SCOTTISH WIDOWS RETIREMENT PORTFOLIO FUNDS
|
|
- Anabel Eaton
- 5 years ago
- Views:
Transcription
1 SCOTTISH WIDOWS RETIREMENT PORTFOLIO FUNDS GUIDE TO BACK-TESTING AND MODELLING MANAGING SIGNIFICANT VOLATILITY TO HELP A PENSION POT LAST LONGER This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person.
2 ANALYSIS OF HOW THE RETIREMENT PORTFOLIO FUNDS COULD RESPOND TO DIFFERENT MARKET CONDITIONS The Scottish Widows Retirement Portfolio Funds have been designed to manage significant market volatility to help a pension pot last longer. As part of the design process, the funds were tested against different historic market conditions as well as thousands of potential future scenarios to see how the funds might cope with different situations and affect the outcome for investors. The back-testing looked at a range of different historic market conditions, including some of the biggest market events in the last 20 years. This was to see how a fund with Dynamic Volatility Management (DVM) might have compared, if it had been available at the time, to a fund with the same asset allocation but without any volatility management. The testing of future outcomes used stochastic simulation to assess how a fund with DVM would compare with an equivalent fund without volatility management in 5,000 different potential scenarios. The funds are designed to be used by clients in drawdown, so the analysis assumed money would continue to be withdrawn from the fund regardless of prevailing market conditions. Although the DVM only applies to the equity allocation of the Retirement Portfolio Funds, these modelling and back-tested scenarios looked at how the overall fund with and without DVM might have performed, depending on differing returns from differing asset classes. 1
3 BACK-TESTING BACK-TESTING AGAINST HISTORIC MARKET CONDITIONS The following scenarios show how a fund with DVM would have compared to a fund with the same asset allocation but without DVM. The fund used in these scenarios is the Retirement Portfolio Fund, which currently has 70% allocated to equities and the remaining 30% allocated to corporate bonds. This fund was chosen because we believe its asset mix means it is likely to be of interest to a number of potential clients using income drawdown, and the large equity allocation is better able to demonstrate the impact of the DVM. The modelling assumes a client has a starting fund of 100,000 and withdraws 4,000 in the first year, with the amount withdrawn rising according to the rate of inflation at the time. The performance figures include an annual charge of 0.2% for the fund with DVM. The assumed charge for the fund without DVM is 0.1%, which is the annual fund charge for a client invested in Pension Portfolio Funds through Retirement Account. No product charges have been taken into account for these calculations. Each Retirement Portfolio s asset allocation is the same as the equivalent Pension Portfolio Fund, making this comparative modelling as accurate as possible. The fund used for these illustrations is the Retirement Portfolio Fund, which currently has 70% allocated to equities and the remaining 30% allocated to corporate bonds. The modelling assumes a client has a starting fund of 100,000 and withdraws 4,000 in the first year, with the amount withdrawn rising according to the rate of inflation at the time. 2
4 THE DOT.COM BUBBLE At the end of 1999, stock markets around the world hit valuations they would not see again until 2015, driven by what we now know to be the sky-high valuations of the new generation of internet companies and overly optimistic estimations of future earnings. When the market euphoria evaporated during 2000, a prolonged sell-off in equities saw many stock markets lose around 50% of their value over the next three years. The chart below shows the period between January 2000 and January 2004, which includes the biggest losses during 2001 and The graph shows how a fund with DVM could have compared to the performance of an equivalent fund without DVM. The periods of significant volatility are shaded in pale orange and indicate how much of the equity content would have been de-risked. The Dot.Com Bubble % Fund Value, % 2 60% 40% % Equity De-Risked % Equity De-Risked With DVM Without DVM 20 20% 0 0% Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 During this four-year period, the FTSE 100 fell 50.4% before recovering to end the period down about 36% from its peak. At the lowest market point, a fund with DVM which started this time period with a value of 100,000 would have had a value of 77,470, after charges and income withdrawal. A fund without DVM would have had a value of 63,711. At the bottom of the market in March 2003 (marked as 1 in the graph), the fund with DVM would have been worth 22% more than the equivalent fund without volatility management. The fund without DVM would have recovered its value faster than a fund with DVM and by the end of the period the difference in value between the two funds would have been 9% (2). The total actual income taken from each fund over the 4 year period would have been 16,664. 3
5 THE GLOBAL FINANCIAL CRISIS Another stockmarket crash was caused by the Global Financial Crisis, where between October 2007 and March 2009 the FTSE 100 dropped 45% in less than 18 months. The graph below shows how a fund with DVM might have performed compared to a fund without DVM during this period. The speed of the market crash in October 2008 means the DVM would not have been triggered initially and both funds would have seen a similar initial drop in value. Events show that as the sell-off continued the fund with DVM would have had a reduced loss compared to the worst of the drop in value. When the market hit its lowest value, in March 2009 (3), the fund with DVM would have been worth 15% more than the equivalent fund without volatility management. The sharp recovery in the value in equities accompanied by high levels of volatility means the fund without DVM would have seen a faster recovery in its value than the fund with DVM (4). The Financial Crisis % 4 80% Fund Value, % 40% % Equity De-Risked % Equity De-Risked With DVM Without DVM 20 20% 0 0% 01/07 05/07 09/07 01/08 05/08 09/08 01/09 05/09 09/09 01/10 Income withdrawn from each fund would have been 12,595 and at the end of this period the fund with DVM would have been worth 67,872, while an equivalent fund without DVM would have been worth 77,914. 4
6 A STEADILY RISING MARKET When there is no significant market volatility, we would expect the funds to behave in a similar manner to equivalent funds without DVM, because the DVM would not be triggered. We would therefore expect them to follow the general market trend, whether that is a steady decline in values or a steady increase. This is because, when volatility is more stable and within acceptable limits, the DVM process effectively remains dormant. In the example below, between August 2012 and November 2015 equity markets grew steadily while volatility remained low. As shown below, as the DVM was not active, the fund with DVM would have tracked the performance of the fund without DVM. A Rising Market With DVM Without DVM /12 11/12 02/13 Fund Value,000 05/13 08/13 11/13 02/14 05/14 08/14 11/14 02/15 05/15 08/15 11/15 Over this period the total withdrawal from each of the funds would have been 14,117. As DVM would not have been active, the only difference in performance would have been due to the higher charges of the fund with DVM. If both funds started this period with a value of 100,000, by November 2015 the fund with DVM would have been valued at 114,538 compared to 114,945 for a fund without DVM, a difference of
7 THE LAST 20 YEARS The example below shows the possible performance of a fund with and without DVM between 1997 and This period included several periods of significant volatility, including the bursting of the dot.com bubble and the financial crisis from late 2007 to The periods of volatility highlighted in orange show the percentage of equity de-risking that would have happened as part of the DVM mechanism. This scenario shows the possible outcome for someone who entered drawdown in January If drawdown commenced at a different date the investor could have experienced a substantially different outcome. A 20 Year History Fund Value, % % Equity De-Risked % Equity De-Risked With DVM Without DVM 50 50% 0 0% 01/01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/2017 Over the course of 20 years a total of 108,942 would have been withdrawn as income from each fund, with both funds ending the period with a considerably higher value than at the start. The fund with DVM would have had a value of 197,000 at the end of the 20 years and the fund without DVM would have been worth 15% more at 227,000. While the fund with DVM would have ended the period with a lower value, the table below shows DVM would have reduced overall volatility and helped to protect the value of the fund from the worst falls in value during the dot.com bubble and financial crisis. If drawdown had commenced shortly before one of these falls the investor could have a substantially different outcome, due to the effect of sequence risk. Fund with DVM Fund without DVM Net average annual return 3.36% 4.06% Average annual volatility 9.17% 11.75% Worst fall in value % % Table shows simulated past performance, not actual returns Data for period covering 1st January 1997 to 1st January 2017 Source: Scottish Widows 6
8 FUTURE SCENARIOS TESTING AGAINST POTENTIAL FUTURE SCENARIOS The back-testing looked at how a fund with DVM would have performed in specific historic market conditions. To take account of the wide range of potential future market conditions, the Retirement Portfolio Funds were tested in 5,000 theoretical scenarios involving varied investment market conditions and the performance of the different asset classes. As with the back-testing, the future scenarios here use the Retirement Portfolio Fund. The same assumptions are also used, with the starting value of the funds at 100,000, with an annual withdrawal of 4,000 in the first year rising by inflation assumed to be 2% a year. The fund with DVM has a charge of 0.2% a year and the fund without DVM is assumed to have a charge of 0.1%. No product charges have been taken into account for these calculations. The modelling data, graphics and findings in this document are derived from stochastic modelling. This modelling used assumptions for long term returns on asset classes and levels of volatility. The assumptions used were Aberdeen Standard Investments standard assumptions. Each fund is made up of a combination of asset types, so assumptions for long term returns and levels of volatility were applied for each of these different asset types. The modelling results did not use a single overall growth rate for each fund and were not based on FCA growth rates so cannot be seen as an alternative to an illustration and should not be used as the basis for a client s decision. 7
9 EQUITY MARKET FALLS IN THE EARLY YEARS OF RETIREMENT Scottish Widows Retirement Portfolio Funds have been designed to help reduce the risk of investment losses during periods of significant volatility to a client in drawdown. This is particularly relevant in the early years of retirement because the potential sequence of returns risk can reduce how long a client s pension pot may last and their ability to sustain the withdrawals they require. The graph below shows the potential performance of a fund with DVM compared with a fund with the same asset allocation but without DVM. In this hypothetical scenario, representing a classic sequence of return risk problem, the funds see a fall in the value of their investments in the early years, followed by a second drop in value after around 10 years. Equity market falls in the early years With DVM Without DVM Feb-17 Feb-20 Feb-23 Feb-26 Fund Value,000 Feb-29 Feb-32 Feb-35 Feb-38 Feb-41 Feb-44 Feb-47 Both funds start with the same initial value of 100,000 and each sees withdrawals of 162,272 over the 30-year period. In this scenario, at the end of the 30-year period the fund with DVM would be worth 110,870, while the fund without DVM would be worth 52,198. The difference in value is 58,672. This is a clear example of the damage that could be caused by sequence of return risk and the long term damage early losses may have on the value of a pension pot, and how long it may last. 8
10 SIGNIFICANT FALL IN EQUITY MARKETS IN EARLY YEARS OF RETIREMENT The previous example shows how a fund with DVM could help protect the value of a client s investments during falling equity markets. This similar scenario shows a more significant drop in early retirement. A sharp fall in markets in the early years of retirement could have an even more severe impact on a client s ability to sustain the level of income they need and may result in a client s funding running out sooner than expected. The following scenario uses hypothetical data to show how a fund with DVM and one with the same asset allocation but without DVM could compare when faced with a significant drop in equity markets in the early years of retirement. Significant Equity market falls in the early years With DVM Without DVM 20 0 Feb-17 Feb-20 Feb-23 Feb-26 Fund Value,000 Feb-29 Feb-32 Feb-35 Feb-38 Feb-41 Feb-44 Feb-47 In this scenario, the fund without DVM was exhausted after 23 years, while the fund with DVM lasted for more than 28 years, more than 5 years longer. This demonstrates the impact of reducing losses early in retirement. The total income withdrawn from the fund without DVM was 109,196 compared with 149,544 for the fund with DVM, a difference of 40,348 or 37% more. 9
11 STEADILY RISING MARKETS IN THE FUTURE The previous scenarios show how a fund with DVM could compare to an equivalent fund without DVM in volatile and falling markets. The scenario modelling also assessed simulated scenarios where investment markets steadily rise or fall, but are not accompanied by significant volatility. Historically steady market change has been accompanied by lower levels of volatility and the scenario below shows how a fund with DVM could behave when compared to an equivalent fund without DVM in these conditions. A Steady Rising Market (Simulation) Fund Value, With DVM Without DVM 20 0 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 With volatility remaining within acceptable levels, the DVM would remain inactive and the fund with DVM would remain very similar to the fund with the same asset allocation but without volatility management. The difference in the two funds performance in this scenario is due to the higher annual charge for the fund with DVM (the fund with DVM is assumed to have an annual charge of 0.2%, higher than the 0.1% of the fund without DVM). At the end of this scenario the fund with DVM would be worth 119,466 (after income withdrawals of 4,000 in the first year rising by inflation assumed to be 2% a year and charges) while a fund without DVM would be worth 119,
12 A SUDDEN SHARP DROP IN VALUE While there are scenarios where the DVM could be effective, there are some situations where DVM would be less effective and in some cases would not work any better than an equivalent fund without volatility management. If a market fall happens very suddenly and has not been signalled by increased volatility beforehand, there would have been no alert (along with the rest of the market) to start the de-risking process. This means there could be a delayed start to reducing the equity exposure. A similar example from history would be the Black Monday stock market crash of October The hypothetical scenario below shows the potential comparative performance of a fund with DVM and a fund with the same asset allocation but without DVM. A Sudden Sharp Fall With DVM Without DVM 20 0 Feb-17 Feb-20 Feb-23 Feb-26 Feb-29 Fund Value,000 Feb-32 Feb-35 Feb-38 Feb-41 Feb-44 Feb-47 The speed of the drop and lack of volatility in the run up means the DVM would have had no signal of increased volatility, and in this example would not be triggered until further into the equity market fall and both funds experience very similar drops in value. The fund without DVM would run out after 20 years and 16 weeks, while the fund with DVM would last 21 years and 7 weeks. The income taken from the fund without DVM would be 99,019, compared with 103,949 for the fund with DVM. 11
13 RANGE TRADING Another situation where DVM would be less effective is Range trading. This is when there is high volatility in equity markets over a prolonged period, but over that period markets neither trend upwards nor downwards. This is the key scenario in which there is a risk that the fund with DVM could underperform the fund without DVM. The following hypothetical scenario compares two funds with the same asset allocation and same income being withdrawn, one with DVM and one without DVM. The graph covers the funds during and after a period of around 10 years of range trading, a decade of significant volatility and a series of short falls and rises in value for equity markets. The period of range trading is highlighted. Looking at historic market data we have been unable to identify a particular time in history when markets have performed this way over an extended period of time, but it is a possibility. Range Trading 120 Range trading period With DVM Without DVM 20 0 Feb-17 Feb-20 Feb-23 Fund Value,000 Feb-26 Feb-29 Feb-32 Feb-35 Feb-38 Feb-41 Feb-44 Feb-47 The fund with DVM would have run out after 24 years, while the fund without DVM would have become exhausted after 26 years and 27 weeks. The total income taken from the fund with DVM would be 122,059 compared with 138,159 for the fund without DVM. 12
14 COMPARING THE FUNDS ACCORDING TO RISK AND EQUITY ALLOCATION Both Scottish Widows and an established industry risk assessment company believe that the inclusion of DVM in the Retirement Portfolio Funds helps to manage volatility, resulting in a lower level of assessed risk. Based on risk ratings supplied by Distribution Technology (DT), each Retirement Portfolio Fund currently has a lower risk rating, by one level, compared to a fund with the same current strategic equity allocation but without DVM. This provides more cautious investors with an option to access a fund with a higher equity exposure and potential for higher returns, without having to select a fund with a higher risk rating (as defined by Distribution Technology). Likewise, investors who wish to invest in funds with higher equity allocations can choose a Retirement Portfolio Fund with a lower DT risk rating than a fund with the same equity allocation but no DVM. The tables below compare Retirement Portfolio Funds (RPF) and Pension Portfolio Funds (PPF), demonstrating how Retirement Portfolio Funds currently offer the same equity allocation at a lower DT risk rating. The tables provide a direct comparison with PPF funds with the same DT risk rating as the Retirement Portfolio Funds and also with PPF funds that have the same equity allocation. Retirement Portfolio Funds Allocated Equity Exposure Either Pension Portfolio Funds Or HIGHER DT Risk Rating SAME Equity Allocation DT Risk Rating SAME DT Risk Rating LOWER Equity Allocation The tables show a range of metrics that are derived from stochastic modelling of 5,000 different scenarios projected over 30 years from February In each case the starting value of the investment is 100,000 with an initial annual withdrawal rate of 4%, rising in line with inflation each year. The figures are net of transaction costs but do not include the annual management charge, fund expenses or product charges. Please note that the data in these tables is all based on hypothetical modelling: the figures are not guaranteed and actual performance could be very different. For Retirement Portfolio Fund there is no fund with a lower equity allocation available for comparison from the Pension Portfolio Fund range. 13
15 RETIREMENT PORTFOLIO Lower Equity Allocation Same DT Risk Rating Same Equity Allocation Higher DT Risk Rating Retirement Portfolio N/A Pension Portfolio C Construction: Volatility management approach Automated system None Asset allocation (equity exposure) 30% No fund available with a 30% lower equity allocation DVM 3 7 Risk rating DT 3 Higher DT 4 Metrics: Average annualised return 3.48% 3.65% Average annual volatility 6.10% 6.80% Sharpe ratio Average maximum fall in value % % RETIREMENT PORTFOLIO Lower Equity Allocation Same DT Risk Rating Same Equity Allocation Higher DT Risk Rating Retirement Portfolio Pension Portfolio C Pension Portfolio B Construction: Volatility management approach Automated system Reduced equity exposure None Asset allocation (equity exposure) 50% 30% 50% DVM Risk rating DT 4 Same DT 4 Higher DT 5 Metrics: Average annualised return 3.98% 3.65% 4.25% Average annual volatility 7.40% 6.80% 8.80% Sharpe ratio Average maximum fall in value % % % 14
16 RETIREMENT PORTFOLIO Lower Equity Allocation Same DT Risk Rating Same Equity Allocation Higher DT Risk Rating Retirement Portfolio Pension Portfolio B Pension Portfolio 3 Construction: Volatility management approach Automated system Reduced equity exposure None Asset allocation (equity exposure) 70% 50% 70% DVM Risk rating DT 5 Same DT 5 Higher DT 6 Metrics: Average annualised return 4.49% 4.25% 4.85% Average annual volatility 9.40% 8.80% 11.50% Sharpe ratio Average maximum fall in value % % % RETIREMENT PORTFOLIO Lower Equity Allocation Same DT Risk Rating Same Equity Allocation Higher DT Risk Rating Retirement Portfolio Pension Portfolio 3 Pension Portfolio 2 Construction: Volatility management approach Automated system Lower equity exposure None Asset allocation (equity exposure) 85% 70% 85% DVM Risk rating DT 6 Same DT 6 Higher DT 7 Metrics: Average annualised return 4.88% 4.85% 5.30% Average annual volatility 11.20% 11.50% 13.80% Sharpe ratio Average maximum fall in value % % % 15
17 FURTHER READING For a more detailed explanation of Retirement Portfolio Funds and the design of the Dynamic Volatility Management process, please read the adviser guide to the funds FOR HELP AND SUPPORT: Contact our dedicated Retirement Account IFA servicing team directly on
18
19
20 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
SCOTTISH WIDOWS RETIREMENT PORTFOLIO FUNDS
SCOTTISH WIDOWS RETIREMENT PORTFOLIO FUNDS MANAGING SIGNIFICANT VOLATILITY TO HELP A PENSION POT LAST LONGER This information is for UK financial adviser use only and should not be distributed to or relied
More informationPENSION VERSUS ISA FOR RETIREMENT
RETIREMENT ACCOUNT PENSION VERSUS ISA FOR RETIREMENT This information is for UK Financial Adviser use only and should not be distributed to or relied upon by any other person. PENSIONS AND INCOME DRAWDOWN
More informationInvestec Structured Products. Guide to Backtesting. For Financial Adviser use only. Not to be used with retail clients.
For Financial Adviser use only. Not to be used with retail clients. Investec Structured Products Guide to Backtesting Backtesting can be a useful tool for advisers in order to evaluate the performance
More informationSCOTTISH WIDOWS GROUP PERSONAL PENSION PLAN EXAMPLE ILLUSTRATIONS
SCOTTISH WIDOWS GROUP PERSONAL PENSION PLAN EXAMPLE ILLUSTRATIONS THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS IMPORTANT INFORMATION
More informationGroup Personal Pension Plan/Group Stakeholder Pension Plan Example Illustrations
Group Personal Pension Plan/Group Stakeholder Pension Plan Example Illustrations The Financial Conduct Authority is a financial services regulator. It requires us, Clerical Medical, to give you this important
More informationSCOTTISH WIDOWS GROUP PERSONAL PENSION/ GROUP STAKEHOLDER PENSION EXAMPLE ILLUSTRATIONS TRANSFERS
SCOTTISH WIDOWS GROUP PERSONAL PENSION/ GROUP STAKEHOLDER PENSION EXAMPLE ILLUSTRATIONS TRANSFERS THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO
More informationGuide to Backtesting Deposit Plans November 2018
15th Europe Structured Products & Derivatives Awards 218 Best Distributor, UK & Ireland For financial adviser use only. Not to be used with retail clients. Structured Products Guide to Backtesting Deposit
More informationGuide to Backtesting Investment Plans March 2019
15th Europe Structured Products & Derivatives Awards 218 Best Distributor, UK & Ireland For financial adviser use only. Not to be used with retail clients. Guide to Backtesting Investment Plans March 219
More informationTRANSFER VALUE ANALYSIS (TVAS) REPORT UNDERSTANDING THE
UNDERSTANDING THE TRANSFER VALUE ANALYSIS (TVAS) REPORT This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person. Introduction INTRODUCTION
More informationSHOPPING AROUND YOU SHOP AROUND FOR YOUR INSURANCE, WHY NOT YOUR INCOME IN RETIREMENT?
SHOPPING AROUND YOU SHOP AROUND FOR YOUR INSURANCE, WHY NOT YOUR INCOME IN RETIREMENT? WHAT DOES SHOPPING AROUND MEAN? The money you ve saved in your pension, or pension pot, is intended to help support
More informationLIFESTYLE SWITCHING YOUR GUIDE
LIFESTYLE SWITCHING YOUR GUIDE WHAT IS IT? LIFESTYLE SWITCHING INVOLVES SWITCHING FROM EXISTING FUNDS AND MAKING FUTURE PAYMENTS TO A DIFFERENT FUND OR FUNDS WITHIN YOUR PENSION PLAN AT PRESET TIMES PRIOR
More informationRETIREMENT ACCOUNT. This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person.
RETIREMENT ACCOUNT We ve been continually enhancing our Retirement Account digital services, making it even easier for you to do business with us online This information is for UK financial adviser use
More informationFUND INFORMATION DOCUMENT. e-investments Managed Growth Fund 6
FUND INFORMATION DOCUMENT e-investments Managed Growth Fund 6 Fund information document Managed Growth Fund 6 Why is it important to read this document? This is a non-advised service which means we ll
More informationFor financial adviser use only. Not to be used with retail clients. Guide to Backtesting
For financial adviser use only. Not to be used with retail clients. Guide to Backtesting Backtesting Backtesting can be a useful tool for advisers in order to evaluate the performance of a structured
More informationOFFSETTING PROVIDED BY SCOTTISH WIDOWS BANK
OFFSETTING PROVIDED BY SCOTTISH WIDOWS BANK HOW OFFSET WORKS The way our offset mortgage facility works is simple. A savings account (called an Offset Saver Account) has now been set up alongside your
More informationINVESTMENT BOND ADDITIONAL INFORMATION DOCUMENT
INVESTMENT BOND ADDITIONAL INFORMATION DOCUMENT YOU SHOULD READ THIS ADDITIONAL INFORMATION DOCUMENT ALONGSIDE THE KEY INFORMATION DOCUMENT (KID) FOR THE FUND(S) YOU CHOOSE TO INVEST IN, AND ANY PERSONALISED
More informationGuaranteed Investment Fund
Guaranteed Investment Fund As at 30th September 2018 Management of some of the Guaranteed Investment Fund tranches was transferred from Insight Investment to St Andrews Life Assurance (SALA). The tables
More informationADVISER GUIDE TO ACCESSING INCOME WITH THE DRIP FEED DRAWDOWN OPTION
RETIREMENT ACCOUNT ADVISER GUIDE TO ACCESSING INCOME WITH THE DRIP FEED DRAWDOWN OPTION This information is for UK financial adviser use only and should not be distributed to or relied upon by any other
More informationQUARTER LEGISLATIVE UPDATE
QUARTER 3 2017 LEGISLATIVE UPDATE Legislative update GUIDING YOU THROUGH THE LATEST CHANGES Our legislative update helps you make the most of changes to pensions law and regulation. Guiding you through
More informationTAKING A LUMP SUM FROM YOUR BOND. More choice and flexibility
INVESTMENT BOND TAKING A LUMP SUM FROM YOUR BOND More choice and flexibility This leaflet will help you and your adviser to understand: The different ways you can take a lump sum from your bond The way
More informationPension Drawdown Monte Carlo Simulation. for. Example Client. Created by Mark Barden Vision West and Wales
Pension Drawdown Monte Carlo Simulation for Example Client Created by Mark Barden Vision West and Wales 11/10/2017. Created by Mark Barden Page 1/17 Introduction The following report contains a Pension
More informationCoreLogic S&P Case-Shiller Home Price Index Update A Compass Report for the San Francisco Metro Area, January 29, 2019
CoreLogic S&P Case-Shiller Home Price Index Update A Compass Report for the San Francisco Metro Area, January 29, 2019 The CoreLogic S&P Case-Shiller Home Price Index does not evaluate median sales price
More informationAdviser s guide Income Drawdown Plan (Pre 75)
For financial adviser use only Adviser s guide Income Drawdown Plan (Pre 75) This information is for UK Financial Adviser use only and should not be distributed to or relied upon by any other person. Product
More informationCiti Dynamic Asset Selector 5 Excess Return Index
Multi-Asset Index Factsheet & Performance Update - 31 st August 2016 FOR U.S. USE ONLY Citi Dynamic Asset Selector 5 Excess Return Index Navigating U.S. equity market regimes. Index Overview The Citi Dynamic
More informationTHE SCOTTISH WIDOWS APPROACH TO INVESTING
THE SCOTTISH WIDOWS APPROACH TO INVESTING This information is for UK financial adviser use only and should not be distributed to, or relied upon by, any other person. START Contents What makes us different?
More informationQUARTER LEGISLATIVE UPDATE
QUARTER 1 2018 LEGISLATIVE UPDATE Legislative update GUIDING YOU THROUGH THE LATEST CHANGES Our legislative update helps you make the most of changes to pensions law and regulation. Guiding you through
More informationKEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT. Important information you need to read
KEY FEATURES OF THE SELF-INVESTED PERSONAL PENSION (SIPP) FOR INCOME DRAWDOWN OR PHASED RETIREMENT Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR.
More informationAUTO ENROLMENT MINIMUMS AND THE ANNUAL ALLOWANCE
TECHTALK This article originally appeared in FEB 18 edition of techtalk. Please visit www.scottishwidows.co.uk/techtalk for the latest issue. AUTO ENROLMENT MINIMUMS AND THE ANNUAL ALLOWANCE The minimums
More informationWith-profits summary. 1. Introduction. Aims of this summary
With-profits summary On 31 December 2015 business from other insurance company subsidiaries of Lloyds Banking Group was transferred into Clerical Medical Investment Group Limited, which contains the Clerical
More information30 MINS CPD COURSE PROTECTION OF PRE-A-DAY BENEFITS: PRIMARY PROTECTION
30 MINS CPD COURSE PROTECTION OF PRE-A-DAY BENEFITS: PRIMARY PROTECTION INTRODUCTION PART I PRIMARY PROTECTION THE INTRODUCTION OF THE LIFETIME ALLOWANCE ON 6TH APRIL 2006 LED TO A RANGE OF COMPLEX TRANSITIONAL
More informationSCOTTISH WIDOWS ENHANCED ANNUITY GUIDE FOR INTERMEDIARIES
SCOTTISH WIDOWS ENHANCED ANNUITY GUIDE FOR INTERMEDIARIES This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person. Scottish Widows Enhanced
More informationHOW THE NEW TAX YEAR COULD AFFECT YOUR FINANCES
HOW THE NEW TAX YEAR COULD AFFECT YOUR FINANCES This guide provides a quick summary of the changes for the new tax year commencing April 2018, and how they could affect you. PENSIONS FROM APRIL THE MINIMUM
More informationFactor-Based Investing
Aon Hewitt Retirement and Investment Factor-Based Investing Risk. Reinsurance. Human Resources. Factor-Based Investing Summary The right equity portfolio for an investor depends on their risk and return
More informationINVESTMENT UPDATE. July 2018 PERFORMANCE UPDATE
1 INVESTMENT UPDATE July 2018 PERFORMANCE UPDATE ASSET CLASS REVIEW THE STOCK MARKET WORLD CUP WHAT RISK ARE YOU TAKING WITH YOUR MONEY? FINAL COMMENT PERFORMANCE UPDATE Most asset classes suffered small
More informationKEY FEATURES OF THE INCOME DRAWDOWN PLAN. Important information you need to read
KEY FEATURES OF THE INCOME DRAWDOWN PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY (FCA) IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS
More informationASSET ALLOCATION WITHIN SCOTTISH WIDOWS MULTI-ASSET FUND RANGE
ASSET ALLOCATION ASSET ALLOCATION WITHIN SCOTTISH WIDOWS MULTI-ASSET FUND RANGE This information is for UK financial adviser use only and should not be distributed to or relied upon by another person.
More informationPERSONAL SAVINGS ACCOUNTS PRODUCT SPECIFIC TERMS AND CONDITIONS
PERSONAL SAVINGS ACCOUNTS PRODUCT SPECIFIC TERMS AND CONDITIONS Effective from 25 January 2018 TO BE READ IN CONJUNCTION WITH PERSONAL SAVINGS ACCOUNTS TERMS & CONDITIONS PERSONAL SAVINGS ACCOUNTS PRODUCT
More informationSCOTTISH WIDOWS PROTECT WELCOME TO YOUR SCOTTISH WIDOWS PROTECT PLAN
SCOTTISH WIDOWS PROTECT WELCOME TO YOUR SCOTTISH WIDOWS PROTECT PLAN PAGE 2 YOUR POLICY DOCUMENTS PAGE 3 HOW TO MAKE CHANGES TO YOUR PLAN HOW TO MAKE A CLAIM INFORMATION ON SCOTTISH WIDOWS CARE PAGE 4
More informationRETIREMENT ACCOUNT GOVERNED INVESTMENT STRATEGIES. Client Guide
RETIREMENT ACCOUNT GOVERNED INVESTMENT STRATEGIES Client Guide CHOOSING SCOTTISH WIDOWS RETIREMENT ACCOUNT OUR RETIREMENT ACCOUNT OFFERS YOU: FLEXIBILITY Retirement Account can hold both pre (Retirement
More informationRETIREMENT ACCOUNT ADDITIONAL POLICY PROVISIONS FOR RETIREMENT INCOME RARI (2016)
RETIREMENT ACCOUNT ADDITIONAL POLICY PROVISIONS FOR RETIREMENT INCOME RARI (2016) INTRODUCTION This booklet provides additional details for those wishing to take Retirement Income Benefits through a Scottish
More informationKEY FEATURES OF THE GROUP MONEY PURCHASE SCHEME. Important information you need to read
KEY FEATURES OF THE GROUP MONEY PURCHASE SCHEME Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS
More informationTAPERED AND MONEY PURCHASE ANNUAL ALLOWANCES:
TECHTALK This article originally appeared in JAN 18 edition of techtalk. Please visit www.scottishwidows.co.uk/techtalk for the latest issue. TAPERED AND MONEY PURCHASE ANNUAL ALLOWANCES: POST-BUDGET PLANNING
More informationTECHTALK. If your client can only make personal contributions, they will be limited by the higher of their relevant UK earnings or 3,600.
TECHTALK This article originally appeared in JAN 18 edition of techtalk. Please visit www.scottishwidows.co.uk/techtalk for the latest issue. REACH YOUR LIMIT: TAX YEAR END PENSION PLANNING Your employed
More informationPruFund range of funds
PruFund range of funds Prudential Financial Planning 2 The Market Context Keeping all your savings in a deposit account or cash investment is secure and may be easy to access. However Returns can be low
More informationPENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES
PENSION ENCASHMENTS AND SMALL POTS ADVISED NON-GMP CASES IMPORTANT INFORMATION Please read this section carefully before completing this application form. This form can only be used where you are taking
More informationTECHTALK ANSWERS ISA, LISA OR PENSION? We compare the main features and benefits of ISAs, LISAs and pensions.
TECHTALK This article originally appeared in JAN 18 edition of techtalk. Please visit www.scottishwidows.co.uk/techtalk for the latest issue. TECHTALK ANSWERS ISA, LISA OR? We compare the main features
More informationKey features of the Distribution Bond
Key features of the Distribution Bond The Distribution Bond is open for additional investments into existing policies only, and is not open to new business. The Financial Conduct Authority is a financial
More informationU.S. and New England Economic Conditions and Outlook
U.S. and New England Economic Conditions and Outlook Yolanda Kodrzycki Senior Economist and Policy Advisor charts prepared by Ana Patricia Muñoz presented to New England Board of Higher Education conference
More informationKey Features of With-Profits Bond
Key Features of With-Profits Bond The Financial Conduct Authority is a financial services regulator. It requires us, Clerical Medical, to give you this important information to help you decide whether
More informationRETIREMENT ACCOUNT FUND SUPERMARKET INVESTOR S GUIDE
RETIREMENT ACCOUNT FUND SUPERMARKET INVESTOR S GUIDE USING OUR FUND SUPERMARKET, YOU CAN INVEST IN A RANGE OF MANAGED COLLECTIVE INVESTMENT FUNDS, INCLUDING OPEN ENDED INVESTMENT COMPANIES (OEICS) AND
More informationKEY FEATURES OF THE STAKEHOLDER PENSION PLAN. Important information you need to read
KEY FEATURES OF THE STAKEHOLDER PENSION PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS
More informationTHE NTT EUROPE COMPANY PENSION GROUP PERSONAL PENSION. A guide to help you prepare for the retirement you want
THE NTT EUROPE COMPANY PENSION GROUP PERSONAL PENSION A guide to help you prepare for the retirement you want Your NTT Europe company pension is provided by Scottish Widows. SUPPORTING LITERATURE AND TOOLS
More informationRetiready Solution 3. Fund objective. A risk level 3 fund. For customers
For cusmers Retiready Solution 3 Risk level 3 Risk level 3 Single fund solution Governed by us A risk level 3 fund Mixedasset Fund objective This fund aims make saving for a pension simple. It aims grow
More informationFOR RELEASE: 10:00 A.M. (LONDON TIME), THURSDAY, SEPTEMBER 10, 2009
FOR RELEASE: 10:00 A.M. (LONDON TIME), THURSDAY, SEPTEMBER 10, 2009 The Conference Board The U.K. Business Cycle Indicators SM THE CONFERENCE BOARD LEADING ECONOMIC INDEX (LEI) FOR THE UNITED KINGDOM AND
More informationINVESTMENT BULLETIN (PERFORMANCE INFORMATION ON SWIS AND CM FUNDS)
INVESTMENT BULLETIN (PERFORMANCE INFORMATION ON SWIS AND CM FUNDS) June 2018 MARKET INDICES Indices FTSE 100 TR 12.35 0.2 3.8 16.9 8.7 FTSE All Share TR 13.12 2.6 2.2 18.1 9.0 FTSE All World ex UK TR
More informationLIFE INSURANCE. Protecting what matters most
LIFE INSURANCE Protecting what matters most Helping to protect you and your loved ones If you died or were diagnosed with a critical illness and didn t have any life insurance in place, could you and
More informationKEY FEATURES OF THE PERSONAL INVESTMENT PLAN. (for additional payments to plans taken out from 28th June 2010) Important information you need to read
KEY FEATURES OF THE PERSONAL INVESTMENT PLAN (for additional payments to plans taken out from 28th June 2010) Important information you need to read IMPORTANT INFORMATION THE PERSONAL INVESTMENT PLAN IS
More information30 MINS CPD COURSE PROTECTION OF PRE-A-DAY BENEFITS: ENHANCED PROTECTION
30 MINS CPD COURSE PROTECTION OF PRE-A-DAY BENEFITS: ENHANCED PROTECTION PART II ENHANCED PROTECTION THE INTRODUCTION OF THE LIFETIME ALLOWANCE ON 6TH APRIL 2006 LED TO A RANGE OF COMPLEX TRANSITIONAL
More informationInvestment Update. Adventurous Portfolio February 2018 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Adventurous Portfolio February 2018 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments
More informationChoosing investment funds Lifestyle Investment Programmes
Choosing investment funds Lifestyle Investment Programmes Contents 1 Introduction Lifestyle investment programmes How do these programmes work? 5 Why the Retirement Protection Fund and the Halifax Fund?
More informationInvestment Update. Secure Portfolio October 2018 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Secure Portfolio October 2018 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments for the
More informationVOLATILITY RISK PREMIUM AND FINANCIAL DISTRESS
August 2016 Wei Ge, Ph.D., CFA Senior Researcher VOLATILITY RISK PREMIUM AND FINANCIAL DISTRESS The volatility risk premium (VRP), also known as the insurance risk premium (IRP), has become attractive
More informationKEY FEATURES OF THE RETIREMENT ACCOUNT FOR RETIREMENT INCOME. Important information you need to read
KEY FEATURES OF THE RETIREMENT ACCOUNT FOR RETIREMENT INCOME Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS AN INDEPENDENT FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH
More informationMan AHL Diversified Futures Ltd
For investment professionals only. Not for public distribution. Man AHL Diversified Futures Man AHL Diversified Futures (the "Company") is a futures and options fund and will invest, without limitation,
More informationPENSION INVESTMENT APPROACHES GUIDE
PENSION INVESTMENT APPROACHES GUIDE OUR COMMITMENT TO YOU We want to do everything we can to help you achieve what you need from your plan. Aiming for investment growth is vital, but we believe we have
More informationUnderstanding your Accel Risk Profile
Understanding your Accel Risk Profile This document should not be used by a Client as a selfdiagnostic aid. It is intended for use by a Financial Adviser as part of the advice process undertaken with their
More informationThe table below demonstrates the proposed changes to the terms and conditions for the Group Transfer Plan under the scheme document
The table below demonstrates the proposed changes to the terms and conditions for the Group Transfer Plan under the scheme document It describes how the changes proposed in the scheme would change the
More informationSAMPLE REPORT. Pension Transfer Report. Including Transfer Value Comparator (TVC)
Pension Transfer Report Including Transfer Value Comparator (TVC) Client Name: Peter Williams Client Ref: PW120167 Adviser Name: John Smith Report Print Date: 24/09/2018 _ This report has been based on
More informationKEY FEATURES OF THE SCOTTISH WIDOWS ENHANCED ANNUITY. Important information you need to read
KEY FEATURES OF THE SCOTTISH WIDOWS ENHANCED ANNUITY Important information you need to read THE FINANCIAL CONDUCT AUTHORITY (FCA) IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO
More informationKEY FEATURES OF THE ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVC) PLAN. Important information you need to read
KEY FEATURES OF THE ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVC) PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS,
More informationSAMPLE REPORT. Pension Transfer Report. Including Transfer Value Comparator (TVC)
Pension Transfer Report Including Transfer Value Comparator (TVC) Client Name: Peter Williams Client Ref: PW120167 Adviser Name: John Smith Report Print Date: 02/07/2018 _ This report has been based on
More informationIncome Drawdown & Annuity Report Flexible Retirement Optimiser
Income Drawdown & Annuity Report Flexible Retirement Optimiser Client Name: Rachel Jones Client Ref: RP000912 Adviser Name: Fred Bloggs Report Print Date: 11/09/2017 _ This report has been based on the
More informationCOMBINE YOUR PENSIONS
COMBINE YOUR PENSIONS PAGE 1 INTRODUCTION PAGE 2 WHY COMBINE MY PENSIONS WITH SCOTTISH WIDOWS? PAGE 3 ARE THERE ANY PENSIONS THAT CAN T BE COMBINED? PAGE 4 THINGS TO CONSIDER PAGE 8 USE ILLUSTRATIONS PAGE
More informationCIVIL SERVICE PENSION ACCOUNT STAKEHOLDER PARTNERSHIP APPLICATION FORM. for Civil Servants of Great Britain and Northern Ireland
CIVIL SERVICE STAKEHOLDER PARTNERSHIP PENSION ACCOUNT APPLICATION FORM for Civil Servants of Great Britain and Northern Ireland Office use only: Agency Number: Policy Number: It couldn t be easier to apply
More informationKEY FEATURES OF THE INVESTMENT BOND FOR INCREMENTS TO POLICIES TAKEN OUT ON OR AFTER 6TH DECEMBER Important information you need to read
KEY FEATURES OF THE INVESTMENT BOND FOR INCREMENTS TO POLICIES TAKEN OUT ON OR AFTER 6TH DECEMBER 2010 Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR.
More informationActive Asset Allocation Fund
Active Asset Allocation Fund Targeting good long-term growth with an asset mix that can deliver lower volatility. Features of the Active Asset Allocation Fund Significant level of diversification. Active
More informationDEMONSTRATING OUR ONGOING COMMITMENT
WORKPLACE PENSIONS DEMONSTRATING OUR ONGOING COMMITMENT INVESTING IN OUR SERVICE, AND ADVISER SUPPORT This information is for UK financial adviser use only and should not be distributed or relied upon
More informationSCOTTISH WIDOWS PREMIER PENSION PORTFOLIO FUNDS
SCOTTISH WIDOWS PREMIER PENSION PORTFOLIO FUNDS SCOTTISH WIDOWS PREMIER PENSION PORTFOLIO FUNDS BUILD ON OUR WELL-ESTABLISHED PENSION PORTFOLIO FUNDS. THEY AIM FOR BETTER POTENTIAL RETURNS FOR BROADLY
More informationYOUR INTEREST ONLY MORTGAGE DIFFERENT METHODS OF REPAYING YOUR MORTGAGE. Provided by Scottish Widows Bank
YOUR INTEREST ONLY MORTGAGE Provided by Scottish Widows Bank DIFFERENT METHODS OF REPAYING YOUR MORTGAGE DIFFERENT METHODS OF REPAYING YOUR MORTGAGE INTEREST ONLY An interest only mortgage means that the
More informationKEY FEATURES OF THE RETIREMENT ACCOUNT FOR RETIREMENT PLANNING. Important information you need to read
KEY FEATURES OF THE RETIREMENT ACCOUNT FOR RETIREMENT PLANNING Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS,
More informationKEY FEATURES OF THE SCOTTISH WIDOWS ANNUITY. Important information you need to read
KEY FEATURES OF THE SCOTTISH WIDOWS ANNUITY Important information you need to read THE FINANCIAL CONDUCT AUTHORITY (FCA) IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU
More information5½YR STRUCTURED DEPOSITS
5½YR STRUCTURED DEPOSITS Limited Edition March 2014 Structured Deposits Structured Deposits CONTENTS What Are Structured Deposits? 2 At A Glance 3 Important Information I Need To Know 4 Performance Driver
More informationKEY FEATURES OF THE CIVIL SERVICE ADDITIONAL VOLUNTARY CONTRIBUTIONS (CSAVC) PLAN. Important information you need to read
KEY FEATURES OF THE CIVIL SERVICE ADDITIONAL VOLUNTARY CONTRIBUTIONS (CSAVC) PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US,
More informationTRUSTEE BUYOUT PLAN APPLICATION FORM
TRUSTEE BUYOUT PLAN APPLICATION FORM Important Note Before completing this application, please note that we cannot accept transfers from the following; Any transfer from Defined Benefits schemes Any transfer
More informationKEY FEATURES OF THE SCOTTISH WIDOWS ANNUITY. Important information you need to read
KEY FEATURES OF THE SCOTTISH WIDOWS ANNUITY Important information you need to read THE FINANCIAL CONDUCT AUTHORITY (FCA) IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU
More informationGroup Personal Pension Plan/ Group Stakeholder Pension Plan Member s notification of a transfer value/single contribution
Group Personal Pension Plan/ Group Stakeholder Pension Plan Member s notification of a transfer value/single contribution 1. Application notes This form can only be used if you re currently (whether paying
More informationTax Year Rates and Allowances 2018/2019
Tax Year Rates and Allowances 2018/2019 Introduction We know tax can be complicated so we ve designed this document to help you understand the tax rates and allowances that apply for the 2018/2019 tax
More informationReport to Clerical Medical UK With-Profits Policyholders. Report on Principles and Practices of Financial Management (PPFM) for 2017
Report to Clerical Medical UK With-Profits Policyholders Report on Principles and Practices of Financial Management (PPFM) for 2017 Report on Principles and Practices of Financial Management (PPFM) for
More informationSCOTTISH WIDOWS PREMIER PENSION INVESTMENT APPROACHES CONCEPT AND DESIGN
SCOTTISH WIDOWS PREMIER PENSION INVESTMENT APPROACHES CONCEPT AND DESIGN INTRODUCTION BUILDING ON THE SCOTTISH WIDOWS PENSION INVESTMENT APPROACHES, THE PREMIER PENSION INVESTMENT APPROACHES AIM TO OFFER
More information15 Years of the Russell 2000 Buy Write
15 Years of the Russell 2000 Buy Write September 15, 2011 Nikunj Kapadia 1 and Edward Szado 2, CFA CISDM gratefully acknowledges research support provided by the Options Industry Council. Research results,
More informationADVISERS GUIDE TO END STATE SWITCHING
RETIREMENT ACCOUNT ADVISERS GUIDE TO END STATE SWITCHING This information is for UK financial adviser use only and should not be distributed to or relied upon by another person. THE RETIREMENT ACCOUNT
More informationKEY FEATURES OF THE GROUP PERSONAL PENSION PLAN. Important information you need to read
KEY FEATURES OF THE GROUP PERSONAL PENSION PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS
More informationSCOTTISH INCOME TAX AND PENSION CONTRIBUTIONS
TECHTALK This article originally appeared in JULY 18 edition of techtalk. Please visit www.scottishwidows.co.uk/techtalk for the latest issue. SCOTTISH INCOME TAX AND PENSION CONTRIBUTIONS What do the
More informationTECHTALK. Pension contributions should not be overlooked as they are often the most tax-efficient. THOMAS COUGHLAN THE POST APRIL 2016 DIVIDEND RULES
TECHTALK This article originally appeared in JAN 18 edition of techtalk. Please visit www.scottishwidows.co.uk/techtalk for the latest issue. LOWERING THE BAR: THE REDUCED DIVIDEND ALLOWANCE From 6th April
More informationMeeting the capital challenge of investing in equities
Schroders Insurance Asset Management Insurance Strategy Meeting the capital challenge of investing in equities For professional investors only In a low-yield world the potential long-term returns from
More informationInvesting During Major Depressions, Recessions, and Crashes
International Journal of Business Management and Commerce Vol. 3 No. 2; April 2018 Investing During Major Depressions, Recessions, and Crashes Stephen Ciccone Associate Professor of Finance University
More informationGOVERNANCE REVIEW 2017 FULL REPORT
GOVERNED INVESTMENT STRATEGIES (GIS) GOVERNANCE REVIEW 2017 FULL REPORT This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person. As part
More informationInvestment Update. Balanced Portfolio July 2018 RUSSELL INVESTMENTS
RUSSELL INVESTMENTS Investment Update Balanced Portfolio July 2018 This report is designed for use by the financial advisor to assist in making a personal recommendation or managing investments for the
More informationPortfolio Peer Review
Portfolio Peer Review Performance Report Example Portfolio Example Entry www.suggestus.com Contents Welcome... 3 Portfolio Information... 3 Report Summary... 4 Performance Grade (Period Ended Dec 17)...
More informationADDITIONAL VOLUNTARY CONTRIBUTIONS. Putting the personal touch into Corporate Pensions
LOCAL AUTHORITY EMPLOYEE PACK ADDITIONAL VOLUNTARY CONTRIBUTIONS Putting the personal touch into Corporate Pensions Your Worcestershire County Council company pension is provided by. ADDITIONAL VOLUNTARY
More information