Retirement options mailing

10 July 2015
We're mailing trustees, employers and customers to tell them about changes to their pension plans to cater for the new pension flexibility.

The new pension flexibility introduced by the Government in April 2015 gives people a greater choice of retirement options to take from their pension savings than ever before.

In July we’re mailing trustees, and customers who have a pension with us, aged 54 or over and their employers, to tell them about the changes we’re making to their pension plan(s) to cater for these new retirement options.

Timeline for the communications

13/7 Adviser corporate newsletter update
27/7 Adviser newsletter reminder
27/7 to 31/7  Employer and Trustee mailings – staggered over 1 week 
3/8 to 2/10

Customer mailing – staggered over 9 weeks

Adviser communications

On 14 July we’ll include advance notice of this mailing in our Corporate Adviser Newsletter. We’ll also include a reminder in the Adviser Newsletter on 27 July.

Copies of the letters and supporting web pages 

Customers
Employers
Trustees

Copies of the enclosures

Each customer letter will include a notice of the changes we’re making to the terms and conditions of their plan. The notice they receive will depend on which product they’re invested in.

ProductLeaflet reference number Product typeGroup/Individual plan
Crest Growth Pension Plan (group policy) 2TLT1340 DC schemes Group
Crest Secure Pension Plan (group policy) 2TLT1340 DC schemes Group
Retirement Solutions Company Pension Plan 2TLT1341 DC schemes Group
Crest Growth Pension Plan (individual policy) 2TLT1332 DC schemes Individual
Crest Secure Pension Plan (individual policy) 2TLT1332 DC schemes Individual
Retirement Solutions Individual Plan 2TLT1333 DC schemes Individual
ProductLeaflet reference number Product typeGroup/Individual plan
Executive Pension Investment Plan 2TLT1338 EPP Group
Talisman 98 Executive Pension Plan 2TLT1339 EPP Group
Talisman Executive Pension Plan 2TLT1338 EPP Group
Talisman Hallmark Plan 2TLT1338 EPP Group
Versatile Retirement Benefit Plan 2TLT1338 EPP Group
Individual Executive Pension Plan 2TLT1339 EPP Group
Individual Pension Arrangement 2TLT1338 EPP Group
Individual Executive Pension Plan (assigned) 2TLT1333 EPP Individual
Talisman 98 Executive Pension Plan (assigned plan) 2TLT1333 EPP Individual
Talisman EPP (assigned plan) 2TLT1332 EPP Individual
Talisman Hallmark Plan (assigned plan) 2TLT1332 EPP Individual
ProductLeaflet reference number Product typeGroup/Individual plan
Retirement Solutions Group Personal Pension 2TLT1333 GPP Group
Retirement Solutions Group Stakeholder Pension Plan 2TLT1333 GPP Group
Talisman Group Personal Pension Plan 2TLT1333 GPP Group
Retirement Solutions Group Personal Pension Continuation Plan 2TLT1333 GPP Individual
Retirement Solutions Group Stakeholder Pension Continuation Plan 2TLT1333 GPP Individual
Talisman Continuation Pension Plan 2TLT1333 GPP Individual
ProductLeaflet reference number Product typeGroup/Individual plan
Talisman 98 FSAVC 2TLT1332 FSAVC Individual
Talisman FSAVC Pension Plan 2TLT1332 FSAVC Individual
ProductLeaflet reference number Product typeGroup/Individual plan
Individual Stakeholder Pension Plan 2TLT1333 Individual Personal Pensions Individual
Pension Portfolio (IR) 2TLT1336 Individual Personal Pensions Individual
Pension Portfolio (plans set up after 17 Dec 2007) 2TLT1336 Individual Personal Pensions Individual
Pension Portfolio (plans set up before 17 Dec 2007) 2TLT1335 Individual Personal Pensions Individual
Pension Portfolio (SIPP) (plans set up after 17 Dec 2007) 2TLT1336 Individual Personal Pensions Individual
Pension Portfolio (SIPP) (plans set up before 17 Dec 2007) 2TLT1337 Individual Personal Pensions Individual
Talisman 98 Income Drawdown 2TLT1334 Individual Personal Pensions Individual
Talisman 98 Phased Income Drawdown 2TLT1334 Individual Personal Pensions Individual
Talisman Income Drawdown 2TLT1334 Individual Personal Pensions Individual
Talisman Personal Pension Plan 2TLT1333 Individual Personal Pensions Individual
ProductLeaflet reference number Product typeGroup/Individual plan
Personal Pension Bonus Bond 2TLT1332 Retirement Annuity Contracts Individual 
Personal Pension Bonus Bond (Non-Profit) 2TLT1332 Retirement Annuity Contracts Individual
Personal Pension Bonus Bond (With Profits) 2TLT1332 Retirement Annuity Contracts Individual
Personal Pension Deferred Annuity 2TLT1332 Retirement Annuity Contracts Individual
Personal Pension Investment Plan 2TLT1332 Retirement Annuity Contracts Individual
Personal Pension Policy 2TLT1332 Retirement Annuity Contracts Individual
Sovereign Plan 2TLT1332 Retirement Annuity Contracts Individual
Talisman Personal Pension Plan 2TLT1333 Retirement Annuity Contracts Individual
ProductLeaflet reference number Product typeGroup/Individual plan
Individual Section 32 Buyout Plan 2TLT1332 s32 Buyout Bond Individual
Talisman 98 Section 32 Buy Out Plan 2TLT1332 s32 Buyout Bond Individual

2TLT1332

This notice sets out an additional retirement option (Full UFPLS) and changes to the rules for death benefits.

Clients may be able to:

  • take the full amount as a lump sum, where a quarter of the funds available are paid tax-free and the remaining amount is taxed as income at the appropriate rate.
  • have benefits paid to a beneficiary after their death rather than it being restricted to being paid only to a dependant.

2TLT1333

This notice sets out additional retirement options (All & Partial UFPLS) and changes to the rules for death benefits.

Clients may be able to:

  • take as much of their plan as a lump sum as they want (subject to the minimum values set). A quarter of the funds that they take would be paid tax-free and the remaining amount would be taxed as income at the appropriate rate.
  • have benefits paid to a beneficiary after their death rather than it being restricted to being paid only to a dependant.

2TLT1334

This notice sets out the changes we’ve made to clients’ income drawdown retirement options under their plan. And, it may also now be possible for benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.

2TLT1335

This notice set out that we are amending the terms of clients’ Core Investments by:

  • Making changes to their retirement options to allow for the increased flexibility in lump sum payments.
  • Replacing the existing Investment terms (other than those that relate to our With Profits fund which remain unchanged) to provide clarity on some of the investment options available through the Core Investments and how these work.
  • Allowing benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.

2TLT1336

This notice sets out that we are amending the terms of clients’ Core Investments by:

  • Making changes to their retirement options to allow for the increased flexibility on:
    1. Lump sum payments
    2. Income Release
  • Making a change to the options available to clients if they want to partially transfer their Core Investments when they’ve started to use Income Release.
  • Replacing the existing Investment terms (other than those that relate to our With Profits fund which remain unchanged) to provide clarity on some of the investment options available through the Core Investments and how these work. 
  • Allowing benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.

If a client has recently started their plan with us, their existing Core Investments terms and conditions will already include these updated terms.

2TLT1337

This notices sets out that we’re amending the terms of clients’ plan by:

  • Making changes to their retirement options to allow for the increased flexibility of lump sum payments.
  • Removing the option to start using the Unsecured Pension facility under the Self Investments part of the plan.
  • Replacing the existing Investment terms of the Core Investments (other than those that relate to our With Profits fund which remain unchanged) to provide clarity on some of the investment options available through the Core Investments and how these work.
  • Allowing benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.

2TLT1338

This notice sets out an additional retirement option that we’ve introduced under the Scheme’s plans with Royal London with effect from 6 April 2015 –Full UFPLS (EPP) - and changes to the rules for death benefits.

Trustees don’t have to offer these additional options to Scheme Members. If they don’t want to offer the additional options under their Scheme, the options available to Scheme Members will continue to be as currently set out in the Rules of the Scheme.

2TLT1339

This notice sets out additional retirement options that we’ve introduced under the Scheme’s plans with Royal London - All & Partial UFPLS (EPP) - and changes to the rules for death benefits.

Trustees don’t have to offer these additional options to Scheme Members. If they don’t want to offer the additional options under their Scheme, the options available to Scheme Members will continue to be as currently set out in the Rules of the Scheme.

2TLT1340

This notice sets out additional retirement options that we’ve introduced under the Scheme’s plans with Royal London - Full UFPLS (Crest) - and changes to the rules for death benefits.

Trustees don’t have to offer these additional options to Scheme Members. If they don’t want to offer the additional options under their Scheme, the options available to Scheme Members will continue to be as currently set out in the Rules of the Scheme.

2TLT1341

This notice sets out additional retirement options that we’ve introduced under the Scheme’s plans with Royal London - All & Partial UFPLS (RS CIMP) - and changes to the rules for death benefits.

Trustees don’t have to offer these additional options to Scheme Members. If they don’t want to offer the additional options under their Scheme, the options available to Scheme Members will continue to be as currently set out in the Rules of the Scheme.

Important - Guaranteed Minimum Pension (GMP)

Any plans with a Guaranteed Minimum Pension (GMP) entitlement will not have access to the additional retirement options set out in the relevant notices.

This applies to the following products:

ProductLeaflet reference number Product type
Crest Growth Pension Plan (group policy) 2TLT1340 DC schemes
Crest Growth Pension Plan (individual policy) 2TLT1332 DC schemes
Crest Secure Pension Plan (group policy) 2TLT1340 DC schemes
Crest Secure Pension Plan (individual policy) 2TLT1332 DC schemes
Individual Section 32 Buyout Plan 2TLT1332 Individual
Talisman 98 Section 32 Buyout Plan 2TLT1332 Individual
Last updated: 25 Mar 2016

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.