The International Schools Retirement Plan

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1 Alexander Beard (International Schools & Aid Agencies) Limited is a member of the Alexander Beard Group of Companies Limited, Registered in England no: The International Schools Retirement Plan In the UK Alexander Beard Wealth LLP is an appointed representative of Alexander Beard Investment Management Limited, which is authorised and regulated by the Financial Conduct Authority No , registered in England No In Australia Alexander Beard (Australia) Pty Ltd trading as Alexander Beard (Australia) is an Authorised Representative of Sentry Wealth Management Ltd ABN AFS Licence In The Netherlands Alexander Beard International Benefits B.V. is registered with the Dutch trade register under nr AFM license number is permitted to conduct business in the UK under the EU Passporting Rules. In New Zealand Alexander Beard (NZ) Limited is a registered Financial Services Provider governed by the NZ Financial Markets Authority and Financial Advisers Act 2010, and meets and exceeds the Code of Professional Conduct set out by that Authority. In South Africa Alexander Beard Group (South Africa) Pty Ltd. is authorised by the South African Financial Services Board (FSB). In the United States of America Alexander Beard (U.S.A.) LLC is a registered investment advisor, by the Financial Industry Regulatory Authority (FINRA). UK offices: Bath, Chester (Head Office), Leeds and London International offices: Auckland, Den Bosch, Johannesburg, San Francisco and Sydney Contact Us For more detailed information on the services we offer please visit our website alexander beard (International Schools & Aid Agencies) Limited alexander beard (International Schools & Aid Agencies) Limited

2 ISRP Plan Partners Alexander Beard - International Schools & Aid Agencies Alexander Beards International Schools and Aid Agencies has been a provider of specialist insurance and financial planning products to the international schools market for over 23 years. Its parent company, The Alexander Beard Group of Companies Ltd., has offices throughout the UK as well as Australia, The Netherlands, New Zealand, South Africa and the United States of America. La Mondiale Europartner (Europe) La Mondiale Europartner specialises in offering pension and employee benefits to internationally mobile workers ( expatriates ). La Mondiale in France, established in 1906, is one of the largest providers of corporate retirement plans in France. Russell Investments Russell Investments was founded in the USA in 1936 and has $926 billion in assets under management and advisement. It has more than 2,900 institutional clients and millions of individual shareholders in 46 countries. Russell Investments clients include banks, insurance companies pension funds, foundations and sovereign wealth funds. Nordben Pension Trustees Nordben Pension Trustees Limited is regulated by the Guernsey Financial Services Commission under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 and is a wholly owned subsidiary of Nordben Life and Pension Insurance Co Limited, part of the Storebrand Group. The Storebrand Group, with roots back to 1767, is a leading player in the Nordic markets for pensions, life and health insurance, banking and asset management. alexander beard (International Schools & Aid Agencies) Limited 1

3 About the Plan The International Schools Retirement Plan (ISRP) is modelled upon its innovative and highly successful forerunner designed by Midian investments Ltd. and launched in Whilst retaining the core concept of the original plan, the new plan takes into account modern investment practices, the use of technology and a requirement to meet the needs of an expanding, internationally mobile workforce. 3

4 n All international schools throughout the world n Individual members of these schools or of one of the Regional Councils Who can join? n Existing members of the ECIS Zurich Plan can transfer their accumulated fund on preferential terms The International Schools Retirement Plan builds upon the success of the original format developed by Midian Investments Ltd. Its Luxembourg base also offers the added advantage to members of tax-free* growth on their pension contributions. *There is no tax deducted at source on any gains made in the value of the fund at any time. Dividends earned from the funds investment into underlying shares may have been subject to withholding tax 6

5 n Available to International Schools throughout the world n Plan accommodates individual members or school sponsored group schemes Features and Benefits n Existing members of the ECIS Retirement Benefits Scheme can transfer their accumulated funds to the new plan on preferential terms n Individual, portable and transferable account n Simple, low cost charging structure n Low minimum contributions n Choice of currencies n Six predetermined investment strategies n Automatic switching option n Guaranteed funds available n Secure, online account access n Detailed annual statements n Tax efficient transfer options for U.K. and Australian members* n Flexible retirement benefits from age 55 *These options may also be available to other nationalities 8

6 How can I invest? You can make your investment into the ISRP by quarterly, half-yearly or annual payments or by the addition of a one off lump sum at any time. Your contributions may be denominated in Sterling, Euros or $ U.S Dollars. and the minimum acceptable level of regular and single contributions are set out in the table below. FREQUENCY STERLING EURO $ U.S. DOLLARS Quarterly Half Yearly ,000 Annually 1,000 1,600 2,000 Initial Single 2,500 4,000 5,000 Additional Single 1,000 1,600 2,000 There are no maximum contributions Regular contributions may be: n Increased at any time n Temporarily suspended through a contribution holiday and may also be decreased at any time (subject to the minimum premium pertaining). n For group arrangements, contributions may be linked to salary and reviewed accordingly on an annual basis 9

7 Investment Choices Saving for retirement requires different strategies dependent upon the period of time available in which to save and to the member s personal attitude towards risk. To meet these needs the plan offers a range of guaranteed and risk-rated investment choices designed to meet the requirements of both the risk-averse investor and those who appreciate the value of asset-backed investing over a longer term. Contributions may be allocated to one or more of the investment choices and may be switched at any time (see technical specification). Alternatively, the automatic switching option may be selected (see page 13). The Managed Investment Strategies* There are 6 Managed Investment Strategies available, each of which holds a different risk-rating. The composition of each strategy is selected by the investment management arm of La Mondiale with the underlying investments being provided by the US based Russell Investment Group from a range of over 700 of the world s top investment funds, with an asset mix that is carefully weighted to match the specific risk-rating of each strategy. The underlying funds are invested in international equities, bonds, cash and money market funds as highlighted in the table overleaf. The underlying funds in each strategy are reviewed periodically and re-balanced where necessary. This serves to ensure that the correct weighting is maintained in each strategy. The detailed composition of each strategy is available upon request. *See Disclaimers on page

8 Automatic Switching Investment Choices As an alternative to either of the previous choices (shown overleaf), a member can select the option of automatic switching. This will apply to predetermined trigger points throughout the life of the plan up to a maximum age of 60 (beyond which the member s plan will continue to be fully invested in the Guaranteed Strategy). At each of these trigger points the member s accumulated fund will be automatically switched to a successively lower risk strategy. On-going contributions will also be assigned to the current risk strategy from that point onwards. Please note that the Automatic Switching option is designed for a minimum retirement age of 60 and if benefits are required from the earliest access age of 55, then you must notify Alexander Beard of this one year before, so that the appropriate switch can be made. Please note that investment performance is not guaranteed and the value of your fund may fall as well as rise. Past performance is not necessarily a guide to future performance and you may get back less than you paid in. Summary Table - Automatic Switching EQUITIES BONDS LMEP s GUARANTEED FUNDS AUTOMATIC SWITCHING (term to age 60) Guaranteed % Less than 4 yrs Defensive 30% 50% 20% Between 4-8 yrs Cautious 40% 60% - Between 9-12 yrs Balanced 55% 45% - Between yrs Growth 80% 20% - Between 17-20yrs Adventurous 100% - - More than 21yrs The composition of each strategy is available upon request as it can alter from time to time. 14

9 Transfer Options Transfer options are available to many different nationalities dependent upon home country pension regulations. Alexander Beard undertakes to investigate each and every option available for any member before advising on the best transfer route to take. For Example: UK Citizens Under current U.K. legislation, providing the transfer payment does not exceed 100% of the member s annual earnings, the contributions will be eligible for a tax credit at the point of investment. It can then form the basis of a new, or be added to an existing, U.K. Personal Pension Plan, which itself may, at a later date, be transferred overseas, subject to the QROPS (Qualifying Recognised Overseas Pension Scheme) rules, should a member decide to emigrate, or retire away from the U.K. Australians If an Australian member of the ISRP returns to his/ her home country, it may be possible to transfer the accumulated funds as an undeducted contribution to an Australian Superannuation Fund. Under regulations that came into force on the 1st July 2007 single undeducted contributions that transfer into an Australian Superannuation Fund may be allowed up to pre-defined limits depending upon individual circumstances. Europeans The plan allows for transfers without cost to any recognised pension plan within the E.U., subject to any individual country contribution limits, tax restrictions and rules. Alexander Beard will undertake to provide any European members with full information to allow them to decide on the best option for their funds. U.S Citizens Unfortunately the U.S. Internal Revenue Service (I.R.S) will not allow incoming pension transfers to any qualifying U.S pension (e.g. 401k/I.R.A). L.M.E.P have registered with the I.R.S in respect of their FATCA related responsibilities. 15

10 n The information given in the Transfer Options pages is intended only as a general guidance for citizens of Australia and Great Britain who are living and working outside their home country. Disclaimers n The information provided to U.S. citizens in relation to potential income and Capital Gains Tax does not constitute tax advice, and only represents our understanding of the current position at the time of going to press. n There are many factors that can influence your personal tax situation and we would advise you always to consult an appropriate tax advisor when choosing to return to your country of origin. n Our information is based upon our best understanding of current legislation in the relevant jurisdictions. We make no assurances as to the tax consequences applicable to a customer, nor the availability of a specific product at any time in the future. n We must point out that value of investments can fall as well as rise. The future value of your fund could be less than the contributions you have paid in, it is not guaranteed. n All Plan Partners are suitably authorised and regulated in their home countries; this product and its underlying investment funds are not regulated by the Financial Conduct Authority, and may not be covered by the Financial Ombudsman Service. 18

11 Purpose of the Plan The purpose of the plan is to build up a retirement fund by saving in an individual retirement account opened in the name of each member of staff. Technical Specifications Admission to the plan is available to any individual employed or contracted to any International School, following completion of an individual membership form. Execution of the Plan Funding of the Individual Retirement Account The individual retirement account of each member is funded by the payment of contributions from which management expenses are deducted as specified on page 23. Availability of the Individual Retirement Account From the age of 55 a member may choose to receive his or her savings in the form of a capital sum or an annuity. n Lump sum option: The value of the retirement account is calculated on the last working day of the week in which the request for redemption is received. n Annuity option: The insurer shall transfer the total value of the account on the last working day of the week in which the member s request is received to an insurance company of the account holder s choice. 20

12 Technical Specifications Any bank charges or exchange risk resulting from such transfer shall be borne by the member. The annuity will be paid by the chosen insurance company under the terms and conditions agreed with the member. Furthermore; n A member who leaves the employer for whatever reason (resignation, dismissal, etc.) may keep the rights vested in his / her individual retirement account at the date of departure. n If the account ceases to be funded by new contributions, benefits will continue to accrue under the same conditions. n A staff member leaving the employer, whatever the cause, is allowed to continue subscribing to the retirement account or to transfer the available savings to an alternative plan. Death Benefit In the event of the death of the member, the value vested in the retirement account will be paid to the beneficiary or beneficiaries designated on the individual membership form or otherwise according to the provisions of the plan. This lump sum is paid in the reference currency of the member s contract by default, but can be paid in other major currencies on request. In the default of a designated beneficiary in case of death, or if this designation has lapsed, the capital sum is applied as follows: n to the spouse, except if legally separated, n otherwise to the legitimate, recognised or adopted children in equal parts, n otherwise to the ascendants or surviving ascendants of the insured in equal parts, n otherwise to the insured s heirs and assignees. Calculation of the Value of each Retirement Account Guaranteed Funds The Guaranteed Fund is a diversified fund with Euro, US Dollar or Pound Sterling denominated bonds allowing the insurer to regularly value the invested technical provisions. The minimum rate of return applicable to the managed savings in the fund is set for each year in question and is equal to the maximum rate applicable to whole of life contracts denominated in the relevant currency, as set by the Luxembourg Commission Aux Assurances, without however exceeding 3.50% per year. The profit share, determined at the end of each year, is 100% of the net surplus recorded on each Fund by the Insurer. The guaranteed portion of the interest is credited on each Friday minus the applicable weekly equivalent of the Annual Plan Charge. 21

13 Technical Specifications Unit Linked Funds Each investment strategy consists of a number of managed equity funds, cash and bonds selected by the insurer. The investments held are expressed in units and the net asset value of each unit is determined on the last working day of each week. The number of units held changes each week: n by the addition of units acquired through a transfer or payment of contributions, n by reinvestment of 100% of the net dividends on the day of their distribution, n by deduction of the number of units corresponding to savings redeemed or transferred to another strategy, n by deduction of management costs. What happens if I stop paying? 1. There are no early surrender penalties or charges applied to the full value of the fund at any time should the plan member die. 2. There are no early surrender penalties or charges applied to the full value of the fund should the plan transfer out to another recognised and authorised pension arrangement (see section Transfer Options ). 3. Should a plan member discontinue or reduce contributions then the whole fund remains invested until maturity, subject to the annual plan charge. Charging Structure The ISRP has a simple and transparent set of charges as follows: n A one off set up fee of 300, 400 or $500 (annually adjustable for exchange rate fluctuations) n A charge of 5% of each premium paid n An annual plan charge of 1.5% of the value of the units or cash equivalent within the chosen fund n One free switch per calendar year is included and subsequent switches are charged at 0.3% of the value of the amount switched subject to a minimum of 50 and a maximum of 150 (or equivalent). Switching charges do not apply when the automatic switching option is selected. 23

14 Annual Statements At the end of each calendar year, a member will be entitled to receive a Statement of Account representing the value of their investment held within the ISRP. These statements will be distributed by and will show the following information: n The value of each account as at 31st December for the year in question n Total contributions invested in the plan during the year net of annual management charges n Total charges deducted n Detailed breakdown of your investment portfolio n Total investment return since commencement Technical Specifications Members of the plan must keep the Alexander Beard (International Schools & Aid Agencies) Limited informed of any changes to their address, so that annual statements can be distributed correctly. Maturity or Transfer of the Plan On retirement, or in the event of a transfer, the member must send the following documents to Alexander Beard (International Schools & Aid Agencies) Limited; A dated and signed letter specifying the manner in which the individual account is to be paid with appropriate payment instructions. In order to meet international anti-money laundering regulations members must provide an original or certified photo identification document, together with current proof of their residential address at that time. Alexander Beard International Schools and Aid Agencies Limited is a member of the Alexander Beard Group of Companies Limited. Please note that the International Schools Retirement Plan and associated services are not regulated by the FCA and does not offer the protection of the Financial Ombudsman Service. For more information about the benefits of an ISRP, please contact Alexander Beard Head Office at or +44 (0) , isaa@abg.net or visit our website at VER

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