Transfer payment form

Transcription

1 For customers Flexible Pension Plan Transfer payment form (with adviser charges option) Illustration number You must insert the illustration number. If you don t, we can t progress this application Please read these notes before completing this form. About this form You can use this form to give us details of a transfer being made to a new Flexible Pension Plan under the Scottish Equitable Self-administered Personal Pension Scheme. If you want to make more than one transfer when setting up a plan, please complete separate copies of this form for each transfer. Please remember to complete the charge deduction instruction section in each copy of the Flexible Pension Plan Transfer payment form, if you want us to facilitate payment of adviser charges for these transfer(s). If you re transferring to an existing plan, please complete an Additional transfer payment form instead. rmally you can t make a transfer if you re already being paid benefits under the transferring arrangements. An exception to this is a drawdown arrangement. If you want to make a drawdown to drawdown transfer you should speak to an adviser as you can t use this form. We only accept such transfers into our One Retirement and Aegon Retirement Choices SIPP contracts. If you want to start paying regular or single contributions to the plan, you also need to complete a separate form. We may not be able to accept a transfer from a Retirement annuity contract (also known as a section 226 policy) where the contract was written under trust. If you think that this might affect you, consult an adviser and don t complete this form. This form is split into three parts: Part A (sections 1-10) contains the application and the charge deduction instruction. All applicants must complete this. Part B (sections need to be completed on behalf of the scheme (if applicable) which is making the transfer payment to your Aegon Flexible Pension Plan. The transferring scheme can provide these details in a separate document as long as this meets all our requirements. Section 14 should be completed by a financial adviser. Part C contains notes and definitions to help you complete this form. You should read this section before you sign the declaration and consent in section 10. Give full information This application will form the basis of a contract of insurance with Aegon. When you answer a question, you must give all relevant information. This means that you must completely and accurately disclose all of the facts when answering each question. You re not required to make any personal assessment about the relevance or otherwise of any information. If you don t disclose all relevant facts, the protection that the plan provides could be lost or cancelled, and your claim rejected. Check details already completed If any details are already completed (based on what you ve told a financial adviser), please check these before you sign the declaration and consent in section 10. If any details are incorrect or incomplete, please change them, initial the changes and let the financial adviser know. Additional information Words in bold are defined terms that we explain in the Definitions section in Part C. Whenever you see this icon *, you may need to send us additional material with this form.

2 Part A Must be completed by all applicants 1. Personal details Please complete this form in BLOCK CAPITALS and ballpoint pen. 1.1 Your personal details If you re completing this form on someone else s behalf, please complete all the details as if you were that person. Enter the Aegon plan number to which the transfer is to be made. To make additional transfers into this plan you must live in the UK. Title Mr / Mrs / Miss / Ms / Other please specify Full forename(s) Home phone number Work phone number Mobile phone number address We might use your address and phone numbers to get in touch with you about your application and policy. If you don t want us to send you information about our products, please tick the appropriate box in section 10. National Insurance number Surname Date of birth (dd/mm/yyyy) You ll find your National Insurance (NI) number on your payslip and/or on a tax code notice. Gender: male female 1.2 At what age do you want to take benefits? Permanent home address Postcode Page 2 of 17

3 2. Investment choice Indicate the fund(s) required and the investment split in the table on the next page. Make sure you enter the exact fund name. You can find this by going to aegon.co.uk/fullfundrange and selecting other fund ranges. Fund name(s) % Total 100% Page 3 of 17

4 3. Charge deduction instruction You should complete this instruction when you ve agreed to pay adviser charges to a financial adviser. This is your instruction to Aegon to facilitate the payment of these charges from your pension plan and pass them on to a financial adviser. If you want to add, or to instruct Aegon to take further adviser charges, you need to complete a new charge deduction instruction. You have the right to cancel this charge deduction instruction at any time. You can find more information on adviser charges in our Adviser/Consultancy charges terms and conditions which you received with your illustration. 3.1 Initial adviser charge on transfer payment Enter the amount or percentage to be deducted. Tick one option only. Amount This amount will be deducted proportionately across your plan. Percentage % of the transfer payment This charge will be deducted from the transfer payment. As this charge is based on a percentage of the transfer payment, the actual charge will vary, based on the amount we receive. 3.2 Ongoing adviser charge If you re making more than one type of payment on multiple forms, please make sure that the ongoing adviser charge details are the same on all forms Charge to be deducted Enter the amount or percentage to be deducted. Tick one option only. Amount each year If the amount is to escalate each year, show percentage below. % each year on the anniversary of your plan start date Percentage % of your plan each year Enter frequency of the charge. Tick one box only. Monthly Quarterly Yearly Charge start date The ongoing adviser charge due date is based on the frequency selected and the day and month of the plan start date. Only complete this section if you want to start the ongoing adviser charge in the future. Otherwise, we ll deduct the charges on the next charge due date. You can find more information and examples of how this works in Part C Application form notes and definitions. Enter start date if charge is to be deducted in the future. Month (mm) Year (yyyy) Page 4 of 17

5 4. Death benefits Who would you like to receive any death benefits? I would like the scheme administrator to pay any lump sum death benefits (including a return of the fund) to the beneficiaries named, and in the proportions set out below. I note the scheme administrator has absolute discretion about which of the beneficiaries named below (if any) it chooses. This nomination is only an expression of my wishes and isn t binding on the scheme administrator. I note that I can change my nomination by completing a new form. The scheme administrator will then look at the last-dated form received before my death. In the table below, please enter the full name of each beneficiary, their relationship to you and the percentage of any lump sum benefit that you d like the scheme administrator to pay them. If you d like to nominate more than four people, please give the details on a separate sheet and sign and date that sheet and attach it to this form. * Full name of beneficiary Relationship to you (for example son, friend) Percentage of benefits % 5. Transferring scheme details 5.1 Please give details of the transferring scheme Full name of scheme administrator/current provider/insurer Full name of pension scheme (where known) Address of scheme administrator/current provider/insurer Postcode HM Revenue & Customs (HMRC) registration number or, if not allocated, the HMRC reference number Approximate fund value to be paid to Aegon Does this represent the full value of the plan? Yes 5.2 What type of pension scheme are you transferring from (tick one box)? a registered pension scheme under section 153 of the Finance Act 2004 a recognised overseas pension scheme 5.3 Is the transfer from a defined benefit scheme or from a contract that guarantees some or all of the benefits that were originally provided under a defined benefits scheme (a deferred annuity contract or a section 32 contract that guarantees GMP)? Transferring scheme plan number Yes Page 5 of 17

6 5. Transferring scheme details continued 5.4 Is the transfer from a Retirement annuity contract (also known as a section 226 policy) that is written under trust? 5.5 Is the transfer from a plan that provides a guaranteed annuity rate or guaranteed minimum pension? Yes you may not be able to proceed with this transfer to our plan. Please speak to a financial adviser. Yes 6. Entitlement to protection of benefits (if applicable) You need to complete this section if you have enhanced protection or fixed protection. You can find more information about enhanced protection and fixed protection at aegon.co.uk/lifetimeallowance If you have enhanced protection or fixed protection, the transfer(s) you re making need to be permitted transfers otherwise you ll lose your protection. Is this a permitted transfer? You should tick one box. Yes 7. Source of wealth You should complete sections 7 and 8 if the transfer payment comes from a recognised overseas pension scheme, because by law we have to check where the money you re investing comes from. If your transfer payment is paid from an Aegon Scheme and/or from any UK registered pension scheme, please go straight to section 9. Please give us full details of how you ve acquired the money you re investing. If you need more space you can continue on a separate sheet of paper and attach it to this form. In some cases, we may need to see documentation as proof of this, a financial adviser will be able to tell you whether this affects you. Page 6 of 17

7 8. Source of funds Please give us details of the bank account that the transfer payment from a recognised overseas pension scheme to the plan will come from. We have to make sure that we fulfil our anti-money laundering requirements for the named holder of the bank account that the transfer payment to the plan comes from. If the named account holder isn t the applicant for the plan named in section 1, please make sure you ve completed section 7 and checked the requirements that are listed there. Name of bank Account name(s) Branch Account number Sort code 9. How we use your information Aegon uses your information to administer your policy, process claims and deal with complaints. We won t disclose your data to a third party unless: it s part of our administration process; it s a legal requirement; it s necessary to prevent and detect fraud; or you ve authorised this disclosure, for example to your financial adviser. As part of the administration process, we might use third parties who are based outside the European Economic Area (EEA), for example the USA. If we do, we make sure appropriate controls are in place so we protect your information. We might use UK and European credit reference agency (CRA) and fraud prevention agency (FPA) records about you to prevent crime, fraud and money laundering. We might also use CRA records about you and those financially linked to you to check your identity if you, or someone financially linked with you, applies for services. If you give false or inaccurate information and we identify fraud, we ll pass details to the FPA to prevent fraud and money laundering. We might share your information with other members of the Aegon UK Group (which means Aegon UK and its subsidiary companies) and would like to keep you informed about our products and services that might interest you. We won t pass your information to other companies outside of the Aegon UK Group for marketing purposes. You can find more information on how we use and protect your personal data, and how information held by the FPA might be used, in our Protecting your personal information leaflet. Please ask if you d like a copy. Page 7 of 17

8 10. Declaration and consent In this declaration, I means the person applying for the plan and you means Aegon (except in clauses and where you means the trustees and/or scheme administrators of each of the transferring scheme(s) listed in section 5). Applicant declaration 10.1 I apply to you to become a member of the Scottish Equitable Self-administered Personal Pension Scheme (the Scheme ) I apply to you for an Aegon Flexible Pension Plan. I want you to issue me with a plan or plans that sets out your standard conditions amended to include any special terms and conditions you believe reasonably apply (based on the information and documentation that has been given in relation to my application). Any special terms and conditions will be in your current style or, where you don t have a current style, in the format you think best reflects them I confirm that if I ve not received face-to-face advice from a financial adviser in connection with this application, I ve received and had the opportunity to read the key features document and policy conditions that are relevant to this application I agree to be bound by the documents and rules of the Scheme I consent to the transfer payment from the transferring scheme being paid to the Scheme to provide benefits for me. Where the transfer comes from an existing Aegon contract, I acknowledge that the actual amount transferred will be the transfer value calculated at the date you receive all completed documentation. I also agree to the amendment of the new plan to your normal terms to deal with internal transfer values Where the transfer is from an existing Aegon scheme and the source is a Personal Pension plan, Retirement annuity contract, or a plan or contract issued or assigned to me, I renounce all claims and demands under the plan numbered in section 5 which relate to the transfer payment. Where the transfer payment represents all of the plan funds, I hereby deliver the plan for cancellation When the transfer from a transferring scheme is split between two or more receiving schemes, I note that it can t be a block transfer Where the transfer payment applied for is subject to a divorce order, and you agree to accept the application: a I note that you envisage carrying out the order will result in you having to do further administrative work, which will mean further administrative expenses. b I agree that you ll change the terms of the plan (from your standard or other terms) as necessary for you to be able to carry out the actions described in c below. c You may make an extra charge each year for such further administrative work you have to carry out. The charge will be payable from the date on which you agree to carry out this further work (or any later date that you agree to), and yearly after that. If I take benefits from my plan between these dates, you ll apply a pro rata charge. You ll let me know in writing the initial amount of such further administrative expenses that you incur, and this amount may vary from time to time. You ll recover this amount by deducting it from a contribution paid to the plan and/or by cancelling allotted units under the plan to the value of the administrative expenses. You ll take into account any deductions that apply under the plan for surrendered units I agree as follows: a The contribution and/or transfer payment to the plan will be allocated to investment funds in accordance with my instructions to you (which includes any set out in section 2 of this form). b I m aware that you have an investment fund allocation procedure that applies to the plan and this procedure may be changed from time to time. c That my plan is amended to include the procedure. d Whenever a contribution and/or transfer Page 8 of 17

9 10. Declaration and consent continued payment is given to you to apply under the plan, and you don t have clear and complete instructions from me as to which investment funds that contribution and/or transfer payment is to be applied to, then Aegon will apply the contribution and/ or transfer payment to investment funds chosen in accordance with said procedure I declare that, where enhanced protection or fixed protection applies to me, I m aware I ll lose that protection where the transfer(s) is/are not permitted transfer(s) I agree to the scheme administrator or its representative obtaining from me (or any other person or body to whom an authorised payment can be made under the Scheme) any evidence and information that it may need in order to make payments I note that if the scheme administrator doesn t get the information they need to administer my benefits accurately, the scheme administrator has the right to make further charges Declaration to the trustees and/or scheme administrator of the transferring scheme: a I authorise and instruct you to transfer funds from the plan listed in section 5 directly to Aegon. Where you ve asked me to give you any original policy document(s) in return for the transfer of funds and I m unable to do so, I promise that I ll be responsible for any losses and/or expenses which are the result, and which a reasonable person would consider to be the probable result, of any untrue, misleading or inaccurate information deliberately or carelessly given by me, or on my behalf, either in this form or with respect to benefits from the plan. b I authorise you to release all necessary information to Aegon to enable the transfer of funds to the Scheme. c I authorise you to obtain from and release to the financial adviser named in this application any additional information that may be required to enable the transfer of funds. d If an employer is paying contributions to the plan listed in section 5, I authorise you to release to that employer any relevant information in connection with the transfer of funds from the relevant plan. e Until this application is accepted and complete, Aegon s responsibility is limited to the return of the total payment(s) to you. f Where the payment(s) made to Aegon represent(s) all of the funds under the plan listed in section 5, then payment made as requested will mean that I shall no longer be entitled to receive pension or other benefits from the plan listed. g Where the payment made to Aegon represent(s) part of the funds under the plan listed in section 5, then payment made as requested will mean that I shall no longer be entitled to receive pension or other benefits from that part of the plan represented by the payment(s) Declaration to Aegon and the trustees and/ or scheme administrator of the transferring scheme. I promise to accept responsibility in respect of any claims, losses and expenses that Aegon and you may incur as a result of any incorrect information provided by me in this application or of any failure on my part to comply with any aspect of this application I note that benefits can t be commuted, surrendered or assigned, except in accordance with the Finance Act I declare that, to the best of my knowledge and belief, the information given in this form, whether in handwriting or not, is correct and complete I declare that where I ve confirmed in 5.4 that the source of the transfer is a Retirement annuity contract, that contract isn t written under trust I agree that you or your representatives may approach the scheme administrator, provider or insurer of any other pension or registered pension scheme to which I m contributing, or have contributed to, in order to obtain any information you feel is necessary to administer my arrangements under the Scheme. Page 9 of 17

10 10. Declaration and consent continued I note that deliberate or careless failure to answer any questions correctly and completely to the best of my knowledge and belief may result in the benefits not being payable I note that this declaration applies for each and every policy or arrangement that I ve applied for Consent to processing your information Unless I ve ticked the appropriate box below to object, by signing this form I m consenting to receive marketing messages from the Aegon UK group of companies by post. I don t want you to contact me by post with marketing communications I would like you to send me marketing communications in the following ways (please tick the relevant boxes): SMS phone I consent to you processing and using my information as explained in section Consent to adviser charges I authorise you to deduct the adviser charge(s) agreed with the financial adviser as set out in section 3 and facilitate the onward payment of the amount deducted to the financial adviser. I acknowledge that in performing this role you ll be acting as agent for the financial adviser for the sole purpose of transferring the amount equal to the adviser charge that has to be deducted and paid to the financial adviser. I confirm that I ve received a copy of the Adviser/Consultancy charges terms and conditions. I confirm that I ve received an illustration showing the impact of the charges. The information given in this application is needed for income tax purposes and may be inspected by UK tax authorities. I note that if I give false information, the tax authorities may prosecute me, which could lead to severe penalties. Date (dd/mm/yyyy) Signature 7 7 Important information The provision of benefits for the transfer payment will start when this application is accepted and when we receive the transfer payment. We ll issue a plan or plans in your name. The plan or plans will be for the benefits provided under the Scheme. On request, we ll supply an example of the standard policy conditions and a copy of the completed application form. 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. Page 10 of 17

11 Part B To be completed on behalf of the transferring scheme 11. Transfer payment To be completed on behalf of the transferring scheme named in section 5. The amounts entered will be the amounts at or about the date this form is completed. The actual transfer payment and the breakdown will be the amount paid when the transfer is made. The amount of the transfer will include any pension credit amount referred to in section 12. The pension credit shouldn t be included in 11.1 or 11.2 below. If you know, or have reason to believe, that the member flexibly accessed their benefits before the transfer, you must tell us within 31 days from the date of this transfer. If you re made aware of this after the date of transfer, you have 31 days from the date you were made aware to let us know What s the total amount of the transfer payment? Approximate fund value to be paid to Aegon. Does this represent the full value of the plan? Yes 11.2 Does the member have a protected entitlement under the transferring scheme to more than 25% tax-free cash from the transfer payment? Yes a What was the value of the member s tax-free cash entitlement at 5 April 2006? b What was the fund value at 5 April 2006? 11.3 If the member has a protected low pension age under the transferring scheme, what s the protected age? 11.4 Where either 11.2 or 11.3 applies, is this transfer part of a block transfer from the transferring scheme to this Scheme? Yes if the member goes ahead with this transfer, they will lose their protection to more than 25% taxfree cash and/or a low pension age Is this transfer subject to any bankruptcy order? Yes Page 11 of 17

12 12. Pensions and divorce 12.1 Is any part of the transfer payment subject to a court order issued under Section 23 of the Matrimonial Causes Act 1973, or Section 8 of the Family Law (Scotland) Act 1985 (in other words, an earmarking order following the member s divorce)? Yes please include with the form * : a copy of every such court order, including any varying order, together with details of the split of the fund; details from your former husband/ wife or civil partner (including any changes) of their address and payment details; and any notices that are required to be given by the trustees of the transferring scheme Where the transfer payment includes an amount of pension credit in terms of Section 29 of the Welfare Reform and Pensions Act 1999 ( the 1999 Act ), please provide the following: Amount of pension credit If all or part of the pension credit is as a result of a pension sharing order that took place after the scheme member had already taken benefits, please confirm the current value of the disqualifying pension credit included in the pension credit from which a tax-free lump sum can t be taken. 13. Transferring scheme declaration In this declaration we means the trustees/ scheme administrator/insurer of the transferring scheme We confirm that this supplementary application form relates to the transferring scheme described in section We declare that the above information, whether in handwriting or not, is true and complete We declare that to the best of our knowledge no tax-free cash has been paid to the scheme member from an arrangement under which the transfer payment in section 11 derives We undertake to pay Aegon the amount entered in section 11 as the transfer payment If the transfer is from an existing Aegon scheme, we renounce all claims and demands under the plan numbered in section 5 which relates to the transfer payment. Where the transfer payment represents all of the plan funds, we hereby deliver the plan for cancellation. Signed for and on behalf of the transferring scheme Date (dd/mm/yyyy) Name Signature 7 7 Page 12 of 17

13 14. For financial advisers only This section is to be completed by the financial adviser Financial adviser case number Did you give this applicant advice when choosing to transfer into this plan? Yes This is for the purposes of Financial Conduct Authority reporting Adviser details Your name and company name Phone number address Your Aegon agency number (this is your UAN and comprises of 3 letters and 3 numbers) Your principal Financial Services Register reference number Your appointed rep Financial Services Register reference number If you re a member of a support services company, please give your reference 14.3 Money laundering Confirmation of verification of identity certificates In order to comply with the requirements of the Money Laundering Regulations 2007 ( the Regulations ) and the Prevention of Money Laundering/Combating the Financing of Terrorism Guidance tes for the UK Financial Sector, you re required to complete a separate confirmation of verification of identity certificate for each applicant. We won t complete the processing of this application until we ve received a fully completed and signed confirmation of verification of identity certificate(s). Attorneys/Guardians If the application is being made on behalf of a person who can t make the application themselves because of incapacity, we need a separate confirmation of verification of identity certificate for both the attorney/ guardian and also for the person on whose behalf the attorney/guardian is acting. Politically exposed persons If you re aware that any person for whom you must submit a confirmation of verification of identity certificate is a politically exposed person (as defined in the Regulations), please contact us and we ll confirm what additional information we need from you. Page 13 of 17

14 Part C Application form notes and definitions Application form notes Personal details Although we don t need to see a certified copy of your birth certificate, (and marriage certificate or civil partnership certificate if applicable) to set up your pension plan, we ll have to see these documents before we pay any benefits. We can t process your application without your National Insurance (NI) number. However, if the applicant is under 16 years of age, and so doesn t have an NI number, you should complete this in as YY Y. When choosing the age at which you want to take benefits, please note that the current allowable age range is 55 to 75, unless you have a protected low pension age. However, the minimum age at which you can take your benefits is 55 (unless you have a protected low pension age). Investment choice We ll invest your transfer payment according to your choice. But if you don t make a clear and complete investment choice, we ll invest the transfer payment using our own Investment fund allocation procedure for your plan. You can get a copy from aegon.co.uk/support/ support-documents by searching under your plan type. Charge deduction instruction notes The ongoing adviser charge due date is based on the frequency selected and the day and month of the plan start date, see example 1. If the plan start day is the 29th, 30th or 31st we ll use the 28th. If you want to set a future date, see example 2. For an explanation on how the charge is calculated, refer to example 3. Example 1 Where the plan start date is also the payment due date. Plan start date 01/01/2014. Where the payment frequency is: monthly, the payment date is the 1st of each month; quarterly, the payment date is the 1st January, 1st April, 1st July and 1st October each year; and yearly, the payment date is the 1st January each year. Example 2 Where plan start date and payment due date are different. Plan start date is 01/01/14 and the start date of the ongoing adviser charge in the charge deduction instruction is 05/2014. Where the payment frequency is: monthly, the payment date is the 1st of each month with the first payment on 1st May 2014; quarterly, the payment date is the 1st January, 1st April, 1st July and 1st October each year with the first payment on 1st July 2014; and yearly, the first payment date is the 1st January each year with the first payment on 1st January Example 3 How the payment is calculated. If the payment is based on a monetary amount. Where the payment frequency is: monthly, the payment is calculated by dividing the yearly ongoing adviser charge amount by 12; quarterly, the payment is calculated by dividing the yearly ongoing adviser charge amount by 4; and yearly, the payment is the yearly ongoing adviser charge amount. If the payment is based on a percentage. Where the payment frequency is: monthly, the payment is calculated by multiplying the fund value by the ongoing adviser charge % divided by 12; quarterly, the payment is calculated by multiplying the fund value by the ongoing adviser charge % divided by 4; and Page 14 of 17

15 Application form notes continued yearly, the payment is calculated by multiplying the fund value multiplied by the ongoing adviser charge %. Death benefit nomination It s important that you consider completing this section as it may affect who ll receive any lump sum death benefits when you die. If you want to change your nomination at any time in the future, you can get a new form from our website at aegon.co.uk/support The scheme administrator can only take into account death benefit nomination forms received before you die. If you complete a death benefit nomination form but die before the scheme administrator receives it, it can t be taken into account. Transfer payment (to be completed by the transferring scheme administrator/ trustees) The amounts you enter will be the amounts at or about the date you complete this form. The actual transfer payment and the breakdown will be the amount paid when the transfer is made. The transfer payment will include any pension credit amount referred to in Protected entitlement to tax-free cash of more than 25% of the fund If the transferring scheme is an occupational pension scheme or a personal pension scheme, a member may have a right to taxfree cash of more than 25% of the fund value if: they were a member of an occupational pension scheme as at 5 April 2006, and their tax-free cash entitlement under that scheme at that time was more than 25% of the fund value, and the current transfer is being made from either: that scheme, or a subsequent registered pension scheme to which a block transfer was made for the member in relation to those rights Protected entitlement to low pension age If the transferring scheme is an occupational pension scheme or a personal pension scheme, a member may have a right to a protected pension age if: they were a member of a personal pension scheme at 5 April 2006, and they had an unqualified right to take their benefits under that scheme before age 50, and their occupation at that time was one prescribed by HMRC regulations or they were a member of an occupational pension scheme at 5 April 2006, and they had an unqualified right to retire before age 55, and they had the entitlement under the scheme before 10 December 2003, or if they joined the scheme after that time, would have done had they joined before 10 December 2003 and, in both cases, the current transfer is being made from that scheme or from a subsequent registered pension scheme to which a block transfer was made for the member in relation to those rights. Conditions for a block transfer A transfer into this receiving scheme can be a block transfer if: a all of the benefits for at least two members of the transferring scheme are being transferred at the same time to this receiving scheme b the transferring member hasn t been a member of this receiving scheme for more than 12 months at the time the transfer is made Transferring an arrangement with a protected pension age into another scheme where the member has an arrangement where a protected pension age doesn t apply will result in the protected pension age being lost on transfer. Page 15 of 17

16 Application form notes continued When a transfer from a transferring scheme is split between two or more receiving schemes, it can t be a block transfer. If there has been a previous block transfer with tax-free cash protection applied to your plan, any subsequent block transfer with taxfree cash protection won t keep its protection. Pensions and divorce If an earmarking court order applies to this transfer, we won t process this application until we receive copies of the documentation and the details listed. We also reserve the right to decline such a transfer. The relevant amount of pension credit must be calculated at the date of the transfer payment. Page 16 of 17

17 Definitions We ve not covered standard lifetime allowance, and the various protections that could apply in detail in this form, but you can find more about these at aegon.co.uk/lifetimeallowance Block transfer A block transfer is a transfer which allows a member to retain, under the receiving scheme, an entitlement they had at 5 April 2006 to: tax-free cash of more than 25% of the fund value; and/or take benefits at a lower age than the normal minimum pension age. Please note that transferring an arrangement with a protected pension age into another scheme where the member has an arrangement where a protected pension age doesn t apply will result in the protected pension age being lost on transfer. Flexi-access drawdown A drawdown arrangement which lets you take as much or as little income (which may be subject to tax) from the arrangement as you wish. Permitted transfer For the purposes of retaining enhanced protection or fixed protection for this transfer this means: all or part of the sums and assets or pension rights are transferred to form all or part of the assets of one or more money purchase registered pension schemes (to avoid doubt the Scottish Equitable Self-administered Personal Pension Scheme, the Scottish Equitable Personal Pension Scheme and the Scottish Equitable Stakeholder Pension Scheme are all money purchase registered pension schemes), and where defined benefit or cash balance pension rights are transferred to a money purchase arrangement, the value of the sums and assets received by the money purchase arrangement are actuarially equivalent to the rights being transferred Recognised overseas pension scheme Is a pension scheme which is established in a country or territory listed in the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations An overseas pension scheme may also be a recognised overseas pension scheme if it s a description prescribed in those regulations, or if it satisfies any requirement in those regulations. Registered pension scheme Is a pension scheme which is registered with HM Revenue & Customs under Chapter 2 Part 4 of the Finance Act Retirement annuity contract This is an annuity contract between an insurance company or friendly society and a self-employed individual, or a person in non pensionable employment, which was established before 1 July 1988 and was approved under Chapter III Part XIV of the Income and Corporation Taxes Act Alternatively known as a section 226 policy. Uncrystallised funds pension lump sum This is a lump sum paid to you from a money purchase arrangement on or after 6 April 2015 which meets certain conditions. Your pension provider or scheme administrator will have made you aware of any payment to you that s an uncrystallised funds pension lump sum. We re proud to be the Lead Partner of British Tennis. Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered office: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland ( ). 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 RET /16