ISA ADDITIONAL PERMITTED SUBSCRIPTION (APS)

Transcription

1 *APCLS0100F* ISA ADDITIONAL PERMITTED SUBSCRIPTION (APS) Cash Lump Sum Application What is an Additional Permitted Subscription (APS)? When an ISA investor dies, his or her surviving spouse 1 is entitled to make an APS into an ISA, over and above the personal annual ISA allowance. The APS allowance available is dependent on the date of death: For deaths between 4 December 2014 and 5 April 2018, the allowance is limited to the value of the deceased s ISA as at the date of death; For deaths on or after 6 April 2018, the APS allowance is limited to the higher of 2 : (a) The value of the deceased s ISA as at the date of death (hereafter referred to as APS1); (b) The value of the deceased s ISA when it ceases to be a continuing account 3 (hereafter referred to as APS2). With this form you can: invest a cash lump sum up to the APS allowance into: your existing ISA with us, or a new ISA in your name (if you do not already have one with us). We recommend that you seek advice from your financial adviser about completing this form and the APS options available to you. You can invest up to the APS allowance using one or more cash lump sums within three years 4 from the date of your spouse s death (or 180 days after the administration of the estate is complete, if later). If the deceased s ISA was with another ISA manager, there are additional requirements: You can transfer the APS allowance from the other ISA manager to Old Mutual Wealth, provided you have not already subscribed using part of the APS allowance with the other ISA manager. To do this, complete our ISA Additional Permitted Subscription (APS) Allowance Transfer Form 5, which we will send to the other ISA manager. Once the APS allowance has been transferred to us, you can invest a cash lump sum APS into an ISA with us, using this Cash Lump Sum Application. WE CANNOT ACCEPT A CASH LUMP SUM APS APPLICATION UNTIL THE ALLOWANCE HAS BEEN TRANSFERRED TO US. If you inherited the deceased s ISA and the ISA is still held with Old Mutual Wealth: you might be able to move the units from that ISA into your ISA without actually selling them this is known as an in specie transfer it is subject to certain criteria your financial adviser will be able to advise you if you meet the criteria and obtain our APS Spouse Inherited ISA application for you. Please be aware that once a subscription using the APS allowance has been made to Old Mutual Wealth, any future subscriptions from that APS allowance MUST also be made to Old Mutual Wealth. If a subscription towards an APS allowance is made prior to the deceased s ISA account ceasing to be a continuing account, the APS allowance will be locked in at the APS1 value. 1 References to spouse in this form also mean civil partner, as defined by the Civil Partnership Act The value used will be subject to certain conditions being met please contact Old Mutual Wealth for more information. 3 The deceased s ISA will cease to be a continuing account on the earlier of: completion of the administration of the deceased s estate; the third anniversary of the death; the closure of the account. 4 For the purposes of determining this time limit, where the deceased died in the period 3 December April 2015, the three years is deemed to start from 6 April You can obtain the form from your financial adviser or by calling our Customer Contact Centre on ! IMPORTANT DOCUMENTS YOU NEED TO HAVE RECEIVED BEFORE PROCEEDING You need to have received several important documents about this product and the funds you choose, before you send us your application to invest in, or top up, an ISA. More information about these documents is in section 1. Page 1 of 8

2 Please tick/complete this form, as applicable, using BLOCK CAPITALS and blue or black ink. ucomplete the form carefully; errors or omissions by you or your financial adviser will not be corrected retrospectively 1 FINANCIAL ADVICE In most cases, we only accept business for investors who have received financial advice. This is because financial advisers can recommend investments that are most suitable for investors financial circumstances. Old Mutual Wealth cannot provide such advice. However, in exceptional circumstances we can accept applications on an execution only (without advice) basis, provided we ensure you have been given appropriate information and you complete some additional paperwork, see 1.2. Tick 1.1 or 1.2 as applicable 1.1 I have received financial advice in respect of this application On what basis was the advice given? (your financial adviser will help you answer this) Restricted Independent IMPORTANT DOCUMENTS YOU NEED TO HAVE RECEIVED BEFORE APPLYING Your financial adviser will have provided you with the following: A Key Features Document and Terms & Conditions for the Individual Savings Account (ISA) Information about the funds chosen for your investment: a Key Investor Information Document (KIID) or a Key Information Document (KID) for each fund the rebates applicable to your fund choice A Cost and Charges Statement, contained in the illustration or projection for your investment. In section 9, the declaration you sign will include your confirmation that you have received and read these documents. 1.2 I have NOT received financial advice in respect of this application Please contact us on or by at ask@omwealth.com. We can then: assess whether we can accept your application on an execution only basis explain the restrictions when investing without financial advice, for example the fund choice available to you will be restricted to funds available for execution only investments tell you which documents you need to have read before you send us your application provide you with the additional Execution Only Form you will need to sign and attach to your application. Tick here, if you have already contacted us, and your signed Execution Only Form is attached to this application. Page 2 of 8

3 2 PERSONAL DETAILS PART A YOUR INVESTMENT Type of investment (please tick/complete as applicable) New account u this only applies if you do not already have an ISA with us Top-up into this account number: PART B YOUR DETAILS Your client reference number u if known Title Mr Mrs Miss Other (please specify) Surname Full forename(s) Date of birth (dd/mm/yyyy) / / National Insurance number Permanent UK residential address Correspondence address (if different from residential address) Crown employees Contact telephone number (in case of query) If you have never been issued with a National Insurance number, tick here Tick here if you are, or your late spouse was, a Crown employee working overseas (see Declaration point 1b in section 9) address Postcode Postcode PART C DETAILS OF THE DECEASED Full name Date of birth (dd/mm/yyyy) / / National Insurance number Last permanent residential address Date of death (dd/mm/yyyy) If the deceased had never been issued with a National Insurance number, tick here Postcode / / Date of your marriage/civil partnership* with the deceased (dd mm yyyy) The deceased s ISA account number(s)**: / / * as defined by the Civil Partnership Act 2004 u if the deceased had more than one OMW ISA, their values will be combined to form one APS allowance ** If the deceased s ISA was held with another ISA manager, please ensure that the APS allowance has already been transferred from the other ISA manager; without the transferred allowance, we cannot accept this application. 3 INVESTMENT DETAILS (and adviser initial fees if required) How much do you wish to invest?. + initial fee. % of the lump sum Total payment required:. u complete the payment method below Payment method Cheque Cheque number please enclose cheque payable to Old Mutual Wealth Limited u We only accept bankers drafts and building society cheques in exceptional circumstances, please call us for details. Electronic bank transfer in favour of Old Mutual Wealth Ltd To Natwest Sort code Account number u In the reference field on your bank transfer please enter your postcode and surname to help us process your application Page 3 of 8

4 4 FUND CHOICE Managed Portfolio Service (MPS) New ISA if you wish to use our MPS with this application, you should show CASH in the fund choice table below. Once the application is completed, you can instruct your financial adviser to go online and select the Managed Portfolio you require. u the online process includes the adviser s agreement to the terms of the MPS Top-up if you already have an ISA with us and already invest using our MPS, you can top-up using this form provided you state the current Managed Portfolio name in the fund choice table below. u if you state a different fund choice, you will automatically be opted out of the MPS. Complete part A, then B or C if required A Tick one of the following to indicate which investment range* your fund choice is from, then list the funds below: WealthSelect SelfSelect Bundled funds u SelfSelect only Where both bundled funds (full Annual Management Charge (AMC) with rebates) and unbundled funds (lower AMC with reduced rebates) are available, we will automatically default to unbundled funds even if you currently hold the bundled version in your account. Tick here if you wish us to use the bundled version of the funds selected (where available) *I f you are topping up and have chosen a different investment range from that which you currently hold, we will automatically swap all of the funds in your account and replace them with the funds listed below. However, we will not automatically apply a switch fee as part of the swap process. Full name of fund or portfolio u the funds must all be from the same investment range, not a mixture from both Unit/Share type ie Inc/Acc Investment % An investment choice continuation sheet is available on request. TOTAL If no unit/share type (ie Inc/Acc) is stated, accumulation units (where available) will automatically be applied. Where accumulation units have been selected and they are not available, income units will be automatically applied or vice versa. For more information on income and accumulation units/shares, refer to our Funds List. % If the fund choice you give is: missing, illegible or otherwise invalid, or available through financial advisers only, but yours is an execution only application we will place the investment into Cash Deposit, after which you or your adviser can switch* into a revised fund choice. Errors or omissions by you or your financial adviser will not be corrected retrospectively. * Remember: if you have automatic rebalancing on your account, switches will cause it to be cancelled and you will need to provide us with a new rebalancing instruction for it to continue. B Phased investment for lump sums u not available in conjunction with automatic rebalancing You can place your investment into Cash Deposit then phase it into your selected fund choice on the first working day of each month over 3, 6 or 12 months. To request phased investment, complete the required frequency and start date below: Phase every month for: 3 months 6 months 12 months Starting on: Phased investment instructions will apply to all Cash Deposit holdings within your ISA, not just the investment in this application. You cannot phase back into Cash Deposit. If you do not specify a start date, phasing will begin in the next available month following your application. C AUTOMATIC REBALANCING u not available in conjunction with Phased Investment We can automatically rebalance your ISA back to your selected fund choice and proportions on the 15th of the month every 3, 6 or 12 months. To request automatic rebalancing complete the required frequency and start date below: Automatically rebalance every: 3 months 6 months 12 months Starting on: If you do not specify a start date, rebalancing will begin on the next available date for the frequency selected. If automatic rebalancing already applies to your account, and you are topping up with a different fund choice, or you switch funds, you will need to complete a new rebalancing instruction to continue with it. You can obtain the necessary form from your financial adviser or by calling our Customer Contact Centre on Page 4 of 8

5 5 INCOME OR AUTOMATIC WITHDRAWAL INSTRUCTION u if required Any instructions you give in this section will apply to your entire account, and will override any existing instructions. There may be tax implications if you make withdrawals from your account; please refer to your financial adviser for advice. A CHOOSE ONE OF THE FOLLOWING OPTIONS OR: OR: 1. Income Payment Option uthis means distribution payments from any income funds in your account will be paid into your bank account on the months you request in part C (provided the total received is at least 25). 2. Automatic Withdrawals of a specific amount of money State how much you want to receive EACH PAYMENT (minimum 25) u leave blank if automatic increase is not required 3. Automatic Withdrawals of a percentage of your account value State how much you want to receive EACH YEAR* increase annually by 5% increase annually by the Retail Prices Index % increase * This is an annual percentage; when the payment is due, we will calculate the percentage based on the value of your account at that time. We then divide that amount by the number of payments you specify in Part C, to calculate the amount to be paid at that time, which must equate to at least 25. % pa B FUNDS TO BE SOLD For Option 1 above this part does not apply, go to PART C For Options 2 and 3 above please indicate the funds to be sold to pay your withdrawals: u if left blank we will sell proportionally from all funds Proportionally from all funds Largest fund The following funds (enter the required fund names below): C FREQUENCY Do you want to receive payments every month? Yes No tick below the months in which you would like to receive payments: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec When would you like payments to start? u if left blank it will be the next available of the months you selected D BANK DETAILS FOR YOUR PAYMENTS This must be your own bank account; we CANNOT make withdrawal payments to third parties. We may need to see proof of bank account ownership. We will let you know if this is the case as soon as we can. Some banks or building societies cannot accept direct credits. Name and address of bank/ building society (must be in the UK) Postcode Sort code Bank account number Building society reference number (if applicable) Name of bank account holder(s) 6 PAYMENTS TO YOUR FINANCIAL ADVISER to be completed with your financial adviser if required Complete this section if you wish us to deduct fees for your financial adviser from your account. Percentage fees must be entered in multiples of 0.05%. If you wish to cancel an existing fee instruction using this form, enter 0 or 0% in the boxes for the fee in question. It will be cancelled for the whole account, not just the investment in this application. Any Servicing or Switch Fees you authorise will apply to the entire account, and will override any existing Servicing or Switch Fee instructions on your account. INITIAL FEE if initial fees are required, please complete the details in section 3. Switch Fee up to: up to OR: % from each switch The amount you authorise using this form is the maximum fund Switch Fee payable to your financial adviser. The actual fee payable for each switch must be stipulated up to this limit, at the time the switch instruction is given. Servicing Fee: OR: % each year Add VAT on top of the Servicing Fee? Yes Tick the frequency required Monthly Quarterly Half-yearly Yearly If you leave the frequency blank, we will assume monthly. The fee is an annual amount which will be divided by the payment frequency selected and paid to your adviser accordingly. If VAT applies to this fee, your financial adviser can either include VAT within the fee or add it on top. If you tick yes VAT will be added to the amount shown above. Where a percentage fee amount is agreed, the fee paid to your financial adviser may go up or down depending on the value of your account on the date the fee is deducted. We will only pay an ongoing adviser fee to your authorised financial adviser. If you are receiving discretionary fund management services from a third party, your adviser may pay all or a proportion of the fee to the third party as payment for these services, and where relevant, to cover any associated VAT. Page 5 of 8

6 7 OLD MUTUAL WEALTH SERVICE CHARGE & ADVISER SERVICING FEE DEDUCTIONS u where applicable You can choose which funds are sold to meet the Service Charge and adviser servicing fee, as applicable; the option selected will apply to both of these payments. Select one of the following options: Largest fund OR All funds OR The following fund(s) If you do not specify a preference, and in the absence of any existing instructions, we will deduct the payments from the largest fund in your account. More information about charges and fees is in the document Making the cost of investment clear. 8 POWER OF ATTORNEY Where there is more than one attorney, please attach the same information for each one on a separate sheet of paper. Where an attorney is signing the Declaration in section 9 on behalf of the applicant we will need: the attorney s details below the original power of attorney, or a copy certified as a true copy of the original in ink on each page by a solicitor, notary public or the donor (ie the person giving the power) the attorney s identity verified. Surname Full forename(s) Full postal address (if correspondence for this account is to be sent to this address, please enter it in section 2B) Date of birth (dd/mm/yyyy) / / Under HMRC regulations, we can only accept an ISA application made under a Power of Attorney if we have confirmation that at least one of the following circumstances applies. Please tick to indicate why the investor is unable to apply him/herself: Physical disability, illness or old age Mental disorder or incapacity The investor is a member of the armed forces on active service in a war zone. I have read the Personal Data Statement in the Terms and Conditions and consent to my personal data being used in accordance with that statement. Attorney s signature (You must sign both here and in section 9 writing the words as attorney after your signature) Date (dd/mm/yyyy) / / 2 0 Page 6 of 8

7 9 DECLARATION AND SIGNATURE Please read this section carefully it is important that you read and understand the Terms and Conditions as well as this declaration. You should ask questions if there is anything you do not understand before you sign and date below. APS Eligibility Declaration This section must be completed to confirm the investor named on this application is eligible to make an Additional Permitted Subscription to an ISA in respect of the deceased named on this application. 1. a) I wish to subscribe from my APS allowance in respect of the deceased and wish to make my subscription to a Stocks & Shares ISA as a cash lump sum as indicated in this application. b) I declare that: all subscriptions made, and to be made, belong to me; I am 18 years of age or over; I was married to or in a civil partnership * with the deceased at their date of death and have evidence to support this declaration that can be produced on request I am the surviving spouse of the deceased I was living with the deceased within the meaning of section 1011 of the income tax act 2007 at the date of the deceased s death (we were not separated under an order of a court or a deed of separation and were not separated in circumstances where the separation was likely to become permanent) the subscription is made under the provisions of regulation 5DDA of the ISA regulations (Additional Permitted Subscription) the subscription is being made within three years of the date of death, or if later, 180 days of the completion of the administration of the estate. I am resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or the deceased performed such duties. I will inform Old Mutual Wealth Limited if I cease to be so resident, or to perform such duties. c) I understand that once a subscription to an APS allowance has been made, any future subscriptions under that APS allowance MUST be made to this ISA manager and be accompanied by an APS Eligibility Declaration. d) I understand that any money withdrawn from my ISA cannot be reinvested in the ISA without counting as a new subscription. 2. I authorise Old Mutual Wealth Limited a) to hold my cash subscription and ISA investments, interest distributions, dividends and any other rights or proceeds in respect of those investments and any other cash; and b) to make any claims to relief from tax in respect of ISA investments on my behalf; and c) to sell units or shares in investments within my account to meet any charges or fees for my financial adviser, in accordance with the Terms and Conditions; and d) to give effect to my instructions in accordance with the Terms and Conditions. 3. I understand that I will not receive contract notes relating to transactions involving the purchase or sale of investments which are carried out on a periodic basis in the manner agreed to in this application. Details of these transactions will be shown in the periodic statement which will be sent to me. In particular, such transactions include: - regular investments payable by direct debit; - phased investments; - automatic rebalances; - automatic withdrawals; - dividend and rebate reinvestments; and - sales of units to meet Old Mutual Wealth Limited charges and fees for my financial adviser (if applicable). 4. I have been given the opportunity to read and keep the following, and to have any questions concerning them answered to my satisfaction: a) Terms and Conditions, to which I agree b) Key Features Document c) Costs and Charges Statement, included in an illustration or projection regarding my investment d) all available Key Investor Information Documents, Key Information Documents and information about rebates, in respect of my chosen funds. 5. I consent to my personal data being used in accordance with the Personal Data Statement in the Terms and Conditions. 6. I declare that this application has been completed correctly and to the best of my knowledge and belief. 7. If I have agreed any fees in this application : a) I authorise Old Mutual Wealth to deduct those fees from my investment and pay them to my financial adviser. b) I understand that: i. the fees agreed will be met as follows (as applicable): Initial fee by deduction from my payment before the balance is invested into my choice of funds Fund switch fee by deduction from the sale proceeds of the switch, before they are invested into my new choice of funds Servicing fee by selling units as instructed in section 7 ii. if I have ticked Yes to add VAT to any servicing fees, the amount of the agreed fee will be increased to include VAT at the rate prevailing when the fee is deducted iii. if I select a percentage amount servicing or switch fee, the fee paid to my financial adviser may go up or down depending on the value of my account on the date the fee is calculated iv. I will need to reauthorise any increases to fees that have been previously agreed. c) I confirm that: i. I have agreed any fees in this application with my financial adviser ii. my financial adviser has explained the effect that selling units to pay Adviser Charges from my investment will have on its future value iii. Old Mutual Wealth has brought to my attention the importance of reading and discussing fees with my financial adviser before signing below. d) I understand that: i. I can cancel an adviser servicing fee at least 10 working days before it is deducted, by contacting Old Mutual Wealth ii. I cannot cancel a fee once it has been deducted, instead I would need to contact my financial adviser to discuss whether a refund is payable. * as defined in the Civil Partnership Act 2004 Applicant s signature Date (dd/mm/yyyy) / / 2 0 Page 7 of 8

8 10 FINANCIAL ADVISER S DECLARATION u to be completed by your financial adviser 1. I understand that adviser fees will be paid subject to the limits outlined in Old Mutual Wealth s Remuneration Guide. 2. I confirm that: (a) I have verified the identity of all relevant parties referred to in this application (b) the information in this form was obtained by me in respect of the relevant parties (c) the evidence I have obtained to verify the identity of the relevant parties can be produced on demand and meets the standard of evidence set out within the guidance for the UK Financial Sector issued by the Joint Money Laundering Steering Group (JMLSG) (d) if any individual referred to in this application has changed address within the last three months, I can provide evidence on demand (e) I have not verified the identity of the following parties referred to in this application because they are exempt from verification under Money Laundering Regulations (f) this section is signed below by the person who has seen the documentary evidence (which may include an electronic identity check). Financial adviser s signature Date (dd/mm/yyyy) 2 0 Print name Financial Services number Full name of regulated firm (or sole trader) Position Contact number Send the completed form to: Old Mutual Wealth Old Mutual House Portland Terrace Southampton SO14 7AY Tel: Customer Contact Centre CHECKLIST Once you have signed the application, please check that you have completed all applicable sections and enclosed the following: (as applicable) Execution Only form (see section 1.2) Signed cheque for the amount shown in section 3 Please be aware that calls and electronic communications may be recorded for monitoring, regulatory and training purposes and records are available for at least five years. Old Mutual Wealth is the trading name of Old Mutual Wealth Limited which provides an Individual Savings Account (ISA) and Collective Investment Account (CIA) and Old Mutual Wealth Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB). Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England and Wales under numbers and respectively. Registered Office at Old Mutual House, Portland Terrace, Southampton SO14 7EJ, United Kingdom. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority. Old Mutual Wealth Life & Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are and respectively. VAT number PDF11248/ /March 2018 (APS) Cash Lump Sum Application Page 8 of 8