GROUP PERSONAL PENSION APPLICATION FORM. Member

Transcription

1 GROUP PERSONAL PENSION APPLICATION FORM Member

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3 Policy number: (Internal use only) This form is for individuals who wish to apply for a Group Personal Pension plan. Please read the Key Features and product literature before completing this application form. Where a reference is made to a note, please see Section F Notes for completing sections A to E. WARNING: You must not make false statements when filling in this application; it is a serious offence. The penalties are severe and you could be prosecuted. If you have applied for Enhanced Protection you should not make any payments to any other pension plan after 6 April If you do make a payment, Enhanced Protection will no longer be available. If your country of residence is not the UK, the laws and rules of the country in which you reside could affect the policy, including the benefits you can receive. Before applying, you should speak with legal and/or tax professionals in your country of residence. The law of England and Wales will apply to the policy. All communications will be in English. A. ELIGIBILITY To make employee/individual payments you must be resident in the United Kingdom. B. YOUR DETAILS Your title Mr Mrs Miss Ms Other (please specify) Your surname Your first name(s) Your address (see note 1) Postcode Country Your phone number (incl code) Your address (see note 2) Your date of birth (DD/MM/YYYY) (see note 3) Nationality Are you Male Female Your marital status Single Married/in a registered civil partnership Separated Divorced/registered civil partnership dissolved Widowed/a surviving registered civil partner Your National Insurance Number (see note 4) If you do not have, and have never been given, a National Insurance Number, please tick this box Selected retirement age (see note 5) years 1

4 C. EMPLOYMENT DETAILS Are you (see note 6) Employed Self employed A pensioner Other If other, please indicate which of the following applies to you. Are you: Caring for one or more In full time children aged under 16 education Caring for a person aged 16 or over Unemployed Other Employer s Name Employer s Address Postcode 2

5 D. PAYMENTS DETAILS There is no maximum limit on how much can be paid to your plan, although we can only accept contributions from you that are eligible for tax relief. Relief is available on contributions which don t exceed your UK relevant earnings, or 3,600 if higher. We will claim basic rate tax relief on your behalf, and invest it in your plan. If you are a higher or additional rate taxpayer, you may be able to claim additional tax relief via your self-assessment tax return. Employer contributions are paid gross. The value of the tax benefits of a personal pension depend on your personal circumstances. Both your circumstances and tax rules may change in the future. If you are a Scottish taxpayer the tax relief you will be entitled to will be at the Scottish rate of income tax, which may be different from the rest of the UK in the future. The Treasury sets an annual allowance on the amount that can be paid into all your registered pension schemes without incurring a tax charge. Higher earners will have a lower annual allowance limit, called the Tapered Annual Allowance. Your annual allowance may also be limited to the Money Purchase Annual Allowance if you have flexibly accessed a pension with another provider. (See note 7) Please speak to your financial adviser if you are unsure about how much you can pay. Have you flexibly accessed any pensions with us or any other provider? [see note 7] Yes No If Yes Please complete (see notes 8, 9 & 10) either: Part 1. Part 2. Date of first payment (DD MM YYYY) If your employer will be making payments into your plan on a set basis (a Payment Package ) (If you are not sure please ask your employer). OR If you are choosing your own individual payment details. 1. Payment Package Name of Payment Package Monthly regular payments into my pension plan are to start on (DD/MM/YYYY) Single Payment Employer (Gross Amount) Employee (Net Amount) Any single payments being made by you or your employer should be shown here. If you have completed part 1 please ignore part Individual Payments How do you wish to make payments? Regular monthly Regular yearly Single only How much is to be paid? Regular payments Salary on which payments are to be based By your employer (if applicable) (GROSS) or % of salary (GROSS) By you (NET) or % of salary (NET) Date payments to start (DD/MM/YYYY) (see note 11) If the regular payments are a set amount, not a percentage of salary, you can choose to increase them automatically each year. Would you like the regular payments to increase automatically each year? Yes No If Yes, what level of increase do you want? Retail Prices Index (see note 12) Average Weekly Earnings (see note 12) Fixed rate from 5% to 20% % (please specify) Single payments By you (NET) By your employer (if applicable) (GROSS) 3

6 E. YOUR INVESTMENT CHOICE Investment selection is a very important decision. You can either choose a Pension Investment Approach in part 1 or indicate your choice of investment fund(s) in part 2. You can t do both. 1. Pension Investment Approaches (see note 13) This box should only be completed if you wish to select a Pension Investment Approach for all payments. Before considering one of these you should read our Pension Investment Approaches Guide and Premier Lifestyling Options Guide. Please tick one as appropriate Adventurous (Targeting Annuity) Adventurous (Targeting Encashment) Adventurous (Targeting Flexible Access) Balanced (Targeting Annuity) Balanced (Targeting Encashment) Balanced (Targeting Flexible Access) Cautious (Targeting Annuity) Cautious (Targeting Encashment) Cautious (Targeting Flexible Access) Premier Adventurous (Targeting Annuity) Premier Adventurous (Targeting Encashment) Premier Adventurous (Targeting Flexible Access) Premier Balanced (Targeting Annuity) Premier Balanced (Targeting Encashment) Premier Balanced (Targeting Flexible Access) Premier Cautious (Targeting Annuity) Premier Cautious (Targeting Encashment) Premier Cautious (Targeting Flexible Access) As you get closer to your selected retirement date, we will automatically gradually adjust and move your pension fund into lower risk investment funds. You can change your investment choice at any time or stop the gradual adjustments. Please contact us to do this. 2. Fund Selection (If not choosing a Pension Investment Approach in part 1) You can invest in up to 10 funds at any one time. Restrictions may apply on the amount that can be invested in certain funds. We may change the selection of funds we make available. For details of the funds available please refer to our Pension Funds Investor s Guide and Your guide to with-profits. You can change your investment choice at any time. Fund Payments % split for regular payments % split for single payments Please note that you cannot start to invest or switch into the Unitised With-Profits Fund if there is less than three years to your selected retirement date. 4

7 F. NOTES FOR COMPLETING SECTIONS A TO E 1. This should be your permanent residential address. We will send all correspondence to this address. Please ensure the postcode is provided. 2. Sending personal information by is not secure. Only include your address if you agree to Scottish Widows sending you s. 3. To be eligible for this plan you must be aged less than 75 years. 4. Your National Insurance Number can be found on a payslip or P60, or on a tax return. If you have a National Insurance Number, it is essential that you provide it, otherwise we are unable to accept contributions and cannot process your application. If you cannot find your National Insurance Number, please phone HM Revenue & Customs General Enquiries This is the age from which you want to take benefits from your plan. This must be between the ages of 55 and If you have income from more than one category, the category that is your main source of income will apply. 7. The Money Purchase Annual Allowance (MPAA) is currently 4,000. The MPAA applies to you if you have flexibly accessed your pensions from us or any other provider and have received any of the payments listed below from 6 April 2015 onwards: a payment from a flexible access drawdown fund (also known as a flexi-access drawdown fund); a payment from a capped drawdown fund which would exceed existing capped drawdown limits; a pension encashment (also known as an uncrystallised funds pension lump sum); a payment under a flexible annuity contract; a pension payment from a money purchase scheme which has fewer than 11 other pensioner members; a stand-alone lump sum from a money purchase arrangement where you were entitled to primary protection with a right to take a lump sum of greater than 375,000. The MPAA applies to all contributions you pay (or that are paid on your behalf e.g. employer contributions and death-in-service premiums) each year to all money purchase pension schemes of which you are a member. If the MPAA applies to you and your contributions exceed it, you will be liable to pay a tax charge based on your highest rate of income tax. The MPAA does not apply if you have taken only: income from a capped drawdown plan; tax-free cash (pension commencement lump sums) when using your plan to purchase an annuity or drawdown plan; or small pots taken as a cash lump sum. In these circumstances, the higher annual allowance applies to you. 8. Your payments are paid net of UK basic rate tax. Scottish Widows will collect the basic rate tax relief from the Revenue and add it to the payments. Employer s payments are paid gross. 9. The minimum regular payment is 240 p.a./ 20 p.m. gross. If you are making regular payments and wish to make an additional single payment to your plan there is no minimum amount if it is paid at the start of your plan, otherwise it is 600 gross. If you are not making regular payments, the minimum single payment is 2,000 gross. 10. The single payment must be paid by cheque, payable to Scottish Widows. Note: When writing a cheque, it will help to prevent fraud if you include additional information on the Payee Line. For example Scottish Widows re: your name, your reference policy number xxxyyz. Remember to draw a line through unused space on the cheque so extra numbers or names cannot be added. 11. Where payments are being collected and being paid via your employer s bank account, the amount and payment date will be set by them. To comply with the late payment rules governed by The Pensions Regulator payments which are made through your employer s bank account must reach Scottish Widows by the 19th of the month following the deduction from salary. 12. Explanations of the Retail Prices Index and the Average Weekly Earnings Index are available from us upon request. 13. Each investment approach is mainly invested in our Pension Portfolio funds*. These funds use a varying mix of higher and lower risk investments. The fund you will initially be invested in will depend on your chosen investment approach and the time until retirement. Over time, your pension fund will be progressively moved to lower risk investment funds. *Please note our Pension Investment Approaches invest in our Pension Portfolio funds, our Premier Pension Investment Approaches invest in our Premier Pension Portfolio funds. 5

8 G. DECLARATION IMPORTANT PLEASE COMPLETE SCOTTISH WIDOWS APPROPRIATE PERSONAL PENSION SCHEME (the Scheme) Please ensure that you read the following important statements relating to your policy: a) I understand that an application has been made on my behalf to join the Scottish Widows Appropriate Personal Pension Scheme and that a policy has been issued in my name. Scottish Widows will run the scheme according to the scheme rules, a copy of these rules are available on request. b) I agree that the information detailed in the application made on my behalf is correct and complete. c) I confirm that I am habitually resident in the UK. d) I authorise Scottish Widows to collect the payments I agree to make, including any transfer payments from other pension arrangements. Where necessary, I consent to Scottish Widows seeking further information from other pension arrangements. e) I agree that if the basic rate of tax changes, Scottish Widows will amend the amount collected, but only to the extent necessary to maintain the total payment. Total payments by me in any tax year will not exceed the higher of 3,600, and my relevant UK earnings. f) I agree to pay contributions which are at least equal to the difference between the contributions my employer is paying and the minimum total contributions required by the Pensions Act 2008 (as amended). I understand that my employer has agreed to ensure that the total of my employer s contributions and my contributions is high enough to cover the minimum total contributions required by legislation. If Scottish Widows realise that the total contributions are not high enough I understand that Scottish Widows will report my employer to the Pensions Regulator who may issue an unpaid contribution notice to my employer requiring my employer pay additional contributions. g) I will inform Scottish Widows within 30 days if I am no longer entitled to receive tax relief. h) I will inform Scottish Widows if I stop residing in the United Kingdom. i) I authorise my employer to appoint and/or change the financial adviser for the policy. j) I agree that my employer, its agents, any agent of mine acting in connection with the plan, and Scottish Widows may exchange such information concerning me as is necessary to effect and administer the plan. k) I have received the Important Notes for Applications document and the Key Features Document. Please read these documents. If you do not understand any point, please let us know. Your Signature Date (DD/MM/YYYY) A copy of the completed application, Scheme Rules and Policy Provisions is available from Scottish Widows. If your employer is making payments they should also sign the Declaration by Employer below. We would like to keep you up to date on products and offers that may be of interest to you. Please select how you would like to hear from us below. These choices won t affect any necessary information we need to send you such as statements and, don t worry, you can change your mind and update your preferences at any time. SCOTTISH WIDOWS WEBSITES You may see relevant messages when you log in to our online services. If you choose no, you may still see messages, but they will not be tailored to you. Yes No Yes No POST Yes No DEVICE NOTIFICATIONS As we develop mobile applications you ll receive relevant notifications to your mobile device Yes No TEXT MESSAGES Yes No PHONE Yes No By saying yes, you are giving consent for Scottish Widows to use your personal information to send you relevant offers and information about our products. Scottish Widows includes the following legal entities: Scottish Widows Ltd, Scottish Widows Unit Trust Managers Limited, Scottish Widows Administration Services and HBOS Investment Fund Managers Limited. Occasionally we will send you selected offers from other companies within Lloyds Banking Group that may be relevant to you. 6

9 G. DECLARATION IMPORTANT PLEASE COMPLETE (CONTINUED) Declaration by Employer Section to which the Employee is to be added (if applicable) Employer deducted payments from the Employee s salary? Yes No If yes, which date will you start deducting payments from the Employee s salary? (DD/MM/YYYY) I/We agree, subject to acceptance of the Employee s Application for membership of the Scottish Widows Appropriate Personal Pension Scheme and for the policy or policies to secure benefits thereunder, to pay either the payments (including any automatic increases to regular payments) shown in Section D of the application or, if applicable, the payments (including any automatic increases to regular payments) shown in the Employer s application. Your Signature Date (DD/MM/YYYY) Position of Signatory For and on behalf of the Employer 7

10 H. NOMINATION FORM Nomination To: Scottish Widows PLEASE USE BLOCK CAPITALS Name Pension Plan Number (for new policies the Scheme Administrator will insert this when allocated) I wish to nominate the person/people listed below to receive any death benefits which become payable under the Pension Plan Number above. I understand that in exercising discretion in applying the benefits the Scheme Administrator will not be bound by this expression of my wishes. Please consider the following people to receive death benefits in the percentages shown. Full name Relationship (if any) Percentage of benefits This form supersedes any earlier form completed in respect of this plan number. If your circumstances change after submitting this form and you would like to change the nominated beneficiaries please send a new form. If you would like further information on placing any death benefits under trust, please tick this box and we will send you a Scottish Widows Pension Trust form. Note: Scottish Widows Pension Trust form has been drafted primarily for use by personal pension and stakeholder pension plan holders who are UK resident. We strongly advise that planholders take legal advice before completing any trust form in respect of their plan, to ensure that their wishes are properly given effect to. This is particularly relevant where the planholder is not domiciled in the UK. Your Signature Date (DD/MM/YYYY) 8

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12 Scottish Widows Limited. Registered in England and Wales No Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number /18