Active Money Personal Pension. Fund choices and charges guide

Transcription

1 Active Money Personal Pension Fund choices and charges guide

2 Contents 01 Making the right choices 02 Important information 04 Guidance notes 10 Large fund discounts 11 Where you can invest your money 12 Strategic lifestyle profiles 14 MyFolio 15 Full fund range 27 Standard Life Active Retirement

3 Making the right choices Choosing where to invest your money is perhaps one of the most important decisions you have to make when arranging your Active Money Personal Pension. How your chosen investment options perform has a major impact on your pension; so please take time to choose your investment options carefully, understand the risks and also take regular time out to review how they are doing. Your financial adviser can help you select and monitor your investment options. Remember, your plan is very flexible and allows you to switch investment options to suit your changing goals. If you do not have a financial adviser we can direct you to one, or we can provide limited guidance ourselves. Remember to Take time to pick your investment options and understand the risks Take a look at the factsheets for the funds you re invested in to keep track of how they re performing you can do this online at Speak to your financial adviser regularly they can help you keep your pension on track Active Money Personal Pension 01

4 Important information Before making your investment choices please make sure you read the following information, which includes details of some of the risks you should be aware of. Before you decide to buy, you need to know what the risks and commitments are. Read our Key Features Document. It will help you decide if this product is right for you. If you re still not sure what to do, speak to a financial adviser or contact us. There may be a cost for this. The return on each fund depends on the performance of the assets it invests in and the charges on the fund. The price of units depends on the value of the fund s assets after charges. This can go down as well as up, and your investment in the fund may be worth less than what was paid in. We review volatility s regularly and they can change over time. Some funds invest in overseas assets. This means that exchange rates and the political and economic situation in other countries can significantly affect the value of these funds. The value can go down as well as up, and your investment in the fund may be worth less than what was paid in. The asset mix that each fund invests in is continuously reviewed. It may be changed in line with developments in the relevant markets. Part of each fund may be held in cash and other money market instruments see the Guidance notes section for more information. You ll probably be one of many investors in each fund you choose. Sometimes, in exceptional circumstances, we may have to wait before we can transfer or switch your investments. This is to maintain fairness between those remaining in and those leaving the fund. This delay could be for up to a month. But for some funds, the delay could be longer: It may be for up to six months if it s a property based fund because property and land can take longer to sell. If our fund invests in an external fund, the delay could be longer if the rules of the external fund allow this. If we have to delay a transfer or switch, we will use the fund prices on the day the transaction takes place these prices could be very different from the prices on the day you made the request. Some funds invest in property. The valuation of property is generally a matter of a valuer s opinion rather than fact. You can change the mix of your investments as it suits you. But you can t invest in more than 12 funds at one time, 11 if you are invested in the Trustee Cash Account. In some situations there may be a delay in carrying out your fund switch requests. Transaction costs may apply when you switch in and out of funds. These will be taken into account in the price used to calculate the value of the funds on the day you switch and will vary depending on the type of fund. For example, a typical transaction cost for an equity fund is between 0.20% and 1.20% of the price you receive. But for property funds they can be much higher up to 7% of the price you receive, or even higher in exceptional circumstances. This is because of the additional costs involved in buying and selling property, such as stamp duty. Some funds invest in funds managed by external fund managers. In these cases, the description of the fund is provided by the external fund manager so Standard Life can t guarantee that it s accurate. 02 Active Money Personal Pension

5 External fund managers are in charge of managing their own funds including what they invest in. This means that Standard Life is not responsible for these funds performance or continued availability. The investment performance of the Standard Life version of a fund will be different from what you would see if you invested in the underlying fund directly. There can be several differences, due to charges, cash management, tax and the timing of investing. Some fund managers may look to get a better return by lending some of the assets from our funds to certain financial institutions. This involves some risk, and in certain circumstances, the fund could suffer a loss for example, if the institution encountered financial difficulties and was unable to return the asset. The fund manager will use some controls to manage this risk, such as obtaining security from the borrower and monitoring their credit. External fund managers may also lend assets and are responsible for their own controls. Funds can sometimes use derivatives to improve portfolio management and to help meet investment objectives. A derivative is a financial instrument its value is derived from the underlying value or movement in other assets, financial commodities or instruments, like equities, bonds, interest rates, etc. There is a risk that a counterparty will fail, or partially fail, to meet their contractual obligations under the arrangement. Where a counterparty fails, the fund could suffer a loss. As part of the management of a fund, a number of controls can be used to reduce the impact of this risk, such as holding collateral and monitoring credit s. Depending on how it is used, a derivative can involve little financial outlay but result in large gains or losses. Standard Life has control over the use of derivatives in its funds and external fund managers are responsible for their own controls. Charges are not guaranteed and can be altered in the future. The funds listed here were correct when this document was published. We cannot guarantee that all funds will be available when you make an investment. Active Money Personal Pension 03

6 Guidance notes Which investment options are right for me? Here s some more information to help you decide on the investment option(s) that might suit you. Learn about asset classes, investment approaches, different types of investments, volatility s and charges. Asset classes An asset class is a category of investments, such as equities or bonds. Normally assets in the same class have similar characteristics. However, they can have very different returns and risks. The value of the investments in any asset class can go up or down and may be worth less than what was paid in there are no guarantees. Past performance is not a reliable guide to future performance. Equities What are they? Equities are part ownership in a company, usually known as stocks or shares. What s the potential return? The return on equities comes from growth in the value of the shares, plus any income from dividends. For overseas equities, changes in the foreign currency exchange rates could also significantly affect returns. What are the risks? Equities are one of the more volatile asset classes although they can offer good growth potential, their value can rise or drop sharply at any time. Because of this volatility, equities should normally be viewed as a long term investment. Bonds What are they? Bonds are essentially loans to a government or company. These loans are often for a set time period and the bond owner usually receives regular interest payments. Bonds issued by the UK government are called gilts and those issued by a company are corporate bonds. What s the potential return? The return is a combination of any interest received and any change in the bond s value. For overseas bonds, changes in the foreign currency exchange rates could also significantly affect returns. What are the risks? A bond s return will be affected if: the interest or capital can t be paid back in full or on time the creditworthiness of the company or government reduces interest rates or foreign currency exchange rates change Bonds can be traded on the stock market, so their value can go up and down at any time. Some bonds are riskier than others, eg bonds issued for a longer time period or by companies which are viewed as risky. Money Market Instruments (including cash) What are they? Money market instruments include deposits with banks and building societies, as well as governments and large corporations. They also include other investments that can have more risk and return than standard bank deposits. There are circumstances where money market instruments can fall in value. What s the potential return? The return comes from any interest received and any change in the value of the instrument. What are the risks? Investments in these assets are riskier than cash deposit accounts in some circumstances their values will fall. The return may also be lower than inflation. 04 Active Money Personal Pension

7 Property What is it? Property investing includes direct investments in buildings and land, as well as indirect investments such as shares in property companies. What s the potential return? The return from a direct investment in property is a combination of rental income and any change in the property value. In comparison, the return on property securities can be similar to equities (see the equities asset class description for potential returns and risks). What are the risks? The value of direct property is generally based on a valuer s opinion and is not fact. Property can take a lot longer to sell than other types of investment, so you might not be able to sell when you want to or get the price you were hoping for. Property securities, like equities, can have sharp changes in value at any time. The values of different types of property do not necessarily move in line with each other. For example commercial property could be losing value even if house prices are going up. Other These are investments that don t fit into one of the other asset class categories. They include direct and indirect investments in real assets like commodities, for example oil or precious metals. They also include investments with specialist characteristics. Standard Life uses asset classes to categorise our fund range. We categorise some funds as other because they invest in more than one type of asset and therefore can t be categorised as any individual asset class. Alternatively, funds can be classed as other because they don t meet the criteria of the recognised industry sectors or they haven t provided enough information to be categorised. Investment approaches Passive funds A passive fund aims to track or replicate the performance of a benchmark (usually a market index or blend of market indices). The performance of this type of fund will be affected by the rise or fall of the market or markets it s seeking to track and any charges which apply. Charges are typically lower for passive funds than active alternatives. But as these funds aren t trying to outperform the markets they track, returns will usually be lower than their benchmark because of the impact of charges. You may also see passive funds called tracker or index-tracking funds. Active funds An active fund usually aims to achieve returns that are higher than a benchmark (such as the returns from a market index, cash/inflation, or the average return of other similar funds). The fund manager will try to outperform the benchmark by analysing potential investments to find the ones that they believe will provide higher returns over the longer term. Because of this, active funds are usually more expensive than passive alternatives. There s also no guarantee that returns will be higher than the benchmark. Absolute returns Absolute return funds usually aim to have a positive return regardless of market conditions. Their investment strategies vary widely, but they often use complex strategies that make use of derivatives. Risk and return will depend on exactly what the fund invests in, but in general absolute return funds can be expected to fall less than the wider markets when markets fall, but also to increase by less than markets when they rise. Although absolute return funds aim for consistent positive returns, there is no guarantee that they will achieve them, and the funds can fall in value. Absolute return funds may have different risks from other funds due to the derivatives that they use, and also because they may borrow, which increases potential returns and risk. Active Money Personal Pension 05

8 Fund types Managed These funds are normally managed by a single fund manager. The fund manager will choose the mix of assets that make up the fund (for example, how much to invest in equities, or bonds). Different funds will use different mixes of assets depending on their risk and return objectives. Manager of Managers This type of fund involves an independent investment expert (the Manager of Managers ) researching and choosing fund managers for each asset type within the fund. The Manager of Managers will then monitor each individual fund manager and, using their judgement, may change them over time. This type of fund can be a good way for you to spread your investment over a range of fund managers without having to actively manage your choice of funds. Because you are paying for the manager s investment expertise, the charges for Manager of Managers funds can be higher than for other types of fund. MyFolio The MyFolio Funds are 25 carefully constructed investment portfolios, managed by Standard Life Investments, which reflect different investment styles, risk levels and asset mixes. Standard Life MyFolio Market Funds: invest mainly in tracker funds. Standard Life MyFolio Managed Funds: invest mainly in actively managed funds from Standard Life Investments. Standard Life MyFolio Managed Income Funds: invest mainly in actively managed funds from Standard Life Investments which focus on creating income, for example through equity dividends, bond yields and property rental income.* Standard Life MyFolio Multi Manager Funds: invest in carefully selected actively managed funds from some of the leading managers in the market. Standard Life MyFolio Multi Manager Income Funds: invest in carefully selected actively managed funds from some of the leading managers in the market which focus on creating income, for example through equity dividends, bond yields and property rental income.* * Any income generated within the Standard Life MyFolio Managed Income Funds and Multi Manager Income Funds will be reinvested in the funds rather than paid out. For more information about MyFolio Funds, and to receive a copy of the MyFolio Funds customer guide, please speak to your financial adviser or call us to discuss. Please note that the value of investments can go down as well as up, and may be worth less than what was paid in. If you are unsure of which investment option(s) to choose you may wish to seek advice from a financial adviser. There may be a cost for this. 06 Active Money Personal Pension

9 Lifestyle profiles Lifestyle profiles are investment options that are specifically designed to make it easy for you to save for retirement. Once you re in a lifestyle profile, you don t need to do anything, although we do recommend that you regularly review your investments to make sure they re on track to meet your goals. There are two main stages in lifestyle profiles: 1. Growth stage usually when you re more than 10 years from retirement Your money will be invested in funds that aim to increase the value of your pension over time (although please remember that all funds can go up and down in value and investment growth is not guaranteed). 2. Approaching retirement stage usually when you re less than 10 years from retirement Your money will gradually be moved into funds designed to prepare your pension for how you plan to take your retirement income. This will happen automatically you don t need to do anything. Standard Life s strategic lifestyle profiles Our range of lifestyle profiles are called strategic lifestyle profiles (SLPs). Once you ve chosen the SLP that s most appropriate for you, our experts will: manage your money for you right up until you retire decide where you should be invested and when make sure the funds you re in don t take any more or less risk than they should In the growth stage, your money will be invested in one of our risk-based funds. To find out more about these funds and the different risk levels, see the Fund types section. In the approaching retirement stage, your money will gradually and automatically be moved into funds designed to get your investments to where they need to be when you retire. One of the benefits of our SLPs is their flexibility we can make changes to them at any time to make sure they continue to meet your needs, for example because of changes in legislation. You should make sure any lifestyle profile you choose matches your retirement income plans, whether that s buying an annuity, taking a flexible income (known as drawdown), taking your money as a lump sum, or a combination of these. It s also important to consider when you ll take your retirement income as lifestyle profiles make changes to your investments based on your selected retirement date. As a result, they may only be suitable if you re planning to start taking your retirement income at your selected retirement date. If you aren t sure how and when you should take your retirement income, or whether a lifestyle profile is suitable for you, you should speak to a financial adviser. Active Money Personal Pension 07

10 Our SLPs are designed to reflect the different ways you can take your retirement income: Universal SLPs if you would like the flexibility to take your money the way you want when you retire, or if you plan to take your full tax-free lump sum and use the rest of your pension to take a flexible income (known as drawdown). Annuity SLPs if you plan to take your full tax-free lump sum and buy a fixed annuity with the rest of your pension. This option may not be suitable if you plan to buy an annuity that increases each year at a rate linked with inflation (an indexlinked annuity). Lump Sum SLPs if you plan to take all of your pension as one or more lump sums over a relatively short period. Active Retirement SLPs if you plan to take your flexible retirement income (also known as drawdown) through our Standard Life Active Retirement investment option. You can see a list of the available SLPs in the strategic lifestyle profiles section later in this guide. For more details on the SLPs, including where they invest and when, read our Strategic lifestyle profile guides (Universal, Annuity, Lump Sum and Active Retirement). If you choose to invest in a lifestyle profile, you cannot combine this with any other lifestyle profile. 08 Active Money Personal Pension

11 Volatility s The volatility of a fund indicates how much the fund price might move compared to other funds. The higher the volatility, the less stable the fund price is likely to be. You can use this to help you decide how much risk you re comfortable taking with your investments. Less volatile More volatile We regularly review volatility s for funds, and these may change. We set s based on our experts judgement, using data on: how the fund price has varied from month to month in the past, compared to other funds available how investments in similar asset classes vary from month to month and the investment policy of the fund. Typically, higher volatility s mean greater potential investment returns over the longer term. But high volatility funds are more likely to suddenly fall or rise in value. The volatility is not the only factor you should consider when selecting a fund. If you re not sure which funds to choose, please seek advice from a financial adviser. Fund management charge We apply a charge to money invested in our funds. This is known as the fund management charge () and is shown as an annual rate. However, we deduct the charge from each fund on a daily basis, which has the effect of reducing its unit price. may be deducted from some funds. They include items such as custodian, third party administration, trustee, registrar, auditor and regulator fees. Where a fund invests in other underlying funds, they may also include the underlying management charges. As the additional relate to incurred during the fund management process, they will regularly increase and decrease as a percentage of the fund, sometimes significantly. The additional figure shown is the annual rate of the charge. But where additional apply, they are taken into account when the fund s unit price is calculated each day. If a performance fee applies to a fund, it is included in the additional figure retrospectively. We have indicated funds where a performance fee may apply later in this guide. All additional figures shown are rounded to two decimal places. This means that although additional may apply to some funds, they may show as 0.00% as we have rounded to two decimal places. The total annual is the plus additional. The charges which apply to each fund are shown later in this guide. Charges are not guaranteed. They are regularly reviewed and may be changed in the future. The information in this guide is correct as at May For the latest information, please go to Active Money Personal Pension 09

12 Large fund discounts You may receive a discount to reduce the effect of the total annual. It depends on the value of your plan and the funds in which you re invested. Each month we ll use the value of your plan, less any cash held on deposit in the Trustee Cash Account, to work out which discount percentage, if any, applies to you. In any month where you re eligible for a discount, we ll apply that discount by adding extra units to any qualifying fund you re invested in. Funds which don t qualify for large fund discount are highlighted within the table notes on pages 16 to 25. Any amounts invested in funds that don t qualify for a discount still count towards your plan value when we work out the discount percentage that applies to you. The table below shows the yearly rate of the discount. Plan value less cash on deposit Discount percentage Under 25,000 None 25, , % a year 250, , % a year 500,000 or more 0.5% a year 10 Active Money Personal Pension

13 Where you can invest your money Your options Here are the main options available to you: Strategic lifestyle profiles You can choose from one of the strategic lifestyle profiles. Details are in the Standard Life s strategic lifestyle profiles section. MyFolio You can make individual choices from the range of MyFolio Funds based on how much risk you re comfortable taking. Details are in the MyFolio Funds section. Standard Life Active Retirement You can access your pension money from age 55 (may be subject to change in the future). Standard Life Active Retirement is our readymade investment option for customers looking to take out their money flexibly over more than five years, whether that s setting up a regular income or taking lump sum withdrawals. For more on Standard Life Active Retirement, see our webpages at: If your still unsure, we recommend you seek advice from a financial adviser before making a choice. Full fund range You can make individual choices from the full Standard Life fund range. Details are in the Full fund range section. Before you choose a fund you should read the latest fund fact sheet. You can find them on our website at i Fund name and code This gives the name of the fund and internal code used by Standard Life. Please enter both of these in full in the appropriate boxes when completing an application form. This will help us process your application. Active Money Personal Pension 11

14 Strategic lifestyle profiles Profile name Profile code MyFolio Managed II Universal SLP U2MG 1.00% 0.30% 1.30% Active MyFolio Managed III Universal SLP U3MG 0.80% 0.57% 1.37% Active MyFolio Managed IV Universal SLP U4MG 0.80% 0.62% 1.42% Active MyFolio Managed V Universal SLP U5MG 0.80% 0.64% 1.44% Active MyFolio Market II Universal SLP U2MK 1.00% 0.02% 1.02% Active MyFolio Market III Universal SLP U3MK 0.80% 0.24% 1.04% Active MyFolio Market IV Universal SLP U4MK 0.80% 0.23% 1.03% Active MyFolio Market V Universal SLP U5MK 1.00% 0.02% 1.02% Active MyFolio Managed I Annuity SLP A1MG 0.80% 0.46% 1.26% Active MyFolio Managed II Annuity SLP A2MG 1.00% 0.30% 1.30% Active MyFolio Managed III Annuity SLP A3MG 0.80% 0.57% 1.37% Active MyFolio Managed IV Annuity SLP A4MG 0.80% 0.62% 1.42% Active MyFolio Managed V Annuity SLP A5MG 0.80% 0.64% 1.44% Active MyFolio Market I Annuity SLP A1MK 1.00% 0.01% 1.01% Active MyFolio Market II Annuity SLP A2MK 1.00% 0.02% 1.02% Active MyFolio Market III Annuity SLP A3MK 0.80% 0.24% 1.04% Active MyFolio Market IV Annuity SLP A4MK 0.80% 0.23% 1.03% Active MyFolio Market V Annuity SLP A5MK 1.00% 0.02% 1.02% Active MyFolio Managed I Lump Sum SLP C1MG 0.80% 0.46% 1.26% Active MyFolio Managed II Lump Sum SLP C2MG 0.80% 0.50% 1.30% Active MyFolio Managed III Lump Sum SLP C3MG 0.80% 0.57% 1.37% Active MyFolio Managed IV Lump Sum SLP C4MG 0.80% 0.62% 1.42% Active MyFolio Managed V Lump Sum SLP C5MG 0.80% 0.64% 1.44% Active MyFolio Market I Lump Sum SLP C1MK 1.00% 0.01% 1.01% Active MyFolio Market II Lump Sum SLP C2MK 0.80% 0.22% 1.02% Active MyFolio Market III Lump Sum SLP C3MK 0.80% 0.24% 1.04% Active MyFolio Market IV Lump Sum SLP C4MK 0.80% 0.23% 1.03% Active MyFolio Market V Lump Sum SLP C5MK 1.00% 0.01% 1.01% Active MyFolio Managed II Active Retirement SLP R2MG 1.00% 0.41% 1.41% Active MyFolio Managed III Active Retirement SLP R3MG 1.00% 0.41% 1.41% Active MyFolio Managed IV Active Retirement SLP R4MG 0.80% 0.62% 1.42% Active MyFolio Managed V Active Retirement SLP R5MG 0.80% 0.64% 1.44% Active MyFolio Market II Active Retirement SLP R2MK 1.00% 0.41% 1.41% Active MyFolio Market III Active Retirement SLP R3MK 1.00% 0.41% 1.41% Active MyFolio Market IV Active Retirement SLP R4MK 1.00% 0.41% 1.41% Active MyFolio Market V Active Retirement SLP R5MK 1.00% 0.41% 1.41% Active Active Plus II Universal SLP S2AP 1.10% 0.02% 1.12% Active Active Plus III Universal SLP S3AP 1.10% 0.02% 1.12% Active Active Plus IV Universal SLP S4AP 1.15% 0.03% 1.18% Active Active Plus V Universal SLP S5AP 1.15% 0.03% 1.18% Active Passive Plus II Universal SLP U2PP 1.00% 0.03% 1.03% Active 12 Active Money Personal Pension

15 Profile name Profile code Passive Plus III Universal SLP U3PP 1.00% 0.03% 1.03% Active Passive Plus IV Universal SLP U4PP 1.00% 0.03% 1.03% Active Passive Plus V Universal SLP U5PP 1.00% 0.04% 1.04% Active Active Plus I Annuity SLP A1AP 1.10% 0.01% 1.11% Active Active Plus II Annuity SLP A2AP 1.00% 0.12% 1.12% Active Active Plus III Annuity SLP A3AP 1.00% 0.12% 1.12% Active Active Plus IV Annuity SLP A4AP 1.15% 0.03% 1.18% Active Active Plus V Annuity SLP A5AP 1.15% 0.03% 1.18% Active Passive Plus I Annuity SLP A1PP 1.00% 0.02% 1.02% Active Passive Plus II Annuity SLP A2PP 1.00% 0.03% 1.03% Active Passive Plus III Annuity SLP A3PP 1.00% 0.03% 1.03% Active Passive Plus IV Annuity SLP A4PP 1.00% 0.03% 1.03% Active Passive Plus V Annuity SLP A5PP 1.00% 0.04% 1.04% Active Active Plus I Lump Sum SLP C1AP 1.10% 0.01% 1.11% Active Active Plus II Lump Sum SLP C2AP 1.10% 0.02% 1.12% Active Active Plus III Lump Sum SLP C3AP 1.10% 0.02% 1.12% Active Active Plus IV Lump Sum SLP C4AP 1.15% 0.03% 1.18% Active Active Plus V Lump Sum SLP C5AP 1.15% 0.03% 1.18% Active Passive Plus I Lump Sum SLP C1PP 1.00% 0.02% 1.02% Active Passive Plus II Lump Sum SLP C2PP 1.00% 0.03% 1.03% Active Passive Plus III Lump Sum SLP C3PP 1.00% 0.02% 1.02% Active Passive Plus IV Lump Sum SLP C4PP 1.00% 0.03% 1.03% Active Passive Plus V Lump Sum SLP C5PP 1.00% 0.04% 1.04% Active Active Plus II Active Retirement SLP R2AP 1.00% 0.41% 1.41% Active Active Plus III Active Retirement SLP R3AP 1.00% 0.41% 1.41% Active Active Plus IV Active Retirement SLP R4AP 1.00% 0.41% 1.41% Active Active Plus V Active Retirement SLP R5AP 1.00% 0.41% 1.41% Active Passive Plus II Active Retirement SLP R2PP 1.00% 0.41% 1.41% Active Passive Plus III Active Retirement SLP R3PP 1.00% 0.41% 1.41% Active Passive Plus IV Active Retirement SLP R4PP 1.00% 0.41% 1.41% Active Passive Plus V Active Retirement SLP R5PP 1.00% 0.41% 1.41% Active The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. SLP notes For more information on the strategic lifestyle profiles (SLPs), see the Guidance notes section. If you are in any doubt as to which SLP you should choose, we strongly recommend you seek advice from a financial adviser. There may be a cost for this. It is not possible to invest in more than one SLP at a time. You can t combine an SLP with any other investment, but you can put money in the Trustee Cash Account if you choose an SLP. The figures shown in this table reflect the charges of the most expensive fund in which the SLP invests. As you get closer to retirement, the investment aims of the SLP move away from growth and towards preparing your pension for how you plan to take your retirement income. For more information on how our SLPs work and how long your investments are held in each fund, please see our Strategic lifestyle profiles guides (Universal, Annuity, Lump Sum and Active Retirement). Active Money Personal Pension 13

16 MyFolio Standard Life MyFolio Managed Income I AABG % 0.58% 1.38% Active Standard Life MyFolio Managed Income II CCJB % 0.62% 1.42% Active Standard Life MyFolio Managed Income III CCEG % 0.69% 1.49% Active Standard Life MyFolio Managed Income IV KKPA % 0.76% 1.56% Active Standard Life MyFolio Managed Income V AAPI % 0.81% 1.61% Active Standard Life MyFolio Managed I CCEF % 0.46% 1.26% Active Standard Life MyFolio Managed II AAMI % 0.50% 1.30% Active Standard Life MyFolio Managed III AAAF % 0.57% 1.37% Active Standard Life MyFolio Managed IV DDNP % 0.62% 1.42% Active Standard Life MyFolio Managed V NBGC % 0.64% 1.44% Active Standard Life MyFolio Market I BBEE % 0.21% 1.01% Active Standard Life MyFolio Market II LLJE % 0.22% 1.02% Active Standard Life MyFolio Market III AACE % 0.24% 1.04% Active Standard Life MyFolio Market IV LLNB % 0.23% 1.03% Active Standard Life MyFolio Market V BBIA % 0.20% 1.00% Active Standard Life MyFolio Multi-Manager Income I CCKA % 0.58% 1.63% Active Standard Life MyFolio Multi-Manager Income II JJMM % 0.72% 1.77% Active Standard Life MyFolio Multi-Manager Income III AAMJ % 0.78% 1.83% Active Standard Life MyFolio Multi-Manager Income IV LLNP % 0.89% 1.94% Active Standard Life MyFolio Multi-Manager Income V KKMN % 0.91% 1.96% Active Standard Life MyFolio Multi-Manager I MMBA % 0.52% 1.57% Active Standard Life MyFolio Multi-Manager II AADC % 0.58% 1.63% Active Standard Life MyFolio Multi-Manager III MMKF % 0.70% 1.75% Active Standard Life MyFolio Multi-Manager IV BBJP % 0.78% 1.83% Active Standard Life MyFolio Multi-Manager V KKGF % 0.81% 1.86% Active The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. 14 Active Money Personal Pension

17 Full fund range Do you have a good understanding of investments and how assets perform? This could be the right choice for you. Read each fund s fact sheet for their aims and how they invest. You can find these at You will need to build your investment portfolio from a number of funds. It is up to you to regularly monitor the performance of your funds and decide whether to make any changes. You may need to adjust your portfolio regularly to keep it in line with your investment profile. Picking your own asset mix It is very important that you pick an asset mix and build a portfolio that aims to meet your individual needs and your attitude towards risk. If you are unsure then you may wish to seek advice from a financial adviser. You should think about investing in a variety of asset classes, and a range of investments within each class. Are you approaching retirement? If you are nearing retirement (for example if you are five years or less away), you may want to consider starting to invest in funds aimed at preparing your pension for how you plan to take your retirement income. Some funds have aims which are aligned to specific retirement income plans, such as buying an annuity, while others may be more suitable if you intend to take a flexible income (known as drawdown) or take all of your pension as one or more lump sums. For example, if you intend to buy an annuity when you retire, you may wish to consider being invested in a fund that targets buying an annuity by the time you retire. And if you plan on taking a 25% tax free lump sum, you could consider moving into a money market fund or funds. If you are unsure where to invest, you may want to seek advice from a financial adviser. Active Money Personal Pension 15

18 The Trustee Cash Account The Trustee Cash Account is available if you want to hold cash on deposit. It enables you to have cash available for investment opportunities, and to pay charges. For example, if you re not yet sure which funds you want to invest in, you can leave your money in the Trustee Cash Account until you re ready. If you choose to invest in the Trustee Cash Account the interest is accrued daily and applied on a monthly basis. The rate of interest is normally 1% below the Bank of England base rate. Please give us a call for the latest rate on Call charges will vary and calls may be recorded and/or monitored to help improve customer service. 16 Active Money Personal Pension

19 Managed funds Standard Life Managed 50/50 2 GE % 0.02% 0.62% Active Standard Life Managed 60/40 2 GJ % 0.02% 0.62% Active Standard Life Managed 70/30 2 GK % 0.02% 0.62% Active Standard Life Ethical G % 0.01% 1.01% Active Standard Life Managed FA % 0.02% 1.02% Active Standard Life Multi Asset Managed (20-60% Shares) F % 0.02% 1.02% Active SL SLI Dynamic Distribution % 0.12% 1.42% Active SL 7IM Adventurous ADLL % 0.58% 2.23% Active SL 7IM Balanced ADLF % 0.42% 2.07% Active SL 7IM Moderately Adventurous ADLG % 0.45% 2.10% Active SL 7IM Moderately Cautious ADLH % 0.39% 2.04% Active SL Aberdeen Multi Asset KL % 0.18% 1.48% Active SL Baillie Gifford Managed MMJE % 0.04% 1.34% Active SL BlackRock Consensus 35 DDPA % 0.02% 1.10% Active SL BlackRock Consensus 60 CCNP % 0.02% 1.10% Active SL BlackRock Consensus 85 LLNC % 0.01% 1.09% Active SL F&C MM Lifestyle Balanced ZJ % 0.62% 2.52% Active SL Fidelity Multi Asset Open Growth 2D % 0.71% 2.36% Active SL HSBC World Selection Balanced Portfolio R % 0.21% 1.84% Active SL Investec Cautious Managed 2Y % 0.10% 1.78% Active SL Investec Diversified Growth BBJM % 0.11% 1.79% Active SL Janus Henderson Cautious Managed NS % 0.20% 1.74% Active SL JP Morgan Global Macro Balanced YD % 0.18% 1.74% Active SL Jupiter Distribution KH % 0.13% 1.63% Active SL Jupiter Merlin Balanced Portfolio 1F % 0.88% 2.73% Active SL Jupiter Merlin Growth Portfolio 1D % 0.98% 2.83% Active SL Jupiter Merlin Income Portfolio 1E % 0.73% 2.58% Active SL LF Seneca Diversified Growth VJ % 0.53% 2.23% Active SL LF Seneca Diversified Income VK % 0.45% 2.15% Active SL M&G Episode Allocation VQ % 0.30% 1.94% Active SL Newton Global Balanced KF % 0.05% 1.35% Active SL Newton Multi-Asset Diversified Return % 0.20% 1.50% Active SL Newton Multi-Asset Growth KM % 0.11% 1.41% Active SL Schroder ISF Global Diversified Growth Hedged GGEB % 0.14% 1.79% Active SL Schroder Managed Balanced BFCE % 0.10% 1.60% Active SL TM Levitas A MMMB % 0.78% 2.43% Active SL TM Levitas B EELB % 0.68% 2.33% Active The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. 2 These funds don t qualify for large fund discounts. For more information about large fund discounts please see page 10. Active Money Personal Pension 17

20 Risk-based funds Standard Life Active Plus I LLNA % 0.01% 1.11% Active Standard Life Active Plus II LLPA % 0.02% 1.12% Active Standard Life Active Plus III DDNA % 0.02% 1.12% Active Standard Life Active Plus IV FFND % 0.03% 1.18% Active Standard Life Active Plus V FFBA % 0.03% 1.18% Active Standard Life Passive Plus I KKGD % 0.02% 1.02% Active Standard Life Passive Plus II JJKM % 0.03% 1.03% Active Standard Life Passive Plus III CCHD % 0.02% 1.02% Active Standard Life Passive Plus IV JJJA % 0.03% 1.03% Active Standard Life Passive Plus V FFKG % 0.04% 1.04% Active The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. UK Equities Standard Life UK Equity FN % 0.01% 1.01% Active Standard Life UK Equity Select HR % 0.01% 1.41% Active SL SLI UK Equity Growth BL % 0.10% 1.60% Active SL SLI UK Equity High Income % 0.09% 1.39% Active SL SLI UK Equity Income Unconstrained YC % 0.11% 1.81% Active SL SLI UK Equity Recovery BI % 0.13% 1.78% Active SL SLI UK Equity Unconstrained RQ % 0.02% 1.72% Active SL SLI UK Ethical JJNN % 0.10% 1.85% Active SL SLI UK Opportunities K % 0.11% 1.41% Active SL SLI UK Smaller Companies KR % 0.09% 1.49% Active SL ishares UK Equity Index JP % 0.01% 1.01% Passive SL BlackRock UK Income HY % 0.13% 1.53% Active SL BlackRock UK % 0.17% 1.85% Active SL BlackRock UK Special Situations % 0.17% 1.92% Active SL Fidelity Special Situations KO % 0.19% 2.19% Active SL Invesco Perpetual High Income K % 0.00% 1.88% Active SL Investec UK Smaller Companies BEEK % 0.08% 1.76% Active SL Investec UK Special Situations KKBK % 0.09% 1.77% Active SL Jupiter Income Trust KX % 0.19% 1.99% Active SL Jupiter UK Growth KY % 0.27% 2.07% Active SL LF Woodford Equity Income EEJG % 0.00% 1.65% Active SL Liontrust UK Growth KV % 0.14% 1.94% Active SL Majedie UK Equity CZ % 0.02% 1.77% Active SL Newton UK Equity KW % 0.11% 1.41% Active SL Old Mutual UK Mid Cap 1V % 0.00% 1.85% Active SL Rathbone Income 1Y % 0.04% 1.79% Active SL Rathbone UK Opportunities 1Z % 0.15% 1.90% Active SL Schroder Income Maximiser 2V % 0.16% 1.87% Active SL Schroder Recovery DDPK % 0.16% 1.84% Active SL Schroder UK Alpha Plus CN % 0.16% 1.84% Active SL Schroder UK Dynamic Smaller Companies AAFB % 0.17% 1.77% Active 18 Active Money Personal Pension

21 UK Equities (continued) SL Schroder UK Mid 250 KZ % 0.16% 1.96% Active SL Schroder UK Opportunities EEDK % 0.17% 1.77% Active SL Schroder UK Smaller Companies YL % 0.16% 1.76% Active SL Threadneedle UK Equity Income CCIA % 0.12% 1.80% Active SL Threadneedle UK KKEG % 0.12% 1.80% Active SL Vanguard FTSE UK All Share Index (AMLP) 2 3 BBCF % 0.02% 0.52% Passive SL Vanguard FTSE UK Equity Income Index 4 BFBE % 0.02% 1.02% Passive The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. 2 These funds don t qualify for large fund discounts. For more information about large fund discounts please see page The FTSE All-Share Index is calculated solely by FTSE International Limited ( FTSE ). FTSE International Limited ( FTSE ) does not sponsor, endorse, or promote funds. All copyright in the index values and constituent list vests in FTSE. Licences have been obtained from FTSE to use such copyright in the creation of this fund. FTSE is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. 4 The FTSE UK Equity Income Index is calculated solely by FTSE International Limited ( FTSE ). FTSE International Limited ( FTSE ) does not sponsor, endorse, or promote funds. All copyright in the index values and constituent list vests in FTSE. Licences have been obtained from FTSE to use such copyright in the creation of this fund. FTSE is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. European Equities Standard Life European Equity FE % 0.02% 1.02% Active SL SLI European Equity Unconstrained NANL % 0.20% 1.97% Active SL SLI European Equity Growth BBNH % 0.16% 1.66% Active SL SLI European Equity Income BH % 0.10% 1.60% Active SL SLI European Ethical Equity FFBE % 0.12% 1.87% Active SL SLI European Smaller Companies GGPF % 0.10% 1.87% Active SL ishares Continental European Equity Index LLJD % 0.01% 1.01% Passive SL Fidelity European 2B % 0.20% 1.95% Active SL FP Argonaut European Alpha 2P % 0.20% 2.07% Active SL Janus Henderson European Growth 1P % 0.20% 1.95% Active SL Janus Henderson European Selected Opportunities KK % 0.20% 1.95% Active SL Schroder European Opportunities JJAJ % 0.18% 1.78% Active SL Threadneedle European 0A % 0.18% 1.93% Active SL Vanguard FTSE Developed Europe ex UK (AMLP) MACC % 0.02% 0.52% Passive 2 3 SL Vanguard SRI European Stock LLEG % 0.02% 1.02% Passive The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. 2 These funds don t qualify for large fund discounts. For more information about large fund discounts please see page The FTSE Developed Europe ex UK Index is calculated solely by FTSE International Limited ( FTSE ). FTSE International Limited ( FTSE ) does not sponsor, endorse, or promote funds. All copyright in the index values and constituent list vests in FTSE. Licences have been obtained from FTSE to use such copyright in the creation of this fund. FTSE is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. Active Money Personal Pension 19

22 North American Equities Standard Life North American Equity FK % 0.01% 1.01% Active SL SLI American Equity Unconstrained DGLF % 0.11% 1.61% Active SL ishares North American Equity Index IKFF % 0.01% 1.01% Passive SL Schroder US Mid Cap CX % 0.16% 1.84% Active SL Threadneedle American AALJ % 0.12% 1.90% Active SL Threadneedle American Select KN % 0.12% 1.87% Active SL Vanguard US Equity (AMLP) 2 JJMK % 0.02% 0.52% Passive The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. 2 These funds don t qualify for large fund discounts. For more information about large fund discounts please see page 10. Far East Equities Standard Life Asia Pacific ex Japan Equity FY % 0.14% 1.14% Active Standard Life Far East Equity FF % 0.10% 1.10% Active Standard Life Japanese Equity FJ % 0.02% 1.02% Active SL SLI China Equities DDMC % 0.16% 1.93% Active SL SLI Indian Equity Midcap Opportunities AALK % 0.41% 2.18% Active SL SLI Japanese Equity Growth FFAN % 0.12% 1.62% Active SL ishares Japan Equity Index NBCF % 0.01% 1.01% Passive SL ishares Pacific ex Japan Equity Index GGAC % 0.03% 1.03% Passive SL Fidelity Asia KQ % 0.22% 2.22% Active SL Invesco Perpetual Japan CCDE % 0.00% 1.89% Active SL Schroder Asian Income Maximiser GGKH % 0.19% 1.90% Active SL Schroder Tokyo 5Y % 0.16% 1.96% Active SL Vanguard Japan Stock Index NNPG % 0.02% 1.02% Passive SL Vanguard Pacific ex Japan Stock Index BFDG % 0.02% 1.02% Passive The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. 20 Active Money Personal Pension

23 Global Equities Standard Life 2010 Global Equity 50:50 Tracker ZV % 0.01% 0.51% Passive 3 Standard Life 2010 Overseas Tracker 2 ZW % 0.01% 0.51% Passive Standard Life 30:60:10 Global and Emerging Market Equity Tracker (Vanguard) JJPN % 0.03% 1.03% Passive Standard Life 30:70 Global Equity (BlackRock) BBKA % 0.02% 1.02% Passive Standard Life 30:70 Global Equity Tracker (Vanguard) BBMP % 0.01% 1.01% Passive Standard Life 50:50 Global Equity (BlackRock) LLEK % 0.02% 1.02% Passive Standard Life 50:50 Global Equity Tracker (Vanguard) AAPJ % 0.01% 1.01% Passive Standard Life 60:40 Global Equity (BlackRock) LLGK % 0.02% 1.02% Passive Standard Life 60:40 Global Equity Tracker (Vanguard) AACG % 0.01% 1.01% Passive Standard Life 70:30 Global Equity (BlackRock) FFDB % 0.02% 1.02% Passive Standard Life 70:30 Global Equity Tracker (Vanguard) KKHF % 0.01% 1.01% Passive Standard Life Global Equity 50:50 HT % 0.01% 1.01% Active Standard Life Global Equity Select 60:40 FX % 0.01% 1.36% Active Standard Life International Equity FO % 0.03% 1.03% Active Standard Life Overseas Equity GZ % 0.01% 1.01% Active Standard Life Stock Exchange FB % 0.03% 1.03% Active Standard Life World Ex UK Equity (BlackRock) KNBD % 0.02% 1.02% Passive SL SLI Global Emerging Markets Equity Income MPPF % 0.18% 1.78% Active SL SLI Global Emerging Markets Equity IKPL % 0.19% 1.79% Active SL SLI Global Emerging Markets Equity Unconstrained ADPL % 0.17% 1.92% Active SL SLI Global Equity Income LLLA % 0.13% 1.73% Active SL SLI Global Equity Unconstrained KS % 0.11% 1.51% Active SL SLI Global Smaller Companies KKEF % 0.11% 1.81% Active SL Aberdeen World Equity Income JJLL % 0.15% 1.75% Active SL Aberdeen World Equity DDNL % 0.14% 1.74% Active SL BlackRock Global Equity NNMI % 0.02% 1.02% Active SL BlackRock Overseas Equity LNGA % 0.02% 1.02% Active SL Fidelity Global Special Situations % 0.20% 2.20% Active SL Fidelity Wealthbuilder JA % 0.30% 2.30% Active SL Janus Henderson Emerging Markets Opportunities C % 0.26% 2.01% Active SL HSBC Islamic Global Equity Index JB % 0.00% 1.30% Passive SL Invesco Perpetual Global Equity Income MMNP % 0.00% 1.88% Active SL Invesco Perpetual Global Smaller Companies NNMC % 0.00% 1.91% Active SL Investec Global Strategic Equity YK % 0.11% 1.86% Active SL ishares Emerging Markets Equity Index DDFF % 0.05% 1.19% Passive SL JP Morgan Emerging Markets NC % 0.18% 1.86% Active SL Jupiter Merlin Worldwide Portfolio 1G % 1.05% 2.90% Active Active Money Personal Pension 21

24 Global Equities (continued) SL Liontrust Global Income 1H % 0.16% 1.91% Active SL M&G Global Basics 1L % 0.17% 1.87% Active SL M&G Global Dividend HAPH % 0.16% 1.84% Active SL M&G Global Emerging Markets AADD % 0.23% 1.91% Active SL M&G Global Select YB % 0.16% 1.88% Active SL Newton 50/50 Global Equity KJ % 0.07% 1.57% Active SL Newton Emerging Income CCKE % 0.15% 1.83% Active SL Newton Global Equity 5V % 0.12% 1.42% Active SL Schroder Global Emerging Markets 5W % 0.24% 1.99% Active SL UBS Global Optimal KT % 0.25% 1.70% Active SL Vanguard Emerging Markets Stock Index BFAD % 0.07% 1.22% Passive SL Vanguard FTSE Developed World ex UK (AMLP) 2 4 EEAN % 0.02% 0.52% Passive SL Vanguard SRI Global Stock CCBF % 0.02% 1.02% Passive SL Vanguard FTSE 4 Developed World Hedged 5 LPNH % 0.03% 1.03% Passive The charges are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand these tables, please see the Guidance notes section. 1 Please see the Guidance notes section for an explanation of active/passive investments. 2 These funds don t qualify for large fund discounts. For more information about large fund discounts please see page The FTSE All-Share Index is calculated solely by FTSE International Limited ( FTSE ). FTSE International Limited ( FTSE ) does not sponsor, endorse, or promote funds. All copyright in the index values and constituent list vests in FTSE. Licences have been obtained from FTSE to use such copyright in the creation of this fund. FTSE is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. 4 The FTSE All World Developed ex UK Index is calculated solely by FTSE International Limited ( FTSE ). FTSE International Limited ( FTSE ) does not sponsor, endorse, or promote funds. All copyright in the index values and constituent list vests in FTSE. Licences have been obtained from FTSE to use such copyright in the creation of this fund. FTSE is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. 5 The FTSE Developed World ex UK Index is calculated solely by FTSE International Limited ( FTSE ). FTSE International Limited ( FTSE ) does not sponsor, endorse, or promote funds. All copyright in the index values and constituent list vests in FTSE. Licences have been obtained from FTSE to use such copyright in the creation of this fund. FTSE is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. 22 Active Money Personal Pension