Terms and Conditions 19 December 2018

Transcription

1 Stck and Shares Lifetime ISA (Prperty Saver) Terms and Cnditins 19 December 2018 These Terms, tgether with the Applicatin Frm, frm a legal agreement between yu and us which sets ut hw the Lifetime ISA will be perated. 1. Definitins The fllwing wrds and expressins, when used in these Terms, have the meanings set ut ppsite them: Accunts r Lifetime ISA a Unity Mutual Lifetime Individual Savings Accunt gverned by these Terms and which is a Stcks and Shares Lifetime ISA. Accunt investments shares, units and any ther investments held in the Lifetime ISA Accunt. Accunt Manager r Unity Mutual The Independent Order f Oddfellws Manchester Unity Friendly Sciety Limited. Applicatin Frm a Unity Mutual Lifetime ISA Applicatin frm r Transfer Applicatin frm. Assets investments, incme, interest, cash depsits and any ther rights and entitlement frm time t time held within the Accunt. Business day any day when the Lndn Stck Exchange is pen fr business. FCA Financial Cnduct Authrity. Fund Unity Mutual Prperty Fund. Lifetime ISA a Lifetime Individual Savings Accunt managed under the Regulatins. Nminee a persn r entity wh is appinted by anther (the Nminatr) t act n its behalf in a limited capacity r in a specific matter in accrdance with any legal r regulatry requirements. Price the price f a unit in a Fund. This is the price determined n a valuatin day. Regulatins the Individual Savings Accunt Regulatins 1998, as frm time t time amended and in frce. Unity Mutual a trading name f The Independent Order f Oddfellws Manchester Unity Friendly Sciety Limited. Subscriptin a payment, in sterling, t be applied t the Accunt. Terms these Terms & Cnditins (as amended frm time t time). Unit a prprtin f a relevant Unity Mutual Fund, as determined by Unity Mutual. Valuatin day - any day n which the price f units in a Fund is calculated. Nrmally each wrking Mnday. We, us and ur Unity Mutual. Year a tax year beginning n 6 April in any calendar year and ending n 5 April in the fllwing year. Yu and yur an individual wh has pened the Accunt under these Terms. These Terms will be gverned by and cnstrued in accrdance with the law f England and Wales. Reference t any statutry prvisin r regulatin includes any mdificatin r re-enactment. Any headings and subheadings are nt a legally binding part f these Terms. Where apprpriate, the wrds in the singular will include the plural, and the masculine will include the feminine. Tel: insure@unitymutual.c.uk Web: Unity Mutual is a trading name f The Independent Order f Odd Fellws Manchester Unity Friendly Sciety Limited, Incrprated and registered in England and Wales N. 223F. Registered Office Oddfellws Huse, Deansgate, Manchester M3 3WB. Authrised by the Prudential Regulatin Authrity and regulated by the Financial Cnduct Authrity and the Prudential Regulatin Authrity, registratin N Page 1 f 5

2 2. Accunt Manager a) Unity Mutual agrees t act as Accunt Manager fr yur Accunt. We d nt review the Accunt prtfli and we d nt give advice abut yur Accunt. We are regulated by the FCA in the cnduct f ur investment business. b) Our address is The Unity Mutual, Oddfellws Huse, Deansgate, Manchester, M3 3WB. c) We may appint any persn t advise n r perfrm any f its functins r respnsibilities under these Terms and may prvide infrmatin abut yu and the Accunt t any such persn. We will satisfy urselves that any persn t whm we delegate any f ur functins r respnsibilities under these Terms is cmpetent t carry ut thse functins r respnsibilities. d) We may amend these Terms by writing t yu. Any amendments will cmply with the Regulatins and the rules f bth HMRC and the FCA. 3. Applicatin t Open an Accunt a) An applicatin t pen an Accunt must be made in writing n an Applicatin Frm. Subject t the Regulatins, the Accunt will be managed in accrdance with yur directins set ut in yur Applicatin Frm. b) These Terms will cme int frce when yur Applicatin Frm is accepted by us, and yur first investment is made. On acceptance, each new Accunt will be designated by us as a Lifetime ISA. Yu can nly subscribe t ne Lifetime ISA per tax year. c) We reserve the right t reject any applicatin. d) Payments int the Accunt can be frm any surce f funds. e) Yu may invest ne r mre lump sums in the Accunt during the Tax Year. In additin, r alternatively, yu may make regular cntributins by Direct Debit, Standing Order, cheque, direct mney transfer, debit/credit card, r any ther payment methd as agreed with ur ffices. Yu can submit yur Applicatin Frm with a cheque r make a direct mney transfer fr the full amunt f the initial subscriptin (in the case f a lump sum investment) and/r a Direct Debit Instructin t a Bank r Building Sciety (in the case f regular cntributins). f) Yu will be sent an acknwledgement when yu make a lump sum cntributin r set up a mnthly cntributin. 4. Minimum Subscriptins a) Lump Sums The minimum initial investment is as specified in the Applicatin Frm. Additinal lump sum cntributins are subject t a minimum f 25. b) Mnthly Cntributins The minimum mnthly cntributin is 25. Mnthly Direct Debits will nrmally be cllected n the first f each mnth and invested by us in the relevant fund at the price n the valuatin day fllwing receipt f the mney. If the first f the mnth is nt a business day the payment will be cllected n the next business day. If new Direct Debit instructins are received befre the last 10 business days f the mnth, the first mnthly payment will be cllected by Direct Debit n the first f the fllwing mnth, therwise it will be cllected n the first f the mnth after next. 5. Maximum Subscriptin The maximum yu can subscribe t the Stcks & Shares Lifetime ISA fr the tax year 2018/2019 is 4,000. If we receive a payment which takes the accunt ver this limit within 14 calendar days f the end f the tax year, we will nt invest the payment r the part f that payment that exceeds the limit. Instead, it will be held and invested as sn as the new tax year starts. At any ther time, we will reject any payment r part f that payment that exceeds the limit and return it. 6. Discntinuity in payments Under current HMRC ISA regulatins, if yu d nt subscribe t yur Lifetime ISA fr a whle tax year r lnger, yu will be required t cmplete an applicatin t recmmence subscriptins. Page 2 f 5

3 7. Cancellatin Yu have the right t cancel yur applicatin within 30 days f acknwledgement f receipt f yur applicatin. If yu exercise yur right t cancel, any cntributins yu have sent t us will be sent back t yu. If we d nt hear frm yu within the 30 day cancellatin perid yur cancellatin rights will expire. Under these circumstances the Lifetime ISA will remain pen. Any additinal cntributins paid int the Lifetime ISA after the cancellatin perid has expired will have n cancellatin rights. 8. Accunt Investments The Accunt will hld a Unity Mutual life plicy, which invests in Unity Mutual Prperty Saver Fund. The Accunt includes investments and any cash balances, all incme and ther rights, and the benefit f any tax relief in respect f such investments. Subject t any cancellatin perid, mney received will be invested n the valuatin date fllwing the receipt and n interest will be paid n cash held pending investment. We d nt accept liability fr default by any bank which hlds cash fr the Lifetime ISA accunt. We will autmatically reinvest any incme in respect f Accunt investments net f any tax liability. 9. Interest Rates Interest is earned n a daily basis. Interest rates are set in March each year fr the next tax year. The reasns fr changing the interest rate culd be: T enable us t respnd t changes in the return n the underlying investments, either in relatin t the past r expected future returns; Changes in the ecnmic envirnment, including market vlatility in bnd, equity and prperty markets; T enable us t respnd t actual r reasnably expected changes t the cst f running ur business; T prtect the financial strength f Unity Mutual, in the interest f all ur custmers; r; T reflect, where apprpriate, changes in market rates n ther financial services prducts This list is nt exhaustive, and is nly intended t give an example f the type f reasns that might result in changes. Where interest rates are changed we will give yu ntice as fllws :- Where we reduce an interest rate and the balance f yur accunt is 100 r mre, we will give yu at least 14 days prir written ntice; If we increase an interest rate we will ntify yu via ur website as sn as pssible fllwing the increase. 10. Title The Accunt Investments shall be, and remain in the beneficial wnership f the Accunt Hlder, and the Accunt Hlder will be a member f Unity Mutual. N share certificate will be issued. We (r a nminee) will hld any title dcuments r dcuments evidencing title t the Accunt Investments. We will nt lend Accunt Investments r the title dcuments t a third party and will nt brrw against the security f Accunt investments r such dcuments. 11. Taxatin We will make all necessary claims fr tax relief relating t the Accunt. Yur Persnal Savings Allwance (PSA) f 1,000 fr basic rate tax payers, and 500 fr higher-rate tax payers is nt affected by subscriptins t yur Accunt, and is available t yu n-tp f yur Lifetime ISA allwance fr nn-isa savings. The tax situatin may change in the future. 12. Statements We will send yu a statement befre the end f each tax year, shwing the value f the Accunt and details f all transactins in the Accunt since the previus statement. Page 3 f 5

4 13. Benefits Guaranteed life cver - 5,000 is prvided if yu cmmit t cntribute at least 1,000 per annum fr five years. Death n the death f an Accunt Hlder the Accunt will pay the greater f 101% f the value f the accunt r the guaranteed life cver. Life Cver shall be vid in the event f the death f the Life Assured by his r her wn hand r act within ne year frm the plicy start date. 14. Withdrawals If yu make a withdrawal frm yur Lifetime ISA but it will be subject t a gvernment charge, unless it is classed as an authrised withdrawal. Authrised withdrawals can be made in the fllwing circumstances: a) Fr a huse purchase, 12 mnths after the first cntributin has been received, prvided: the value f the huse being purchased with a mrtgage is less than 450,000; it is yur first prperty if yu have previusly wned all r part f any prperty the withdrawal will nt be authrised and will incur a penalty; and the prperty is in the UK b) Fr retirement prvided: Yu are aged 60 r ver. c) If yu are terminally ill subject t HMRC rules. In all ther circumstances a withdrawal will be classified as unauthrised and will be subject t a gvernment charge f 25% f the withdrawal. 15. Transfer in frm anther prvider a) Yu may transfer an ISA/Lifetime ISA held with anther prvider t us. b) Upn receipt f a cmpleted Transfer Frm, yu will have 30 days in which t cancel the transfer. After this perid has expired, the transfer will be prcessed. 16. Transfer ut t anther Prvider Upn yur instructin and within the time stipulated by yu, the Lifetime ISA, r part f the Lifetime ISA, shall be transferred t anther Lifetime ISA manager in accrdance with the Lifetime ISA regulatins relating t transfers. The Accunt investments will be sld and the prceeds transferred tgether with all rights and bligatins free f charge (except charges such as stamp duty and ther dealing csts cnnected with the dispsal r acquisitin f investments) t the new prvider. 17. Charges There are n charges fr the Accunt management. 18. Vid Accunts a) The Accunt will be managed in accrdance with the Regulatins, which take precedence ver these Terms. b) We will ntify yu if, as a result f any failure t cmply with the Regulatins, the Accunt is r becmes vid. c) When an Accunt is vided, we will sell the Accunt Investments and pay yu the prceeds tgether with any cash balance held in the Accunt. We may deduct any charges r ther amunts due t us. Shuld this withdrawal result in any tax becming payable, it will be fr yu t accunt fr such tax t HM Revenue and Custms. 19. Ntices and Instructins a) Ntices and instructins t us shuld be in writing and signed by yu. b) Ntices and ther dcuments will be psted t yu at the last registered address and will be cnsidered received tw days after psting. c) Yu must infrm us prmptly if yu change yur hme address. We are entitled t treat as valid instructins given by yu, r n yur behalf, even if that is nt the case because f the wrngding f anther persn, unless that persn is an emplyee r agent f the Accunt Manager. Page 4 f 5

5 20. Liability a) Yu indemnify us against all liabilities incurred by us in cnnectin with the Accunt, ther than liabilities caused as a direct result f ur negligence, knwing default, r breach f the rules f the FCA r f these Terms. a) We are liable fr ur negligence, knwing default, and fr any breach f the rules f the FCA r f these Terms. We are nt liable fr any lss caused thrugh a fall in value f Accunt investments. b) We accept n respnsibility fr the Accunt until cleared funds are received, nr fr any lss r delay caused in the payment f funds t us. c) Fr the purpses f sectin 22, references t yu include yur persnal representatives and references t the Accunt Manager including its nminees. d) Yu agree t indemnify us against any liability we may incur in cnnectin with the Accunt arising frm any actin yu take r fail t take. 21. Data Prtectin a) The infrmatin yu prvide us will be held by Unity Mutual. b) It will be used fr setting up and administering yur Accunt. This may include use f credit reference agencies used t establish yur identity in accrdance with anti-mney laundering rules. c) We may be required by law t disclse infrmatin regarding yu r yur accunt t the regulatry authrities. d) We will nt share yur infrmatin with ther third parties fr marketing purpses. We may cntact yu in the future by pst, r telephne regarding yur accunt unless yu specify therwise. Yur cntact details can be changed and updated at any time. Please refer t Unity Mutual s Privacy Plicy (link t Privacy Plicy) fr mre infrmatin. 22. Law In legal disputes, the law f England and Wales will apply. 23. Language The cntractual terms and cnditins and all cmmunicatins in relatin t the Accunt will be supplied in English. UM_Lifetime_ISA_Prp_TandCs_ Page 5 f 5