1 For customers Key features of the Guarateed Pesio Auity The Fiacial Coduct Authority is a fiacial services regulator. It requires us, Aego, to give you this importat iformatio to help you to decide whether our Guarateed Pesio Auity is right for you. You should read this booklet carefully so that you uderstad what you re buyig, ad the keep it safe for future referece.
2 It s importat that you read this booklet, as it gives you the mai poits about your Guarateed Pesio Auity. You should read it alog with your illustratio. This booklet describes the features of both of our auities the Guarateed Pesio Auity (GPA) ad the Guarateed Pesio Auity (with tax-free cash) (GPAC). Ay metio of tax-free cash i this booklet oly relates to you if you re applyig for the GPAC this will be show o your illustratio. We talk about pesio fuds i this booklet this meas the moey that we receive from your curret pesio compay or compaies so we ca set up the auity for you. This guide refers to our product terms at July Cotets 03 Importat iformatio 03 Its aims 03 Your commitmet 03 Risks 04 Questios ad aswers 04 What s is a Guarateed Pesio Auity? 04 How flexible is it? 05 What will my tax-free cash be? 05 What will my icome be? 05 What choices will I have about how I get my icome? 05 What are the charges? 06 If I wat to go ahead with this applicatio, what should I do? 06 Ca I chage my mid ad cacel my applicatio? 06 What happes if I do t cacel? 06 What happes if I do cacel? 06 If I wat to cosider other pesio optios, what should I do? 06 What about tax? 07 What happes to my icome whe I die? 08 Other iformatio 08 How to complai 08 Beefits we may give to your adviser 08 Terms ad coditios 08 Time limits 08 Commuicatio 08 Cliet categorisatio 08 Law 08 Compesatio
3 Importat Iformatio There are a few importat thigs you eed to remember whe readig this booklet: Whe we talk about a guaratee or guaratees, we mea the promises we make that the product or feature will deliver you a certai beefit. It s importat to kow that ay guaratee is based o the ability of the issuig isurace compay i this case Scottish Equitable plc to pay it. If, for example, that compay o loger existed, the the guaratee(s) would be affected. Aego is a brad ame of Scottish Equitable plc. Its aim To provide you with a guarateed level of icome to last your lifetime. To provide a member of your family, after you die, with a guarateed level of icome, if you choose that optio. I this booklet, family meas: spouse or civil parter someoe who is fiacially depedet or iterdepedet o you. To provide you with a tax-free cash amout if you choose to take oe from your GPAC. Your commitmet To use the pesio fud(s) you ve built up to buy the auity. To exchage ay such pesio fud(s) for a set level of icome for you ad/or your family. To tell us if your circumstaces chage to reduce delays. For example, if you re o loger residet i the UK it may take us loger to cotact you by mail. For GPAC plas: To make a fial decisio to wholly trasfer your curret pesio fud(s) to us. To decide whe you set up the pla whether to take ay tax-free cash. You ca t take this at a later stage. Risks Auity rates may chage by the time you buy your auity. We wo t kow your fial icome util we receive the moey from your curret pesio compay or compaies The real value of your icome will reduce over time: with iflatio if tax rules chage Your icome will stop whe you die uless you ve chose a icome for your family or a guaratee period. Oce your auity s set up, ad your cacellatio period has expired, you ca t chage your mid about it or cash it i. For GPAC plas: If you re curretly i a pla that allows you to take more tha 25% of your fud as tax-free cash you may lose this etitlemet by trasferrig your pesio fud to us. For more iformatio please speak to a fiacial adviser. 03
4 Questios ad aswers What s a Guarateed Pesio Auity? It s a pla desiged to pay you a icome for the rest of your life ad, if you ve chose the GPAC, ay iitial tax-free cash. To set up this pla you ask your curret pesio compay or compaies to sed us the moey from ay pesio plas you curretly have with them. I additio, the GPAC may be most suitable for someoe who has a umber of differet pesio plas that they wat to combie ito oe auity ad oe tax-free cash amout. You may be able to receive a better icome if you provide additioal iformatio regardig your lifestyle ad medical coditio. For more iformatio, speak to a fiacial adviser. For GPA plas oly Your previous compay will pay you ay tax-free cash. If your pesio pla is t with us, we ll set up your auity oce we ve received the pesio fud from your curret pesio compay or compaies. If we re expectig more tha oe pesio fud, we ll start payig you a icome from each oe as soo as we get it so your paymets are t delayed. We ll set up the icome from each pesio fud with the same start date as the first oe. For GPAC plas oly We ll set up a Aego Persoal Pesio pla to pay you ay tax-free cash. Where more tha oe trasfer paymet is to be paid to the pla, each trasfer paymet we receive will be held util we receive the last expected trasfer paymet (o ivestmet growth or iterest will be added to ay trasfer paymet while it is so held). Oce we ve received the trasfer paymet(s), we ll pay you ay tax-free cash ad covert the remaiig pesio fud(s) ito a auity that will provide you with a icome. How flexible is it? You ca take out this pla from age 55. You may be able to take it out before age 55 if you re i ill-health or have a low protected pesio age. A fiacial adviser will tell you if this applies to you. You ca choose the basis of your icome ad how it will be paid. You ca fid details of the choices i these sectios: What will my icome be? What choices will I have about how I get my icome? What happes to my icome whe I die? You ca choose to have your icome remai at the same level or icrease automatically. You ca choose: a fixed percetage icrease up to 5% each year to lik your icrease to the Retail Prices Idex (the RPI figure used each year will be the oe published by the Office for Natioal Statistics, for the caledar moth three moths before the moth i which the auity is to icrease) to lik your icreases to the Retail Prices Idex with a maximum yearly icrease of either 2.5%, 3%, or 5%. Oce you ve started to receive your icome you ca t cash i your pla, chage it to aother auity provider or temporarily stop paymets. You ca t take out this pla usig a trasfer paymet from a overseas pesio scheme or a pesio fud that s subject to bakruptcy or divorce where the et auity is to be split. For GPA plas You ca choose to set this up as a lifetime auity or, if your pesio fud is from a compay pesio scheme, as a scheme pesio. For GPAC plas Your pla will be set up as a lifetime auity. You ca choose to receive some of your pesio fud as tax-free cash. Your pla ca accept a pesio credit trasfer from a divorce settlemet. 04
5 Questios ad aswers What will my tax-free cash be? For GPAC plas oly You ca ormally take up to 25% of the total pesio fud as tax-free cash. I some circumstaces your tax-free cash may be more or less tha this. A fiacial adviser will be able to give you more details. What will my icome be? Your persoal illustratio gives you a example of what you could receive, but the fial amout of your icome will deped o: the size of the pesio fud(s) you re usig to buy the auity auity rates at the time you buy the auity your age ad the address of your mai permaet residece (for more iformatio please refer to your persoal illustratio) how ofte your icome is paid ad the optios you choose whether you take your icome i advace or arrears For GPAC plas oly how much tax-free cash you take You ca choose to have a icome paid to your family whe you die i exchage for a smaller icome for yourself. Your icome will cotiue for your lifetime, however, you ca choose to guaratee the icome for a fixed period of 5 or 10 years. This meas that, if you die withi this period, your paymets will cotiue to be paid to your estate for the remaider of the guarateed period. For GPA plas oly ot all of the optios explaied i this booklet will be available to you. The optios you ca choose deped o the type of pesio pla that the moey to buy the auity is comig from. Oce you ve chose the optios you wat ad your icome has started, it s guarateed to be paid for the rest of your life, o matter how log you live. What choices will I have about how I get my icome? We ll pay your icome direct ito your UK bak or buildig society accout by BACS paymet. You ca choose for your icome to be paid: every moth every three moths every six moths oce a year Your icome ca be paid i advace or i arrears. If you wat your icome to be paid ito a overseas bak accout, please cotact us. For GPA plas You ca choose the start date of your auity to be ay date i the 12 moths before the date we receive all the iformatio to set up your auity. If you choose a start date i the past, we ll reduce your paymets slightly to cover the cost of the backdated paymets. For GPAC plas Your auity will start o the day we receive the last trasfer. What are the charges? We do t take ay charges direct from this pla as these are icluded i the rates we set for your icome. For GPAC plas, we do t charge for settig up the persoal pesio part of this pla. 05
6 Questios ad aswers If I wat to go ahead with this applicatio, what should I do? Let either your fiacial adviser or us kow which optios you wat ad complete the applicatio form. You or your fiacial adviser should the sed the form back to us ad we ll cotact your previous pesio compaies direct to arrage for them to sed us the moey. You might also eed to complete some forms from your previous pesio compay. Ca I chage my mid ad cacel my applicatio? Yes, you ca thik over your optios ad cacel your auity applicatio. If you do t cacel your auity, it ll be set up. Oce the auity has bee set up, you ca oly cacel if you re still withi the 30 day cacellatio period. The cacellatio period starts from whichever is sooer: 30-days, from the date we sed out your first persoal illustratio, or whe you accept your fial quote, or whe the fial quote expires The fial quote cofirms the actual paymet you ll receive, which may be differet to the paymets show i the illustratio. If you ve chaged your mid ad wat to cacel, you must write to us withi the cacellatio period tellig us you do t wat the auity see How to cotact us sectio. What happes if I do t cacel? If you do t cacel, the auity will be set up. For GPAC cases If you sed us your completed applicatio form before the ed of the cacellatio period, we ll pay ay tax-free cash (if applicable) ad start your retiremet icome paymets oce you ve received the fuds ad all the paperwork we eed from your previous pesio compay. For GPA cases We ll start your icome paymets from each fud as soo as we receive each oe. What happes if I do cacel? If you cacel your policy ad your paymets have t started we wo t pay you ay icome or tax-free cash. If we ve started your paymets ad have paid you ay tax-free cash (if applicable), you ll eed to refud that moey to us. We ll also retur the pesio fud to your previous pesio compay. If your previous pesio compay wo t accept the retured fuds, you ll have to arrage for the moey to be set to aother pesio compay. This moey has to go to a pesio compay we ca t retur it to you. If I wat to cosider other pesio optios, what should I do? Cotact a fiacial adviser, us or ay other compay you choose for alterative quotes. Please remember we ca t give you fiacial advice. What about tax? Your icome will be treated as pesio icome ad may be taxable. If you re a taxpayer, we ll pay your icome after tax has bee deducted. Iitially, we ll pay your icome et of the curret emergecy tax rate util HM Reveue & Customs cofirms your tax code. If paymets cotiue after you die they may be subject to iheritace tax if they are paid for a remaiig guaratee period ad are paid to your estate. If the total value of all your pesio fuds amouts to more tha your available lifetime allowace the you may have to pay tax o the excess, uless you have ehaced protectio. Please see a fiacial adviser for more details about how your icome will be taxed. The stadard lifetime allowace for the tax year 2015/16 is 1.25 millio. This limit does t iclude ay state retiremet pesio, state pesio credit or depedat s pesio you may be etitled to. This iformatio is based o our uderstadig of curret taxatio law ad HM Reveue & Customs practice, which may chage. 06
7 Questios ad aswers What happes to my icome whe I die? Your icome will ed whe you die uless you choose for it to cotiue, for example: If you choose a icome for your family, they ll start receivig a icome if you die before them. If you choose to guaratee the auity for a fixed period of 5 or 10 years, ay remaiig icome paymets will cotiue to be paid to your estate if you die withi this period. If you choose both optios ad the die withi the guaratee period, we will pay out the icome i oe of two ways: We pay the balace of your paymets due uder the guaratee period to your estate the start payig your family s icome. This is kow as without overlap. We start payig the balace of the paymets due uder the guaratee period to your estate ad also start payig the icome due to your family immediately. This is kow as with overlap. If you choose to have a depedet s pesio paid it would t be tested agaist your available lifetime allowace ad there would be o tax charge (although if you die at age 75 or over the pesio icome would be taxable whe received by the depedets). Scheme pesios (For GPA plas oly) If you choose to set the GPA up as a scheme pesio, there are some optios that we re uable to offer: We do t accept icreases to the icome over 5%. We ca t reduce or stop the icome o ill-health. We do t accept ad hoc icreases to escalatio, or allow reductios to the escalatio rate. We do t reduce the icome for a bridgig pesio. We do t offer value protectio. 07
8 Other iformatio How to complai We hope you ever have to complai, but if you do, the first step is to write to us. If you re ot satisfied with our respose, you ca the raise the issue with: The Fiacial Ombudsma Service Exchage Tower Lodo E14 9SR or fiacial-ombudsma.org.uk Referrig the matter to the Ombudsma wo t affect your right to take legal actio later o. If you d like a copy of our complaits procedure, please ask us, or you ca dowload it at aego.co.uk/support Beefits we may give to your adviser We may give beefits to your adviser, desiged to help them give you a improved service. These beefits may iclude marketig ad promotioal support, techical services ad traiig, semiars, travel ad accommodatio expeses, gifts ad hospitality. Your adviser will give you details of ay such beefits they receive from us. Terms ad coditios This booklet gives you a summary of the Aego Guarateed Pesio Auity ad Guarateed Pesio Auity (with tax-free cash). It does t iclude all the defiitios, exclusios, terms ad coditios. You ca fid these i our policy coditios booklet. You ll receive a copy of this oce we get your completed applicatio form, but if you d like a copy ow, please ask a fiacial adviser or cotact us direct. We have the right to chage some of the terms ad coditios. If this happes, we ll write to you ad explai the chages. Time limits We ll tell you about ay time limits that may apply ad that are t covered here or i the illustratio, for example uderwritig decisios or requiremets that may have time limits. You must let us kow of ay chages to your circumstaces or ay other details you ve give us. Commuicatio Our cotract with you is i Eglish ad all future commuicatio about it will be i Eglish. Cliet categorisatio Aego categorises all of our cliets as Retail cliets uder the Fiacial Coduct Authority rules for all services ad trasactios. This helps us to make sure that you receive appropriate disclosure documets from us ad that you are made aware of everythig you eed to kow i a timely fashio. Law If, whe the cotract starts, you live i the UK, the your pla will be set up ad govered by the law of the part of the UK where you live. Otherwise Scots law will apply. Compesatio Your auity with us is covered by the Fiacial Services Compesatio Scheme. You may be etitled to compesatio from the scheme if we ca t meet our obligatios (for example, if we were to become isolvet or uable to meet the claims agaist us). This depeds o the type of busiess ad the circumstaces of the claim. Isurace busiess of this type is geerally covered for 100% of the value of the claim, without limit. You ca get more iformatio about compesatio arragemets from the Fiacial Services Compesatio Scheme by callig or visitig fscs.org.uk 08
9 How to cotact us If you have ay geeral questios, you ca phoe, or write to us. Write to us at: Aego, Ediburgh Park, Ediburgh EH12 9SE Call us o: , Moday to Friday, 8.30am to 5.30pm us at We may moitor calls for security purposes, to help improve our service ad to resolve ay complaits. We ca oly give you iformatio about the products ad services we offer. If you have ay doubts over whether this pla is suitable for you, you should seek advice from a fiacial adviser. If you d like a large prit, Braille or audio CD versio of this leaflet, please call As Lead Parter of British Teis, we re helpig to trasform the future of the sport by supportig youg talet, atioal teams ad evets throughout the coutry, icludig the Aego Champioships at The Quee s Club. Fid out more at Aego is a brad ame of Scottish Equitable plc. Scottish Equitable plc, registered office: Ediburgh Park, Ediburgh EH12 9SE. Registered i Scotlad (No ). Authorised by the Prudetial Regulatio Authority ad regulated by the Fiacial Coduct Authority ad the Prudetial Regulatio Authority. Fiacial Services Register umber A Aego compay Aego UK plc C RET /15
Idiaa Uiversity Health Beefits Guide 2014 Idiaa Uiversity Health Team Member Beefits 2014 Packig luches ad cartig the kids off to school. Puttig i a full day s work. Whippig up dier, the catchig up with
A guide to beefits ad fiacial help for people affected by cacer Beefits rates apply April 2009 April 2010 1 Cotets Itroductio to the beefits system... 2 Help for people of workig age... 5 Help for carers...
HOMEBUYING STEP BY STEP A Cosumer Guide ad Workbook CMHC HOME TO CANADIANS Caada Mortgage ad Housig Corporatio (CMHC) has bee Caada s atioal housig agecy for more tha 65 years. Together with other housig
A fool ad his moey are soo parted. Eglish proverb Maagig Your Moey Maagig your persoal fiaces is a complex task i the moder world. If you are like most Americas, you already have a bak accout ad at least
A Paret s Guide to College ad Career Readiess: A guide to help you support your child s dreams Produced by the Uiversity of Miesota College Readiess Cosortium i partership with the Uiversity YMCA 1 INTRODUCTION
How To Fid FINANCING For Your Busiess Oe of the most difficult tasks faced by the maagemet team of small busiesses today is fidig adequate fiacig for curret operatios i order to support ew ad ogoig cotracts.
www.acacet.org Guidig the Way to Higher Educatio: Step-by-Step To College Workshops for Studets Late High School Curriculum Grades 11 ad 12 www.acacet.org Copyright 2008 These materials are copyrighted
No Oe Beefits How teacher pesio systems are failig BOTH teachers ad taxpayers Authors Kathry M. Doherty, Sadi Jacobs ad Trisha M. Madde Pricipal Fudig The Bill ad Melida Gates Foudatio ad the Joyce Foudatio.
Studet Hadbook 2014 15 Regulatios, Policies, ad Procedures This hadbook complemets the uiversity s Studet Maual of Uiversity Policies ad Regulatios ad provides a statemet of policies ad academic issues
Catalogue o. 62-557-XPB Your Guide to the Cosumer Price Idex (Texte fraçais au verso) Statistics Caada Statistique Caada Data i may forms Statistics Caada dissemiates data i a variety of forms. I additio
Big Data. Better progoses ad quicker decisios. With Big Data, you make decisios o the basis of mass data. Everyoe is curretly talkig about the aalysis of large amouts of data, the Big Data. It gives compaies
Health ad Safety Asbestos: The licesed cotractors guide Asbestos: The licesed cotractors guide Health ad Safety This is a free-to-dowload, web-friedly versio of HSG247 (First editio, published 2006). This
witer Jauary March 2014 ONLINE AND IN SANTA CLARA COURSES START WEEKLY UCSC-EXTENSION.EDU Egieerig & Techology BioScieces Educatio Busiess & Maagemet ew courses Ifo Sessios ENGINEERING AND TECHNOLOGY Adobe
Be prepared: are ew doctors safe to practise? Cotets What we foud 02 Why we ve writte this report 04 What is preparedess ad how ca it be measured? 06 How well prepared are medical graduates? 08 How has
Key Features of the With Profits Pension Annuity Key Features of the With Profits Pension Annuity The Financial Conduct Authority is a financial services regulator. It requires us, Aviva, to give you this
Child: Family: Place: Radical efficiecy to improve outcomes for youg childre Croydo 2 cotets Foreword...5 Executive summary...7 1 Cotext...13 The public sector eeds ew models to improve public services...14
C o m m i t t e e o f S p o s o r i g O r g a i z a t i o s o f t h e T r e a d w a y C o m m i s s i o T h o u g h t L e a d e r s h i p i E R M R I S K A S S E S S M E N T I N P R A C T I C E By Deloitte
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
Fiacial Aalysts Joural Volume 69 Number 2 2013 CFA Istitute The Arithmetic of Ivestmet Expeses William F. Sharpe Recet regulatory chages have brought a reewed focus o the impact of ivestmet expeses o ivestors
REPORT OF THE Cosultative Group o the Past 2 REPORT OF THE Cosultative Group o the Past REPORT OF THE Cosultative Group o the Past 3 Preseted to the Secretary of State for Norther Irelad, i accordace with