Scottish Equitable Personal Pension Scheme (the Scheme ) Group Personal Pension plan application

Transcription

1 Dear Scottish Equitable Personal Pension Scheme (the Scheme ) Group Personal Pension plan application Your employer has sent us an application for you to join its Group Personal Pension plan with Aegon. We accept the application and will set up a plan for you using the information provided by your employer. Your membership of the Scheme, your plan and your policy will start when the first contribution is paid to us by your employer and invested in your plan. We enclose your Group pension plan application details document together with accompanying notes. These are the details we ve used to set up your plan and policy. Please take the time to read these documents carefully and ensure that all of the information is correct. You should pay particular attention to the following:! Sections 2, Contributions and 3, Investment details. These sections set out important details about the contributions to be made to your plan and the fund investment choice. We ve highlighted the most important details for you in bold.! Section 4, Important terms and conditions. This section includes important statements that both we and HM Revenue & Customs (HMRC) will rely upon. The information will be used to claim the valuable tax relief for you that comes with your Group Personal Pension plan. It also includes details of your responsibility to inform us of changes to your personal details (for example change of job). Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered office: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland (No ). Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number An Aegon company. WPS /15

2 Have a look at the Key features of the Group Personal Pension plan. This key features document should help you understand the terms of your pension plan. If you re happy that the information in your Group pension plan application details document is correct, you don t need to take any further action. If any information needs to be changed, you must contact us within 30 days of the date of this letter. If we don t hear from you within those 30 days then both we and HMRC will proceed on the basis that everything for your application for the plan, the policy and Scheme membership has been agreed with you. In a few days you ll receive further documents including a plan schedule and Welcome to your pension booklet. If you contact us to make any changes to your Group pension plan application details document, your changes may not be reflected in this plan schedule. However, changes you ve made to your plan will be confirmed to you. When the first contribution has been applied to your plan you ll receive a cancellation notice. We would like to take this opportunity to welcome you to your company pension scheme with Aegon. Yours sincerely Ronnie Scott Pensions Customer Service Director Enc. Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered office: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland (No ). Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number An Aegon company. WPS /15

3 Group Personal Pension plan application details for Notes for applicant This document sets out information and declarations that we re using in setting up a Group Personal Pension plan for you from Aegon (a brand name of Scottish Equitable plc). You should read it carefully and check that the details are accurate and complete. This is extremely important as this information and the declarations are an important part of the contract between you and Aegon. If any of the details are incorrect, let us know within 30 days from the date of the covering letter. You should refer to the Group pension application details notes (ref: PAD4) when checking the information. For words in bold, refer to the Deinitions section of the notes. The information and declarations will form the basis of a contract of insurance, which may be invalid in the event of a claim arising if you ve failed to disclose any material fact (that s any fact which would be likely to inluence the assessment and acceptance of your application) that the form asks for. If you ve any doubt as to the signiicance of any fact then you should disclose it. What you must do if you are subject to the money purchase annual allowance provisions If you have lexibly accessed your pension rights and so are subject to the money purchase annual allowance provisions, you must tell us within 91 days of joining this plan. You can be ined by HMRC if you don t tell us within this timescale. You will have lexibly accessed your pension rights if: a you had a lexible drawdown plan at any time before 6 April 2015; or b you take, or have already taken, certain types of pension beneit from a registered pension scheme on or after 6 April 2015 (for example, an uncrystallised funds pension lump sum or income from a flexiaccess drawdown plan). If you have lexibly accessed your pension rights because you had a lexible drawdown plan before 6 April 2015, you must tell us that you became subject to the money purchase annual allowance provisions on 6 April Otherwise, you must pass on the information given to you in the statement from your scheme administrator telling you that you have lexibly accessed your pension rights (you can do this by sending us a copy of the statement). If you need any further information, contact a inancial adviser. The information in this document is required for income tax purposes and if you give false information, this may lead to your prosecution by the tax authorities with severe penalties.

4 1 Personal details Title Full forename(s) Surname Date of birth National Insurance (NI) number Gender M F Permanent home address Postcode Full name and address of employer Postcode 2 Contributions Will contributions to your Group Personal Pension plan be paid in accordance with a tiered contribution facility (TCF) as notiied to Aegon by your employer? (i) If Yes, contributions will be paid in accordance with the following TCF table: Tier Age band Employee contribution (%) Employer contribution (%) Yes No

5 2 Contributions continued (ii) If No, or you want to make a contribution in addition to the tiered contributions detailed in the table above, you ll contribute and your employer will contribute These contributions are payable The earnings on which these are to be based have been ixed between you and your employer. In the year in which the irst contribution is to be paid, these are The expected date of payment of the irst instalment of regular contribution is Chosen retirement age Waiver Do you want to apply for waiver of contribution? No go to section 3 Yes how do you want waiver to apply? Tick all that apply. Your personal regular contributions Your employer s regular contributions Any future single contributions* If you want waiver cover for single contributions, make sure that you ve read the notes on waiver of contribution. *If you ve selected cover for any future single contributions, what single contributions are covered depends on what s selected for your and your employer s regular contributions. Who pays for waiver of contribution for regular contributions? Only tick one box. You Your employer Both you and your employer How s the cost of cover for regular contributions to apply? Only tick one box. Included in the speciied contributions or In addition to the speciied contributions The cost of waiver of contribution for any single contributions will always be included in the single contribution. Please tell us the industry you work in and your job title:

6 3 Investment details If you don t choose a fund, all contributions to your plan will be invested as detailed in the Investment fund allocation procedure. Regular contributions % Percentage of contributions % Total 100% Total 100%

7 4 Important terms and conditions In this declaration, You means the person applying for the plan and us or we means Aegon. (a) Subject to what follows concerning waiver of contribution cover: You apply to become a member of the Scottish Equitable Personal Pension Scheme (the Scheme ) in respect of any payments made to the plan either now or in the future. Accordingly, you ll be issued with a plan or plans in connection with the contract or contracts setting out our standard provisions and incorporating any special terms or provisions appropriate to the contract or contracts, or any part of them, which may be applicable. These special terms or provisions shall be in our current form or, where we don t have one, as we think reasonable to relect the special terms or provisions. Where waiver of contribution beneit is to be provided, you ll be notiied if you ve been accepted for this beneit, and the separate contract for this beneit, separately. We won t provide this cover until you ve been so notiied. Notiication of acceptance, or otherwise, shall be in such form as we choose. (b) You agree to be bound by the documents and rules of the Scheme. (c) You agree that the amount of contributions speciied in the arrangements will be paid by you or, with your knowledge, on your behalf. As your status is employed: (i) your employer will pay the amount of employer contributions set out in this declaration; and (ii) where your contributions are to be deducted direct from your earnings and paid to us, you ve authorised your employer to make these deductions; (iii) where your contributions are to be deducted from your earnings on a weekly basis, you agree that your employer may remit these contributions to us, on your behalf, on a monthly basis. (d) You agree as follows: (i) Any contributions to the plan will be allocated to investment funds in accordance with your instructions to us (which includes any set out in these Group Personal Pension plan application details). Where an investment choice hasn t been speciied, you agree to us investing all contributions in the Cash fund or the default investment fund (the Investment fund allocation procedure explains whether it s the Cash fund or the default investment fund for your plan both don t apply for one plan). You agree that we can change our default investment fund in the future, and in the event of such a change we can: 1. at our discretion, invest any contributions paid to your plan after the date of change into the new default investment fund(s), and/or 2. at our discretion switch the funds held in the old default investment fund(s) into the new default investment fund(s). You note that if we don t receive any clear and complete investment instructions, either from you or an authorised person acting on your behalf, we ll invest the contributions in line with the Investment fund allocation procedure. (ii) If a tiered contribution facility (TCF) is to apply to your plan, you agree that contributions will be paid in accordance with the TCF table set out in the Contributions section of these Group Personal Pension plan application details, as advised to us by your employer. Your employer can change the TCF from time to time. If you don t want a TCF to apply to your plan, you ll notify us in writing. (iii) You re aware that we have an Investment fund allocation procedure, and this procedure may be changed from time to time. (iv) That procedure will be part of the plan you re applying for. (v) Whenever a contribution is given to us to apply under the plan, and we don t have clear and complete instructions from you as to which investment funds that contribution is to be applied, then we ll apply the contribution to investment funds chosen in accordance with the said procedure.

8 4 Important terms and conditions continued (e) You agree that we shall decide what funds are available under your policy. This includes us changing what funds are available from time to time. You agree that the powers in the policy may be used to do this. You note that the funds available will relect the views of an adviser that we deem is (or was) involved with the Group Pension Plan for you. Where the funds available change, this may involve a switch of funds (for example you re invested in a fund that is no longer to be available). You agree that any such switch will count as a switch for the purposes of the policy, and you undertake to take all reasonable steps to enable the switch to be made. Going forward, the situation may change and you note the following will take place. (i) Where we wind up an investment fund, existing Units will be surrendered and dealt with as set out in the policy conditions (for example, either you instruct a switch or the investment is moved to the Cash fund or the default investment fund). The timing will be chosen reasonably by us. For further contributions that would have gone to the fund winding up, either you shall instruct a switch, or they ll be dealt with in accordance with the Investment fund allocation procedure. (ii) Where we close an investment fund, existing Units will be left in that fund unless you instruct a switch. For further contributions that would have gone to the closed fund, either you shall instruct a switch, or they ll be dealt with in accordance with the Investment fund allocation procedure. (iii) Where the adviser removes an investment fund or funds, you agree that there will be no change to where your contributions are invested unless you instruct a switch. If you leave the employment to which the Group Personal Pension plan relates, then the funds available position set out above continues to apply (subject to us and you agreeing to something diferent). You note that details of what funds apply for your policy from time to time will be available from us. We don t have to contact you when the funds available change, and it s up to you to check the information available. (f) You conirm that you shall take all steps required to avoid any tax charge arising in relation to the plan in respect of recycling lump sum beneit. (g) You undertake to immediately inform the scheme administrator whenever your status changes (for example from employed to self-employed). (h) You consent to the scheme administrator or its representative obtaining from you or any other person or body to whom a duly authorised payment under the provisions of the Scheme is to be made such evidence and information as it may need for the purpose. (i) You note that if there is any failure to provide information needed by the scheme administrator in order to administer your beneits in an accurate manner, the scheme administrator has the right to make further charges. (j) You declare that the total contributions in a tax year, to any and all registered pension schemes to which you re entitled to tax relief under Section 188 of the Finance Act 2004, won t exceed the higher of the basic amount and your relevant UK earnings in that tax year. (k) You declare that the declaration given in clause (i) of this declaration is, to the best of your knowledge and belief, correct and complete. (l) You declare that the particulars given in the Personal details section and the information given in these Group Personal Pension plan application details, whether in handwriting or not, are to the best of your knowledge, correct and complete. (m) You undertake to give notice to the scheme administrator if an event occurs which results in you no longer being entitled to tax relief on your contributions under Section 188 of the Finance Act You ll give the notice required to the scheme administrator by the later of 5 April in the tax year in which the event occurs and 30 days after the event occurs. (n) You agree that these Group Personal Pension plan application details and every answer or statement (if any) made, or to be made, by you to us or to a medical oicer acting for us (in conjunction with the information given in this application) shall be the basis of contracts between you and us consisting in arrangements under the Scheme.

9 4 Important terms and conditions continued (o) You agree that we or our representatives may get from the scheme administrator or the provider of any other registered pension scheme to which you re contributing or have contributed any information we feel is necessary to administer your arrangements under the Scheme. (p) You agree that deliberate or careless failure to provide correct information for this declaration completely and to the best of your knowledge and belief may result in the beneits not being payable. (q) You agree that this declaration applies for each and every contract and/or arrangement that you re applying for. (r) Insofar as the plan is efected under a Group Personal Pension plan, you consent to the documents relating to the Scheme s administration (including beneit statements) being sent to your employer: (i) relating to information needed for scheme administration for completion by my employer; (ii) which are passed on to me for completion. (s) You declare that you re a relevant UK individual in the tax year in which the irst contribution is to be paid. Consent to processing your information You conirm that you ve read the accompanying notes on how your personal information is gathered, processed and disclosed by us, and consent to its processing, as explained in these notes. Important note We ll issue to you a plan(s) in your name in respect of the beneits provided under this Scheme. On request, we ll supply an example of the standard policy conditions and a copy of the completed application form. We won t assume risk for waiver of contribution beneits until the application for these beneits has been accepted, you ve been notiied of the acceptance and the contribution paid. Scottish Equitable plc, the provider and scheme administrator of the Scheme, agrees to administer the Scheme in accordance with the rules and arrangements of the Scheme. Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered oice: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland (No ). Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number An Aegon company Aegon UK plc WPS /16