Policy Provisions. CanRetire. Fixed Term Income Plan

Transcription

1 Policy Provisions CanRetire Fixed Term Income Plan

2 Contents Sections Page number 1. Introduction Interpretation and Definitions Benefits Altering the Policy Overpayments General Information... 5 CanRetire: Fixed Term Income Plan Page 2 of 6

3 1. Introduction The Policy is issued by Canada Life Limited. These provisions, any application, the policy schedule, and any Endorsements together set out the detailed terms of the contract between you and us. 2. Interpretation and Definitions 2.1 Interpretation In these provisions, any policy schedule(s) and any Endorsement to these provisions: Reference to we, us or our means Canada Life Limited. References to you or your means the Member as shown in the policy schedule Definitions In these provisions, the policy schedule and any Endorsement we start certain expressions with a capital letter to remind you that you can look up their meaning here: Endorsement means a written record of any change to the Policy made by us; First Increase Date means the date that any increases in Income will start and is stated in the policy schedule, if applicable; First Instalment means the amount of the first Income payment (before tax is deducted) and is stated in the policy schedule, if applicable; First Payment Date means the date we start paying Income and is stated in the policy schedule, if applicable; Guaranteed Maturity Value means the amount we will pay on the Maturity Date and is stated in the policy schedule, if applicable; Income means the amount we will pay each year and is stated in the policy schedule, if applicable; Increase Rate means the rate by which we will increase Income and is stated in the policy schedule, if applicable; Last Payment Date means the date that we will pay the last instalment of Income and is stated in the policy schedule, if applicable; Payment Frequency means how often we will pay instalments of Income and is stated in the policy schedule, if applicable; Policy means these provisions, any application made by the Member and/or the Scheme; any Endorsements to these provisions and any policy schedule(s); Purchase Money means the amount of money that was used to purchase the Policy and is stated in the policy schedule; Registered Office means Canada Life Place, Potters Bar, Hertfordshire, EN6 5BA; Scheme is the Scheme set out in the policy schedule; and UK means the United Kingdom. 3. Benefits 3.1 Income We will pay the Income (if any) to the Member, or to the Scheme if the Scheme is responsible for paying the Income to the Member: The date that we pay the first instalment is the First Payment Date. The amount of the first instalment (before tax is deducted) is the First Instalment. Income may be paid yearly, half-yearly, quarterly or monthly. The option that applies to the Policy is the Payment Frequency. The last payment will be the earlier of: (a) the instalment due immediately before the death of the Member; or (b) the Last Payment Date Increase Rate Where an Increase Rate applies, Income will increase at that rate on the First Increase Date and on each anniversary of that date for so long as the Income is paid. 3.2 Reducing benefits If any information provided to us is incorrect (for example, the Member s age or residential address) we will adjust the Guaranteed Maturity Value and/or the Income under the Policy to reflect the terms that would have been offered and/or the amount(s) that would have been paid had we received the correct information. Maturity Date means the date the Guaranteed Maturity Value (if any) will be paid and is stated in the policy schedule; Member means the person shown in the policy schedule; CanRetire: Fixed Term Income Plan Page 3 of 6

4 3.3 Giving up benefits The Policy and the benefits provided under it cannot be cancelled, or exchanged for a lump sum payment or any other benefits, except as specifically stated in these provisions or if required by law Divorce or dissolution of a civil partnership If, in the event of the Member s divorce or the dissolution of the Member s civil partnership, the benefits under the Policy become subject to a court order, complying with the court order will be at no cost to us. We shall be entitled to reclaim reasonable costs incurred by us from the Member. 3.4 Death benefit On the death of the Member before the Maturity Date we will pay the Purchase Money less the total of any Income payments which have been paid (before tax) to the Scheme for the Scheme to provide benefits in accordance with its rules. As a result of paying the death benefit, the Policy will end and no further benefits will be payable. 3.5 Guaranteed Maturity Value Provided the Policy has not ended (due to death), on the Maturity Date the Guaranteed Maturity Value (if any) will be paid to the Scheme for the Scheme to provide benefits in accordance with its rules. As a result of paying the Guaranteed Maturity Value the Policy will end and no further benefits will be payable. 3.6 Payment of benefit We will pay the benefits under the Policy provided that we have all the documents we need to approve a claim to the benefits. Examples of documents we may ask for are: a) the Member s original birth certificate; b) proof that the Member is alive; c) the Member s original death certificate; d) these provisions; and e) the policy schedule. We may ask for further documents or information if needed to accept a claim. We will not pay or reimburse you or any other party for any evidence supplied to support a claim. We will begin the process of paying a benefit under the Policy once we have received all the documents and information we require and have accepted the claim. If we are not told of a change of address for the Member we may stop income payments. All income payments due will be paid once we have the Member s current address. 4. Altering the Policy If there is a change in law, taxation, regulation or guidance from our industry so that: it becomes unreasonable or impossible to carry out the provisions of the Policy; the basis of taxation which applies to us or the Policy is changed; or any existing taxes, charges or levies are changed, or any new taxes, charges or levies are imposed, we may change the terms and benefits of the Policy. If we have to change the terms of the Policy we will send you an Endorsement. We will normally give you three months written notice of such a change. If it is not possible for us to do that, we will give you as much notice as we can. 5. Overpayments If Income is reduced as a result of section 3.2, we reserve the right to recover payments we have made in excess of those reduced amounts. We reserve the right to recover any Income payment or payments that were made but not due under the Policy, such as after the death of the Member, with interest at 1% above the official rate set by the Bank of England. CanRetire: Fixed Term Income Plan Page 4 of 6

5 6. General Information 6.1 Law The Policy is governed by the laws of England and Wales. Court proceedings may commence in any court within the UK. 6.2 Currency and place of payment Any benefits payable by us will be paid in the currency of the UK from our Registered Office. 6.3 Purchase Money No money can be applied to the Policy after the Start Date. 6.4 Communication You may contact us by letter, , fax or telephone. Important documents are sent to us at your own risk. As such, you may want to send these by recorded or registered delivery. Postage costs are your responsibility. We will return documents sent to us by recorded or registered delivery by the same method. All communication sent to you will be sent to your last known postal address. We will regard the communication as having been received by you within five days of posting. We will confirm receipt of any communication we have received from you. If you have not heard from us within a month please contact us as we only act on communication we receive. We will write and tell you if our address changes. You must write and tell us if your address changes. We must be told of the death of the Member within one month of it occurring. Please ensure arrangements are made to provide us with such notification. 6.5 Policy Rights Only you, we or the Scheme may exercise the rights found within the Policy. This means that the Contracts (Rights of Third Parties) Act 1999 does not apply. 6.6 Transfer of ownership The Policy and the benefits provided under it cannot be transferred to someone else. 6.7 Taxation Payments under the Policy will have tax deducted as required by law. 6.8 Non-participating The Policy will not take part, in any way, in the distribution of our profits. 6.9 Queries and Complaints If you have any questions about either the Policy or your cover please contact our Registered Office. If you wish to complain about the service you have received from us, in the first instance, please contact our Registered Office and we will deal with your complaint through our normal complaints procedure. If we are not able to resolve your complaint, through our normal complaints procedure, you can then contact the Financial Ombudsman Service in writing or by telephone: The Financial Ombudsman Service Exchange Tower London E14 9SR Phone: or, for mobile users complaint.info@financial-ombudsman. org.uk Website: Making a complaint will not affect your right to take legal action against us The Financial Services Compensation Scheme (FSCS) The FSCS is designed to pay compensation if a company is unable to pay claims, because it has stopped trading or been declared in default. If we are unable to meet our liabilities, you may be able to claim compensation from the FSCS. Further information is available from the Financial Conduct Authority and the FSCS. CanRetire: Fixed Term Income Plan Page 5 of 6

6 For further information about Canada Life Limited, please visit or call us on Canada Life Limited, registered in England no Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Telephone: Fax: Member of the Association of British Insurers. Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. ID R CanRetire: Fixed Term Income Plan Page 6 of 6