Make the most of saving online with the Marsh and McLennan Companies Corporate Savings. Introducing My Money Friends Life s online savings

Transcription

1 Make the most of saving online with the Marsh and McLennan Companies Corporate Savings Introducing My Money Friends Life s online savings

2 Introducing My Money We all like spending our free time doing the things we enjoy. But sorting out our savings and planning for our financial future doesn t quite have the same appeal. That is why Marsh & McLennan Companies has selected My Money from Friends Life to provide the retirement savings account. My Money has been chosen to help make it easier for you to plan and save for your future. You can easily manage your retirement savings online using a single login, which lets you: View your annual statement, other documents and correspondence Decide how much you want to save Plan how much income you need in retirement and check if you are on track to achieve this View and update your personal contact details You re in control Your financial information is private to you and you have access to it wherever and whenever you choose. You can continue using My Money if you change employment. Add in other personal or State pensions to build up a total picture of what you could expect to receive View your contributions and transactions Change your contributions 2

3 Designed for life Whether you re just starting out in the workplace or you re getting closer to enjoying your retirement, there s one thing that we can all agree on: life is better when you have the time to do what you want and even better when you have the money to enjoy that time. It pays to start saving early Retirement may seem a long way off, but it makes sense to start saving early. Marsh & McLennan Companies will pay contributions into your retirement savings account in addition to any you make. So putting even a little money aside now could make a difference by helping to provide you with a better standard of living in retirement. The value of the Flexible Retirement Account is not guaranteed and can go up and down. You could get back less than the amount paid in. Make the most of saving online with Marsh & McLennan Companies 3

4 Tax and other benefits of a pension Pensions are one of the most tax efficient ways of saving for your retirement because you get tax benefits on the contributions you make. This means that for every 80 you pay in, the Government currently pays an extra 20 into your pension. Important note for higher rate tax payers If you are a higher rate tax payer you may be able to claim back even more through your self-assessment tax return. Why is it used? Where can money be invested? Can money be withdrawn without notice? Tax relief on personal contributions? Tax free cash at retirement? Tax free interest and investment income? Free of Capital Gains Tax? Tax efficient way of saving for retirement Funds which in turn can invest in shares, property, fixed interest and money markets or directly in shares and other investments Money can usually only be accessed from age 55 and used to provide pension and death benefits Yes, subject to HMRC limits 1 Up to 25% of your pension benefit can be taken as a tax-free lump sum with the balance being used to: purchase an annuity; or provide for flexi-access drawdown 2 You can take a lump sum from your pension fund. 25% will be tax free and the remainder will be subject to income tax at your marginal rate No tax is payable on income or capital gains made by the investments, but 10% tax is deducted from UK dividends and this tax cannot be reclaimed Yes Note Tax rules may change. The value of any tax relief or benefits depends on the financial circumstances of the investor. For further information please see the Key features document and the Fees and charges brochure. 4

5 My Money offers you more My Money has a number of interactive tools to help guide you whether you are new to saving, or you are a more experienced investor. Pension Forecaster helps you to: Work out how much to save for retirement. Get an idea of what your pension could be worth in the future based on its current value and any contributions from you, Marsh & McLennan Companies and the Government. See what your retirement income might be in today s money the forecaster allows for future inflation to give you an idea of how much your pension would be worth if it were payable today. See how changes to your pension contributions might affect your future retirement income. My Wealth Calculator helps you to: Input details of your savings and any debts so you can see a clear picture of your overall finances. Plan better for your future by seeing a picture of your total wealth. Investment analysis tools help you to: Research funds and track their performance. Review and analyse your overall portfolio. Add in other personal or State pensions to build up a total picture of what you could expect to receive in retirement. Workplace Savings Selector helps you to: See what savings you re making from your salary. Review what you re receiving from Marsh & McLennan Companies and the Government. Decide how much you want to save from your salary. Set up payments from your salary. Request changes easily as you need to. Make the most of saving online with Marsh & McLennan Companies 5

6 Investing for your retirement The value of the Marsh and McLennan Companies Corporate Savings is not guaranteed and can go up and down. You could get back less than you ve paid in. Choice and flexibility to invest your money where you want Access to our Select fund range, providing you with a wide and varied choice of investment options. Access to over 1,200 funds in our Fund supermarket (if you pay in at least 100 a month or 1,000 a year, or if the value of your pension is at least 10,000). Additional charges may apply for funds in the Fund supermarket. Access to shares and other investments through our Alternative investment option (if you pay in at least 100 a month or 1,000 a year, or if the value of your pension is at least 10,000). Some shares and other investments can carry a higher risk than others and may be subject to sudden or large falls in value; you could get nothing back. Additional charges may apply for investments through the Alternative investment option. 6

7 You re in good hands Friends Life has been carefully selected by Marsh & McLennan Companies to provide you with a retirement savings account through My Money. Friends Life has a heritage that can be dated back over 200 years, with great experience across a range of financial services, particularly pensions and life insurance. But we re always looking ahead too. We keep on top of industry developments and changes to our customers needs, adding our expertise and experience to develop new ways of helping you achieve your financial objectives Service excellence Friends Life is an award-winning provider with a reputation for delivering excellent pensions services. The below awards demonstrate this. Important documents It is important that you read the following documents: Key features document Illustration Terms and conditions Fees and charges brochure Helping you to understand your investment choices brochure Incisive Media Gold Standard Awards 2014 Winner Group Pensions Greenwich Associates Greenwich Quality Leader in UK Defined Contribution Corporate Pensions Make the most of saving online with Marsh & McLennan Companies 7

8 Joining My Money Joining My Money is designed to be straightforward. 1 You 2 Activating will have a secure online individual account which Marsh & McLennan Companies cannot look at. your account is simple, just complete the three steps below: Access My Money Enter your Username, which we will send to you, and personal information to verify your identity 3 Then 4 To 5 When 6 You Follow the online instructions to activate your account. simply log in and start using My Money. receive any contributions from Marsh & McLennan Companies you will need to apply online for the Marsh & McLennan Companies Corporate Savings. you first log in you will see what you re entitled to and how you could maximise contributions from Marsh & McLennan Companies. can find important information about your retirement savings account online, as well as from Marsh & McLennan Companies microsite. 8

9

10

11

12 Need some help? Marsh & McLennan Companies should be your first point of contact for details of your pension. Alternatively you can contact your dedicated Friends Life Customer Services team who can support you with factual information about all aspects of the product and the My Money service: Call Your My Money helpline is available Monday to Friday between 8.00am and 5.30pm. Please note Friends Life may record calls to improve service. Calls may be charged and these charges may vary, please speak to your network provider. Need financial advice? Although My Money can help you with your decisions, it cannot provide you with specific financial advice. If you are unsure whether the Marsh and McLennan Companies Corporate Savings is right for you, please seek financial advice. If you don t have a financial adviser you can find one at This document is available in other formats. If you would like a braille, large print or audio version of this document, please contact us. mymoney.questions@ friendslife.co.uk Write to Friends Life, PO Box 2282, Salisbury SP2 2HY Friends Life and Pensions Limited An incorporated company limited by shares and registered in England and Wales, number Registered office: Pixham End, Dorking, Surrey RH4 1QA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Telephone calls may be recorded. Friends Life is a registered trade mark of the Friends Life group. My Money is a registered trade mark of the Friends Life group. NGS401/K (49619) IMM FRA (MWS) v1.4 Mar 2015 (46863)