DRAWDOWN MEMBER GUIDE

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1 DRAWDOWN MEMBER GUIDE

2 Contents Introduction 2 Income drawdown 3 Background 3 Eligibility for the Drawdown Account 3 How does the Drawdown Account work? 3 Your Drawdown Account choices 5 Other payments in to the Drawdown Account 8 Investment funds 10 How your payments will be invested in the Drawdown Account 13 Timing of allocation of payments into investment funds 14 Changing your investment funds 15 Income payments 16 Choosing the amount of income you wish to receive 18 Stopping income payments 19 How your Drawdown Account investments are used to take income payments 19 Taxation 22 Income 24 Investments 24 Lifetime allowance 24 Pension commencement lump sum 25 General 25 DRAWDOWN MEMBER GUIDE

3 After starting income payments 26 Review your Drawdown Account regularly 26 Buying an annuity 27 Transfers from a Drawdown Account 27 Death benefits 28 Tax treatment of death benefits 30 Death before age Death aged 75 or over 31 Death benefits on the death of your dependant or nominated beneficiary 31 Death benefits and inheritance tax 31 Glossary 32 DRAWDOWN MEMBER GUIDE [1]

4 Introduction This is a guide to the income drawdown retirement option. It provides you with an explanation of how the Drawdown Account works it also outlines some of the risks involved. Inevitably, there are some aspects of the drawdown option that require technical explanations, but we have tried to make these as easy to follow as possible. In reading this guide, you means you or your authorised representative and we/us means the Trustees of the BlackRock Master Trust. Any words printed in italics are explained in the Glossary which can be found on page 32. There are a number of things to consider before you take out a Drawdown Account. These are explored in further detail throughout this guide. The information in this guide should be read together with your Options form, Drawdown Investment Options leaflet and Drawdown Plan Summary. [4] [2] DRAWDOWN MEMBER GUIDE

5 Income drawdown BACKGROUND The Drawdown Account enables you to leave your pension fund invested for future potential growth. While it is invested you can draw an income from your Drawdown Account. This is generally known as income drawdown. Income drawdown was first introduced over 20 years ago but, prior to April 2015, there were restrictions on how much income could be taken from income drawdown. Many of those restrictions have now been removed. The Drawdown Account provides you with flexi-access drawdown, a more flexible form of income drawdown. Flexi-access drawdown allows you complete freedom to take as much income as you like each year, subject to any limitations that may be imposed by your income drawdown provider. ELIGIBILITY FOR THE DRAWDOWN ACCOUNT The minimum amount that you can move from your Pension Account into your Drawdown Account initially is 30,000 after you have taken any pension commencement lump sum (PCLS) that you might be entitled to. You must also be at least 55 years old or have ceased to carry on your normal occupation because of ill-health. You must also have a UK bank account and be resident in the UK. HOW DOES THE DRAWDOWN ACCOUNT WORK? You open your Drawdown Account by instructing us to move some or all of your Pension Account into the Drawdown Account and telling us which investment funds you want us to invest in. We will set up your Drawdown Account to hold these funds and we will carry out your investment instructions. If you are not moving the whole of your Pension Account into the Drawdown Account, you will need to tell us from which of your current Pension Account investment funds you want us to move funds. The amount that we move into your Drawdown Account will be uncrystallised funds. DRAWDOWN MEMBER GUIDE [3]

6 [4] DRAWDOWN MEMBER GUIDE

7 Your Drawdown Account choices You have three ways to take your money from your Drawdown Account so you need to decide what is most appropriate for you. DRAWDOWN MEMBER GUIDE [5]

8 1ONE-OFF PENSION COMMENCEMENT LUMP SUM (PCLS) PLUS INCOME PAYMENTS If you choose to take a PCLS immediately, you can either: ` `defer taking an income until you need it; or ``set up regular income payments to begin at the same time from the remaining drawdown funds invested in your Drawdown Account. The PCLS is currently tax free and can be up to 25% of the amount you moved into the Drawdown Account. Income payments are subject to income tax. If you take a PCLS immediately, we will move three times the amount you take as a PCLS from your Pension Account into drawdown funds in your Drawdown Account. This is known as designating funds to income drawdown. The maximum PCLS you can have is one third of the funds you designate to drawdown funds. EXAMPLE: SO IF YOU HAVE A PENSION FUND OF 100,000, YOU COULD DESIGNATE 75,000 TO DRAWDOWN FUNDS, AND HAVE A MAXIMUM PCLS OF 25,000 IMMEDIATELY. 100,000 INVESTED 75,000 The Account holder can take income payments on a monthly, quarterly, half-yearly or annual frequency. TAX FREE 25,000 [6] DRAWDOWN MEMBER GUIDE

9 Once you have designated funds to income drawdown, you cannot use those funds in the future to provide you with a different sort of benefit other than a short-term annuity or lifetime annuity. Designating funds to income drawdown is a benefit crystallisation event. This means that we have to measure the PCLS and the funds designated to income drawdown against the lifetime allowance. See page 35 for more details. You can choose to take an income straight away or you can defer taking an income until it suits you. See Income payments for more details. If you choose to take an income, you must tell us which of your drawdown investment funds you want us to pay your income from. Under this option the drawdown funds remain invested in the investment funds you have chosen until they are needed for income payments. 2 PENSION COMMENCEMENT LUMP SUM (PCLS) PAID IN INSTALMENTS WITH INCOME PAYMENTS If you choose to set up your Drawdown Account in this way, there is no one-off PCLS payment up front. Instead we will move the amount you instruct us to move to an uncrystallised fund in your Drawdown Account. You select the level of income payment you require to be made from your Drawdown Account and the frequency. Twenty-five percent of the income payment will be paid to you as a PCLS (which is tax free under current legislation) with the balance of the income payment being paid subject to income tax. Each time an income payment is made the PCLS and income payment are measured against the lifetime allowance as each income payment is a benefit crystallisation event. See the Glossary for more details. Under this option, the balance of the uncrystallised funds in your Drawdown Account remain invested in the investment funds you have chosen. They are available for further income payments as and when you want them. They can also be used in the future to provide you with a different sort of benefit. DRAWDOWN MEMBER GUIDE [7]

10 3 A COMBINATION OF OPTIONS 1 AND 2 You can choose to set up your Drawdown Account as a combination of 1 and 2. If you do this, your Drawdown Account will consist of a mixture of uncrystallised and drawdown funds. OTHER PAYMENTS INTO THE DRAWDOWN ACCOUNT Neither you nor your employer may make any contributions into your Drawdown Account. However, contributions may continue to be paid into your Personal Retirement Account provided you left at least 1,000 in it when you set up your Drawdown Account. You may transfer the value of benefits from another registered pension scheme (or qualifying recognised overseas pension scheme) into your Drawdown Account at any time, subject to our agreement. However, you must always check first for any potential exit penalties which could apply to the money being transferred, and for any guarantees that you might lose on transferring. If you are in any doubt, you should speak to an authorised financial adviser. We will not accept transfers into the Drawdown Account which include capped drawdown funds unless you agree to those capped drawdown funds being converted into flexi-access drawdown funds as part of the transfer. The minimum transfer that can be accepted is 1,000. Please contact us if you are interested in transferring monies into your Drawdown Account. [8] DRAWDOWN MEMBER GUIDE

11 You are also able to use your Drawdown Account to hold any pension credits awarded to you as a result of a financial settlement on divorce. You must provide us with information about your pension credit, including whether it is a disqualifying pension credit. The minimum pension credit that can be accepted is 1,000. No other payments can be made into the Drawdown Account. We may change the minimum payment value allowed to be made to the Drawdown Account at any time. DRAWDOWN MEMBER GUIDE [9]

12 Investment funds The Drawdown Account offers a wide range of investment funds to choose from. These funds cover most investment sectors in the UK and abroad. It also offers funds managed by companies other than BlackRock. [10] DRAWDOWN MEMBER GUIDE

13 DRAWDOWN MEMBER GUIDE [11]

14 Each fund has a yearly management charge (annual management charge). These charges are expressed as an annual percentage but are calculated and deducted on a daily basis. The investment funds incur some additional expenses which are borne by the funds and expressed as additional expenses. The charges that you will pay for each fund will be the total of the annual management charge for the fund you are invested in and the additional expenses for that fund. When you take up a Drawdown Account, you will need to tell us which fund or funds you want your uncrystallised fund and drawdown funds to be invested in by completing an Options form. If you choose to set up your Drawdown Account using a mix of options 1 and 2 then, on the day your Drawdown Account is opened, your uncrystallised fund and drawdown fund(s) must be invested in the same investment funds and in the same proportions. As soon as your Drawdown Account is set up, you will have the facility to switch your uncrystallised and drawdown funds into different investment funds and in different proportions. The whole of your Drawdown Account (including both your drawdown funds and any uncrystallised funds) will be valued on a daily basis. You can view the daily value of your Drawdown Account on TargetPlan. You will receive a statement each year. This will show the value of the funds in your Drawdown Account and the amount of income (if any) you have taken during the last year. Please see your Drawdown Investment Options leaflet for more information on: ``all of your investment fund options; ``the annual management charge rate for each fund; ``the specific risks of each of the available funds; ``switching investment funds. [12] DRAWDOWN MEMBER GUIDE

15 HOW YOUR PAYMENTS WILL BE INVESTED IN THE DRAWDOWN ACCOUNT We will allocate an amount equal to 100% of the amount you have told us to move into the Drawdown Account to units in the investment funds that you have selected on your Options form in the proportions that you have chosen. The investment funds and the proportions you chose on your Options form will be shown on the Drawdown Account Summary that will be issued to you when your Drawdown Account is set up. We will not move any funds from your Personal Account into your Drawdown Account until you have completed an Options form which gives us clear formal instructions about which investment funds you have selected and the proportion of your funds that are to be invested in them. Formal instructions means that you or your authorised representative must give us clear instructions by letter, phone, or through our internet message facility and supply any documents that may reasonably be requested in order to carry out your instruction. Your instructions will not be valid (and therefore not implemented) until they have been approved by us. If your instructions are approved before 1.00 p.m., they will be treated as having been approved no later than two working days from the day they are received. If formal instructions are approved after 1.00 p.m., they will be treated as having been approved no later than three working days from the day they are received. We will invest any subsequent transfer payments or pension credits in the same funds and in the same proportions as your initial payment, unless you give us new instructions. DRAWDOWN MEMBER GUIDE [13]

16 TIMING OF ALLOCATION OF PAYMENTS INTO INVESTMENT FUNDS We will allocate your initial payment to your chosen investment fund(s) using the unit prices on the commencement date: this is the date shown on your Drawdown Account Summary. The commencement date will usually be no later than the date of the working day on which we treat your formal instructions as approved. We will allocate any transfer-in payments or pension credits on the later of the date that the formal instructions are treated as approved and the date that the payment becomes cleared funds in our bank account. [14] DRAWDOWN MEMBER GUIDE

17 CHANGING YOUR INVESTMENT FUNDS If you wish to change the allocation of units in your chosen investment funds at any time, you can request this by giving us formal instructions to switch funds. We will use the unit prices applicable on the date that we treat the formal instructions as being approved. We are not able to accept another instruction to switch funds if we are still processing a previous switch instruction. If you give us more than one switch instruction in quick succession, we will delay processing the second switch instruction until the first has been completed. We will let you know when this happens. There is a period of up to 15 working days before we make income payments during which we will not be able to accept switch instructions in respect of funds which are being used to make income payments. Where we receive an instruction from you in these circumstances, we will contact you. DRAWDOWN MEMBER GUIDE [15]

18 Income payments You need to consider the implications, and limitations, of the decisions you make, now and in the future. [16] [18] DRAWDOWN MEMBER GUIDE

19 DRAWDOWN MEMBER GUIDE [17] [19]

20 CHOOSING THE AMOUNT OF INCOME YOU WISH TO RECEIVE You can give us instructions to start making income payments at any time. The level of income you choose can be between 0% (no income) and 100% (the whole) of your Drawdown Account value (including both your drawdown fund(s) and uncrystallised fund). If you choose to start receiving income payments, the minimum payment that you can receive is 100 before tax. We cannot pay regular amounts less than this. We may change the level of this minimum payment in the future and we will tell you if this happens. Your income payments are treated as earned income for tax purposes so you will be subject to income tax, at the prevailing rates in each tax year, on any income payments you receive. We will deduct any income tax that is due before we make your income payment. You can choose to have your income payments paid monthly, quarterly, half yearly or annually. You can choose to have your income payments increase automatically on the anniversary of the commencement of those payments. You can choose a fixed percentage increase of between 1 and 10% or the increase in the Retail Prices Index (RPI). If you choose to have your income payments increase by the increase in the RPI, the rate that will apply to any increases given in a particular tax year will be the RPI rate declared at the previous September. Income payments can only be made on the 24th of each month. This is known as the payment date. There are 12 payment dates a year. You can give us instructions to change your income payments at any time but they will only take effect from the next available payment date. There is a period of up to 15 working days immediately before each payment date during which we are unable to change the level of your income payments. If we receive an instruction to change the income you are receiving during this 15-day period, we will not action that request until after the payment date at the end of that period. Your income will then be changed from the following payment date. Please bear this in mind when you request changes in your income payment and give us sufficient notice if you need your income payment to change from the next available payment date. [18] DRAWDOWN MEMBER GUIDE

21 You can choose to receive regular income payments or one-off payments, subject to a maximum of 12 one-off payments in each year. One-off payments are available even if you are not receiving regular income payments. If you are receiving regular income payments, one-off payments will be paid with any regular income payments from the next available payment date. We can only make payments by direct credit to your nominated bank account. STOPPING INCOME PAYMENTS Once income payments have started, they will continue to be paid until: ``your death; ``your drawdown fund(s) and/or uncrystallised fund run out of funds; ``you decide to use the remaining funds to buy an annuity from a company of your choice; or ``you transfer your whole Drawdown Account to another provider ``you instruct us to stop making payments. HOW YOUR DRAWDOWN ACCOUNT INVESTMENTS ARE USED TO TAKE INCOME PAYMENTS Income payments will be made by disinvesting (selling) units in your chosen investment fund(s). When you first select an income payment, if you have invested in more than one investment fund, you will need to tell us what investment funds the income payments should be paid from. Units will normally be disinvested from your drawdown fund(s) (if you have set up your Drawdown Account under option 1), your uncrystallised fund (if you have set up your Drawdown Account under option 2), or proportionately across your drawdown fund(s) and uncrystallised fund (if you have set up your Drawdown Account under option 3). To pay your income, we ll automatically disinvest funds to provide the amount of income (before deduction of tax) that you have chosen. DRAWDOWN MEMBER GUIDE [19]

22 If you are invested in more than one investment fund and an uncrystallised or drawdown fund you have selected to pay your income is exhausted, you must provide us with a new instruction. If no new instruction is received, we will either continue to make income payments from other drawdown funds or cease payments until new instructions are received. The exact treatment will depend on whether you are invested in an uncrystallised fund or drawdown funds and if you are in more than one investment fund as follows: (a) if you still have drawdown funds invested from which income payments are not currently being made, we will make the final income payment from the depleted fund and top up the income payment from your other drawdown funds. We will continue to make income payments in accordance with your existing instructions from the other drawdown funds unless or until you provide us with new instructions; (b) if you have uncrystallised funds from which income payments are not currently being made, we will make the final income payment from the depleted fund and no further income payments will be made until we receive new instructions relating to the uncrystallised funds. The final payment will represent the amount left in your depleted fund on the day we sell the units to make the payment to you. This might be more or less than your expected income payment. [20] DRAWDOWN MEMBER GUIDE

23 (c) If you have investments remaining in more than one drawdown fund, the income payment will be made proportionately across the remaining funds based on the value of each fund holding at the time of the withdrawal. We will write to you when your funds are close to being depleted so that you can make other arrangements or give us new instructions. If all of your funds have been depleted, your income has ceased and we have received no further instructions from you, your Drawdown Account will be closed. You can, of course, change your instructions regarding funds or the level of income payment to be disinvested if you wish. DRAWDOWN MEMBER GUIDE [21]

24 Taxation You should be aware of the latest tax rules and how they will affect your investments and income. [22] DRAWDOWN MEMBER GUIDE

25 DRAWDOWN MEMBER GUIDE [23]

26 INCOME The income you take from your Drawdown Account that is not a pension commencement lump sum will be taxed under the Pay As You Earn (PAYE) system. The amount of income you take from your Drawdown Account in a tax year will impact on the rate of income tax you pay, so it s important to consider this when deciding how much and when to take an income. INVESTMENTS Any investment growth on the funds held in your Drawdown Account is largely free of UK income tax and capital gains tax. However, we cannot reclaim the tax paid on dividends from UK companies. LIFETIME ALLOWANCE There are no restrictions on the value of the total benefits payable from all of your registered pension schemes. However, anything over a certain level, called the lifetime allowance, will be subject to a tax charge, called the lifetime allowance tax charge, of up to 55% on the excess. The standard lifetime allowance is 1 million for the 2016/2017 tax year. For most people, the lifetime allowance will be the standard lifetime allowance. However, you may be entitled to a higher protected personal lifetime allowance in certain circumstances. If you are entitled to a protected personal lifetime allowance you must tell us. [24] DRAWDOWN MEMBER GUIDE

27 PENSION COMMENCEMENT LUMP SUM Option 1. One off PCLS plus income payments When you first designate a part or all of your Drawdown Account to drawdown funds, a percentage of the amount you allocate can normally be paid as a tax free PCLS. It can only be taken at the time you first designate some or all of your pension fund to drawdown funds. If you later buy a short-term annuity, you will not be entitled to another PCLS. Option 2. PCLS paid in instalments plus income payments If you take your PCLS over time, in instalments, instead of upfront you may take a PCLS each time you take an income payment or if you decide later to use some of the uncrystallised fund to buy an annuity. GENERAL Tax legislation is subject to change and means that tax rates may change in the future. DRAWDOWN MEMBER GUIDE [25]

28 After starting income payments Choosing a Drawdown Account isn t a one-off decision you can, and should, review your personal finances regularly to make sure the decisions you have made about your Drawdown Account remain suitable. REVIEW YOUR DRAWDOWN ACCOUNT REGULARLY Your circumstances might change after you start taking your income, so you should regularly review your situation with your financial adviser, for the reasons set out below: ``if you take too much income too soon your Drawdown Account may run out of money before you die leaving you and, on your death, your spouse, registered civil partner or dependant without an income; ``if the amount of income you take from your Drawdown Account exceeds the rate of investment growth on your funds the capital value of your Drawdown Account will go down faster than you have anticipated. This may reduce the amount of income available to you and, on your death, your spouse, registered civil partner or dependant. [26] DRAWDOWN MEMBER GUIDE

29 BUYING AN ANNUITY You can use your Drawdown Account to purchase an annuity from an annuity provider at any time. You can buy an annuity from the provider of your choice. The annuity may be a short-term annuity (which is paid for a period of up to five years) bought using your drawdown funds or a lifetime annuity bought using your uncrystallised funds. It s critically important to shape an annuity to meet your needs. For example, if you have a spouse you may wish to include a spouse s level of income. This means that, should you pre-decease your spouse, your spouse continues to receive an income from your annuity contract. Generally speaking, the older you are when you buy an annuity, the higher the annual income you should get for your money because your life expectancy will be shorter. Annuities may also be higher for people who have certain underlying health conditions. However, annuity rates may worsen in the future and this could impact on the level of income you will receive. Annuity rates can change significantly over short periods of time, both up and down, so it s important to shop around. TRANSFERS FROM A DRAWDOWN ACCOUNT You may transfer the value of your Drawdown Account to another registered pension scheme that is willing to accept it, at any time. A dependant or nominated beneficiary may transfer the value of his or her Drawdown Account to another registered pension scheme that is willing to accept it, at any time. DRAWDOWN MEMBER GUIDE [27]

30 Death benefits Any remaining assets may be passed on to your dependants and nominated beneficiaries on your death. [28] DRAWDOWN MEMBER GUIDE

31 DRAWDOWN MEMBER GUIDE [29]

32 On your death any assets remaining in your drawdown funds or uncrystallised funds may be paid as a lump sum to your nominated beneficiaries or, subject to meeting certain limits, may be paid to one or more dependant or nominated beneficiaries to designate to a Drawdown Account in their own name, so they may receive an income after your death either in the form of income payments from their Drawdown Account or through the purchase of an annuity. The designation by your dependant(s) or nominated beneficiaries, of assets remaining in your uncrystallised fund or the use of those funds to purchase an annuity, will be a benefit crystallisation event. These assets will have to be measured against your lifetime allowance if you are aged under 75 when you die and if the designation occurs, or entitlement to the annuity arises, within two years of the earlier of the day we first knew or your death or could first reasonably have been expected to know of it (the two-year period ). See page 39 for more details on the lifetime allowance. Your dependants or nominated beneficiaries may take income payments on the same terms as you. See the Income Payments section of this booklet for more details. TAX TREATMENT OF DEATH BENEFITS The tax treatment of your death benefits will normally depend on whether your death occurs before or after age 75. DEATH BEFORE AGE 75 ``Any lump sum will generally be paid free of tax to your dependants or beneficiaries unless it is paid outside the two-year period when it will be subject to a tax charge of up to 45% which will be deducted before the lump sum is paid. ` ` If you have not nominated a beneficiary and do not have any dependants, the remaining pension fund will be payable at our discretion as a lump sum. [30] DRAWDOWN MEMBER GUIDE

33 ``Income payments made to your dependants or nominated beneficiaries will not normally be subject to income tax unless those payments are made from assets derived from your uncrystallised fund which are designated to a Drawdown Account or used to buy an annuity outside the two year period. DEATH AGED 75 OR OVER ``Any lump sum payments will be subject to a tax charge of up to 45% which will be deducted before the lump sum is paid. ``If you have not nominated a beneficiary and do not have any dependants, the remaining pension fund will be payable at our discretion as a lump sum. ``Income payments will be subject to income tax under the Pay As You Earn (PAYE) system. DEATH BENEFITS ON THE DEATH OF YOUR DEPENDANT OR NOMINATED BENEFICIARY If your dependant or nominated beneficiary dies whilst taking an income, the remaining fund will be paid as a lump sum or be used to continue to provide an income for one or more successors. DEATH BENEFITS AND INHERITANCE TAX If you nominate a beneficiary to receive any benefit payable on your death, an inheritance tax liability will not normally arise in respect of it. If your nominated beneficiary dies before you, you should provide us with a new nominated beneficiary to allow your death benefits to be payable as shown in the previous section. DRAWDOWN MEMBER GUIDE [31]

34 Glossary Certain key words and phrases with technical meanings appear throughout this guide in italics. These are explained overleaf. [32] DRAWDOWN MEMBER GUIDE

35 DRAWDOWN MEMBER GUIDE [33]

36 Annuity: An annuity is a contract sold by an insurance company designed to provide payments at specified intervals which can be linked to a rate of escalation. There are many different type of annuities available. Benefit Crystallisation Event: This is the name given to any event that happens that requires the trustees or managers of the scheme to measure the benefits you have taken against the lifetime allowance. Examples of the events that have to be measured are designating funds to income drawdown or taking a pension commencement lump sum. Capped drawdown funds: Before flexi-access drawdown was introduced in April 2015, other forms of income drawdown existed which had more restrictive rules about the amount of income that could be taken from them. Capped drawdown funds is one of the forms of income drawdown that previously existed. The Drawdown Account cannot accept capped drawdown funds and will only accept a transfer payment that contains capped drawdown funds if you agree to them being converted to flexi-access drawdown funds. Disqualifying pension credit. This means that the pension credit you were awarded as part of a divorce settlement is not eligible to have a PCLS when the portion of your Drawdown Account that is made up of your pension credit comes into payment. Drawdown funds: Your Drawdown Account will be made up of drawdown funds, uncrystallised funds or a mixture of both. Drawdown funds are funds that you have specifically designated to income drawdown and will have given rise to an entitlement to a pension commencement lump sum. Uncrystallised funds are funds from which you have not yet chosen the benefits. Drawdown Account: When you choose to take up income drawdown in this scheme, we open a new Drawdown Account for you. This will be separate from your Personal Retirement Account in the scheme into which all contributions that you and your employer have paid have been held. The two Accounts will have their own Account numbers and there are separate Member Guides and Investment Option leaflets for each type of Account. [34] DRAWDOWN MEMBER GUIDE

37 Flexi-access drawdown: A type of flexible income drawdown that was introduced from April The rules about how and when you can access your income with this type of income drawdown are much more flexible than previous versions of income drawdown. Your Drawdown Account is a flexi access drawdown account. Lifetime allowance: The lifetime allowance is the amount of pension savings that you can build up over your working life without incurring tax charges. Designating uncrystallised funds in your Drawdown Account for income drawdown is a benefit crystallisation event that requires the benefits you are taking to be measured against the lifetime allowance. This may give rise to a lifetime allowance tax charge. You will need to supply us with information about the benefits you hold in other registered pension schemes to enable us to measure your benefits against the lifetime allowance. If you choose to set up your Drawdown Account under option 2 or 3, you will need to provide this information to us regularly on request. If your Drawdown Account has been subject to a lifetime allowance tax charge, you will receive a notification from us providing details of the tax charge that has been deducted. The payment of benefits on your death may also be a benefit crystallisation event and require that the benefits your dependant or nominated beneficiaries take are measured against the lifetime allowance. Lifetime annuity: An annuity which is payable for life. Once you have bought a lifetime annuity, you will be paid an agreed set level of income for the rest of your life. The amount of annuity that you receive depends on factors like whether you want to provide an income for your spouse after your die, how old you are when you purchase the annuity, whether you have any underlying health conditions, and whether you want the income to increase each year in payment. Different annuity providers will also offer different rates for an annuity so it is important that you shop around. Pension Account: This is the amount of your Personal Retirement Account that was shown to be available on TargetPlan when you completed your online Options form. The amount is not guaranteed and can go up or down. DRAWDOWN MEMBER GUIDE [35]

38 Pension commencement lump sum (PCLS): This is a cash sum (currently paid tax free) which can be paid when you start to take an annuity or designate funds to income drawdown. The maximum PCLS for most people is 25% of your Pension Account. It can be paid as a one-off payment initially or it can be paid in instalments when you start to take income payments. Pension credit: This is an amount you may be awarded as part of a financial settlement in a divorce. Personal Retirement Account: This is the Account you have had in this scheme into which all of your and your employer s contributions have been made in the period up to your target retirement age. Short-term annuity: A short-term annuity is an annuity payable for a period not exceeding five years. Uncrystallised funds: These are funds from which you have not yet chosen what benefits to take. [36] DRAWDOWN MEMBER GUIDE

39 DRAWDOWN MEMBER GUIDE [37]

40 Want to know more? * blackrock.pensionsuk@blackrock.com blackrock.co.uk/targetplan * Monday to Friday 9.00 a.m. to 5.00 p.m. (except on Bank Holidays) Other sources of information We strongly recommend that you access the Pension Wise service or seek advice from an authorised financial adviser before you proceed. Pension Wise Pension Wise is a Government service that offers you free and impartial guidance (online, over the telephone or face to face) to explain what options you have and help you think about how to make the best use of your pension savings. Their website is pensionwise.gov.uk Financial advice We strongly recommend that you seek financial advice before deciding whether to take out a Drawdown Account and at regular intervals after you have taken out your Drawdown Account. You can find an authorised financial adviser at unbiased.co.uk Please remember that an authorised financial adviser will charge you for providing advice but they will discuss the cost of this before you use their services and it can be money well spent. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Any objective or target will be treated as a target only and should not be considered as an assurance or guarantee of performance of the Fund or any part of it. Issued by BlackRock Life Limited ( BLL ), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Funds described in this document are available only to trustees and members of pension schemes registered under Part IV of the Finance Act 2004 via an insurance policy which would be issued either by BLL, or by another insurer of such business. BLL s registered offi ce is 12 Throgmorton Avenue, London EC2N 2DL, England. Tel +44 (0) Registered in England and Wales number BlackRock is a trading name of BLL BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, ishares, BUILD ON BLACKROCK, SO WHAT DO I DO WITH MY MONEY and the stylized i logo are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. DCSM-0089 (Splash/319480/Oct16)

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