Key features of the Aviva Self Invested Personal Pension

Transcription

1 Key features of the Aviva Self Invested Personal Pension Retirement Investments Insurance Health

2 Key features of the Aviva Self Invested Personal Pension The Financial Conduct Authority is a financial services regulator. It requires us, Aviva, to give you this important information to help you to decide whether our Self Invested Personal Pension SIPP is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. This document explains the key features and benefits of your Aviva Self Invested Personal Pension. You should read this with the Aviva Self Invested Personal Pension Terms and Conditions (SP61071). If you have any questions, we recommend that you discuss them with your financial adviser. Its aims To help you build up a retirement pension pot in a tax-efficient way. To give you the flexibility and a range of options to control how your money is invested. To give you the control and flexibility to manage your benefits in retirement. take all of your pension pot as a cash lump sum. Up to 25% will be paid tax free, but you will pay tax at your marginal rate on the rest. take up to 25% of your pension pot tax free as a lump sum and/or as a regular income, and then take the remaining pension pot as and when you need it through drawdown whilst continuing to manage the investments within your pension pot. use your entire pension pot to purchase an annuity. take up to 25% of your pension pot tax free and use the remainder to purchase a smaller annuity. To give you and your financial adviser access to information about your investments online. To allow you to pass on any money remaining in your pension plan on your death to whom you wish. Your commitment That you are aged between 18 and 95 when you take out this product. You should retain the services of a financial adviser. You will need a financial adviser if you want to make changes to your Aviva SIPP, for example, changing your investment choices. To make regular monthly, quarterly, half yearly or yearly payments until your chosen retirement age. Or to make at least one single payment. To make net payments of at least 300 a month or a single net payment of at least 10,000 into and/or to transfer in benefits from another pension scheme. There is no commitment to continue making payments into your SIPP. There is no penalty for stopping or reducing payments. To invest for the long term - usually until you are at least 55. To tell us about any change which might affect your eligibility to continue making payments to the Aviva SIPP. To regularly review your investments and the amount of withdrawals, or payments you make. Your financial adviser can help you with this. To let us know about any change which might affect the administration of your SIPP (e.g. change of address, change of address). 2

3 Risks The value of the funds in your SIPP and the level of retirement benefits they can provide may go down as well as up. You may get back less than has been invested. The value of your investment and the retirement benefits depends on: If you transfer benefits from another pension scheme, you may be giving up valuable rights in the scheme and may be liable to charges from your existing provider. There is no guarantee that what you receive at retirement will be greater than what you could have received from the previous scheme. The risk profile of your Aviva SIPP will depend upon your choice of investments. You should make sure you agree a suitable investment profile with your financial adviser. the level of payments made into your SIPP the performance of your chosen investments the charges you pay. If you cancel your investment within the cancellation period, you may not get back all of your original payment. Please read the Can I change my mind? section of this document for details of your cancellation rights. Annuity rates may be subject to substantial change over short periods of time and the rates may be less favourable if you choose to buy a lifetime annuity in the future. You can t usually take the money invested in the SIPP until you reach the age of 55. The income you can eventually receive may be lower than illustrated if: you stop or reduce your payments investment performance is lower than illustrated you take higher pension fund withdrawals than illustrated the cost of converting your pension fund into an income is more than illustrated you start taking your retirement benefits earlier than your chosen retirement age tax rules change charges increase above those illustrated. Some investment funds may take their charges from capital and not from income. This means that whilst income may be boosted, capital growth may be constrained. From time to time there may be decisions you need to make about your investments that we will contact you about. If you do not respond to communications within the timescales specified, we may be unable to act upon your instructions. In certain circumstances, we may need to delay payments, transfers and the switching out of funds. This could, for example, be as a result of poor market conditions or where it would lead to unfair treatment of other investors. The delay may be up to one month for most funds or up to six months if the fund manager can t easily convert the fund you re invested in to cash. This includes funds which are fully or partly invested in land or buildings. When we cancel the units after a delay, we will use the unit price that applies at the end of the deferred period. Under some market conditions it may not be possible to trade in certain shares, or there may be a delay. If this happens we will refer to your financial adviser for instructions. You may not be able to sell or switch between funds if the fund manager concerned has deferred or suspended dealing in the fund at that time. This is more likely to occur during times of adverse market conditions or when the assets cannot be easily converted to cash, such as where the fund invests directly or indirectly in land or buildings. If there is insufficient cash in your cash account, we will sell investments to meet the charges and withdrawals (for those in post-retirement) that are due. We won t sell commercial property, equities or structured products without specific instructions from you. As structured products are fixed term investments, it is not possible to take partial withdrawals from a structured product taken out through Aviva. If you wish to withdraw monies before the end of the fixed term then you must notify us and the full investment will need to be encashed. The amount you receive back will depend on the type of structured product you were invested in, the amount invested, the time held and the performance of the product, and you may get back significantly less than you invested in the structured product. For further information on structured products and how they work on the Aviva platform please read the Aviva Guide to Structured Products (LF10049). 3

4 As structured products are products in their own right you will be holding these as an asset under your portfolio. Not all the features and conditions within this brochure are applicable, please see the Aviva Structured Product brochure for clarification (LF10049). Illustrations show how your Aviva SIPP may work for you. The projections within the illustration are not guaranteed. The actual performance will depend on the investment performance of the underlying investments and any applicable charges. Risks specific to Income Drawdown You may not be able to continue with high pension fund withdrawals if investment returns are low during the withdrawals period. The amount of any lifetime annuity you may eventually buy or use to provide for dependents will be reduced if investment returns are low during the time you take benefits through income drawdown. If you delay taking an income from your pension fund, there is no guarantee that the cost of converting your pension fund into a lifetime annuity will be better in the future. Questions and answers What is the Self Invested Personal Pension? It s a plan for someone who wants to invest for retirement in a tax-efficient way. You are allowed to make your own investment decisions, with help from your financial adviser. You can invest in a range of Aviva funds and funds provided by a wide range of external fund managers. You can also invest in shares, structured products and commercial property. Your investments will be owned by the trustee of the plan on your behalf. The trustee is Aviva Pension Trustees UK Limited. Your SIPP has a Cash Account. Cash within Your SIPP will be held in one or more interest bearing client money account(s) or trust account(s) with National Westminster Bank plc (NatWest). This cash will be held in accordance with the Financial Conduct Authority client money rules, as amended from time to time. NatWest will pay interest at 0.25% gross, p.a., AER. Gross means interest paid before the deduction of income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This rate of interest will not be affected by any changes to the Bank of England base rate, but can be changed by NatWest at any time, so is still a variable rate of interest. Gross interest will be credited monthly. The Cash Account should not be seen as a long-term investment and customers should not look to hold uninvested monies in the Cash Account on a regular basis or for any prolonged time period. The SIPP is made up of one or more pre-retirement accounts, where we place your allocated pension payments and one or more post-retirement accounts, from which you can make withdrawals. From the age of 55, you can make withdrawals through income drawdown, from all or part of your fund, while your pension pot remains invested. Is this a Stakeholder plan? The government has set minimum standards that companies must meet for stakeholder pensions. These are to do with payment levels, costs and terms and conditions. This plan is not a stakeholder plan and doesn t meet the rules the government has set. You need to know that stakeholder pension schemes are also available and may meet your requirements at least as well as this plan. How flexible is it? You can make one-off payments at any time as well as regular monthly, quarterly, half yearly or yearly payments within the limits set by us and HM Revenue & Customs (HMRC). You can increase your regular payments. You can reduce your payments, or stop and restart them at a later date. Reducing or stopping your payments will reduce the amount of pension income you may get. If you want to stop paying you can ask us for more information about how the changes might reduce your pension fund. You may be able to transfer your pension fund from another pension scheme to this plan, even if you re already taking pension fund withdrawals from it. You can transfer all or part of an existing registered pension scheme subject to details set out in the relevant Terms and Conditions. If you transfer from another plan, you can: a) re-register the underlying investments without selling the investments as long as the transferring scheme administrator agrees (Please bear in mind it may not be possible to re-register all the existing investments you hold.) b) ask your existing plan manager to give you a cash transfer value. During this process, your money will not be invested for a period of time and may be affected by any poor market conditions. You can continue to invest in your pension fund, and may be able to make further payments, even when you are taking pension fund withdrawals. 4

5 What can I invest in? The SIPP lets you invest in an extensive range of investments including: insured funds unit trusts open ended investment companies (OEICs) investment trusts exchange traded funds equities commercial property structured products You can get further details from your financial adviser. With your financial adviser you can choose the investments in which you wish to invest. Investment profiles let you specify where you want to invest your payments. We invest any future payments in line with your chosen investment profile. You can change your investment profile at any time. You may also invest in commercial property. We have a separate guide to commercial property produced by our nominated holder of commercial property, Suffolk Life (LF10087). You can get a copy of this from your financial adviser. How do I change my investments? Your financial adviser can submit buy and sell instructions. They can also create a range of buy and sell instructions by rebalancing your SIPP to your investment profile. During rebalancing, your money won t be invested for a period of time and may be affected by any poor market conditions. Unless you instruct us otherwise, we ll invest any additional or regular payments in line with the investment profile within your SIPP. If there is no investment profile attached to your SIPP, we will hold your payments in cash until instructed otherwise. We will hold any uninvested cash in line with the Financial Conduct Authority client money rules in the cash account of your SIPP through an interest-bearing trustee account held with National Westminster Bank plc. How do I know how much my investment is worth? Once your SIPP is open, you can log onto the SIPP website at any time between 8am and 10pm, seven days a week, to see exactly how your investments are performing. You will also be able to see detailed transaction information online. In addition, we will send you a statement twice a year, showing the value of your investments. What choices will I have at my chosen retirement age? You can normally choose to take benefits from your Aviva SIPP at any time from age 55. Consequently, you can t normally make any withdrawals before you reach this age. Once you reach age 55, you can choose to use all or part of your pension pot to provide an income, either through income drawdown or by buying a lifetime annuity. You may also be able to withdraw all, or part, of your pension pot as a cash lump sum. You can start income drawdown or buy a lifetime annuity after age 55, even if you re still working. You can decide how much of your pension fund to use. You can take benefits using income drawdown by taking the phased drawdown option. Regular crystallisations are made to allow payment of specified levels of income using a combination of taxable income benefits and tax free cash. You can usually take a quarter of your pension pot as a tax free cash lump sum, so you have the following options: take all of your pension pot as a cash lump sum. Up to 25% will be paid tax free, but you will pay tax at your marginal rate on the rest. take up to 25% of your pension pot tax free as a lump sum and/or as a regular income, and then take the remaining pension pot as and when you need it through drawdown whilst continuing to manage the investments within your pension pot. use your entire pension pot to purchase an Annuity. take up to 25% of your pension pot tax free and use the remainder to purchase a smaller annuity. If there is insufficient cash in your cash account, we will sell investments to meet the charges and withdrawals (for those in post-retirement) that are due. We won t sell commercial property, equities or structured products without specific instructions from you. People who cannot continue working because of ill health, may be able to start taking retirement benefits from their pension earlier than the normal minimum pension age of 55. You can use the fund you ve built up to buy your retirement benefits from any other provider. Flexi-access drawdown You can choose to draw down any level of income your fund can support. Under Flexi-access drawdown, you can also take one-off withdrawals either alongside or instead of regular withdrawals. There is a specific process for this and payments are crystallised on a gross basis. 5

6 Capped drawdown You can only access capped drawdown if you entered an agreement before 6 April You may transfer an existing capped drawdown agreement. You can choose to draw down the level of income you want within limits set by the Government Actuary s Department (GAD), in line with the capped drawdown rules. To remain in Capped Drawdown you can t exceed the maximum GAD income figure during a 12 month period known as your pension year. Your pension year starts at the point you first take benefits. We must review your plan against the latest GAD limits set by HMRC at least every three years. Once you turn 75 we have to do this every year. GAD will set new levels of income during the course of your plan. Your financial adviser will be able to help you review your pension plan. All of our single and phased drawdown options are available under capped or Flexi-access drawdown rules. Can I convert from capped drawdown to Flexi-access drawdown? You can convert from capped drawdown to Flexi-access drawdown. You can t move from Flexi-access drawdown to capped drawdown. Please read How much can be paid into the plan each year? within this document, to understand the impact on annual allowance. There is a minimum additional single contribution limit of 1,000. There s a payment limit each year which is called the annual allowance. If total payments to this and all your pension plans exceed the annual allowance the excess will normally be subject to a tax charge. The annual allowance is 40,000. From 2016/17, if you have an income (including the value of any pension contributions) of over 150,000 and an income (excluding pension contributions) in excess of 110,000 you ll be subject to a reduced annual allowance. If you take a Flexi-access payment from your drawdown account this may trigger the money purchase annual allowance (MPAA). You will still have an annual allowance of 40,000 in total, but no more than 10,000 can be paid into your defined contribution (money purchase) pensions and 30,000 for other pension savings. If you are transferring in a pension fund that is already being used for pension fund withdrawal, the minimum transfer payment is 10,000, subject to the minimum contribution limit being met. Your employer can pay into this plan. We collect regular monthly, quarterly, half yearly and yearly payments by direct debit and one-off payments by direct debit, cheque or immediate electronic payment. What about tax? We ll only accept regular and one-off payments from you that qualify for tax relief (except Transfers). What might I get if I want to buy a Lifetime Annuity? Your income will depend on the size of your pension pot and the cost of converting your pension pot into an annuity. The size of your pension pot will depend on the level of payments, how long they re invested for, the amount of pension fund withdrawals taken, the performance of your investments and our charges. How much can be paid into the plan each year? The minimum regular payment is 300 a month or 3,600 a year (including tax relief). You ll get tax relief on your payments. HMRC sets the maximum that you can pay and still get tax relief. You can pay in up to 100% of your relevant earnings (or 3,600 if greater) but you only get tax relief up to the annual allowance in one tax year. The current annual allowance is 40,000 for the tax year 2016/17. This includes any payments that you, or a third party on your behalf, are making to any other pension scheme. Your payments are made net of basic rate tax and Aviva will reclaim the basic rate tax relief from HM Revenue & Customs. Your basic rate tax relief is pre-funded by Aviva and will be invested according to your original investment instruction, so there is no delay in investing your money. If you pay income tax at the higher or additional rate you claim your extra tax relief from HM Revenue & Customs through your tax return. 6 If you re adding regular payments to an existing plan already worth 50,000 or more, the minimum is 100 a month or 1,200 a year (including tax relief). Minimum initial single or transfer payment limits apply details of the current limits can be obtained either from your financial adviser or within the Aviva SIPP Charges and Investment Limits document (SP61003). You don t get tax relief for any money you transfer into the plan from another scheme. Your fund will grow free of UK income and capital gains tax. Some investment returns may be received by the fund with tax credits or after tax deductions which can t be reclaimed.

7 You may be able to take up to a quarter of your pension fund as a tax free cash lump sum. You may have to pay income tax on any income payments and lump sum payments you take. Both are treated as income, and therefore the tax you pay will depend on your personal circumstances. When you decide to take your benefits, the total benefit amount is reviewed against your lifetime allowance. If your total benefits exceed your lifetime allowance when you take them, you will be taxed on the amounts over that limit. The standard lifetime allowance is 1 million for the tax year 2016/17. Any statement about taxation is based on our understanding of current UK law and practice. Tax rules may change. Future changes in law and tax practice, or your own financial circumstances, could affect your pension or how much tax you have to pay. Your financial adviser can give you more details about your tax position. Where can the payments be invested? You can make investment decisions with help from your financial adviser. You can change your investments. We will hold payments in an interest paying cash account until we re instructed to buy investments. From there they can be invested into one or more of the available funds or any other investments available under the plan. You can choose different investments for that part of the pension fund being used for pension fund withdrawals. You should include a proportion of your investments in the cash account from which we will pay the withdrawals. Please be aware that pension fund withdrawals can not be taken from structured products, equities or commercial property. In conjunction with your financial adviser you can choose the investments in which you wish to invest. Investment profiles allow you to specify where your contributions are invested. Any future payments are invested in accordance with the relevant investment profile until such time as you change it. Equities may not be used to form part of an investment profile. Over time, as a result of varying investment performance, the proportions of investments in your portfolio will change in relation to your investment profile. You or your financial adviser may ask us at any time to rebalance investments in line with your investment profile. During re-balancing, money may be disinvested for a period of time and therefore may be subject to adverse market movements. The investments available may change over time, and may depend on the amount you have to invest. What are the charges? We charge for managing the platform upon which your SIPP and investments are held. These charges will reduce the value of your plan. We may increase our charges if the cost of managing your plan increases. Reasons would include changes in taxation, regulation, the law and the cost of fund management. If we do this, we ll tell you. We take our charges from your cash account. If there is insufficient cash in your cash account, we will sell investments to meet the charges. We won t sell commercial property, equities or structured products without specific instructions from you. Fund managers take charges that will depend on the investments chosen. These charges may be shown as the ongoing charge figure (OCF), total expense ratio (TER), or for insured funds, simply the annual fund charge. These cover the charge made by the fund manager for managing the investment as well as expenses incurred by the fund. Please note these charges are variable and may change over time. Full details of fund managers charges are available on request. Certain fund managers, insurers or custodians may charge a fee for re-registering assets. Your illustration shows our charges and the effect they have on your fund. Costs arising from buying, selling and owning shares and property will be in addition to our charges. The provider of a structured product may take charges from the amount we invest on your behalf. Please see the structured product provider s guide for details. These charges will not impact the return described in the guide. For full details of our charges please speak to your financial adviser. What other benefits can I choose? There are no other benefits under this plan. What happens if I die? If you die we will need written confirmation of your death plus your death certificate, grant of probate, letters of administration or small estates form (whichever is appropriate). We will settle your case when all the trustees requirements have been met. If you die before you re 75, we will normally pay any benefits tax free to your nominated beneficiaries, at the trustees discretion. If you die holding funds in your pre-retirement account then the payment will be assessed against your lifetime allowance. Post-retirement account funds do not need to be. Your beneficiaries will need to pay tax on any amount over the lifetime allowance or where the benefit is not taken within two years of Aviva being told of your death. 7

8 If you die on or after reaching age 75 we can pay the full value of your remaining pension pot to your nominated beneficiaries, at the discretion of the trustees. This will be subject to income tax at the beneficiary s marginal rate If you die whilst taking benefits through income drawdown, you may pass the funds on to your dependants or nominated beneficiaries, who may: Continue receiving benefits from the plan through income drawdown. Buy a lifetime annuity During this time we will apply to your existing plan manager for the transfer value. If you decide to change your mind within the 30 days and the existing plan manager has released the transfer value before the end of this time, they may refuse to take your transfer back. You will then need to specify an alternative pension arrangement to receive the transfer value. We ll pay back the money we have received. If the fund value has fallen, this will be the transfer payment minus any fall in the investment value in this period. Take the remaining pension fund as a lump sum. Can I transfer my plan? You can transfer the value of your fund to another pension scheme at any time. The amount transferred may be less than the total payments to the plan, due to investment performance and the effect of our charges. There may be charges associated with the selling of underlying investments and certain fund managers may charge a fee for re-registering assets. It is not possible to transfer structured products. As structured products are fixed term investments, if you withdraw before the end of the fixed term then the current market value of the plan, which may be significantly less than the amount originally invested, will be returned to your cash account. How much will the advice cost? Your financial adviser will give you details about the cost. What happens if I want to change to another financial adviser? You should find an alternative adviser. Your new financial adviser should either be registered on the SIPP, or be prepared to register. You can find information about financial advisers in your area through the independent website, We recommend that you find a new financial adviser as soon as possible as they will have greater access to the SIPP functionality than you, so can administer your investments more efficiently. Can I change my mind? For transfer payments You can change your mind within 30 days from the day we notify you that the contract has been accepted. Your plan will continue if we don t receive your cancellation notice within the 30 days. The cancellation notice will include the address you must send it to if you change your mind about your plan. Alternatively, you can contact us at the address shown in the How to contact us section. For all other payments For payments from you and/or your employer you can change your mind within 30 days of receiving your cancellation notice, which we will send you after you ve made your first payment. This notice will give you more details of your right, including when it ends and the address to send your cancellation notice to. You won t be able to change your mind if you have invested in property within the 30 day period. If you decide you don t want the plan, we ll pay back the money we have received. If the fund value has fallen, this will be the payment minus any fall in the investment value in this period. If you have invested in structured products you may get back significantly less than the amount originally invested. Any charges incurred that are directly related to buying or selling underlying investments will not be refunded. Your plan will continue if we don t receive your cancellation notice within the 30 days. How to contact us If you have any questions at any time, you can write, phone, or to: Aviva PO Box Glasgow G2 9DS Telephone: platformservices@aviva.co.uk Telephone calls may be recorded and/or monitored. 8

9 Other information How to complain If you or someone entitled to benefits under your plan ever needs to complain, you can contact us at: Aviva SIPP Client Services PO Box Glasgow G2 0DS Telephone number: Potential conflicts of interest Occasions can arise where Aviva SIPP, Aviva plc group companies, or their appointed officers, will have some form of interest in business which is being transacted. If this happens, or the Aviva Group becomes aware that its interests, or those of its officers, conflict with your interests, we will take all reasonable steps to manage that conflict of interest, in whatever manner is considered appropriate in the circumstance. This will be done in a way which ensures all customers are treated fairly and in accordance with proper standards of business. platformservices@aviva.co.uk If you are not satisfied with our response, you may be able to take your complaint to the Financial Ombudsman Service. The Financial Ombudsman Service can look at most complaints and is free to use. You do not have to accept their decision and will still have the right to take legal action. Their contact details are: The Financial Ombudsman Service Exchange Tower London E14 9SR Telephone: complaint.info@financial-ombudsman.org.uk Suitability of product In buying this product you may have received advice from a financial adviser. If you did not receive advice no assessment will have been made as to whether this product is suitable for you, and you will not therefore benefit from the protection provided by the Financial Conduct Authority s rules that financial advisers must follow when giving financial advice. Client Classification The Financial Conduct Authority has defined three categories of customer. You ve been classed as a retail client, which means that you ll be provided with the highest level of protection provided by the Financial Conduct Authority rules and guidance. Website: Terms and conditions Law This Key Features document gives a summary of your SIPP. You should also see the full Terms and Conditions. You may already have a copy or you can get a copy from your financial adviser or you can contact us direct. We have the right to change some of the terms and conditions. We ll write to you and explain what has changed if this affects your plan. The law of England will apply in legal disputes and your contract will be written in English. We ll always speak and write to you in English. We re regulated by the Financial Conduct Authority: The Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS Compensation The Financial Services Compensation Scheme (FSCS) has been set up to provide protection to consumers if authorised financial services firms (like Aviva Life & Pensions UK Limited) are unable to meet claims against them. Whether you qualify for any compensation under the FSCS will depend on the type of investments you hold and different limits of compensation apply to different types of investment. In some circumstances you might not receive any compensation under the FSCS. If you are not sure about the type of funds you re invested in you can call us on or speak to your Financial Advisor. The availability of compensation depends on: The type and structure of the investments you choose within your product; Which party is unable to meets its claims; and Whether you were a UK resident at the time you took out the product. Where compensation is available in relation to any of your investments, Aviva Pension Trustees UK Limited (the Trustee ) will make a claim under the FSCS on your behalf. 9

10 Portfolio Provider If you suffer a financial loss as a result of the Portfolio provider, Aviva Pension Trustees UK Limited, becoming unable or unlikely to be able to meet its claims, you will normally be able to claim under the investment section of the FSCS up to a maximum amount of 50,000 per person. Aviva s Insured Funds These funds are provided under a long-term contract of insurance. The Trustee will be eligible to claim compensation under the FSCS on your behalf should Aviva Life & Pensions UK Limited become unable to meet its claims. FSCS currently provides cover at 100% of the policy value without limit. If you choose one of our insured funds which invests in another collective investment fund (including Aviva Investors) or one that invests in a fund run by another insurer, the Trustee will not be eligible to make a claim under the FSCS should that third party be unable to meet its obligations. In this situation, the value of your units will depend upon the amount that we can recover from that third party. Suffolk Life Commercial Property The structure of our arrangement with Suffolk Life is that the commercial property is held within Suffolk Life s long-term insurance funds. In our view, the Trustee will be eligible to claim compensation on your behalf should Suffolk Life become unable or unlikely to be able to meet its claims and there is a valid claim under the compensation scheme. The Trustee should be eligible to claim 100% of the policy s fund value at that time on behalf of members. If the overall claim is successful, then you should get back 100% of the value of your claim. In respect of equities, the assets are held by our nominated stockbroker and the Trustee should be able to make a claim under the FSCS should the stockbroker be unable to return the assets for any reason. The protection provided would be 100% of the first 50,000 per person per stockbroking firm. Currently, we make certain structured products available through our Portfolios. Aviva purchases the structured product on your behalf. If the issuer of the securities is unable to meet its claims, it is highly unlikely that you would be covered by the FSCS. If however, the Aviva company which makes the product available is unable or unlikely to be able to meet is obligations, then there should be a claim under the FSCS (which currently provides cover at 100% of the policy value without limit) providing the issuer of the securities is able to meet its claims. Cash Account For the cash account (a UK deposit account), the money is held within a client money account and the Trustee is normally entitled to claim up to 75,000 on behalf of each customer. This limit will also take into account any other accounts you hold with that institution. We currently use National Westminster Bank plc as the provider of the cash account on the Aviva Platform although this may change from time to time. For further information on the FSCS scheme, see or telephone or Collective Investments and Equities Collective Investments and equities are held by the Trustee directly for the members who have a beneficial interest. If the individual fund manager becomes unable or unlikely to be able to meet its claims, the Trustee will be eligible to claim compensation under the FSCS although this will be restricted to 100% of the first 50,000 held per person per fund manager. 10

11 Braille, large font, audio material You can order our literature in Braille, large font or audio. Just call or and tell us: the format you want your name and address the name or code of the document. The code is usually in the bottom left hand corner on the back of most documents. Calls may be recorded/monitored for our joint protection. Aviva Pension Trustees UK Limited. Registered in England No Wellington Row, York, YO90 1WR Authorised and regulated by the Financial Conduct Authority. Firm Reference Number Aviva Life Services UK Limited. Registered in England No Wellington Row, York, YO90 1WR Authorised and regulated by the Financial Conduct Authority. Firm Reference Number aviva.co.uk SP /2016 Aviva plc