Teachers AVC Amendment form

Transcription

1 Teachers AVC Teachers AVC Amendment form Printed form Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Any corrections must be initialled. Please do not use correction fluid as this will invalidate your application. About This this form Form Please return all 12 pages of this form to: PruDirect Operations Support, Prudential, 121 Kings Road, Reading RG1 3ES. This form is for existing Teachers' AVC members who want to amend their Additional Voluntary Contributions (AVCs). Please read the Key Features Document and Key Facts about our services as these will provide you with important information regarding the key risks and benefits to help you make a decision. Please also read the Fund Guide as this will provide you with full details of the funds available, their objectives, Prudential s risk rating of these funds and charges to help you select the funds suitable for your needs. These documents can be found at Please note: If you are contributing towards Life Cover with Prudential and wish to amend your level of cover, please contact our Retirement Specialist Team on * who will arrange for the appropriate form to be sent to you. *Opening hours 9am to 6pm Monday to Friday. Calls may be monitored or recorded for quality and security purposes. Teachers AVC Amendment form: TAVF /2018 Page 1 of 12

2 Part 1 Your personal details Title Dr Mr Mrs Miss Ms Other Surname Forename(s) National Insurance number Date of birth D D M M Y Y Y Y Gender Male Female Address Postcode Contact telephone number address Page 2 of 12 Teachers AVC Amendment form: TAVF /2018

3 Part 2 Employment details Full-Time Teacher Part-Time Teacher Supply Teacher Employer s name Employer s address Postcode Payroll office Payroll reference number Current annual salary* * Please indicate estimated annual salary if you are currently employed as a Supply Teacher. Part-Time Teacher: Please also indicate your full-time equivalent salary Scheme Reference (as shown on your Benefit Statement) Teachers AVC Amendment form: TAVF /2018 Page 3 of 12

4 Please see your Key Features Document for information on contribution limits. *Your regular contribution amount is gross so it already includes your tax savings and is the full amount which will be credited to your pension fund, once any Life Cover payments have been deducted. Please note that all payments (except lump sum cheque payments) will be made by deductions from your salary. There are a number of possible ways you may trigger the Money Purchase Annual Allowance (MPAA) when accessing your benefits flexibly. Your pension scheme or provider will have informed you if this is the case. For further information please speak to your Financial Adviser. Part 3 Amendment of contributions Please amend my AVCs as follows: Existing regular contributions New contribution level % of salary or gross* % of salary or gross* In addition (or instead of increasing regular contributions) you may wish to make a lump sum payment. If so, please attach your cheque to this form and fill in the box below. Alternatively, you can have a lump sum deducted from your salary (please ensure you have sufficient funds in your monthly salary as the deduction will be made on the next available pay date). Lump sum payment: Personal cheque Payroll deduction gross (including tax relief) Have you previously accessed benefits flexibly? If Yes, please specify the date these were accessed (Please make your cheque payable to: Prudential) No. of months, within the same tax year, over which the payment is to be spread: Tax savings: If you make a lump sum payment by cheque, this should be the gross amount you wish to invest. To obtain any relevant tax savings, you should apply to your local Inspector of Taxes. A tax certificate will be issued to assist in making a claim for tax relief. The maximum contributions allowable will include all contributions made to other pensions. Your payroll will be asked to confirm all amounts chosen by you and all payments will be made by deductions from your salary. Pension income will be taxed as earned income. Government rules do not allow people to re-invest a tax-free lump sum from one pension scheme into another. This is known as recycling and can result in a charge of up to 55% of the unauthorised payment. Tax savings will normally apply to your own contributions up to 100% of your earnings. There are limits on the tax savings you can take, for more information please see your Key Features Document. Tax depends on your own circumstances. Tax rules may change in the future. Yes No D D M M Y Y Y Y Page 4 of 12 Teachers AVC Amendment form: TAVF /2018

5 Part 4 Investment instructions I wish to (please tick appropriate boxes): a) Invest my new contribution level in the same funds and in the same proportions as my existing contributions b) Invest my future contributions in different proportions and/ or different funds c) Switch my existing investment into different funds and allocate proportions to be applied You do not need to complete Part 4 of this form Complete Section A Investment Allocation of future Contributions Complete Section B Switch of existing investment Details of the funds can be found in the Fund Guide document, or on our website Section A Investment allocation of future contributions Please indicate overleaf the proportion of your contributions in each fund. You can choose a combination up to a maximum of 10 funds or a Lifestyle option. If this section is not completed, your contributions will be invested as directed in your initial application. Teachers AVC Amendment form: TAVF /2018 Page 5 of 12

6 Part 4 Investment instructions continued Investment Fund Regular Payments With-Profits Fund % Unit-Linked Funds Cash Fund % Fixed Interest Fund % Index-Linked Fund % Discretionary Fund % UK Equity Fund % International Equity Fund % UK Equity (Passive) Fund % Ethical Fund % Long-Term Gilt Passive Fund % Deposit Fund* Total 100% Lump Sum Payments * Please note that this option only applies to existing Deposit Fund investors. You can choose to invest your payments into your plan s default investment option. The default investment option for your plan is Prudential With-Profits Fund. It is the responsibility of your Employer or Trustee to select the default investment option with the guidance from their adviser. This fund doesn t represent a recommendation on behalf of Prudential and you should consider and choose funds to suit your needs. Lifestyle option: Please note that if you choose to invest in the Lifestyle option, you cannot invest your contributions into any other funds. Please tick the appropriate Profile: Profile T1 Profile T2 When selecting the Lifestyle option, 100% of your existing investment (excluding savings invested in the With-Profits Fund, if applicable) is automatically switched into the Lifestyle option chosen above. Please note, if money is taken out of the With-Profits Fund at any time other than your normal retirement date or on your death, the amount payable may be reduced to reflect the value of the underlying assets at that time. This is known as a Market Value Reduction (MVR). For further information please refer to your Key Features Document. Page 6 of 12 Teachers AVC Amendment form: TAVF /2018

7 Part 4 Investment instructions continued If you have savings invested in the With-Profits Fund, do you wish to switch this into the Lifestyle option? Yes No 100% of your existing With-Profits Fund investment will be switched. A Market Value Reduction may be applied. Your existing savings will remain invested in the With-Profits Fund. If you require any further information about this option, please refer to your Fund Guide document. Section B Switch of Existing investments Please confirm below the percentages of the existing investment to be switched, the fund(s) to which the investment is now to be applied and the proportion to be applied to the fund(s). Please see the example below for guidance. Example: A customer wants to transfer 50% of the money they have invested in the With-Profits Fund to the Cash Fund and the UK Equity Fund. They would like 25% of the switched funds to be invested in the Cash Fund and the remainder in the UK Equity Fund. Investment Fund % of existing investment to be switched Fund(s) into which the investment is now to be applied With-Profits Fund 50% Cash Fund % of amount being switched to be applied to each new fund indicated 25% UK Equity Fund 75% 100% Investment Fund % of existing investment to be switched Fund(s) into which the investment is now to be applied % of amount being switched to be applied to each new fund indicated 100% Teachers AVC Amendment form: TAVF /2018 Page 7 of 12

8 Part 4 Investment instructions continued Notes 1. If the percentage of the investment to be applied to the new fund(s) is not stated, the amount available for the investment will be split equally between the funds selected. 2. Instructions received before noon will normally receive the price calculated at noon that day. Instructions received after noon will normally receive the price calculated at noon on the following working day. 3. Details of switch terms and available funds are contained in the Fund Guide document. 4. A switch from the With-Profits Fund may be subject to a Market Value Reduction which if applied will have the effect of reducing your fund value. For more information please refer to the Key Features Document. If you need more boxes, please continue on a separate sheet of paper and enclose with this form. Important notice 1) Neither the Department for Education, the Scottish Public Pensions Agency, the Department of Education (Northern Ireland) nor employers accept responsibility for the accuracy, or otherwise, of any statements or representations made in Prudential s literature; 2) Because individual circumstances vary, you should, before amending the level of your contributions, consider your position carefully; 3) Because Teachers' AVCs are a way of investing money in order to provide pension benefits, those benefits will depend on such things as the contributions paid, the performance of the investments, and on annuity rates at retirement. Therefore the Department for Education, the Scottish Public Pensions Agency or the Department of Education (Northern Ireland) cannot guarantee that any particular level of benefit will be available at retirement; 4) You may vary or stop your contributions at any time in the future but you have no cancellation rights conferred under the Financial Services and Markets Act 2000 and cannot therefore cancel your election retrospectively. Page 8 of 12 Teachers AVC Amendment form: TAVF /2018

9 Declaration I confirm that I am a contributing member of the Teachers Pension Scheme (TPS) in England and Wales, Scottish Teachers' Superannuation Scheme (STSS), or Northern Ireland Teachers' Pension Scheme (NITPS). I authorise the deduction from my earnings of the Additional Voluntary Contributions (AVCs) specified on this AVC Amendment Form. I understand that the AVC arrangements are governed by, and any benefits would become payable in accordance with the relevant regulations. I also accept the provisions in Important Notice above. I confirm I can afford to pay the level of contribution chosen by me. I declare that the total of my contributions does not exceed the limits described in Part 3. I understand what happens if my AVC pension causes HM Revenue & Customs limits to be exceeded at retirement. The consequences are explained in the Key Features Document, a copy of which is available on request or at our website I understand that re-investing a tax-free lump sum from another pension arrangement into this Teachers' AVC (know as recycling ), either as regular or single payments, means I could be liable to an unauthorised payment charge of up to 55% from HM Revenue & Customs. I am aware that a switch from the With-Profits Fund may be subject to a Market Value Reduction. I am aware that I can take my AVC benefits at any time from age 55, or earlier in the case of ill-health retirement or premature retirement/ redundancy. I am aware of alternative ways of increasing my pension including such options as Additional Pension Benefit and any other registered pension scheme. I understand that upon retirement, or at the appropriate time, I can buy my pension benefits from Prudential or exercise my Open Market Option and purchase a pension from another provider. Teachers AVC Amendment form: TAVF /2018 Page 9 of 12

10 This is how we will use your data The Prudential Assurance Company Limited, its group companies*, its business partners and the Trustees or Managers of the Scheme will use your information together with other information for administration, customer services and marketing. We will pass your information to them (including our service providers and agents) for these purposes. We will pass your information to any legal or regulatory body if required to do so. It may be necessary, for the above purposes, to transfer your information to countries that provide a different level of data protection from the UK. In such circumstances, we will put a contract in place to ensure your information is protected. By completing and submitting this form, you consent to the processing mentioned above. You have a right to obtain a copy of your personal information (for which we may charge a fee) and to have any inaccuracies corrected by writing to: The Information Risk & Security Team The Prudential Assurance Company Ltd Lancing BN15 8GB Marketing preferences We would like to keep you updated with marketing information on AVCs. This may be by or post. If you would like to opt out, please tick here. * "Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group. Registered office at Laurence Pountney Hill, London EC4R 0HH. Registered number Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. For your own benefit and protection, you need to read carefully the documentation provided before signing this form. You need to also read carefully any further documentation provided to you in the future. If there is anything you do not understand, please ask us for further information. Before submitting this application, please confirm you have read the documentation provided. Page 10 of 12 Teachers AVC Amendment form: TAVF /2018

11 Your signature This is how we will use your data continued Print full name (in capitals) Date D D M M Y Y Y Y A copy of your completed AVC amendment form is available on request. Teachers AVC Amendment form: TAVF /2018 Page 11 of 12

12 The Prudential Assurance Company Limited (PACL) is registered in England and Wales. This name is also used by other companies within the Prudential Group. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. TAVF /2018 Page 12 of 12