Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme
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- Ezra Mathews
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1 Annuity Policy For a Compulsory Purchase Annuity from an occupational pension scheme
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 a Compulsory Purchase Annuity from an occupational pension scheme This is the Policy for the annuity the trustees have purchased. It contains the full legal explanation of the 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. This Policy can also be used to provide a lifetime annuity for a scheme member who has already started to draw their pension in the form of drawdown, and who has asked the trustees to replace that pension with a lifetime annuity. The Policy outlines our understanding of the tax treatment and regulations governing the 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. If amendments are required, please return the documentation to us straight away. 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 the annuitant's 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 the trustees and/or an annuitant Changes to benefits and amendment of policy conditions Divorce and dissolution Annuity terms not in accordance with provisions of the scheme Third party rights Applicable law Financial Services Compensation Scheme 19 E. Other Information Complaints Long-term business Pensions business 19 Planning For Retirement 03
4 A. General 1. Introduction The trustees of the Scheme have paid Prudential a premium in respect of the first annuitant s pension entitlement. This is so that Prudential can set up a Lifetime Annuity or a scheme pension to cover the trustees liability under the Scheme to pay a pension in respect of the first annuitant (and his or her dependants, if relevant) and so that the first annuitant can start to receive his or her pension. We will issue (or have already issued) other documents. These include the following: > Annuity Quotation > Key Features Document > Statement of Benefits These documents and the Policy should be read carefully. They all contain important information and should all be kept in a safe place. They are normally sent to the first annuitant or his or her Financial Adviser for safekeeping. The first annuitant should make sure that the people who will handle the affairs of his or her estate when he or she dies, know where they are kept. 2. Important Notes (a) Contracting-out benefits This Policy covers guaranteed minimum pensions, which is a type of pension that can arise if an individual was contracted-out of the State Earnings-Related Pension Scheme. If the Annuity Quotation does not show a contracting-out pension then the annuities payable under the Policy will not include any contracting-out benefits and all references to guaranteed minimum pension should be disregarded. (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 the first annuitant s legal spouse or civil partner on his or her death. The compulsory requirements are explained in this Policy. Compulsory requirements regarding increases to pension also apply to pensions accrued in defined benefit pension schemes on or after 6 April These apply to the annuity if the Scheme is a defined benefit occupational pension scheme. If any of the compulsory requirements apply to the annuity, this will be indicated in the Annuity Quotation. (c) Annuity terms to be in accordance with the provisions of the Scheme Some of the terms such as the level of increases to pensions and guarantee periods chosen for the annuity must be permissible under the provisions of the Scheme. At the time when the trustees accept the Annuity Quotation, we require them to confirm the accepted terms are permissible. We cannot accept any liability if the terms of the annuity are not allowed under the provisions of the Scheme. If we discover that any of the terms of the annuity do not comply with those provisions, we may have to change the amount and/or terms of the annuity. See also section D14 of this Policy. (d) Lifetime Allowance At the time when the Annuity Quotation is accepted, we require confirmation from the trustees or the first annuitant that the value of the benefits does not exceed the annuitant's Lifetime Allowance. We cannot accept any liability if it is later discovered that the annuitant's available Lifetime Allowance has been exceeded and the annuitant has 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. The agreement results from the trustees payment to us, of a premium to insure their liability to pay benefits under the Scheme in respect of the first annuitant, and where relevant, the second annuitant and/or third annuitant. Although the trustees are the policyholder, the trustees agree that we send the Policy to the first annuitant or to the first annuitant's advisers for safe-keeping. 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. An annuitant" is a person receiving an annuity. This can refer either to the first annuitant or to his or her 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. 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 and us. Annuity Quotation This is the annuity quotation provided by us and which has been formally accepted by the trustees. A copy of the accepted Annuity Quotation is issued with the Policy and the Statement of Benefits as confirmation of the accepted terms. The accepted Annuity Quotation forms part of the contractual documentation and this Policy needs to be read and understood in conjunction with it. These two documents should be kept 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. First annuitant The first annuitant is the client named in the Annuity Quotation, being a member of the Scheme. Planning For Retirement 05
6 First annuity An annual amount payable in respect of the first annuitant. The first annuity is the total annual amount (including any guaranteed minimum pension) shown in the Annuity Quotation as being payable in respect of 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 (f). 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. 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 Scheme include 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. 06 Planning For Retirement
7 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 before the annuity is purchased with us. The Key Features Document sets out the basic terms and conditions of the contract with Prudential and is designed to help with the decision-making. 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, 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. 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 what we call Limited Prices Indexation. 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 the trustees for the time being of the Scheme. Planning For Retirement 07
8 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 This is the employer-sponsored occupational pension scheme named in the Annuity Quotation, of which the policyholder is the trustee or trustees. 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. 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. Trustees The trustees are the trustee or trustees for the time being of the Scheme, named in the Annuity Quotation and the Statement of Benefits. The trustees have applied for the Policy in order to provide benefits in the form of a Lifetime Annuity or scheme pension under the Scheme. The trustees are therefore the policyholder entitled to exercise all contractual rights under the Policy, although the Policy is sent for safekeeping to the first annuitant or his or her Financial Adviser. 08 Planning For Retirement
9 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 D2 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 Scheme allow the first annuitant to exercise a choice and he or she has requested a joint life pension, or > the trustees have specified that a joint life pension is required, according to the provisions of the Scheme. (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: > 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 Planning For Retirement 09
10 > 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 lifetime 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. (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 re-marry, 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 contracting-out 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, 10 Planning For Retirement
11 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 Scheme 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 Scheme, 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 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. 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. Planning For Retirement 11
12 (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 Scheme 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 Scheme, and > the lump sum does not exceed 18, Payment of benefits (a) Payment in respect of 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. (b) Payment in respect of 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 23. 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. (c) Recipients of payments We pay any benefit arising under the Policy to the trustees. Alternatively, if the trustees so instruct us, we will make payment direct to the first annuitant, the second annuitant, the third annuitant, or to anyone else entitled to a benefit under the Scheme whose details the trustees give us in writing. Our payment in accordance with the trustees instructions will be a full and complete discharge of our liability to make the relevant payment to them. (d) 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. (e) 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 12 Planning For Retirement
13 > 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. (f) 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. (g) Payment method Payments to the trustees or to annuitants will be by direct transfer to a bank or building society account. (h) Overseas annuitants Special arrangements may be necessary for the payment of an annuity if we are making payments directly 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 (whom we are paying directly) is a United Kingdom resident and he or she then moves overseas, either the trustees or the annuitant must inform us when the annuitant 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 Scheme. 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. (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 either to the trustees, or, if the trustees so instruct us in writing, to the first annuitant s legal personal representatives. If the Annuity Quotation so indicates, the further continuing instalments will take account of any changes to the pension that would have been due under section D6. (d) Effect of guarantee 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). Planning For Retirement 13
14 A Defined Benefits Lump Sum Death Benefit may only be paid where the Scheme is a defined benefit occupational pension scheme, where the rules of the 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 either to the trustees, or if the trustees so instruct us, 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 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 > 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 Scheme. 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 the first 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. 14 Planning For Retirement
15 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 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 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 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. (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 Scheme. 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 Scheme (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. Planning For Retirement 15
16 (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 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 that index 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 trustees and/or the relevant annuitant if, in our opinion, the annuitant 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. 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 an 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. 16 Planning For Retirement
17 (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 trustees behalf. Alternatively, the trustees may instruct us in writing to make payments gross to themselves. If the trustees instruct us to do this, they will be responsible for deducting tax before they pass on the payment to the relevant annuitant and for paying the tax to HM Revenue & Customs. 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 winding-up or reconstruction of the Scheme, a transfer of ownership to the first annuitant, second annuitant or third annuitant (as appropriate at the time) 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. 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. Planning For Retirement 17
18 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 the trustees and/or an annuitant The trustees must give us an address to which we will send any notices. In some circumstances we may also need to send notices under the Policy to an annuitant, particularly if we are making payments directly to him or her. In such circumstances, the relevant annuitant must also give us an address to which we will send notices. Notices will be treated as having been received by the trustees and/or 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 ex-spouse 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 the scheme 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 Scheme. It is the trustees' responsibility to ensure that the benefits purchased are permissible. If we discover that the terms or options selected for part of all of any annuity are not permissible within the provisions of the Scheme, 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, 18 Planning For Retirement
19 we will make the necessary payment, but we do not pay any interest in respect of the underpayments. 15. Third party rights Although the trustees are the policyholder, 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 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 as policyholder and we agree irrevocably to submit to the jurisdiction of the courts of England and Wales. 17. 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. E. Other Information 1. Complaints We hope the trustees will never need to, but if they ever wish to complain about any aspect of the service they receive from us, they should 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 the trustees are not satisfied with our response to their complaint, they 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 the trustees legal rights will not be affected if the trustees subsequently decide not to accept its findings. The trustees 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): The first annuitant (and other annuitants) should direct any complaints about their benefits to the trustees, but if they wish to complain about the service they receive from us, they may write to us directly at the address shown above. As before, the Quote Reference or Annuity Reference number should be quoted in any correspondence. 2. 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 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
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