FOR ADVISERS ONLY
Keeping our customers informed
This mailing tells members about the changes we’re making to their plan(s) in April as a result of the Government introducing new flexibility around the options that people will have when they come to retire.
Customer letters
Each customer letter will include 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.
A summary of the changes
Here's a quick summary of the changes in each notice:
This notice sets out an additional retirement option.
From 6 April 2015, 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.
This notice sets out additional retirement options.
From 6 April 2015, 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.
This notice sets out the changes we are making to clients’ income drawdown retirement options under their plan with effect from 6 April 2015.
This notice set out that with effect from 6 April 2015 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.
These changes do not affect clients’ current investments. They just enable us to deal more effectively with events that may occur in the future.
This notices sets out that with effect from 6 April 2015 we are amending the terms of clients' Core Investments by:
- Making changes to their retirement options to allow for the increased flexibility on:
- Lump sum payments
- 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.
If a client has recently started their plan with us, their existing Core Investments terms and conditions will already include these updated terms.
These changes do not affect clients’ current investments. They just enable us to deal more effectively with events that may occur in the future.
This notices sets out that with effect from 6 April 2015 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.
These changes do not affect clients’ current investments. They just enable us to deal more effectively with events that may occur in the future.