INVESTMENT BOND POLICY PROVISIONS (IB 2017)

Transcription

1 INVESTMENT BOND POLICY PROVISIONS (IB 2017)

2 PAGE 1 PRELIMINARY FUNDS PAGE 3 INVESTMENT AND ALLOCATION SWITCHING BETWEEN FUNDS WITHDRAWALS PAGE 4 DEATH BENEFIT PAGE 5 ADDITIONAL PROVISIONS WHERE INCOME FUNDS ARE SELECTED PAGE 6 CHARGES PAGE 7 ADDITIONAL INVESTMENTS DELAYS ALTERATIONS PAGE 8 GENERAL Contacting us Please inform us if you change your name, address or bank account. Our main administrative office is at 15 Dalkeith Road, Edinburgh, EH16 5BU or you can call us on If you ever wish to complain, please see provision We may record and monitor calls to help us to improve our service. It will help if you can quote your policy number or bond number (shown on the schedule) when you contact us

3 1. Preliminary 1.1 Definitions and interpretation Headings in these Provisions are for guidance only and do not affect the interpretation of the Provisions. The Policy is a contract between us and the Policyholder and is not intended to benefit anyone else (a third party ). A third party has no rights under the Policy and cannot require any term of the Policy to be carried out. The following terms have the following meanings when used in these Provisions and the Schedule: Accident means a Life Assured suffering an injury as a direct result of some violent, accidental, external and visible cause. Accidental Death means an injury caused directly by an Accident and which results in the death of a Life Assured. Administration Office means PO Box 28121, 15 Dalkeith Road, Edinburgh, EH16 9AS, or such other address as may be notified to Policyholders from time to time. Endorsement means a document that becomes part of the Policy documents. It will be issued only if we agree to or make certain types of changes to the Policy. Investment means the amount of any initial or additional Investment paid by the Policyholder to us. Investment Amount means the amount of an Investment shown in the Schedule, accepted by us, less the amount of any Initial charge calculated under Section 8.2, and used in the allocation of units in the Funds (see Section 2.1). Investment Start Date means the date on which an Investment is accepted and applied in the allocation of units of any of the Funds to the Policy(ies) within the Bond. The Investment Start Date in relation to particular units means the Investment Start Date of the Investment in respect of which such units (including units which otherwise represent that Investment, for example, as a result of exchanges (switches) under Section 4) are allocated to the Policy. Life Assured means any person named as a Life Assured in the Schedule. Policy has the meaning in Section 1.3. Policy documents for the Policy are made up of the Policy Schedule referring to this booklet, the Provisions contained in this booklet, any Supplementary Schedule(s) and any valid Endorsements to these issued by us. Policyholder means, according to context, either the person(s) named in the Schedule (being the owner(s) of the Policy and the Bond) or their successors in title. Policy Year means a year starting on the Start Date of the Policy or an anniversary of the Start Date. Reassure means to pass on the insurance of a fund to another company. Relevant Life Assured means either (a) if there if only one Life Assured: the Life Assured, or (b) if there is more than one Life Assured: the last Life Assured to die. Schedule means the Policy Schedule that accompanies the Policy Provisions issued by us at the start of the Policy. The Schedule may also include any Supplementary Schedule issued by us after the Policy starts. Scottish Widows means Scottish Widows Ltd whose registered office is at 25 Gresham Street, London, EC2V 7HN. Us, we or our means Scottish Widows. 1.2 These Provisions set out the terms upon which the Investment Bond ( Bond ) is issued by us. 1.3 The Bond may consist of one or more Policies and these Provisions apply to each Policy identified in the Schedule. Each Policy is a separate whole of life unit-linked insurance contract between the Policyholder and us. 1.4 In return for payment by the Policyholder of a sum of money, we have allocated units in one or more of our insurance Funds. These Funds, the number of Funds available under the Bond and the types of charges we make for managing them, are described in Section 2 and Section Should the Relevant Life Assured die, Death Benefit will be payable in accordance with Section 6 and when paid, the Policy will be cancelled. 1.6 If the Policyholder wishes to encash a Policy in whole or in part, on an occasional or regular basis, Section 5 will apply. 2. Funds 2.1 We will operate, or arrange for the operation of, such distinct accounts or funds ( Funds ) as we make available to the Policy. Each Fund is represented by a separate account relating to life assurance business and is unitlinked (units are described in Section 2.5). 2.2 We may vary the number of Funds we operate. We may close a Fund for new Investments or for an exchange of units or may close the Fund completely. We may consolidate one Fund with another Fund. We will always have a good reason for closing a Fund or making any change. It is not possible to give an exhaustive list of such reasons, but an example would be if the size of the Fund is too small for it to be economically viable. Policy Month means a month starting on the Start Date of the Policy or a monthly anniversary of the Start Date. 1

4 2.3 If we close a Fund completely, we will notify all Policyholders who have Policies linked to that Fund at least three months before we close the Fund. We will inform the Policyholder of the alternative Funds available for an exchange of units from the Fund to be closed. At the same time, we will notify each Policyholder of the Fund in which units will be allocated in respect of their Policy if they do not choose an alternative Fund. (a) Policyholders will then be able to exchange units in the Fund to be closed for units in any other Fund from the range that we then offer. (b) If the Policyholder does not tell us their choice of Fund to replace the one being closed, we will at the time of Fund closure exchange the units in that Fund for units in the alternative Fund notified. (c) There will be no charge for the exchange. If we are not able to offer a Fund with similar investment objectives to the one being closed, the Policyholder will be able to encash all units in the Fund to be closed. 2.4 Assets We will make all decisions relating to the investment of assets for the Funds although investment must always be in accordance with the current investment objectives for the Fund. We can borrow for the Fund and use the assets as security for any borrowing. We can reassure a Fund wholly or partly The assets of the Funds always belong to us. The Funds are simply operated for the purpose of calculating amounts due to Policyholders under certain contracts issued by us If we receive income or other payments or rights arising from the assets of the Fund, they will be added to the Fund. If we receive any discounts, rebates, commissions or marketing fees related to the assets, we will not add these to the Fund but will keep them We can take out of each Fund: costs and expenses we incur in buying and selling the assets of the Fund; an annual fund management charge. This is the charge that we make for operating, managing and valuing the Funds and may include any costs of operating, managing and valuing any fund in which the Fund itself invests. Please see Section 11, which allows us to increase the rates of annual fund management charge; the amounts that we, acting on the advice of our accountants, reasonably determine to be due in respect of taxes on the assets of the Fund; the appropriate proportion of any amounts that we, acting on actuarial advice, reasonably, determine to be due in respect of any other type of cost imposed on us related to our insurance business, for example, any levy that may become due under policyholder protection legislation; interest on or any other costs in connection with sums borrowed for the Fund. 2.5 Units Each Fund will be divided into units. These units may be consolidated or subdivided The unit is only used as a means of calculating benefits due to Policyholders under contracts issued by us and it has no other use Units will only be created in a Fund when assets of equivalent value are added to that Fund. Units will only be cancelled if assets of equivalent value are withdrawn, except that units can be cancelled to meet any amounts under Section Valuation of Funds We will value each Fund at least once a month. We will value the Funds using normal accounting principles of assets less liabilities (actual and prospective) and in valuing any particular asset or liability will use generally accepted market or statutory criteria for the type of investment in question We will determine a maximum and minimum value for each Fund. The maximum value will be based on the price for which assets could be bought at the time of valuation. The minimum value will be based on the price for which the assets could be sold at the time of valuation. 2.7 Unit prices The type of unit price used for all allocations and cancellations of units under this Policy is called a bid price Some of our other policies may use another type of unit price for allocation of units called an offer price. Published prices of units for a Fund may therefore show both bid and offer prices, although for the purposes of these Provisions only the bid price is relevant Bid price The bid price of a unit in a Fund will not be greater than the maximum value of the assets related to all units of that type divided by the number of all such units nor less than the minimum value of the assets related to all units of that type divided by the number of all such units. The result may be rounded down by not more than 1% Adjustments Any sums arising as a result of rounding adjustments will be for our benefit. 2

5 3. Investment and allocation 3.1 The initial Investment and any additional Investments must be paid by cheque or telegraphic transfer. 3.2 Subject to our agreement, the Policyholder will select the Fund or Funds to be invested in, and if more than one Fund, the proportion of the Investment Amount to be distributed to each Fund. The number of units in a Fund to be allocated to the Policy will be calculated by dividing the proportion of the Investment Amount to be distributed to that Fund by the bid price of units of the Fund. The bid price of units in a Fund for the purposes of allocating units will be established on the date of receipt and acceptance by us of the Investment, except where an Investment is received after 11am on any business day, in which case the bid price shall be that established on the next following business day. 4. Switching between funds 4.1 Subject to the Policyholder following our administration procedures set out in Section 12 and subject to Section 4.2, we will cancel some or all of the units allocated to a Policy in any Fund and apply the value of those units to the allocation of units in any other Fund or Funds as requested by the Policyholder on the following conditions: the Funds or units selected for switching into are available at the date of allocation for such a switch If the Policyholder s request is received and accepted before 5pm on any business day, the units will be valued at the appropriate bid price determined on the business day following the Policyholder s request. If the Policyholder s request is received and accepted after 5pm on any business day, units will be valued at the appropriate bid price determined on the second business day following the Policyholder s request Refusal of requests We will refuse the request if, across all the Policies that make up the Bond, either (a) the value at bid price of the units being cancelled would be less than 1,000, or (b) the value at bid price of the units remaining allocated to a Fund would be less than 1,000. If we do not agree to the request, we will inform the Policyholder and will not give effect to it. 4.2 Switching charge We will give the Policyholder three months notice if we intend to start making a charge for switching or change the level of an existing charge for switching. If we intend to make a charge for switching, the first twelve switches between Funds in any Policy Year will be free of charge. We will make a charge for subsequent switches in that Policy Year. The charge will reflect our administration costs in arranging the switch, as we may reasonably decide. The value used for allocation of units under Section 4.1 will be reduced by the amount of the charge. 5. Withdrawals 5.1 Subject to the Policyholder following our administration procedures set out in Section 12, we will cancel some or all of the units allocated to a Policy and pay to the Policyholder an amount equal to the value at bid price of the units cancelled The amount will be provided by cancelling a proportionate number of units from all Funds to which the Policy is linked. Alternatively, if only some of the units are to be cancelled, the Policyholder can request us to provide the amount by cancelling units from a single Fund to which the Policy is linked. 5.2 Withdrawal Types Regular Withdrawals The Policyholder can request that we make regular withdrawals of units for either; (i) a fixed monetary amount, or (ii) a specified percentage of the Investment and any additional Investment. Regular withdrawals are not available if any units in an Income Fund (see Section 7) are allocated to the Policy One-off Withdrawals Any withdrawal other than a regular withdrawal, is a one-off withdrawal. A request for a one-off withdrawal can be either for; (i) a monetary amount, or (ii) the total withdrawal and surrender of the Policy. 3

6 5.3 Conditions applicable to withdrawals Refusal of requests We will refuse a withdrawal request if, across all the policies that make up the Bond, either (a) the value of the units the Policyholder wishes to cancel is less than or (i) 1,000 for a one-off withdrawal, or (ii) 240 each year for regular withdrawals, (b) the value of the units which would remain after the cancellation is less 1,000. If we do not agree to the request, we will inform the Policyholder and will not give effect to it Valuation on withdrawal For the purposes of any one-off withdrawal, the price of units will be the bid price determined immediately after we receive the withdrawal request. For the purposes of regular withdrawals, the price of units will be the bid price determined immediately prior to the withdrawal dates selected by the Policyholder Regular withdrawals The Policyholder can request that we make regular withdrawals of units, provided these do not exceed 7.5% per annum of the Investment to which the request relates No increase to the Death Benefit under Section shall be made if the Accidental Death is caused directly or indirectly by any of the following: (a) Aviation taking part in any flying activity, other than as a passenger in a commercially licensed aircraft (b) Criminal acts taking part in any criminal act (c) Drug abuse alcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner (d) Hazardous sports and pastimes taking part in (or practising for) boxing, caving, climbing, horse-racing, jet skiing, martial arts, mountaineering, off-piste skiing, pot holing, power boat racing, under-water diving, yacht racing or any race, trial or timed motor sport (e) Medical advice failure to seek or follow medical advice (f) Occupation working with explosives or at heights over 40 feet or at depths underground or underwater of more than 50 feet or any other dangerous occupation (g) Self-inflicted injury intentional self-inflicted injury (h) Suicide or attempted suicide (i) War and civil commotion war, invasion, hostilities (whether declared or not) civil war, rebellion, revolution or taking part in riot or civil commotion. 6.4 For the purpose of calculating the amount due we will use the bid price of units determined immediately following receipt by us at our Administration Office of written notification of death. 6. Death Benefit 6.1 Subject to Sections 6.2 and 6.3, on the death of the Relevant Life Assured a Death Benefit of 101% of the bid value of units allocated to the Policy will be payable. 6.2 If on any Investment Start Date there was not a Life Assured younger than 80 years old, then we will reduce the Death Benefit payable under Section 6.1. The amount of Death Benefit payable in respect of the units representing the Investment paid on such a date will be 100% of the bid value of those units. 6.3 Accidental Death Subject to Section 6.3.2, if the death of the Relevant Life Assured is an Accidental Death, the Death Benefit payable will be increased to 110% of the bid value of the units allocated to the Policy. 4

7 7. Additional provisions where income funds are selected These Sections apply where units in an Income Fund have been allocated to the Policy. Where units in an Income Fund are allocated to a Policy, no units may be allocated to the Policy in any other Fund. Income Funds include any Funds we designate as such. The Income Funds at the start of the Policy are the Distribution S2 Fund, the Equity High Income (Inc) Fund and the Managed Income Fund. 7.1 We will, at least twice a year, initially in February and August ( the Distribution Dates ), determine the amount ( the Income ) that we, acting on actuarial advice, reasonably consider reflects an appropriate value in respect of the income we have received or expect to receive in respect of the holding of the assets of each of the Income Funds since the last Distribution Date On the Distribution Dates, the Income will be withdrawn, thereby reducing the bid price of units in that Fund. The amount withdrawn will be applied to an income holding fund ( the Income Holding Fund ) where units will be created at the price prevailing on the relevant Distribution Date The units created will be allocated across those policies with units allocated to the Income Funds at the Distribution Date. The number of units to be allocated to each Policy will be in the same proportion of the relevant Income Holding Fund units created as the units allocated in respect of a Policy in the relevant Income Fund bears to the total number of units in that Income Fund at the Distribution Date Depending on the choice made by the Policyholder, we will then either (a) immediately cancel all of the units in the Income Holding Fund allocated to a Policy and pay a sum equal to the value of the units cancelled to the Policyholder, or (b) pay one-sixth of the total distribution calculated at the Distribution Date on the Distribution Date and on the same day (or next business day if that day is not a business day) in each of the following four months. Because of movements in the unit price, the actual number of units cancelled to provide for the payment will vary from month to month. On a date five months after the Distribution Date (or if that day is not a business day, the next business day), all remaining units in the Income Holding Fund will be cancelled and the proceeds paid to the Policyholder. 7.2 We will determine the Income to be distributed under Section 7.1 by taking into account the following: (a) the actual income produced by the underlying assets of the Income Fund, such as dividends from equities, rental income from property, coupons from fixed interest investments and interest on any cash in the Fund; (b) the performance of the underlying assets of the Income Fund; (c) the objective of the Income Fund; (d) the prospects for the immediate future (the next six twelve months). If we can achieve the objective for the particular Income Fund by distributing the actual Income, we will do so. However, the value of the Income Fund and its Income will fluctuate, sometimes dramatically. To reduce the variability of the Income, if that is the objective of the particular Income Fund, each time we declare a distribution, we may choose to operate occasionally a degree of adjustment to the amount of Income distributed. 7.3 The Income Holding Fund is purely an accounting mechanism for payments of Income to Policyholders with policies linked to the Income Funds. It is not available for allocation of units in any other circumstance. 7.4 Where the Policyholder notifies us that they no longer require Income, units in the Income Funds must be cancelled at bid price and the amount so realised applied in the allocation of units in such other Fund or Funds that may be available for that purpose at the time. 7.5 Where the Policyholder notifies us that they now require Income, units in any Fund (other than an Income Fund) must be cancelled at bid price and the amount so realised applied in the allocation of units in such one only of the Income Funds as the Policyholder shall specify. 5

8 8. Charges The types of charge that apply to the Policy from those described in Sections 8.1 to 8.2 are set out in the relevant Schedule(s) and any relevant personalised Illustration issued by us at the time an Investment is paid. Where charges below are taken by cancellation of units, we will reasonably decide which units are cancelled. 8.1 The Effective Annual Fund Charge The effective annual fund charge is made up of a combination of the following: The annual fund management charge This is the charge for managing the funds as described in Section Please also see Section 11, which allows us to increase the rate of this charge. The rate of the annual fund management charge depends on the Fund or Funds selected by the Policyholder. Details can be found in the relevant Illustration issued by us or the Policyholder can contact us The Instalment charge This Section only applies for an Investment where an Instalment charge is shown in the relevant Schedule. For each such Investment, the percentage (yearly rate) of the Instalment charge and the charge period over which the charge is taken will be shown in the Schedule. The charge for that Investment will be taken by the cancellation of units on a daily basis. The amount of charge on a day will be the equivalent daily percentage applied to the value of units at bid price then allocated in respect of the Investment Enhancement adjustment Where a positive adjustment applies, units will be added to the Policy on a daily basis. Where a negative adjustment applies, units will be cancelled on a daily basis. If an Enhancement adjustment applies, details can be found in the relevant Illustration issued by us or the Policyholder can contact us Large Fund Bonus This Section only applies for an Investment where a Large Fund Bonus table is shown in the relevant Schedule. We may reduce the effect of the effective annual fund charge by increasing the number of units allocated to the Policy in accordance with the following paragraphs. (a) At such time as we may reasonably decide on the Start Date and the first day of each Policy Month following the Start Date that the Policy is in force we will record the Policy value. Unless any withdrawals have been made or any Income has been paid in the preceding Policy Month, the recorded value on such a day will be the higher of (i) the value of the units at bid price then allocated to the Policy, and (ii) the recorded value of the Policy on the first day of the previous Policy Month. If any withdrawals have been made or any Income has been paid in the preceding Policy Month, the recorded Policy value will be the value of the units at bid price then allocated to the Policy. (b) For each Investment where a Large Fund Bonus applies, we will determine the Bonus Percentage that applies in respect of that Investment from the relevant Large Fund Bonus table using the combined recorded values of all the Policies in the Bond that are still in force on the date referred to in (a) (the Bond Value ). (c) If the Bonus Percentage determined in (b) for an Investment is greater than 0%, we will increase the number of units allocated to the Policy in respect of that Investment as follows: We will work out 1. the effective annual fund charge taken in respect of the units allocated to the Policy for that Investment for the period from the preceding Policy Month; 2. the effective annual fund charge that would have been taken under (1) had the rate of that charge been reduced by the relevant Bonus Percentage; and 3. an amount equal to the difference between (1) and (2). We will add all the amounts from (3) to the Policy once a year on the day before the anniversary of the Start Date. We will reasonably choose the Funds among which they are to be distributed and also the proportions in which they are to be distributed among those Funds. The number of units in a Fund which are to be allocated will be equal to that part of those amounts from (3) to be distributed to that Fund divided by the bid price of units at the day before the anniversary of the Start Date. (d) We will calculate any increase under (c) above after any other allocation of units or cancellation of units which is to be made on that same day. (e) If any withdrawals are taken from the Policy under Section 5.2 or any Income is paid under Section 7.1, we may increase the number of units allocated to this Policy immediately before we calculate the amount to be paid to the Policyholder under Section 5.2 or 6

9 Section 7.1: (A) We will only apply such an increase if on the day of the withdrawal or Income being paid, any of the Bonus Percentages determined under (b) since the last application of any increase under (c) have been greater than 0%. (B) If an increase applies under (A), in respect of the units being cancelled to pay the amount of the withdrawal or the Income, the number of units of each Fund allocated to this Policy will be increased as in (c) above except that we will do this using the day before the units are cancelled instead of the day before the anniversary of the Start Date. (f) If Death Benefit becomes payable under Section 6, at the day the benefit becomes payable we will work out any increase to the number of units allocated to the Policy as in (a) to (d) above except we will do this using the day before the benefit becomes payable instead of the day before the anniversary of the Start Date. 8.2 Initial charge This Section only applies for an Investment where an Initial charge is shown in the relevant Schedule. For each such Investment, the Initial charge percentage is shown in the Schedule. The amount of the charge is the relevant percentage of the Investment and it will be deducted from the Investment when we calculate the Investment Amount. 8.3 Switching charge A switching charge as described in Section 4.2 may apply. 9. Additional Investments Subject to our agreement and to such conditions as we may reasonably impose, additional Investments may be paid while the Policy is in force, up to but not including the date on which a cash sum becomes payable under Section 6 or any earlier date on which the Policy is cancelled. We will confirm payment of any additional Investment in a Supplementary Schedule. The terms and conditions that would apply to an additional Investment are available from us before any additional Investment is made. 10. Delays 10.1 We may, in circumstances which we reasonably consider exceptional, delay any cancellation, withdrawal or exchange (switch) of units for up to one month or, if they are units of a Fund with the assets including investments directly or indirectly in property, for a period of up to six months. In the event of a delay the unit price applicable to the transaction will be determined at the valuation of the appropriate Fund immediately following the period of delay. We will only do this if, in our reasonable opinion, failure to do so might adversely affect other Policyholders. 11. Alterations 11.1 The Investment Bond is a long-term contract and we may during the lifetime of a Policy alter some of its terms for additional Investments and in relation to the management and availability of Funds, to take account of current investment conditions affecting them, investment management costs and the interests of our Policyholders generally Additionally, certain financial terms are designed to reflect our administration costs in the light of current external economic conditions. In a long-term contract such as this, we must be able to take account of changes in costs and external economic conditions, from time to time We may therefore alter certain terms as follows: Alterations to the availability of Funds We may at any time for any of the reasons set out above restrict the availability of Funds for the allocation of units (for example on a switch under Section 4) to take account of the matters referred to above Alteration to annual fund management charge (a) We may on giving at least three months notice in writing to Policyholders increase the rates of annual fund management charges of any Fund under Section (b) Any increase in the rate of annual fund management charge for a Fund will only be to a level which we consider in good faith will result in our margin of charges over costs in respect of relevant policies being not excessive. The relevant policies are all policies to which units in such a Fund are allocated. 7

10 (c) Valid reasons for us increasing the rates of such an annual fund management charge are: (i) any relevant change in law or taxation that affects us or the policies, and (ii) exceptional circumstances resulting in either (A) our costs of managing the policies being significantly more than we anticipated, or (B) the income from annual fund management charges being significantly less than we anticipated. The changes in law or taxation and exceptional circumstances must be such that they could not have been reasonably foreseen, be outside our control and result in a significant reduction to our margin of charges over costs. (d) In forming our opinion, we will take into account the general level of such margins as above in the market for policies of similar types, actuarial principles for life and pensions business, and any previous increase in the rates If while the Policy is in force (a) there is any change in law or taxation affecting us or the Policy, (b) there is any exceptional change in circumstances which makes it no longer possible to carry out any one or more of these Provisions or any special terms applicable to a Policy, (c) we become aware of any error or omission in the Policy documents, then we may with immediate effect make such reasonable alterations to the Policy documents as we may in good faith consider appropriate in the circumstances. We will inform Policyholders in writing in advance of any such alteration being made. However, if that is not possible, we will inform Policyholders as soon as we reasonably can. in the communications field. In all such cases, we must be satisfied as to the security of any new method of communication and in particular the authenticity of any request received from the Policyholder Where a right is being exercised, the instructions must be complete and precise and where a request relates to the withdrawal of the whole of the Policy, the Policyholder must have signed our form of authority Where a claim is being made following the death of the Relevant Life Assured, and/or where a withdrawal request is made by an assignee of the Policy, we must be provided with the documentation necessary to confirm the title of the person making the request to establish the claimant s ownership of the Policy and entitlement to receive Policy proceeds The law of the contract is that of England and Wales Where more than one of the various transactions described in these Provisions take place on the same day, they will be carried out in the following order as appropriate Allocation of units in respect of an Investment received; Exchange of units under Section 4; Cancellation of units under Section How to complain You can contact us at our main administrative office if you wish to make a complaint. If you are not satisfied with the response we give, you can complain to: The Financial Ombudsman Service, Exchange Tower, London E14 9SR Tel: complaint.info@financial-ombudsman.org.uk Website: Complaining to the Ombudsman won t affect your legal rights. 12. General 12.1 Notices of assignment of a Policy must be given to us in writing at our Administration Office. By way of explanation, such a notice could transfer the rights to benefits under the Policy to another person or to a lender as security for a loan Administration procedures Any request made by the Policyholder under these Provisions must be in writing and signed by the Policyholder and will only be effective once received by us at our Administration Office. We will only be obliged to act on any request if we have received such evidence or documentation as is reasonable for us to require, taking into account the need to verify ownership and the authority of the person making the request. We may, from time to time, allow requests to be made by other methods in the light of the changing technology 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