contents Introduction 3 Plan summary 3 Amount and types of annuity 3 Terms and conditions your contract with us 5 How to contact us 6 2 Introduction

More information

Important information. Key Features of the Prudential Savings Account Top Up Investment

Important information. Key Features of the Prudential Savings Account Top Up Investment Important information Key Features of the Prudential Savings Account Top Up Investment > Contents About this booklet 4 About the Prudential Savings Account 4 Its aim 5 Your Commitment 5 Risks 5 Questions

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

Retirement. This factsheet sets out the circumstances under which you may retire and receive a pension from USS.

Retirement. This factsheet sets out the circumstances under which you may retire and receive a pension from USS. RETIREMENT FINAL SALARY SECTION Retirement This factsheet sets out the circumstances under which you may retire and receive a pension from USS. From what age can I receive my retirement benefits from USS?

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

Your guide to Annuities

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

More information

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

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

More information

Key Features. 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

Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide

Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide April 2014 Definitions Definitions The guide uses certain words that may need further explanation. These are shown below to help

More information

HSC Pension Scheme. Information about Transfers Overseas

HSC Pension Scheme. Information about Transfers Overseas HSC Pension Scheme Information about Transfers Overseas Introduction This leaflet contains information about important changes to the HM Revenue & Customs (HMRC) tax rules with effect from 6 April 2006.

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

Group Life Policy for Registered Schemes Technical Guide

Group Life Policy for Registered Schemes Technical Guide For commercial customers and their advisers only Group Life Policy for Registered Schemes Technical Guide Reference BGR/4507/FEB10-P Contents Page Its aims 3 Employers your commitment Risk factors How

More information

SELECT SIPP. Taking pension benefits guide

SELECT SIPP. Taking pension benefits guide SELECT SIPP Taking pension benefits guide Please read this guide in conjunction with the Alliance Trust Savings Handbook and the appropriate Key Features documents. Alliance Trust Savings does not give

More information

Introduction...4 How to contact West Yorkshire Pension Fund...4

Introduction...4 How to contact West Yorkshire Pension Fund...4 1 The Index Page Introduction...4 How to contact West Yorkshire Pension Fund...4 The Choice Your Pensions Choice... 5 State Second Pension Scheme (S2P)... 5 Personal Pension Plans and Stakeholder Pension

More information

A Guide to your. Income Choice Annuity. Income Choice Annuity

A Guide to your. Income Choice Annuity. Income Choice Annuity A Guide to your Income Choice Annuity Income Choice Annuity Welcome 02 Income Choice Annuity Contents 04 An overview of the Income Choice Annuity 05 Things to consider at the beginning of your plan 06

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

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 Retirement Account

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

More information

classic retirement benefits A brief guide to the benefits available

classic retirement benefits A brief guide to the benefits available classic retirement benefits A brief guide to the benefits available Who should read this booklet? This booklet provides a guide to pension benefits for anyone leaving and taking their classic pension.

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

Aims, Commitment and Riskss

Aims, Commitment and Riskss Key Features of the Reliance Mutual Enhanced Annuity for.smokers. The Financial Conduct Authority is a financial services regulator. It requires us, Reliance Mutual Insurance Society Limited, to give you

More information

Annuity Growth Account

Annuity Growth Account Annuity Growth Account a flexible lifetime annuity Client guide Contents About Canada Life page 3 Introduction to AGA page 4 Main features AGA may be suitable page 5 AGA will be unsuitable How does AGA

More information

Guaranteed Annuity. Key Features. This is an important document and you should read it before deciding whether to buy your pension annuity from us

Guaranteed Annuity. Key Features. This is an important document and you should read it before deciding whether to buy your pension annuity from us Guaranteed Annuity Key Features This is an important document and you should read it before deciding whether to buy your pension annuity from us 2 Purpose of this document Guaranteed Annuity Key Features

More information

Retirement and Death Benefit Scheme Rules

Retirement and Death Benefit Scheme Rules Retirement and Death Benefit Scheme Rules (2012 Rules) AEGON took advice from a firm of specialist pensions lawyers to produce these Rules. It is, however, the Trustees responsibility to ensure that these

More information

2014 No. PENSIONS. The Occupational Pension Schemes (Schemes that were Contracted-out) Regulations 2014

2014 No. PENSIONS. The Occupational Pension Schemes (Schemes that were Contracted-out) Regulations 2014 Consultation draft STATUTORY INSTRUMENTS 2014 No. PENSIONS The Occupational Pension Schemes (Schemes that were Contracted-out) Regulations 2014 Made - - - - *** Laid before Parliament *** Coming into force

More information

SENTINEL RETIREMENT FUND RULES

SENTINEL RETIREMENT FUND RULES SENTINEL RETIREMENT FUND RULES November 2013 TABLE OF CONTENTS PAGE 1. INTRODUCTION... 1 2. DEFINITIONS... 2 3. MEMBERSHIP... 8 4. CONTRIBUTIONS... 11 4.1 Contributions by MEMBERS and EMPLOYERS... 11 4.2

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

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

Teachers Retirement Association. Marriage Dissolution: Dividing TRA Benefits

Teachers Retirement Association. Marriage Dissolution: Dividing TRA Benefits Teachers Retirement Association Marriage Dissolution: Dividing TRA Benefits Marriage Dissolution: Dividing TRA Benefits Preface This booklet is designed to give all parties involved in a marriage dissolution

More information

Important information. Key Features of the Retirement Annuities (Section 226 Increments) Plan

Important information. Key Features of the Retirement Annuities (Section 226 Increments) Plan Important information Key Features of the Retirement Annuities (Section 226 Increments) Plan > Contents About this booklet 4 The Financial Conduct Authority 4 Its aims 4 Your commitment 4 Risks 5 Questions

More information

Lifetime Annuity and Scheme Pension Key Features

Lifetime Annuity and Scheme Pension Key Features Lifetime Annuity and Scheme Pension Lifetime Annuity and Scheme Pension Key Features This document shows the main points about your policy. Please read it with your Personal Example and keep them with

More information

Pay, benefits and time off. Nationwide Pension Fund

Pay, benefits and time off. Nationwide Pension Fund Pay, benefits and time off Nationwide Pension Fund Your CARE terms explained from 1 April 2011 Contents Page How to contact us 3 Introduction and key features 4 Terms you need to know 5 Contributing to

More information

Annuity PENSIONS INVESTMENTS PROTECTION

Annuity PENSIONS INVESTMENTS PROTECTION Annuity About Canada Life Established in 1903, the Canada Life Group has grown to be a modern and dynamic international financial services business. We are part of Great-West Life, one of the world s leading

More information

A clear guide to your retirement options. We ll help you get there

A clear guide to your retirement options. We ll help you get there A clear guide to your retirement options investments pensions PROTECTION We ll help you get there Contents If you are retiring soon 3 Things to consider 4 Your options at a glance 6 Tax-free lump sums

More information

Guide to transfers. A basic information guide to UK pension transfers

Guide to transfers. A basic information guide to UK pension transfers A basic information guide to UK pension transfers Contents Guide to UK pension transfers 3 What the guide covers 3 What is a pension transfer? 3 Why is advice important? 3 What you should discuss with

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

Contents: What is an Annuity?

Contents: What is an Annuity? Contents: What is an Annuity? When might I need an annuity policy? Types of annuities Pension annuities Annuity income options Enhanced and Lifestyle annuities Impaired Life annuities Annuity rates FAQs

More information

Single Purchase Payment

Single Purchase Payment CONTRACT SUMMARY Pacific Life Insurance Company P.O. Box 2378 Omaha, NE 68103-2378 (800) 722-4448 Contract Owners (800) 722-2333 Registered Representatives www.pacificlife.com Pacific Income Provider Individual

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

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

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

Information about tax relief, limits and your pension

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

More information

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

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

For adviser use only. Your Guide to Relevant Life Policies

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

More information

Important information. Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options)

Important information. Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options) Important information Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options) > Contents About this booklet 3 About our Flexible Retirement Plan 4 Who can take out a Flexible

More information

www.civilservice.gov.uk/pensions

www.civilservice.gov.uk/pensions www.civilservice.gov.uk/pensions This booklet is published by Civil Service Pensions. Crown Copyright May 2009 Printed by St Ives Direct YCPBE-1 Your classic pension benefits explained A guide to available

More information

ALLAN GRAY LIVING ANNUITY TERMS AND CONDITIONS

ALLAN GRAY LIVING ANNUITY TERMS AND CONDITIONS ALLAN GRAY LIVING ANNUITY TERMS AND CONDITIONS Allan Gray Living Annuity Terms and Conditions Policy document This document is your Policy Document. It summarises the Allan Gray Living Annuity and sets

More information

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

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

More information

Personal Pension Transfer Plan. Key Features

Personal Pension Transfer Plan. Key Features Personal Pension Transfer Plan Helping you decide The Financial Conduct Authority is a financial services regulator. It requires us to give you this important information to help you to decide whether

More information

Technical Guide GROUP LIFE ASSURANCE TECHNICAL GUIDE DEATH-IN-SERVICE BENEFITS FOR REGISTERED OCCUPATIONAL PENSION SCHEMES

Technical Guide GROUP LIFE ASSURANCE TECHNICAL GUIDE DEATH-IN-SERVICE BENEFITS FOR REGISTERED OCCUPATIONAL PENSION SCHEMES Technical Guide GROUP LIFE ASSURANCE TECHNICAL GUIDE DEATH-IN-SERVICE BENEFITS FOR REGISTERED OCCUPATIONAL PENSION SCHEMES People you can trust- A company you can rely on Who are Omnilife? Omnilife is

More information

Short guide to the Firefighters Pension Scheme (FPS)

Short guide to the Firefighters Pension Scheme (FPS) Short guide to the Firefighters Pension Scheme (FPS) 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 Firefighters

More information

Lifetime Annuity and Scheme Pension Key Features

Lifetime Annuity and Scheme Pension Key Features Lifetime Annuity and Scheme Pension Lifetime Annuity and Scheme Pension Key Features This document shows the main points about your policy. Please read it with your Personal Example and keep them with

More information

Pensions Technical factsheet July 2014

Pensions Technical factsheet July 2014 Pensions Technical factsheet July 2014 For financial advisers only Small Lump Sum Payments This communication is for financial advisers only. It mustn t be distributed to, or relied on by, customers. This

More information

Key features of the Whole Life Protection Plan

Key features of the Whole Life Protection Plan IMPORTANT INFORMATION This information may be downloaded to your PC in whole or in part provided that any reproduction or copy, or any derivative, is true to the original, and it is EITHER used for personal

More information

Your classic pension benefits explained A guide to available benefits

Your classic pension benefits explained A guide to available benefits Your classic pension benefits explained A guide to available benefits Contents Introduction 3 Membership 4 Paying for your benefits 6 Boosting your pension 7 Leaving early 9 Leaving or opting out 9 Actuarially

More information

Spouse s and Partner s Group Life Assurance

Spouse s and Partner s Group Life Assurance TECHNICAL GUIDE Spouse s and Partner s Group Life Assurance Because everyone needs a back-up plan unum.co.uk Technical Summary Technical Guide for Commercial customers and their advisers. This product

More information

ABOUT YOUR buyout bond. Client guide and policy conditions (Ref BB6) We ll help you get there

ABOUT YOUR buyout bond. Client guide and policy conditions (Ref BB6) We ll help you get there ABOUT YOUR buyout bond Client guide and policy conditions (Ref BB6) investments pensions PROTECTION We ll help you get there contents About this guide 3 What is a Buyout Bond? 4 New responsibilities 4

More information

Payment of retirement benefits (OUSS)

Payment of retirement benefits (OUSS) PAYMENT OF BENEFITS FINAL SALARY SECTION Payment of retirement benefits (OUSS) For former Open University Superannuation Scheme members. Introduction This factsheet applies to you if you were formerly

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

Technical Guide GROUP INCOME PROTECTION TECHNICAL GUIDE. People you can trust- A company you can rely on

Technical Guide GROUP INCOME PROTECTION TECHNICAL GUIDE. People you can trust- A company you can rely on Technical Guide GROUP INCOME PROTECTION TECHNICAL GUIDE People you can trust- A company you can rely on Who are Omnilife? Omnilife is a specialist insurer providing Group Risk benefits for employers that

More information

A guide to your retirement options

A guide to your retirement options A guide to your retirement options I have been looking forward to my retirement but now I am worried about making the right choice See your options page 4. Cathy has stood by me through the good times

More information

Self Directed Personal Retirement Bond. Personal Retirement Benefits Brochure

Self Directed Personal Retirement Bond. Personal Retirement Benefits Brochure Self Directed Personal Retirement Bond Personal Retirement Benefits Brochure Contents Section 1: What is a Personal Retirement Bond? 2 Section 2: Definitions 3 Section 3: Contributions 4 Section 4: Charges

More information

Guide to Annuities. TQinvest.co.uk

Guide to Annuities. TQinvest.co.uk Guide to Annuities TQinvest.co.uk 03 Introduction 04 TQ Invest - helping you get the best deal 06 Your Annuity product options 08 Options and benefits 10 Offering more options our service to you 11 About

More information

GN11A(ROI): CALCULATIONS REQUIRED UNDER THE FAMILY LAW ACT, 1995 OR THE FAMILY LAW (DIVORCE) ACT, 1996

GN11A(ROI): CALCULATIONS REQUIRED UNDER THE FAMILY LAW ACT, 1995 OR THE FAMILY LAW (DIVORCE) ACT, 1996 GN11A(ROI): CALCULATIONS REQUIRED UNDER THE FAMILY LAW ACT, 1995 OR THE FAMILY LAW (DIVORCE) ACT, 1996 Classification Practice Standard Legislation or Authority This Guidance Note must be read in conjunction

More information

HOW WE MANAGE THE PHOENIX LIFE LIMITED SPI WITH-PROFITS FUND

HOW WE MANAGE THE PHOENIX LIFE LIMITED SPI WITH-PROFITS FUND HOW WE MANAGE THE PHOENIX LIFE LIMITED SPI WITH-PROFITS FUND A guide for trustees with Simplified Pension Investment deposit administration policies invested in this fund The aims of this guide The guide

More information

GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Contribution Section

GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Contribution Section GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME Defined Contribution MEMBER'S HANDBOOK May 2012 CONTENTS Clause Page INTRODUCTION... 3 Explanation of terms and expressions used in this booklet...

More information