Aegon Occupational Pension scheme with protected tax-free cash drawdown pension option

Transcription

1 For customers and scheme trustees Aegon Occupational Pension scheme with protected tax-free cash drawdown pension option Please read these notes before filling in this form About this form Words in bold are defined terms that we explain in the Definitions section. Where you see this icon *, we re asking you to send additional material with this form. This form enables you to take drawdown pension under your existing Aegon Occupational Pension scheme. You must take all your benefits under the Aegon Occupational Pension Scheme at one time. You should complete this form if under your Aegon Occupational Pension scheme: you have entitlement to more than 25% tax-free cash; and you want to vest your benefits; and you then want to make an immediate drawdown pension to drawdown pension transfer (drawdown to drawdown transfer) to a One Retirement account or Aegon Retirement Choices Self-Invested Personal Pension (ARC SIPP). Use this form with an application to set up a One Retirement account or ARC SIPP to receive a drawdown to drawdown transfer or an application for a drawdown to drawdown transfer to your existing One Retirement account or ARC SIPP. The first time you take income from your drawdown pension plan you will trigger the money purchase annual allowance, if you have not already triggered it. You shouldn t complete this form if: you have an entitlement to 25% or less tax-free cash, in which case you should complete the One Retirement or ARC SIPP application. Give full information When you answer a question, you must give all relevant information. This means you must completely and accurately disclose all of the facts when answering each question. Check details already filled in If any details are already completed (based on what you ve told a financial adviser), check these before you sign the declaration. If any details are incorrect or incomplete, please change them, initial the changes and contact a financial adviser. Arrangements under your One Retirement account or ARC SIPP Whether you re applying for a new One Retirement account or ARC SIPP or adding funds to your existing One Retirement account or ARC SIPP, you re applying for one or more arrangements under the Aegon Occupational Pension scheme. Each arrangement of drawdown pension entered into under the Aegon Occupational Pension scheme will be transferred and applied under a new equivalent arrangement under your One Retirement account or ARC SIPP. When you re applying for a new One Retirement account or ARC SIPP Each arrangement will be identified by a separate wrapper number. Once we ve received this form and the request for a transfer to your One Retirement account or ARC SIPP, we ll transfer your drawdown pension arrangement to the Aegon Self Invested Personal Pension Scheme. When you re adding a transfer to an existing One Retirement account or ARC SIPP We ll set up each tranche of drawdown pension with a separate cash facility under its own arrangement with a separate reference number under the Aegon Self Invested Personal Pension Scheme.

2 Part A Application form 1. Personal details Please give your personal details. Name Address Please send us a certified copy of your passport or driving licence as proof of your age and identity *. For more details and/ or options please see section 4. Date of birth (dd/mm/yyyy) National Insurance number Postcode 2. Taking benefits from your Aegon Occupational Pension scheme We ll settle your tax-free cash when we ve received all the information to enable us to make payment of the tax-free cash and are in a position to carry out the drawdown to drawdown transfer. This includes receiving the request for the drawdown to drawdown transfer from the receiving scheme. Your funds will remain invested until that time. 2.1 Existing plan details Transferring scheme name Plan number 2.2 Tax-free cash and income payments Maximum, or We ll calculate your maximum tax-free cash available from your Aegon Occupational Pension scheme. Once we ve paid your tax-free cash, the remaining fund will go into drawdown pension under the Aegon Occupational Pension scheme, for immediate transfer to a One Retirement account or ARC SIPP. The terms of your One Retirement account or ARC SIPP details how any income payments will be made. Page 2 of 7

3 3. Your bank details Please give your bank details. We ll pay your tax-free cash to this bank account. Any drawdown income will be paid to the bank account that you ve detailed for your One Retirement account or ARC SIPP. Bank/Building society name Address Bank account number Postcode Please enclose a certified copy of a bank statement for this account *. For details see section 4. Sort code Account number Name of account holder Building society roll number (if appropriate) 4. How we confirm your identity We must confirm your identity when you take pension benefits we can t progress your payment without doing this. That s why we ask you to provide us certified copies of your original documents. 4.1 What you need to do next You can choose one of two options for confirming your identity. Option 1 Send us a postal bank statement or bank statement obtained from your branch for the account we re paying benefits to. The bank statement must show your home address and have been received in the last 12 months. (The postal statement must have been sent to your home address. The bank statement obtained from your branch must show it was printed and stamped in branch.) We also need a certified copy of one of the following documents *: Current passport Current photo card driving licence (full or provisional) National identity card Identity card issued by the Electoral Office for Northern Ireland Page 3 of 7

4 4. How we confirm your identity continued Option 2 Send us a postal bank statement or bank statement obtained from your branch for the account we re paying benefits to. The bank statement must show your home address and have been received in the last 12 months. (The postal statement must have been sent to your home address. The bank statement obtained from your branch must show it was printed and stamped in branch.) We also need a certified copy of one document from list A and one from list B *. List A Current (old pre-photo card style) full UK driving licence Birth certificate Proof of benefit entitlement in the last 12 months HM Revenue & Customs tax notification quoting National Insurance number sent to your home address List B Current council tax demand letter or statement received in the last 12 months Credit card statement received in the last 12 months Mortgage statement received in the last 12 months Local authority rent card or tenancy agreement 4.2 Who can certify a document and how do they do it? Copies of documents can be certified by one of the following people, who may charge you for this service: Doctors/dentists Ministers of religion Teachers Social workers Credit union employees Post Office officials (through the Post Office s certification service) Accountants Bank/building society employees Barristers/solicitors/paralegals Councillors Financial advisers Justice of the Peace Members of Parliament The person certifying your document should provide the following on the copy: Their name in block capitals The name of the company they work for and their occupation The statement I certify this to be a true likeness of the original, and Their signature and date Page 4 of 7

5 5. Declaration In this declaration I means the person named in section 1 making the claim and asking for the drawdown to drawdown transfer and you means Aegon. 5.1 I request that the trustees of the scheme named in section 2 pay to me the tax-free cash set out in this form, and provide drawdown pension from the balance of the funds under my existing Aegon Occupational Pension scheme and effect an immediate drawdown to drawdown transfer to the Aegon Self Invested Personal Pension Scheme (the scheme ). 5.2 I consent to the transfer payment from the Aegon Occupational Pension scheme being paid to the scheme to provide benefits for me. 5.3 I declare that, to the best of my knowledge and belief, the details I ve given above and the information given in this form and any supplementary forms, whether in handwriting or not, are correct and complete. 5.4 I agree that if there s any failure to provide any information that the scheme administrator needs to administer my benefits accurately, the scheme administrator has the right to make further administration charges. 5.5 I agree that no benefits can be commuted, surrendered or assigned except in line with the Finance Act I agree that you or your representatives may approach the scheme administrators or the providers of any other registered pension schemes that I m contributing to or have contributed to in the past, to obtain any information you feel is necessary to administer my arrangements under the scheme. 5.7 I agree that deliberate or careless failure to answer any questions correctly and completely, to the best of my knowledge and belief, may result in benefits not being payable. 5.8 I agree that any sum due may be deducted from any arrangements for or in respect of me under the scheme. The information given in this application is needed for income tax purposes and may be inspected by UK tax authorities. If I give false information, the tax authorities may prosecute me, which could lead to severe penalties. Signature of applicant 6. For financial advisers only 6.1 Financial adviser case number Did you give this applicant advice when choosing to set up this pension? This is for the purposes of Financial Conduct Authority reporting. Yes No 6.2 Illustration number Page 5 of 7

6 Part B Transferring scheme Section 7 must be completed by the trustees of the transferring scheme. 7. Transferring scheme declaration In this declaration we means the trustees/ scheme administrator/insurer of the transferring scheme named in section 2. We declare that the following information given in this application form, whether in handwriting or not, is true and complete. We further confirm the following: 7.1 We request Aegon to pay any tax-free cash and/or the drawdown to drawdown transfer that is set out in this application form. 7.2 The transfer is from a registered pension scheme. 7.3 The transfer payment from the transferring scheme comprises the whole of the funds held under any arrangements which are the subject of the transfer payment. 7.4 Income withdrawals are currently being made by the applicant as the original member from the transferring scheme, which are the subject of the transfer and with respect to which the conditions in paragraph 8A of schedule 28 of the Finance Act 2004 are satisfied. 7.5 We confirm that we ve checked the available lifetime allowance for the member named in section 1 in relation to the benefit crystallisation events occurring in respect of the tax-free cash and movement of remaining funds into drawdown pension, and confirm that no lifetime allowance charge (as defined in section 214(1), Finance Act 2004) arises in relation to those events. Signed for and on behalf of the transferring scheme Signed for and on behalf of the transferring scheme Signed for and on behalf of the transferring scheme Page 6 of 7

7 Definitions We ve not covered the 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 Aegon Occupational Pension scheme is a trust based pension scheme such as: an Executive Pension plan; an Exsel Group Scheme; or a Nexus scheme Benefit crystallisation event certain defined events or occurrences under your pension plan trigger a test of the benefits crystallising at that point against your available lifetime allowance, for example: becoming entitled to a lump sum; designating money purchase funds into drawdown; and a lump sum benefit being paid from uncrystallised funds in the event of your death before age 75. These events and occurrences are known as benefit crystallisation events. Certified copy this is a copy of a document which has been certified by a certain person. These are required by law so that we can progress your instruction to us. Please make sure that you attach the correct certified documents to avoid delays in processing your instruction. For a full list of people who can certify your documents, and the information required, go to section 4. Drawdown pension a flexi access drawdown arrangement which lets you take as much or as little income (which may be subject to tax) from the arrangement as you wish. Money purchase annual allowance the amount that can be paid by or for you into money purchase arrangements without a tax charge arising may be restricted to the money purchase annual allowance, which for this tax year is 10,000. The restriction applies if you had a flexible drawdown plan at any time before 6 April It also applies if you take (or have already taken) certain types of pension benefit, including an uncrystallised funds pension lump sum or income from a flexi-access drawdown plan. The government has proposed that the money purchase annual allowance be reduced from 10,000 to 4,000 with effect from 6 April Any reduction in the money purchase annual allowance and any consequential changes will be set out in legislation that the government will introduce, effective from 6 April You should speak to a financial adviser if you think this may impact on any plans you may have. Special rules apply in the year that the money purchase annual allowance provisions first apply to you. Please speak to a financial adviser for more information. Registered pension scheme is a pension scheme that s registered with HMRC under Chapter 2 Part 4 of the Finance Act Aegon is a brand name of Scottish Equitable plc (No. SC144517) and Aegon Investment Solutions Ltd (No. SC394519) registered in Scotland, registered ofice: Edinburgh Park, Edinburgh EH12 9SE. Both are egon companies. Scottish Equitable plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Aegon Investment Solutions Ltd is authorised and regulated by the Financial Conduct Authority. Their Financial Services Register numbers are and respectively Aegon UK plc ARC /17