CELEBRATING seeing retirement differently YEARS sin ce 1 9 9 5
HELPING YOU DECIDE The Financial Conduct Authority is a financial services regulator. It requires us to give you this important information to help you to decide whether our Immediate Care Plan 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. WHAT IS THE PURPOSE OF THIS DOCUMENT? This document is designed to give you a summary of information to help you decide if this product is suitable for you. Terms and Conditions for Partnership s Immediate Care Plan are available upon request. You should seek professional financial advice and discuss your plans with anyone who may be affected by your financial decisions, which may include your family. Before you make a purchase, you should read this and all other related documents and clarify any questions that you may have. RETAIL CLIENTS We categorise all clients to determine the level of protection they will receive. All clients in respect of Partnership s Care Plans are treated as retail clients. This gives the highest level of protection under the Financial Conduct Authority rules. If you are in any doubt about the suitability of this type of Care Plan, you should clarify this with your financial adviser.
CONTENTS 04 IS OUR IMMEDIATE CARE PLAN RIGHT FOR YOU? 04 ITS AIMS 04 YOUR COMMITMENT 05 RISKS 06 QUESTIONS AND ANSWERS 11 APPLICATION PROCESS 12 OTHER IMPORTANT INFORMATION 14 GLOSSARY OF TERMS
IS OUR IMMEDIATE CARE PLAN RIGHT FOR YOU? This product is suitable if: You currently require Care on an indefinite basis; You want the certainty of payments (called Benefit Payments) towards the cost of your Care for the remainder of your life; and You want Benefit Payments to a Registered Care Provider to commence immediately or within 12 (twelve) months. Our Immediate Care Plan can only pay towards the Care costs of one person. ITS AIMS To help fund the cost of Care including care at home, residential care and nursing care. To start paying towards the cost of your Care immediately or within 12 (twelve) months. To make these Benefit Payments gross of tax to a Registered Care Provider on your behalf. To guarantee Benefit Payments to your Registered Care Provider for the remainder of your life. To allow you to select, at outset, the option for your Benefit Payments to increase (called Escalation) to keep pace with rising Care costs and inflation. To allow you to buy protection on some of the capital you invest in your Immediate Care Plan, in the event of early death (called Capital Protection). YOUR COMMITMENT To pay us a single amount to purchase your Immediate Care Plan (called your Premium). To choose the level of Benefit Payments you want us to make. To choose whether you want your Benefit Payments to remain fixed or increase each year. To provide us with your Registered Care Provider s details. To inform us of any changes in your circumstances between the date of your Application and the Commencement Date of your Immediate Care Plan (see Contact Details for General Enquiries on page 13). To inform us of any changes in your details after your Immediate Care Plan has been set up (see Contact Details section on page 13). To ensure that your Legal Personal Representative is aware that they will need to notify us promptly upon your death (see Contact Details section on page 13). 04 IMMEDIATE CARE PLAN
RISKS Total Benefit Payments made by your Care Plan If you die within the first 6 (six) months of the Commencement Date of your Immediate Care Plan, we will issue a partial refund to your Estate, depending on the month in which death occurs (see section on Money Back Guarantee). However, if you die after the first 6 (six) months of your Immediate Care Plan s Commencement Date, there will be no return of premium to your Estate if you have not selected additional Capital Protection. The total Benefit Payments made by your Immediate Care Plan may be significantly less than the Premium you paid if death occurs early in your Immediate Care Plan. Capital Protection The Capital Protection option has no cash surrender value at any time and cannot be cancelled. The Capital Protection sum received may be significantly less than the Premium you paid. Change in circumstances Your Immediate Care Plan cannot be cancelled if you are outside your Cancellation Notice Period, which is 30 (thirty) days after you receive your Immediate Care Plan policy documentation; and there is no cash surrender value after your Cancellation Notice Period expires. If your Care funding needs change and you require a higher level of Benefit Payments, you may need to fund your Care from other sources or you may apply for a new Immediate Care Plan. If you no longer require Care or Care funding, your Immediate Care Plan cannot be cancelled. However the Benefit Payments will be made to you net of tax as your Care Plan will be treated as a Purchased Life Annuity for tax purposes. (Your financial adviser will explain this to you in detail). Meeting the cost of your Care needs Benefit Payments are not guaranteed to cover the entire cost of your Care. If you choose not to have your Benefit Payments increase every year, you will be responsible for funding any increases in your Care costs that are in excess of your Benefit Payments. If the level of Escalation you choose is less than the increase in your Care costs, you will be responsible for funding the shortfall yourself. If the level of Escalation you choose is more than the increase in your Care costs, the excess will be paid directly to you and treated as a Purchased Life Annuity and taxed in accordance with HMRC rules (your financial adviser will explain this to you in detail). If you choose to link your Benefit Payments to the Retail Price Index (RPI), they could increase or decrease over time, as RPI can increase or decrease. In the event of negative inflation (a decrease in RPI), your Benefit Payments would be reduced and your Immediate Care Plan could pay less than when your Care Plan first started (your financial adviser will explain this to you in detail). Taxation and Access to State Benefits Some State Benefits are means tested and the Benefit Payments from your Immediate Care Plan may affect your entitlement/ability to claim (your financial adviser will explain this to you in detail). Although Benefit Payments are not subject to taxation under current legislation, the rules governing taxation are subject to review and change in the future and depend on individual circumstances (your financial adviser will explain this to you in detail). In the event that any payments are made to you after you die, these will be included in your Estate for Inheritance Tax purposes (your financial adviser will explain this to you in detail). IMMEDIATE CARE PLAN 05
QUESTIONS AND ANSWERS How does our Immediate Care Plan work? For a single lump sum payment (called your Premium), you purchase our Immediate Care Plan which immediately secures a regular Benefit Payment to your Registered Care Provider for the remainder of your life, no matter how long you live. Benefit Payments will be made directly to your Registered Care Provider and will be made gross of tax/tax-free. Benefit Payments are made either monthly or every 28 (twenty-eight) days. Benefit Payments are always made in advance. When will Benefit Payments start on my Immediate Care Plan? Your Immediate Care Plan starts on its Commencement Date. This is the date we receive your Premium. Benefit Payments to your Registered Care Provider will commence immediately once your Immediate Care Plan has been set up. Your first Benefit Payment will cover the period beginning on the Commencement Date of your Immediate Care Plan. Example: Premium received on 25th of August, Immediate Care Plan set up on 28th August. Your first Benefit Payment will cover the period beginning on your Commencement Date, even though your Care Plan may have been set up a few days later. You may choose to have your Benefit Payments start at a later date up to 12 (twelve) months in the future. However, at the end of this period, a lump sum or arrears payment will be made to your Registered Care Provider. This will cover the total number of Benefit Payments that should have been paid since your Immediate Care Plan s Commencement Date. Payment Frequency You may choose for your Benefit Payments to be made either every calendar month or every 4 (four) weeks (28 (twenty-eight) days). This must be selected at outset. Example: Benefit Payments amount: 30,000 per year If you have chosen for your Benefit Payments to be made every calendar month, we will divide the annual amount into 12 (twelve) equal payments 30,000/12 = 2,500 per calendar month. If you have chosen for your Benefit Payments to be made every 4 (four) weeks or 28 (twenty-eight) days, we will divide the annual amount into 13 (thirteen) equal payments 30,000/13= 2,307.69. Your Commencement Date may not necessarily be the 1st of the month but the date we receive your Premium. However, if your Benefit Payments are made on a monthly basis (as opposed to every 28 days or 4 weeks) you may choose for your Benefit Payments to be paid on a specific day in the month, such as the 1st of the month (if this is the date your Care fees are due). In this case, if your Commencement Date is the 25th of August and you require your Benefit Payments to be made on the 1st of September, we will make the first Benefit Payment on the 1st September. This will be the Benefit Payment for the month of September, but it will also include the amount covering your Commencement Date (25th August) to the 31st August. Each subsequent Benefit Payment will be made on the 1st day of the month and will cover the entire month. We will write to your Registered Care Provider to give them the breakdown of your Benefit Payments. How can I protect against the rising cost of Care? Escalation Your Benefit Payments will remain the same each year unless you choose for them to increase each year (called Escalation). You may choose to have your Benefit Payments increase each year from 1% to 8% in whole percentages (1%, 2%, 3%, 4%, 5%, 6%, 7%, 8%). 06 IMMEDIATE CARE PLAN
You may also choose to have your Benefits payments change with the Retail Price Index (RPI). By default, the first time your Benefit Payments will escalate will be on the first anniversary of the Commencement Date of your Immediate Care Plan. Example: If your Immediate Care Plan has a Commencement Date in August, your Benefit Payments will first escalate in August of the following year. You may also choose for your Benefit Payments to increase in a specific month, other than the anniversary of your Immediate Care Plan, such as April, when most care providers increase their Care fees. In that case, your Benefit Payments will increase each April by the percentage you have selected. Example 1: If your Commencement Date is in August and you choose an Escalation month of November, your Benefit Payments will first escalate in November of the same year in which your Immediate Care Plan was set up and then each November thereafter. Example 2: If your Commencement Date is in August and you choose an Escalation month of April, your Benefit Payments will first escalate in April of the following year. Escalation must be selected at the outset of setting up your Immediate Care Plan and cannot be changed or removed once your Care Plan has been set up. For example, if you choose to receive Benefit Payments of 30,000 per annum with Escalation of 5% on the anniversary of your Immediate Care Plan: Your new monthly Benefit Payment will rise by 5% from 2,500 to 2,625, if your Immediate Care Plan pays monthly. Your new Benefit Payment will rise by 5% from 2,307.69 to 2,423.08 every 28 (twenty-eight) days, if your Benefit Payments are paid every 4 (four) weeks or 28 (twenty-eight) days. This method will be used each year to calculate your Escalation and your Benefit Payments will escalate in the same month each year. Retail Price Index (RPI) If you choose to link your Immediate Care Plan to the RPI, this would mean that your Benefit Payments would be based on the 12 (twelve) month movement in the RPI as at three months prior to your Care Plan s anniversary date, with the adjustments coming into effect on the anniversary of your Commencement Date. Please note: The RPI option cannot be selected in conjunction with Capital Protection or the Fixed Escalation options. What are the charges? All of our administration charges are factored into the cost of your Immediate Care Plan at the start and we will not make any additional charges. Adviser Charge If your financial adviser makes a charge for advice given (called Adviser Charge), we are able to facilitate this payment on your behalf. This will be added to your premium. Alternatively, you may make this payment directly to your financial adviser. Details of any Adviser Charge to be made to your adviser or other intermediary will be shown on your Quotation. Can I make changes to my Immediate Care Plan after it has been set up? Once your Immediate Care Plan has been set up, it cannot be changed. If subsequent to setting up your Care Plan you require additional Benefit Payments, you may purchase an additional Partnership Immediate Care Plan or an alternative income-generating financial product in the open market, to make up the shortfall in your Care fees. Such a Care Plan will require a new application and will be medically underwritten to ensure that the cost reflects your age and health conditions. IMMEDIATE CARE PLAN 07
08 IMMEDIATE CARE PLAN Can I cancel my Immediate Care Plan? If you change your mind for whatever reason, you have the right to cancel your Immediate Care Plan within 30 (thirty) days of receiving your Care Plan policy documentation. This is called your Cancellation Notice Period. You cannot cancel your Care Plan once this 30-day period has expired. If you choose to exercise your cancellation rights, we will return 100% of your Premium less any Benefit Payments we have made to your Registered Care Provider and any Adviser Charge we may have facilitated on your behalf. Example Premium 100,000 + Adviser Charge 5,000 = Total Purchase Price 105,000. First month s Benefit Payment made to your Registered Care Provider = 2,500. We will return the sum of 97,500 to you ( 100,000 2,500). We can only return this amount to the original source from which it came. If we were paid by cheque from your own account, we will return the Premium to that account. What happens if I go into hospital? If your Registered Care Provider requires you to continue paying Care fees in order to reserve your place at the care home, we will continue making Benefit Payments while you are in hospital. Otherwise we will suspend your Benefit Payments during this time. When you return to your Registered Care Provider or move to a new Registered Care Provider, we will re-commence making Benefit Payments. The first Benefit Payment will include an arrears payment for the period in which you were hospitalised and not receiving any Benefit Payments. If you would like to receive your Benefit Payments into your own bank account while you are in hospital, we can make them directly to you, but this would mean losing the tax-free status, as your Immediate Care Plan would be converted into a Purchased Life Annuity If you decide to do this, you will be able to re-convert it to an Immediate Care Plan to pay a Registered Care Provider at a later date. (Your financial adviser will explain this to you in more detail). Please see Contact Details section on page 13 if you wish to contact us for further information. What happens if I no longer need care? If, for whatever reason, you leave care at any time in the future, you must tell us because we would need to cease making Benefit Payments to your Registered Care Provider. We can then make Benefit Payments directly to you but your Immediate Care Plan would lose its tax-free status as it is converted into a Purchased Life Annuity. However, we will be able to re-convert it to an Immediate Care Plan to pay a Registered Care Provider at a later date. Please see Contact Details section on page 13 if you wish to contact us for further information. What happens to my Immediate Care Plan when I die? Your Immediate Care Plan ceases immediately upon your death and no further Benefit Payments will be made. Your next of kin or legal personal representative must inform us immediately of your death either by telephone or in writing to let us know (see Contact Details section on page 13). If you die within the first six months of the Commencement Date of your Immediate Care Plan, a percentage of your Premium will be returned to your Estate (see section on Money Back Guarantee). If you die after 6 (six) months of the Commencement Date of your Immediate Care Plan, there will be no payment to your Estate, unless you choose Capital Protection, which may return a percentage of your Premium to your Estate, should there be a residual Capital Protection Sum when you die. (see Section on Capital Protection section). Any Benefit Payments made by us after your death as a result of us not being notified will be treated as an Overpayment. It is the responsibility of your Estate to repay any Overpayments to us and we will request any such payment from the Executor/Administrator of your Estate. Overpayments must be repaid in full.
Can I protect my investment? Six Month Money Back Guarantee We offer a Money Back Guarantee as standard on all our Immediate Care Plans during the first 6 (six) months of their Commencement Date. This feature cannot be removed. However, there is no extra charge to you. If you die within the first six months of the Commencement Date of your Immediate Care Plan, we will return a percentage of your Premium to your Estate as detailed in Table 1. Example: If your Premium costs 100,000 and you die within the first month, we will return 100% of the Premium to your Estate less the first month s Benefit Payment we would have made to your Registered Care Provider. Month 1 starts on the Commencement Date of your Immediate Care Plan. Therefore, if the Commencement Date is 25th of August, Month 1 will be start on 25th August and end at 23:59 hours on the 24th of September. Months 2 through 6 will be calculated in the same way. The amount that will be returned to your Estate will be 50% if you die within the second or third month of the Commencement Date of your Immediate Care Plan. If death occurs in Months 2 or 3, the Benefit Payments for Months 1 and 2 (and 3, if applicable) will be deducted from the Money Back Guarantee amount that we return to your Estate (see Table 1 for details). As in the example above, Month 2 starts on the 25th September and ends at 23:59 hours on the 24th of October. If death occurs between months 4 and 6 of the Commencement Date of your Immediate Care Plan, 25% of your Premium will be returned to your Estate. As above, the total Benefit Payments made up until the date of death will be deducted from the Money Back Guarantee Sum due to your Estate. If death occurs after the sixth month, there will be no return of Premium to your Estate. TABLE 1: CALCULATION OF MONEY BACK GUARANTEE PREMIUM MONTHLY BENEFIT MONTH MBG % TOTAL BENEFIT PAYMENTS MADE TO DATE MBG CALCULATION MBG AMOUNT RETURNED TO YOUR ESTATE 1 100% 100,000 (100% of 100,000) 2,500 100,000 2,500 MBG % less Total Benefit Payments Made 97,500 2 50% 50,000 (50% of 100,000) 5,000 (2 months payments) 50,000 5,000 MBG % less Total Benefit Payments Made 45,000 100,000 (No adviser charge) 2,500 in advance 3 50% 4 25% 50,000 (50% of 100,000) 25,000 (25% of 100,000) 25,000 (25% of 100,000) 25,000 (25% of 100,000) 7,500 (3 months payments) 50,000 7,500 42,500 10,000 25,000 10,000 15,000 5 25% 12,500 25,000 12,500 12,500 6 25% 15,000 25,000 15,000 10,000 IMMEDIATE CARE PLAN 09
10 IMMEDIATE CARE PLAN Capital Protection If you wish to protect your investment for longer than the initial 6 (six) months Money Back Guarantee period, Capital Protection is an option that is available on our Immediate Care Plan. This is sold as a separate Decreasing Term Assurance policy and will incur an additional cost. Capital Protection allows you to protect between 1% to 75% of your Premium (in whole percentages). Examples of Capital Protection options are : 1%, 2%, 10%, 22%, 25%, 50%, 60%, 74%, 75%. The percentage of your Premium that you choose to protect is called your Capital Protection Sum, which you select at outset. As Capital Protection is a Decreasing Term Assurance policy, it means that your Capital Protection Sum decreases in line with the Benefit Payments made to your Registered Care Provider. The longer your Immediate Care Plan runs, the higher the number of Benefit Payments made, thereby reducing the Capital Protection Sum that is likely to be returned to your Estate. Capital Protection, therefore, may not be of benefit to someone who is expected to live very long (unless a very high Capital Protection Sum is selected), as there is a risk that the Benefit Payments made will be greater than the Capital Protection Sum. If this happens, there will be no return of Premium to their Estate. Table 2 shows how Capital Protection is calculated. Monthly Benefit Payments: 2,500 Escalation: 5% Premium: 100,000 Capital Protection: 40% Capital Protected Sum: 40,000 (40% of 100,000) TABLE 2: CALCULATION OF CAPITAL PROTECTION MONTH BENEFIT PAYMENTS TOTAL BENEFIT PAYMENTS MADE CAPITAL PROTECTED SUM REMAINING CAPITAL PROTECTED SUM MONEY BACK GUARANTEE 1 2,500 2,500 40,000 37,500 97,500 2 2,500 5,000 40,000 35,000 45,000 3 2,500 7,500 40,000 32,500 42,500 4 2,500 10,000 40,000 30,000 15,000 5 2,500 12,500 40,000 27,500 12,500 6 2,500 15,000 40,000 25,000 10,000 7 2,500 17,500 40,000 22,500 8 2,500 20,000 40,000 20,000 9 2,500 22,500 40,000 17,500 10 2,500 25,000 40,000 15,000 11 2,500 27,500 40,000 12,500 12 2,500 30,000 40,000 10,000 13 2,625 32,625 40,000 7,375 14 2,625 35,250 40,000 4,750 15 2,625 37,875 40,000 2,125 16 2,625 40,500 40,000-500
After 15 (fifteen) months of Benefit Payments, there will be no Capital Protection Sum left to return to your Estate. Like the Money Back Guarantee, Capital Protection is calculated from the Commencement Date of your Immediate Care Plan. Therefore, for your benefit, if death occurs in the first 6 (six) months of your Care Plan, we will calculate which of the 2 (two) (Money Back Guarantee and Capital Protection) returns the higher sum and pay that amount to your Estate. In this example, if death occurred in the first 3 (three) months of Commencement Date, Money Back Guarantee will be paid as it is higher than the remaining Capital Protection Sum. If death occurs after Month 3, Capital Protection will be paid as it exceeds the Money Back Guarantee due. APPLICATION PROCESS Partnership s Immediate Care Plan can only be sold through an authorised financial adviser. You should seek financial advice if you are considering our Immediate Care Plan. 1. Application: Your financial adviser sends us a completed Application Form (a Power of Attorney may apply on your behalf) giving us details of your Care costs, Escalation, Capital Protection (if any), Adviser Charge and other details relating to your Care. 2. Medical Evidence/Underwriting: You give us permission to approach your GP and Care Provider for your medical records in order to medically underwrite your case: a. We write to your GP for a report which gives details about your health. b. We also write to your Registered Care Provider for a report on your ability to perform your day-to-day activities. 3. Quotation: We will issue you with a Quotation and offer you terms which we will send to your financial adviser. 4. Acceptance: Your financial adviser will discuss your Quotation with you and/or your Power of Attorney and if you think the Care Plan is right for you, you accept the Immediate Care Plan. 5. Completion: You send us the Premium and other documents to set up your Care Plan. 6. Immediate Care Plan Issue: We set up your Immediate Care Plan and send you policy documentation. 7. Active Benefit Payment Period: Benefit Payments to your Registered Care Provider will commence immediately and continue for the remainder of your life. Any shortfall between the Benefit Payments made by your Immediate Care Plan and your Care fees will have to be paid by you. 8. Policy End: Your Immediate Care Plan will come to a natural end upon your death. IMMEDIATE CARE PLAN 11
OTHER IMPORTANT INFORMATION Law This Care Plan will be governed by English law and is subject to the exclusive jurisdiction of the Courts of England and Wales. However, if you are a resident in Northern Ireland you can also bring proceedings in Northern Ireland, and if you are a resident in Scotland, you can also bring proceedings in Scotland. Your policy documentation will be written in English and we will always write and speak to you in English. Compensation The Financial Services Compensation Scheme will prevent a customer from losing money because the insurer is unable to pay them what they owe due to financial reasons. In this event, they will arrange to transfer your Care Plan to another insurer, provide a new plan or, if this is not possible, provide compensation. The scheme will ensure you will continue to receive 100% of your Benefit Payments. Further information about compensation arrangements is available from The Financial Services Compensation Scheme, who can be contacted at: Financial Services Compensation Scheme 10th Floor, Beaufort House, 15 St. Botolph Street, London EC3A 7QU http://www.fscs.org.uk/contact-us Complaints If your complaint is in relation to the financial advice you received then you should contact your adviser in the first instance. If your complaint is in relation to any aspect of our products or services please contact: Complaints Team, Partnership, 1-3 Queensway, Redhill, Surrey RH1 1QT Telephone: 0800 652 8420 If you are not satisfied with the way your complaint is handled, you can contact: Financial Ombudsman Service Exchange Tower, London, E14 9SR Telephone: 0800 023 4567 (for fixed line telephones) 0300 123 9123 (for mobile telephones) Email: complaint.info@financial-ombudsman.org.uk Website: www.financial-ombudsman.org.uk Making a complaint does not affect your right to take legal action. Full written details of our complaints procedure can be found at: https://www.partnership.co.uk/home/contact-us/complaints-procedure/ 12 IMMEDIATE CARE PLAN
How to contact us You can find more information about Partnership at: www.partnership.co.uk You can contact us by phone, fax, email or in writing using the details below For General Enquiries contact us: Regent House, 1-3 Queensway, Redhill, Surrey RH1 1QT Tel: 0845 108 7240 (local call rates apply) Email: info@partnership.co.uk Web: www.partnership.co.uk If you need to contact us AFTER your Immediate Care Plan has been set up to tell us about: Changes in your details, such as Care Provider or Power of Attorney details If you are hospitalised The Death of the policyholder Money Back Guarantee Overpayments/Underpayments Address: Partnership Unit 11B McMullen Road Darlington DL1 1AX Telephone: 0845 108 8040 Please use your Immediate Care Plan Number starting with LA or CP This document does not include all definitions, exclusions or terms and conditions and it should be read with your Illustration/Quotation and/or your policy documentation. The policy documentation is available on request. All details are correct at the time of going to press (October 2015). IMMEDIATE CARE PLAN 13
GLOSSARY OF TERMS Adviser Charge The amount you agree to pay your financial adviser for any advice given to you. Benefit Payments The amount that we will pay to your Registered Care Provider for the remainder of your life. If you choose Escalation, this amount will increase each year. Cancellation Notice Period You have 30 (thirty) days from the date you receive your Immediate Care Plan policy documentation to cancel your Care Plan. You must return a fully completed Cancellation Notice to us during this period. Capital Protection This feature allows you to buy protection of some of the capital you invested in your Immediate Care Plan. You can protect up to 75%. Care Normally referred to as Long Term Care, this is assistance provided to you on an ongoing basis for the remainder of your life because you are unable to take care of yourself and your conditions are not likely to improve. Commencement Date The date on which we receive your Premium. This is the date from which your Benefit Payments will start to pay towards the cost of your Care. Decreasing Term Assurance In terms of Partnership s Immediate Care Plan, the Capital Protection Sum decreases in line with the level of Benefit Payments made to a Registered Care Provider. As the number of Benefit Payments increases, the Capital Protection Sum decreases until it reaches zero. Escalation The percentage by which your Benefit Payments will increase each year if you so choose. Gross of Tax/Tax Free The value of your Benefit Payments before any taxes due have been deducted. Money Back Guarantee We guarantee to return a percentage of your Premium to your Estate if you die within the first six months of your Immediate Care Plan Commencement Date. Overpayment If we make Benefit Payments to your Registered Care Provider after you have died or changed Care Providers because your Estate or you have not informed us, such a payment will be classed as an Overpayment and must be returned to us. Premium The cost of your Immediate Care Plan (this figure does not include your Adviser Charge). 14 IMMEDIATE CARE PLAN
Purchased Life Annuity An annuity that is bought with an individual s own capital but is subject to tax. Registered Care Provider In order to qualify for tax-free Benefit Payments, you must be receiving Care from a Care provider that is registered with one of the following Care authorities in the UK: Care Quality Commission (CQC) in England Care and Social Services Inspectorate Wales (CSSIW) in Wales Scottish Commission for Regulation of Care in Scotland Regulation & Quality Improvement Authority (RQIA)in Northern Ireland Retail Price Index (RPI) Official measure of the general level of inflation as reflected in the retail price of a basket of goods and services. IMMEDIATE CARE PLAN 15
Regent House, 1-3 Queensway, Redhill, Surrey RH1 1QT 0845 108 7240* info@partnership.co.uk www.partnership.co.uk *Telephone calls may be recorded for training and monitoring purposes. Local call rates apply. If you require this document in an alternative format please contact us. Partnership is a trading style of the Partnership group of Companies, which includes; Partnership Life Assurance Company Limited (registered in England and Wales No. 05465261), and Partnership Home Loans Limited (registered in England and Wales No. 05108846). Partnership Life Assurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Partnership Home Loans Limited is authorised and regulated by the Financial Conduct Authority. The registered office for both companies is 5th Floor, 110 Bishopsgate, London EC2N 4AY LTC1552 10.14