Important document please read. Self Invested Personal Pension Plan

Transcription

1 Important document please read Self Invested Personal Pension Plan

2 Key Features of the Self Invested Personal Pension Plan The Financial Services Authority is the independent financial services regulator. It requires us, Wesleyan Bank, to give you this important information to help you to decide whether our Self Invested Personal Pension Plan is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. These Key Features give a summary of the Wesleyan Self Invested Personal Pension Plan. They don t include all the definitions, charges, exclusions or terms and conditions. These are set out in the SIPP Member Agreement and SIPP Charges Guides. If you d like a copy of the SIPP Member Agreement and SIPP Charges Guides, please contact our Head Office. Wesleyan Bank Limited acts as operator, administrator and trustee. Wesleyan SIPP Trustees Limited holds the assets of the SIPP in its name. Unless otherwise indicated, all future references to we, Wesleyan and/or trustee refer to Wesleyan Bank. The Wesleyan Self Invested Personal Pension Plan is designed to help you to save for your retirement in a tax-efficient way. Its aims The Wesleyan SIPP is designed to help you save for your retirement, and give you the flexibility to choose how, and when, you take your retirement income. It gives you the flexibility to: Help you build up a retirement fund, by making full use of the available tax incentives granted to registered pension schemes by HM Revenue & Customs (HMRC). Pay contributions into the SIPP at any time before your 75th birthday. These can be personal contributions (i.e. paid by you), or employer contributions (i.e. paid by your employer for your benefit). Contributions can be stopped at any time, and there is no penalty for doing so. Consolidate existing pension funds you may hold into a single plan, by transferring funds from other registered pension schemes into the Wesleyan SIPP. Choose investments from the available range. Control your pension fund investments, by allowing you to choose how the investments are managed and when they are bought or sold. Take your retirement income in stages, so that you can retire gradually. Decide when you purchase an annuity (if you decide to purchase an annuity at some stage). Take a tax-free cash lump sum from your fund at any time after age 55 and before your 75th birthday. Nominate how benefits from the plan may be provided to your spouse or other dependants when you die. Carry on investing in your pension fund whilst withdrawing income at the same time. Your commitment You must make the following commitments when applying for the Wesleyan SIPP: Agree to use the SIPP for the sole purpose of providing you or your dependants with retirement benefits. Make the minimum contribution amount into the SIPP (see the section on How much can be paid into my plan? for more information). Note that separate minimum limits may apply to different forms of investment in the SIPP. If you wish to make contributions, you must pay these before your 75th birthday and ensure that the maximum contributions each year do not exceed the limits upon which tax relief can be claimed. (See the section, How much can be paid into my plan? ) Understand that the SIPP may only accept transfer values from other registered pension schemes. Agree not to take benefits until age 55, unless retirement is early due to ill health. If you are taking income withdrawals, agree not to withdraw more than the yearly maximum income limit set by HMRC, and less than the minimum limit if you are taking withdrawals after your 75th birthday. Allow Wesleyan enough time to arrange the sale of investments, when you require benefits or fees to be paid from the sale proceeds. Agree to always maintain a balance of at least 2,000 in the trustee bank account. This is to cover fees and charges required to run the SIPP on your behalf. Agree to pay fees to Wesleyan, or other third-party organisations, when they are due. These fees will normally by paid directly from your SIPP fund. Construct a portfolio from the range of investment options available. Note that Wesleyan Financial Consultants can only provide advice on Wesleyan Trustee Investment Plan (TIP) and Wesleyan Unit Trust Investment Portfolios. Agree to provide Wesleyan with the information it needs to run the SIPP. To tell us within 30 days if you cease to have relevant UK earnings. 2

3 Risk factors (For those underlying investments held within the SIPP. Where required, key features will be provided.) Your income on retirement may be lower than you expected if your investments and interest rates grow more slowly than those illustrated. If you take your benefits earlier than shown on your illustration, or if you stop paying regular contributions, your benefits will be lower than those illustrated. If the charges on the investments within your SIPP are higher than assumed on your illustration, your benefits will be lower than illustrated. Some types of investment, for example commercial property, may take longer to sell than other forms of investment, and this may influence when you can take your retirement income. The value of your commercial property investments will be based on an independent valuer s estimate until sold. The value of the property is not immediately realisable. This means you may not be able to sell the property when you need access to the underlying capital (e.g. due to adverse market conditions when you instruct the trustees to sell). At retirement, this could result in a delay in taking the pension benefits you require, or delayed settlement in the case of divorce or dissolution of a civil partnership. Fees that you pay to Wesleyan and other organisations to process an application to purchase a commercial property will not normally be refunded. This applies whether or not the trustee accepts the property application. High income withdrawals are unlikely to be sustainable if investment returns are low during the withdrawals period. The more money you withdraw from your SIPP, the less you will have left to buy an annuity for yourself, if you wish to at some stage, or to provide income for your dependants. Investment growth can be less than shown and capital values can rise or fall. Annuity rates can change substantially over short periods of time, both up and down. They could be worse when you buy an annuity than they are now. The charges on your SIPP may be higher than shown in the Wesleyan SIPP charges guides as they may be revised in the future. If you start the plan with a single payment and then cancel your SIPP within 30 days, you may get back less than you have paid in. Tax law and legislation may change in the future. Please remember that the value of stocks and shares, and other investments, can fall as well as rise and that the capital value of your pension fund can also fall. Investments will be cashed-in to pay benefits, to provide income withdrawals and to pay charges. Questions and answers What is a SIPP? A Self-Invested Personal Pension is a type of personal pension. It allows you to make your own investment decisions or you can decide on your investment strategy with the help of an investment adviser. Please see Who will manage my investments? for further information. The SIPP can be used to: build up a pension fund provide a tax-free cash sum, and provide a pension income, either by purchasing an annuity or by taking income withdrawals. Is this a stakeholder pension? The Government has set minimum standards that a plan must meet to be a stakeholder pension. These cover payment levels, costs and terms and conditions. This plan is not a stakeholder pension because it does not meet all of the minimum standards. A stakeholder pension may meet your needs equally as well as a personal pension. For information on the Wesleyan Stakeholder Pension, please refer to the separate Key Features document (This is available through your Financial Consultant). What are the tax advantages? You will get Income Tax relief on your eligible contributions. We claim Income Tax relief at the basic rate from HM Revenue & Customs and invest it in your plan. If you are a higher-rate taxpayer, you claim the extra relief to which you may be entitled through your self-assessment tax return. The assets in which your contributions and transfer payments are invested are free from UK income and capital gains taxes. However, tax cannot be reclaimed on UK dividends. These tax benefits do not normally apply to Unit Trusts and Open Ended Investment Companies (OEICs). You are normally entitled to take up to a tax-free cash lump sum of up to 25% of the value of your fund, on taking benefits before the age of 75. If you die before age 75, the value in your fund can normally be paid to your beneficiaries free of Inheritance Tax. This information is based on our interpretation of current legislation and HMRC practice, but please remember current tax benefits may change in the future. 3

4 How much can be paid into my plan? What are the investment options? When you start your SIPP plan, all contributions and transfer payments are put into a trustee bank account with Wesleyan Bank Limited, which is set up to receive and pay out as required. Interest is currently paid on this account. You can find out about current interest rates by contacting Wesleyan Bank Limited on or by visiting the website at In addition to the trustee bank account, the Wesleyan SIPP offers you the following investment options: The Wesleyan Assurance Society Trustee Investment Plan and Wesleyan Unit Trust Managers Investment Portfolios. Insurance company unit-linked funds. Stocks and shares that are listed or dealt with on certain recognised investment exchanges in the UK or abroad. Government securities. Authorised Investment Trusts, Unit Trusts and Open Ended Investment Companies. Commercial Property. Who will manage my investments? The Wesleyan SIPP allows you to make investment decisions on your own, or with an investment adviser. Your Wesleyan Financial Consultant will provide advice relating to your overall financial planning needs, and specifically in relation to any investments you make in the Wesleyan Assurance Society Trustee Investment Plan and Wesleyan Unit Trust Managers Investment Portfolios. If you require advice on stocks and shares or investment funds that are not available through your Wesleyan Financial Consultant, he/she will introduce you to Brewin Dolphin Limited. Brewin Dolphin Limited can provide a full discretionary management service, subject to a minimum investment of 100,000. When you make investments on your own, you will be required to trade your investments through Stocktrade. Your Wesleyan Financial Consultant will give you details of how to contact Stocktrade if this service is required. Wesleyan will be able to confirm whether a commercial property can be accepted into the SIPP after relevant valuations, surveys, and legal investigations have been completed. Note that Wesleyan Financial Consultants and Brewin Dolphin Securities Limited cannot advise you on the suitability of commercial property investments. You can make regular contributions and/or single lump sums yourself. You can also ask your employer or someone else to pay into your SIPP. You can transfer investments from other registered pension schemes into your SIPP. The Wesleyan SIPP does not accept Protected Rights. Protected Rights is the name given to the fund built up by contracting out of the state second pension. The minimum investment in the SIPP is 50,000. However, if you wish to take an income from your SIPP, at the start, or in the future, the minimum investment (after any tax-free cash has been taken) is 100,000. The minimum regular contribution is 750 per month (or 9,000 per annum) however, if you pay an initial contribution (or make a transfer payment) of at least 50,000, the minimum regular contribution is only 250 each month (or 3,000 per annum). Note that a balance of 2,000 must be invested and maintained in the Wesleyan SIPP trustee bank account. You must take this into account before deciding what investments you want to make within the SIPP. Also, if you are making regular contributions, at least 2,000 must be invested in the trustee bank account when these payments start. Contributions can be increased later and additional one-off contributions and transfer payments can be made. There is no minimum amount for additional contributions or transfer payments after the minimum initial amounts have been made. HM Revenue & Customs (HMRC) sets a maximum amount that you can pay in any tax year and receive tax relief. You can generally pay up to a total of 100% of your earnings into all of your pension plans combined. Where you make personal contributions to your Wesleyan SIPP, we will claim basic-rate tax relief of 20% from HMRC. This means that for every 1,000 you wish to contribute, you only need to pay 800 and we will reclaim 200 from HMRC on your behalf. If you are a higher-rate taxpayer you may be entitled to claim higher-rate tax relief from HMRC through your self-assessment tax return. If your annual income exceeds 130,000, your entitlement to higher-rate tax relief may be restricted. The rules in this area are complex and, if you think you may be affected, you should discuss the position with your Wesleyan Financial Consultant. Any contributions that exceed your earnings (or 3,600 if higher) will not be accepted by us. (This limit does not apply to transfer values from other registered pension schemes.) The limit on contributions which will attract tax relief is known as the Annual Allowance and, currently, is 255,000 for the tax years 2010/11 to 2015/16. It is not known how this limit may change in future. The Annual Allowance includes any contributions you, your employer or anyone else makes to money purchase pensions e.g. Personal Pension Plans, Stakeholder Plans and the increase in the value of benefits under Defined Benefit (Final Salary) pension schemes, such as the NHS Pension Scheme. Collectively, these increases in pension benefits are known as your pension input. 4

5 For the purposes of the Annual Allowance, the default Scheme Input Period for the Wesleyan SIPP is 6 April to 5 April. This means that your scheme input for the year ending 5 April will be the contributions you made to your scheme in the preceding 12 months. However, if you choose, you can spread your Annual Allowance over a different Scheme Input Period. Your Wesleyan Financial Consultant can discuss this further with you. Any contributions (excluding transfer values) above the Annual Allowance will not be accepted by Wesleyan as an Annual Allowance Charge would arise, thus negating the benefit of any tax relief given on the excess amount. Payments can be made by cheque or Direct Debit. How much can be saved in total into my pension plan(s)? A Lifetime Allowance will apply to your total pension savings when you take your benefits. The Lifetime Allowance is 1,800,000 for the tax years 2010/11 to 2015/16 but it is unknown how this limit may change in future. Any amounts over the Lifetime Allowance will normally be subject to a tax charge. The total value of your pension fund(s) may vary from time to time depending on the method of valuation and your type of pension scheme. What happens if the value of my pension fund(s) exceed the Lifetime Allowance? Any money in excess of the Lifetime Allowance will be subject to a Lifetime Allowance Charge of 55% if the excess is taken as a lump sum. If the excess fund is used to provide pension benefits, you will pay a Lifetime Allowance Charge of 25% on the excess fund and your pension will be taxed in the usual way as income. You may be entitled to some protection from the Lifetime Allowance Charge if you successfully registered with HMRC, before 6 April 2009, for either Enhanced or Primary Protection. If this is the case, you will have received a certificate from HMRC confirming the type of protection that applies to you. What happens if I stop contributions to my plan? If you stop contributions to your plan, it will be made paid-up and the payments already made will continue to be fully invested for you until: you decide to take your benefits, or you transfer them to another pension plan or scheme, or you die. Contributions can be started again at any time. Benefits will be payable as described in the relevant sections of this Key Features. If you stop contributions to your plan, the charges will continue to be paid. Can I transfer the value of the plan to another pension plan? Yes, you may elect to transfer the plan s value to another Registered Pension Scheme, assuming that the alternative scheme will accept the transfer value. The transfer value will be based on the full value of the assets at the time of the transfer, less an administrative charge (further details of which are provided in the SIPP Core Charges Guide - available through your Financial Consultant). What benefits can I take from my SIPP? You can take money out of your SIPP at any time between ages 55 and 75, even if you are still working. You cannot normally take any benefits before age 55, unless you retire due to your ill health. A tax-free lump sum and taxable income drawn direct from the SIPP (called income withdrawal); or A tax-free lump sum, with the remainder of the pension fund used to purchase a taxable annuity income from an authorised pension provider. An annuity provides a guaranteed income in exchange for a lump sum (which could be all or part of your accumulated SIPP fund). This allows you to phase your retirement. When you use part of your fund to provide income, the tax-free lump sum must be taken (if required) at the same time. All your fund must be turned into either a Secured Pension or an Alternatively Secured Pension at age 75 (see the next section for more on Alternatively Secured Pensions). Your pension benefits will depend upon: the size of your fund, if you decide to take benefits direct from your SIPP as income withdrawals, your age, sex, and prevailing gilt yields are used to calculate a maximum withdrawal limit using tables provided by the Government Actuaries Department (GAD), or if you choose to purchase an annuity, on your age, sex and the annuity rates of the insurance company. The size of your fund will depend on: how much you have invested, the length of time funds have been invested, and the return from the investments. 5

6 Once you reach age 75, the income withdrawal benefit becomes known as an Alternatively Secured Pension (ASP). Any unvested (or uncrystallised ) fund must also be converted to ASP at this age but no tax-free cash sum can be taken after age 75. To ensure that you receive the maximum entitlement of tax-free money, you will need to crystallise any funds that haven t already been before entering into ASP. The maximum income that can be withdrawn from age 75 is subject to more stringent GAD limits and must be recalculated every year once in ASP. Unlike Unsecured Pension, once you reach age 75, you must withdraw a minimum level of income, as set by reference to tables produced by GAD. Wesleyan will contact you in advance of your selected retirement age to confirm the options available to you. At age 75 if you do not inform us of which option you want to take, your funds will automatically enter ASP and you could potentially lose a tax-free cash payment. When do I buy an annuity? For further information about the possible benefits from the SIPP please refer to your illustration and discuss the range of options with your Financial Consultant. How much money can I withdraw direct from my SIPP as income withdrawal? You can vary the amount of money that you take as income direct from your SIPP at any time, but you must not exceed the maximum limit. If you wish, until you reach the age of 75, you need not draw any income at all. The maximum limit is set by reference to tables produced for this purpose by GAD. This limit will be shown in your illustration. The purpose of the maximum limit is to prevent your fund being depleted too fast. Your Financial Consultant can explore alternative income levels with you and the implications of each. You need to think about the level of income you require, bearing in mind any other sources of income you may have, as well as rises in the cost of living and the need to provide for your dependants. Wesleyan will send you a half-yearly statement in June and December. This will show the progress of your fund, allowing for withdrawals, charges and investment performance. Before age 75, income withdrawal is referred to as an unsecured pension and your maximum level of income must be recalculated at least every five years. When it is reviewed your maximum permitted level of income may reduce or increase. Your maximum income can be reviewed before these five-year points if you decide to draw benefits from any remaining unvested fund you hold in the SIPP, you buy an annuity or reach age 75, or if you simply decide you wish the maximum income to be reviewed. Your Financial Consultant can give you an updated illustration at each review showing the possible future benefits. This will be similar to the illustration you had when you set up your SIPP. Your Financial Consultant will also be able to give you an indication of the annuity that could be bought at that time. The income can be taken monthly, quarterly, half-yearly or annually. You can buy an annuity at any time from age 55. An annuity can be purchased from any authorised pension provider. The amount of pension available from an annuity depends on your age, sex, amount of your fund, the current annuity rates offered by the insurance company and the structure of the benefits (e.g. whether a spouse s pension is included or not. An annuity can provide a fixed amount of income, or it can increase each year. It is also possible to choose an annuity which: will continue to be paid to your spouse, civil partner or dependants if you die, is guaranteed to continue for a certain time period in the event of your death, or will pay out a lump sum taxed at 35% on your death if you die before age 75 (the level of lump sum payable will be dependent on the level of annuity payments you have received in your lifetime from that annuity contract); this is commonly referred to as value protection. What happens when I die? If you die before age 75 and before taking any money out of your SIPP: your beneficiaries will receive a lump sum which is equal to the full value of your fund at the date of death. If you die after you have started taking money out of your SIPP: when you choose what level of income withdrawals you are going to take, you should think carefully about whether there will be enough money left in your fund to provide for your dependants if you die before them. If you die before age 75 whilst receiving income withdrawals and have not yet bought an annuity, the SIPP gives you and your beneficiaries the following alternatives: if you are survived by a spouse, civil partner or dependant who is under the age of 75 then they may be provided with an Unsecured Pension (income withdrawal) benefit on your death; if you are survived by a spouse, civil partner or dependant who is aged 75 or over then they may be provided with an Alternatively Secured Pension (ASP) benefit on your death; an annuity can be bought for your spouse, civil partner or dependant; or 6

7 if they die before age 75 whilst taking income withdrawals as an Unsecured Pension, then the remaining monies can be paid out from the scheme as a lump sum, taxed at 35%. However, the value of the funds will also normally become subject to an Inheritance Tax charge at that time (any Inheritance Tax due will be paid direct from the SIPP, with the 35% charge only due on the value of the funds remaining net of that Inheritance Tax paid); or if they die after age 75 whilst in ASP, then the remaining monies will be paid to a nominated charity as above. Unless this lump sum is to be paid to charity within six months of the end of the month in which the individual died, the value of the funds will also normally be subject to Inheritance Tax. Remember that the above rules are based on the tax rules as they currently stand. These rules may change in future. the remaining fund can be paid to your spouse, civil partner, other dependant or estate, or any other nominated person, subject to a tax charge (currently 35%). Remember, if you are in poor health and die before buying an annuity, your remaining fund will be available for your spouse, civil partner or dependants as described earlier. If you die after buying an annuity, then: your spouse, civil partner or dependant will only get a continuing pension benefit if you bought a joint life annuity; if you purchase an annuity with a guarantee then, if you die in the guarantee period, annuity payments will continue to the end of that guaranteed period. Similarly if you bought an annuity with value protection a lump sum may be payable on your death under the terms of that annuity contract (taxed at 35%). If you die on or after age 75 whilst in an Alternatively Secured Pension (ASP) then the following alternatives are available: an annuity can be bought for your spouse, civil partner or dependants; the fund can be used to provide your spouse, civil partner or dependants with an income withdrawal benefit, either as an Unsecured Pension where they are under the age of 75 or as ASP where they are over the age of 75; if you have no surviving spouse, civil partner or dependant then the remaining funds will be paid to a charity you have nominated (called a Charity Lump Sum Death Benefit ). If the fund is not used in one of the above ways then severe tax charges will be applied both on your SIPP and the beneficiaries personally, including possible liability for Inheritance Tax. Any ASP funds will be included in the value of your estate for Inheritance Tax purposes, unless the funds are distributed as above within six months of the end of the month following your death. This six month period may prove difficult to meet, particularly if your SIPP holds property, and we cannot guarantee that the deadline will be met. Please note that any Inheritance Tax liability relating to your SIPP funds will be paid out of the fund. If you are survived by a spouse, civil partner or dependant, and they decide to take an income withdrawal benefit from your remaining ASP funds, then any remaining funds on their death (assuming that there are no other surviving dependants of yours) may be paid out as follows: How do I obtain tax relief? Your regular and single contributions are paid net of basic-rate tax, and Wesleyan will collect the basic-rate tax due from HMRC for investment in your SIPP. If you are a higher-rate taxpayer, you will need to claim any higher-rate tax relief that may be due from HMRC. If your employer makes contributions on your behalf, it will pay them gross. Company contributions can be included as a business expense in company tax returns. There is no tax relief on transfers from other pension funds into your SIPP. Remember that the rules on tax relief depend on individual circumstances and may change in the future without prior warning. What are the charges? Wesleyan charges for administering your plan. These are set out in the Wesleyan SIPP charges guides provided by your Financial Consultant. You should make sure that you read these documents carefully. How much will the advice cost? Your Financial Consultant is employed by Wesleyan Financial Services, a wholly owned subsidiary of Wesleyan Assurance Society. Wesleyan Financial Services is responsible for providing pension planning advice for the Wesleyan SIPP. It also has responsibility for providing investment advice on the Wesleyan TIP and investment portfolios. Depending on the type of investment you make into the SIPP, Wesleyan Financial Services Limited will receive commission from Wesleyan Assurance Society or other providers. The amount of commission depends on the type and amount of investment. The cost of advice will be shown on the illustration for the individual investment. 7

8 How do I know how my SIPP is doing? Wesleyan will send you a half-yearly statement in June and December which: tells you how much the assets in your plan are worth at that time, lists all the transactions you have made during the period of the statement, and where appropriate, gives you an income statement showing how much income is being paid. Can I change my mind? You can change your mind within 30 days from when you get your plan documents. If you decide, for any reason, that you don t want the plan, we ll return all your fees back to you. Because you have this right to cancel, Wesleyan Bank Limited will not start processing any proposed transfers into your SIPP, make a claim to HMRC for tax relief on contributions or act on any investment instruction until this 30-day cancellation period has expired. If you wish us to proceed with any of the above before this 30-day period expires then you do have the option of waiving your right to cancel. You have the opportunity of waiving your cancellation rights through the Member Declaration at the end of the Wesleyan SIPP application form. Alternatively, you may do this by writing to Wesleyan Bank Limited at the address on the back of this application pack at any time before the 30-day cancellation period expires. Please note that you cannot waive your cancellation rights where benefits are being transferred from another registered pension scheme. If you choose to waive your cancellation rights then you cannot cancel your membership at a later date. Therefore, if you choose to discontinue your SIPP in the future you will not be repaid any fees already accrued. Also, any contributions made into the scheme may not be refunded, although you could transfer them to another registered pension scheme of your choice. Similarly, any funds/assets we have accepted into your SIPP as a transfer may only be transferred back to the original scheme. If that scheme will not accept the transfer back, it may be transferred to another registered pension scheme. If you are making a contribution in-specie of property then there is no right to cancel. There is also no general right to cancel an investment made by your SIPP. A right to cancel will only exist if specific to that particular investment. Tax The investment funds enjoy freedom from UK tax on income and capital gains, except that tax may not be reclaimed on UK dividends. Any income withdrawals you take direct from the scheme (whether as unsecured pension before age 75 or Alternatively Secured Pension (ASP) after age 75) or any income payable from any annuity contract purchased from your SIPP will be treated as earned income and taxed under the PAYE system. Any pension payments made after your death to your surviving spouse, civil partner or dependants (or under any guarantee) are similarly taxed. If you die before age 75, but after you chose to take income withdrawal benefits, then any lump sum death benefit paid from those remaining Unsecured Pension funds held in your SIPP will be taxed at 35%. For Inheritance Tax purposes, Wesleyan s understanding is that no charge will arise on any lump sum death benefit paid where you die before age 75, providing that you were in normal health at the time you chose to make income withdrawals and that you did not change the value of your withdrawals later on because your health deteriorated. If you die after age 75 in ASP, without any surviving spouse, civil partner or dependants, then any remaining ASP funds will be included in your estate for Inheritance Tax purposes, unless paid to charity within six months of death. Any Inheritance Tax liability relating to your SIPP funds on death will be paid direct from the fund. Law The law and courts of England and Wales will decide any dispute. Compensation If we cannot meet our financial obligations to you, you may be entitled to compensation under the Financial Services and Markets Act 2000 from the Financial Services Compensation Scheme. Details of the scheme can be obtained from the FSCS at: 7th Floor Lloyds Chambers 1 Portsoken Street London E1 8BN. Website: 8

9 How to contact us If you have any questions at any time, please: call us on , or send an to visit our website or write to us at our Head Office address below, or fax us on We will try to answer your questions immediately. Our telephone lines are open 8.30am to 5.30pm Monday to Friday and 9am to 2pm on Saturdays. We may monitor calls to improve our service. Our Head Office address is: Wesleyan Bank Limited Colmore Circus Birmingham B4 6AR. This document is just a brief outline of the Key Features of the SIPP. Further details are included in the Wesleyan SIPP member conditions and Charge Guides (These are available through your Financial Consultant). How to complain If you ever need to complain, first write to the Compliance Department, Complaints Team at the above address. If you re not satisfied with our response, you can complain to: Financial Ombudsman Service Investment Division South Quay Plaza 183 Marsh Wall London E14 9SR. Complaining to the Ombudsman won t affect your legal rights. 9

10 Please call: If you would like this document in Braille, large print or audio tape, please contact Wesleyan Bank Ltd, PO Box 3420, Colmore Circus, Birmingham, B4 6AE. Telephone: Fax: Website: Wesleyan Bank Ltd is authorised and regulated by the Financial Services Authority (Registered in England No , FSA Register No ). Wesleyan Bank Ltd is wholly owned by Wesleyan Assurance Society. Please note all telephone calls to Wesleyan Bank will be recorded for training and monitoring purposes. WR-KFD-3-03/10