For customers Uncrystallsed funds penson lump sum payment nstructon Don t complete ths form f your wrapper s derved from a penson credt receved followng a dvorce where your ex spouse or cvl partner had already taken ther retrement benefts. About ths nstructon Ths nstructon s for Aegon Retrement Choces or One Retrement nvestors, who want to take part or all of ther penson fund wth us as an uncrystallsed funds penson lump sum (the lump sum ) as descrbed n secton 9. By completng ths nstructon you re confrmng that you re elgble to take part or all of the uncrystallsed funds from your wrapper numbered n secton 1 (the wrapper ) as a lump sum. Ask us for a quote before completng ths nstructon You must get a quote from us for your wrapper. Ths wll gve you the current value of your penson fund and nformaton on the optons avalable to you. The actual amount of the lump sum that we pay wll be: n where you re takng part of the value of your wrapper as a lump sum t wll be the value that you stated n secton 2. n where you re takng the full value of your wrapper, t wll be the value of your nvestments at the tme they are sold together wth any nterest bult up n the cash faclty. Lump sums and tax n Where the lump sum s pad before you reach age 75, 25% s tax free, and the balance s taxed as penson ncome. n Where the lump sum s pad after you reach age 75, provded you have enough lfetme allowance left to cover the lump sum, 25% s normally tax free, and the balance s taxed as penson ncome. Where you have nsuffcent lfetme allowance, 25% of the lump sum wthn your avalable lfetme allowance s tax free, wth the balance beng taxed as penson ncome. If you have protected tax-free cash the maxmum tax-free amount that you can receve from the lump sum s 25%. You must tell us f you don t have enough lfetme allowance left to cover the lump sum. n Takng a lump sum from the wrapper wll trgger the money purchase annual allowance f you ve not already trggered t. Addtonal nformaton n Please complete ths nstructon n BLOCK CAPITALS and ballpont pen. n In ths nstructon we ask you to provde a certfed copy of certan documents. If you can t provde these, please go to What do you need to prove my dentty to take my benefts? n the FAQ secton Rules, regulatons and tax of Your retrement planner at aegon.co.uk/ retrementplanner for more nformaton and potental alternatves. n Where you see ths con * we re askng you to send us addtonal materal wth ths nstructon. n We explan terms n bold n the defntons secton at the end of ths nstructon. n Return the completed nstructon to Platform Clent Servces, Aegon, Ednburgh Park, Ednburgh, EH12 9SE. Page 1 of 8
1. Personal detals Ttle Mr / Mrs / Mss / Ms / Other please specfy Wrapper number Full forename(s) Surname Do you have a protected penson age? No Yes, what s t? Phone number Date of brth (dd/mm/yyyy) We may use your phone number to contact you about your nstructon. Please nclude a certfed copy of your passport or drvng lcence wth the completed nstructon as evdence of your age and dentty *. 2. Lump sum detals You must make sure that there s enough cash avalable n the cash faclty before payment of the lump sum s made. Do you want to take a full or partal payment? Full payment Amount of partal payment before tax 3. Benefts taken before 6 Aprl 2006 3.1 Do you have any annutes and/or pensons n payment before 6 Aprl 2006? No go to 3.2 Yes, provde detals n the table on the next page. n For each lfetme annuty or scheme penson n payment on 5 Aprl 2006, gve the yearly amount as the gross yearly penson amount you were recevng from the specfed provder on your frst beneft crystallsaton event on or after 6 Aprl 2006. Uncrystallsed funds penson lump sum payment nstructon Page 2 of 8
3. Benefts taken before 6 Aprl 2006 contnued n If you were takng ncome from a drawdown arrangement wth the specfed provder on 5 Aprl 2006, gve the yearly amount as the maxmum permtted yearly drawdown penson n force at the tme of your frst beneft crystallsaton event on or after 6 Aprl 2006. n If ths s your frst beneft crystallsaton event snce 6 Aprl 2006, gve the yearly amount of penson you re recevng now and/or the current maxmum permtted yearly drawdown penson. The date of event s the date that you complete and sgn ths form. Penson provder Yearly amount Date of event (dd/mm/yyyy) 3.2 If you took a penson commencement lump sum before 6 Aprl 2006 and put off recevng payment of the penson untl after 5 Aprl 2006, please let us know the amount you receved: Amount of penson commencement lump sum () Date receved (dd/mm/yyyy) 4. Benefts taken on or after 6 Aprl 2006 Have you taken any benefts from a regstered penson scheme on or after 6 Aprl 2006? No go to secton 5 Yes for each beneft crystallsaton event gve the percentage of the standard lfetme allowance used up by that event (as advsed by the scheme admnstrator and/or the nsurance company provdng the lump sum, penson or annuty). Don t nclude transfers to a qualfyng recognsed overseas pensons scheme as these are covered n secton 6. If you ve been granted prmary protecton, please also nsert the amount crystallsed. Name of scheme % of standard lfetme allowance Amount crystallsed (Prmary protecton holders only) Date (dd/mm/yyyy) Uncrystallsed funds penson lump sum payment nstructon Page 3 of 8
5. Benefts you re plannng to take from other penson plans Wll you be takng benefts from any other penson plans between now and the frst date you could take benefts from ths drawdown account? No go to secton 6 Yes complete the table below Scheme name 1. 2. 3. 4. Proposed beneft crystallsaton event date (dd/ mm/yyyy) % of standard lfetme allowance to be used We need to know the amount of standard lfetme allowance that has been used n order to work out f your benefts are over your lfetme allowance and f you re lable for a lfetme allowance charge. For any benefts beng taken at the same date as you could take benefts from ths drawdown account, please tck whether the value shown n the thrd column above should be ncluded or excluded from our calculatons. Scheme 1 Include Exclude Scheme 2 Include Exclude Scheme 3 Include Exclude Scheme 4 Include Exclude 6. Overseas transfers Have you completed any overseas transfers on or after 6 Aprl 2006 to qualfyng recognsed overseas penson schemes or wll you make any before the frst date that you take ncome from your drawdown penson wth us? No go to secton 7 Yes please gve the detals n the table below: Name of scheme Date of transfer (dd/mm/yyyy) Transfer amount % of standard lfetme allowance used by ths transfer Uncrystallsed funds penson lump sum payment nstructon Page 4 of 8
7. Lump sum payment detals Please gve us detals of your bank account to whch you would lke us to pay the lump sum. The bank detals should be for a personal account n your name or one where you are a jont account holder. Please enclose a certfed copy of a bank statement for ths account wth ths nstructon f ths s the frst tme you ve gven us these bank account detals.* Bank/Buldng Socety name Sort code Address Account number Name of account holder(s) Postcode Roll number (for buldng socety accounts only) 8. Declaraton In ths declaraton I means the nvestor detaled n secton 1 and you means Scottsh Equtable plc as the Scheme Admnstrator of the Aegon Self Invested Personal Penson Scheme. 8.1 I ve been made aware of my penson optons and tax mplcatons. I ve also had: a regulated advce from a fnancal advser Yes No b gudance from Penson Wse Yes No c retrement rsk warnngs specfc to the opton I ve selected Yes No we can t progress your clam untl you ve receved and revewed the rsk warnngs specfc to the opton you ve selected. You can access ths nformaton at aegon.co.uk/retrementplanner under the Make t Happen secton, the leaflet at the end of ths nstructon, or alternatvely you can contact us drectly. 8.2 I nstruct you to pay the amount of the fund under the wrapper detaled n secton 2, less tax, to me as a lump sum. 8.3 At the tme of the payment, I wll have reached my normal mnmum penson age, currently 55 (or my protected penson age, f I have one) or the ll-health condton s met. 8.4 Where I am over age 75 at the tme of the payment, I declare that all or part of my lfetme allowance s avalable. 8.5 I declare that I do not have enhanced or prmary protecton wth regstered tax-free cash mmedately before the lump sum s pad. 8.6 Where I am under the age of 75 when the lump sum s pad, I declare that I have enough lfetme allowance left to cover the lump sum. Uncrystallsed funds penson lump sum payment nstructon Page 5 of 8
8. Declaraton contnued 8.7 Where I have an enhancement factor my avalable lump sum allowance s at least 25% of the amount to be pad as a lump sum. 8.8 I agree that f, for any reason, all or part of the cash-n/surrender value shown on the quote for the wrapper detaled n secton 1 s more than my avalable lfetme allowance and ths results n the scheme admnstrator beng lable for a lfetme allowance charge (or an ncrease n the lfetme allowance charge) and penaltes and/or nterest to HMRC, that I ll be responsble for and lable to pay to the scheme admnstrator, a sum equal to to the amount of that lfetme allowance charge (or for any ncrease n that lfetme allowance charge) and any penaltes and nterest charged by HMRC and any nterest charged by the scheme admnstrator. 8.9 I acknowledge that you wll rely on ths declaraton, and confrm that f a lump sum payment made to me n connecton wth ths request results n you becomng lable for a scheme sancton charge and penaltes and/or nterest to HMRC, that I wll be responsble for and lable to you, a sum equal to the amount of that scheme sancton charge, any penaltes and nterest charged by HMRC and any nterest charged by the Scheme Admnstrator. 8.10 I agree that any sum due may be deducted from any arrangements for or n respect of me under the Scheme. Date (dd/mm/yyyy) Investor sgnature 7 7 9. Condtons for takng a lump sum To be able to take your penson fund as a lump sum, the followng condtons must be met: n the lump sum must be pad on or after 6 Aprl 2015 from a money purchase arrangement, n you must have reached the normal mnmum penson age, currently 55 (or your protected penson age, f you have one) or meet the ll-health condton, n all or part of your lfetme allowance must be avalable (where a lump sum s beng pad before you are 75 you must have enough lfetme allowance left to cover the whole amount of the lump sum), n t must be provded from uncrystallsed funds, n you must not have enhanced protecton or prmary protecton wth regstered taxfree cash, mmedately before the sum s pad, and n f you have an enhancement factor (arsng from prmary protecton, a penson credt from prevously crystallsed rghts, non-resdence arrangements, transfers from overseas penson schemes or pre-commencement penson credts), your avalable lump sum allowance (the amount of tax-free cash you can have) must be at least 25% of the amount to be pad as a lump sum. In other words, you can t get a greater amount of tax-free element than the lmt on tax-free cash that apples under these protectons. Where such enhancements apply, tax-free cash s 25% of your avalable standard lfetme allowance and not 25% of your avalable lfetme allowance. Uncrystallsed funds penson lump sum payment nstructon Page 6 of 8
Defntons Certfed copy where we ve asked for certfed copes of documents from you, these can be certfed by a number of dfferent people ncludng: n a fnancal advser n a Post Offce offcal (through the Post Offce s certfcaton servce) n a bank/buldng socety offcal n an accountant You can fnd a full lst n the FAQ secton Rules, regulatons and tax of Your retrement planner at aegon.co.uk/retrementplanner The person certfyng your document should provde the followng on the copy: n ther name n block captals n the name of the company they work for n the address of the company n ther occupaton and role wthn the company n the statement I certfy ths to be a true lkeness of the orgnal, and n ther sgnature Enhanced protecton provdes full protecton from the lfetme allowance charge for the value of the whole of your penson rghts bult up as at 5 Aprl 2006, regardless of subsequent growth. Fxed protecton 2012 At 6 Aprl 2012 the standard lfetme allowance reduced from 1.8 mllon to 1.5 mllon. Fxed protecton 2012 mantans the standard lfetme allowance at 1.8 mllon and provdes protecton aganst the lfetme allowance charge for benefts up to ths level. If the standard lfetme allowance rses above 1.8 mllon n the future the hgher standard lfetme allowance wll apply. Fxed protecton 2014 At 6 Aprl 2014 the standard lfetme allowance reduced from 1.5 mllon to 1.25 mllon. Fxed protecton 2014 mantans the standard lfetme allowance at 1.5 mllon and provdes protecton aganst the lfetme allowance charge for benefts up to ths level. If the standard lfetme allowance rses above 1.5 mllon n the future the hgher standard lfetme allowance wll apply. Ill-health condton The ll-health condton s met f we have receved satsfactory medcal evdence from a regstered medcal practtoner that you are (and wll contnue to be) ncapable of carryng on your occupaton because of physcal or mental mparment. Indvdual protecton 2014 At 6 Aprl 2014 the standard lfetme allowance reduced from 1.5 mllon to 1.25 mllon. Indvdual protecton 2014 mantans the standard lfetme allowance at whchever s the lower of the value of the ndvdual s pensons savngs as at 5 Aprl 2014 and 1.5 mllon, and provdes protecton aganst the lfetme allowance charge for benefts up to ths level. If the standard lfetme allowance rses above the ndvdual protecton 2014 level n the future, the hgher standard lfetme allowance wll apply. Interest Interest wll be added on a daly bass to any amount due to the scheme admnstrator for any scheme sancton charge. It wll be calculated on a daly bass from the date the frst payment was due at the Royal Bank of Scotland plc base rate plus 5%. Lfetme allowance s the lmt that apples to the total value of tax-prvleged pensons savngs you can have across all approved or regstered penson schemes. Unless you have enhanced protecton, when benefts are taken, savngs above that level may attract a lfetme allowance charge. If you don t have enhanced protecton, you ll have ether a personal lfetme allowance or a standard lfetme allowance. Lfetme allowance charge when you decde to take benefts, f your pensons savngs are more than your avalable lfetme allowance, the excess s subject to ths charge. Ths tax s 55% f the excess s taken as a lump sum and 25% on the excess f used to buy a penson. The penson ncome s also taxed under the Pay As You Earn (PAYE) system. Uncrystallsed funds penson lump sum payment nstructon Page 7 of 8
Money purchase annual allowance f you ve flexbly accessed your benefts, ths s the amount that can be pad n one year to your money purchase arrangements wthout a tax charge applyng. For the 2015/2016 tax year ths s 10,000. If the money purchase annual allowance provsons apply to you, and durng the year more that 10,000 has been pad to your money purchase arrangements under all of your regstered penson schemes, a tax charge: n wll apply on the money purchase contrbutons above 10.000, and n may apply on the value of any savngs made to defned beneft arrangements that are hgher than 30,000 plus any carry forward you have avalable. Specal rules apply n the year that the money purchase annual allowance rules frst apply, please speak to a fnancal advser for more nformaton. Personal lfetme allowance where you ve regstered wth HMRC for certan types of protecton you ll have an enhancement to the standard lfetme allowance. Ths ncreased amount s your personal lfetme allowance. Prmary protecton If you d bult up penson rghts of more than 1.5 mllon at 5 Aprl 2006, prmary protecton offers a means of protectng the excess benefts. Your 5 Aprl 2006 value regstered wth HMRC s ncreased n lne wth the rse n the standard lfetme allowance up untl you take your benefts. The calculaton of enhanced lfetme allowance for prmary protecton s not affected by the reductons of standard lfetme allowance that took place on 6 Aprl 2012 and 6 Aprl 2014. Qualfyng recognsed overseas penson scheme ths s a recognsed overseas penson scheme that meets condtons set by HM Revenue & Customs so that t can take a transfer payment from a regstered penson scheme. Regstered penson scheme s a penson scheme that s regstered wth HMRC under Chapter 2 Part 4 of the Fnance Act 2004. Regstered tax-free cash If your total tax-free cash enttlement as at 5 Aprl 2006 was more than 375,000, you could have regstered to protect the uncrystallsed part of ths tax-free cash enttlement at the same tme as regsterng for prmary protecton and/or enhanced protecton. Your regstered tax-free cash amount, or percentage, wll be shown on your prmary protecton or enhanced protecton certfcate. Standard lfetme allowance the current standard lfetme allowance s: n 1.8 mllon f you have fxed protecton 2012. n 1.5 mllon f you have fxed protecton 2014. n The protected amount (beng more than 1.25 mllon and not more than 1.5 mllon) f you have ndvdual protecton 2014. n 1.25 mllon f you don t have fxed protecton 2012, fxed protecton 2014 or ndvdual protecton 2014. Uncrystallsed funds These are penson funds whch have not, as yet, been used to provde benefts under a penson plan. Aegon s a brand name of Scottsh Equtable plc (No. SC144517) and Aegon Investment Solutons Ltd (No. SC394519) regstered n Scotland, regstered offce: Ednburgh Park, Ednburgh, EH12 9SE. Both are Aegon companes. Scottsh Equtable plc s authorsed by the Prudental Regulaton Authorty and regulated by the Fnancal Conduct Authorty and the Prudental Regulaton Authorty. Aegon Investment Solutons Ltd s authorsed and regulated by the Fnancal Conduct Authorty. Ther Fnancal Servces Regster numbers are 165548 and 543123 respectvely. 2015 Aegon UK plc C 290095 ARC 272820 07/15 We re proud to be the Lead Partner of Brtsh Tenns.
Before you apply cash lump sum rsks Before you apply, t s mportant to understand the man rsks assocated wth the dfferent lump sum optons avalable. Please read the questons below carefully and fully nvestgate any that you thnk may apply to you before you act. Have you taken advce or gudance from a fnancal advser or Penson Wse? There s a rsk that you may choose an opton that doesn t sut your needs. Ths s an mportant decson and Aegon would always recommend that you seek advce or gudance to ensure that you fully understand your optons. Are you aware that you wll pay tax on ths opton and ths may take you n to a hgher rate tax bracket? There s a rsk that after tax s deducted you may not get as much as you were expectng. The amount you wthdraw and other ncome you receve may result n you payng hgher rate tax or even owng addtonal tax. Are you confdent that ths opton plus any other savngs or ncome wll allow you to sustan your desred lfestyle n retrement? There s a rsk that you may run out of cash. The state penson s only 115.95 per week (Aprl 2015), therefore you must make sure that you nvest wsely or budget effectvely. Remember, average lfe expectancy s 79 for males and 82 for women! Do you have any guarantees bult n to your current contract? There s a rsk that you wll lose your rght to any guarantee whch may reduce the level of ncome you receve n retrement. You should make sure you understand the condtons of any guarantee before makng a decson.
Do you have any debt? If you owe money, there s a rsk that your lender may be enttled to your penson savngs when you take t as ncome. Are you concerned about nvestment scams? There s a rsk that you may be targeted by ndvduals or groups operatng nvestment scams. Investment scams can look and sound belevable often promsng low rsk, hgh return optons. If you ve any doubts you should seek fnancal advce from a regulated fnancal advser before commttng. For more nformaton on ths please vst fca.org.uk/news/as-new-pensonfreedoms-arrve-be-scamsmart Do you clam any means tested benefts? There s a rsk that takng your ncome may result n the loss of any means tested benefts you currently receve or may be elgble for at some pont n the future. Are you aware of the charges assocated wth any planned nvestment? There s a rsk that charges payable on any future nvestments may be greater than those currently pad on your penson savngs. Please carefully consder any rsks that apply to you before you proceed. If you have any questons, emal us at enqures@aegon.co.uk, or call us on 03456 100 010. Aegon s a brand name of Scottsh Equtable plc. Scottsh Equtable plc, regstered offce: Ednburgh Park, Ednburgh EH12 9SE. Regstered n Scotland (No. 144517). Authorsed by the Prudental Regulaton Authorty and regulated by the Fnancal Conduct Authorty and the Prudental Regulaton Authorty. Fnancal Servces Regster number 165548. An Aegon company. www.aegon.co.uk 2015 Aegon UK plc C 289134 RET 00273098 04/15