Group Personal Pension Plan

Transcription

1 Group Personal Pension Plan Application Application notes The information that you provide on this form will be used to assess your application and you must therefore provide complete and correct information to the best of your knowledge and belief. Please do not keep back any material information as to do so may affect the basis on which your application is accepted. Any changes to the answers given in this application must be notified to Clerical Medical in writing before any policy comes into force. Clerical Medical reserves the right to amend the terms on which your application may have been accepted or to withdraw acceptance in the event of any such change. The Group Personal Pension Plan is not available to certain foreign nationals, or UK citizens living in certain countries. Please speak with your adviser for further details. As this form also serves as an application for tax relief you should be aware that it is a serious offence to make false statements in respect of such matters. You should remember that any person who is advising you regarding your personal pension is acting for you and not on behalf of Clerical Medical. When you start a personal pension with Clerical Medical you will become a member of the Clerical Medical Investment Group Limited Personal Pension Scheme (the Scheme ). Copies of the completed application and the deed poll and rules of the Scheme are available on request. To ensure your application is processed as quickly as possible, please check that all relevant parts are completed and relevant information enclosed, including: Your National Insurance details. Your nationality. Your occupation. Your signature on the declaration. Please complete in CAPITAL LETTERS and where appropriate. Plan name Plan number This information can be obtained from your employer. 1

2 1. Personal details Mr/Mrs/Miss/Ms or other title Date of birth (DD MM YYYY) Surname Full forename(s) Sex Male Female Permanent residential address House name/number Street District/Village Post town County Postcode Telephone number address* *Sending personal information by is not secure. Only include your address if you agree to Clerical Medical sending you s. Country of residence (if other than UK) If you are a foreign national please tick Nationality National Insurance number Your National Insurance number can be found on a payslip or a P60, or on a tax return and it is essential that you provide it. Without a National Insurance number, we are unable to accept contributions and cannot process your application. If you cannot find your National Insurance number, please phone HM Revenue & Customs National Insurance General Enquiries Normal retirement age* * This may have been agreed by your employer for all employees (or a category of employees) and normally corresponds with the age of retirement under your terms and conditions of employment. You can get this information from your employer. Please note: The normal retirement age is the age from which you want your benefits to become payable. This must be between the ages of 55 and 75. You may be able to defer taking your benefits by transferring to another provider before age 75. Employer s name Address Building name/number Street District/Village Post town County Postcode 2

3 2. Employment status Please tick the description best fitting your current employment circumstances (please tick one box only) and provide details of your occupation. Employed Self-employed Occupation Please note: To comply with money laundering regulations this section must be fully completed. 3. Eligibility conditions You are eligible to be a member of this plan provided you are under age 75. Tax relief on contributions is available only if you fall into one of the following categories: You have relevant UK earnings chargeable to income tax for the current tax year. You are resident in the UK at some time during the current tax year. You have, or your husband, wife or civil partner has, earnings for the current tax year from overseas Crown employment that are subject to UK tax. Then in that tax year, you (and/or a third party other than your employer) can pay up to 100 of your relevant UK earnings, or 3,600 if this is greater (both these figures include tax relief) into registered pension schemes and receive tax relief. The payments you actually make are net of basic rate tax if you are a higher or additional rate taxpayer, you can claim the extra tax relief in your tax return. Your tax relief depends on your main place of residence as advised by HMRC for the current tax year. Tax relief is also available for a period if, after starting a pension, you move overseas. Employer contributions are paid gross. The value of the tax benefits of a personal pension depend on your personal circumstances. Both your circumstances and tax rules may change in the future. These payments are called relievable contributions. We can only accept relievable contributions into this plan. It is your responsibility to ensure that the regular and single contributions you (and/or a third party other than your employer) pay us are relievable contributions. If you are unsure about whether your new level of contributions remains relievable, you should ask your financial adviser. If you are a Scottish taxpayer the tax relief you will be entitled to will be at the Scottish rate of income tax, which may be different from the rest of the UK. 4. Start date Please enter the date you want contributions to start. You must also tell your employer this date. Start date (DD MM YYYY) 5. Pension contributions Your employer will tell you whether to show a percentage or an amount in s or whether you have the choice. Please show the net contribution you wish to pay each month (this is the amount that your employer will deduct from your salary). Please show the percentage of your salary which you wish to contribute* (your employer will deduct the equivalent of this less basic rate tax from your salary). Please show the gross contribution your employer will pay each month. Please show what percentage of your salary your employer will contribute each month. *If you are contributing a percentage of salary, please enter your salary details here. All contributions will be sent to us by your employer. 3

4 6. Investment instructions Please indicate your investment choice(s) below. You can choose one of the following options: Select one Lifestyle Investment Programme, or Select a fund(s) from our range of performance pension funds, or Select both one Lifestyle Investment Programme and also a fund(s) from our range of performance pension funds. All instructions should be in whole percentages (minimum of 1 in any chosen fund or option). The sum of all the percentages should equal 100. Lifestyle Investment Programmes (you can only select one Lifestyle Investment Programme). Aberdeen Adventurous Option Balanced Option Cautious Option BlackRock Aggressive Lifestyle Balanced Lifestyle Cautious Lifestyle If you enter 100 in one of the above boxes please ignore the rest of this section. If you do not enter anything in the above boxes, or if you enter an amount of less than 100, please make your investment fund choice(s) below (minimum of 1 in any chosen fund). The sum of all the percentages should equal 100. Investment funds With-Profits Pension Fund (unitised)* Balanced Fund Cautious Fund Adventurous Fund Non-Equity Fund International Growth Fund UK Growth Fund Ethical Fund UK Equity Income Fund Retirement Protection Fund UK Equity Tracker Fund European Fund North American Fund Japanese Fund Far Eastern Fund UK Property Fund Gilt and Fixed Interest Fund UK Index-Linked Gilt Fund Cash Fund Smaller Companies Fund Halifax Fund Global Equity Tracker Fund *Please note: The With-Profits Fund is only available if you are an existing member of, or a new member to, a plan set up before 6 April Fund name Fund name Total 100 For further information on our performance pension funds or Lifestyle Investment Programmes, please refer to our Clerical Medical Group Pension Funds Investor s Guide, With-Profits summary, or speak to your financial adviser. We may change the range of funds available and restrictions may apply. 4

5 7. Nomination of beneficiaries If you die before you take retirement benefits, who do you wish to receive the benefits from your pension? Full name Relationship Total 100 I do not wish to nominate a beneficiary at present (please tick). Please note: If a lump sum is paid, we will take your wishes into consideration but we are not obliged to follow them. 8. Important notes Please read these important notes before making your decision to apply. Data Privacy Notice Your personal information will be held by Scottish Widows Ltd which is part of the Lloyds Banking Group. More information on the Group can be found at This privacy notice contains key information about how we will use and share your personal information and the rights you have in relation to this. If you want to know more please access our full privacy notice at or ask us for a copy. We will use your personal information: to provide products and services, manage your relationship with us and comply with any laws or regulations we are subject to (for example the laws that prevent financial crime or the regulatory requirements governing the products we offer). for other purposes including improving our services, exercising our rights in relation to agreements and contracts and identifying products and services that may be of interest. To support us with the above we analyse information we know about you and how you use our products and services, including some automated decision making. You can find out more about how we do this, and in what circumstances you can ask us to stop, in our full privacy notice. Your personal information will be shared within Lloyds Banking Group and other companies that provide services to you or us, so that we and any other companies in our Group can look after your relationship with us. By sharing this information it enables us to better understand our customer s needs, run accounts and policies, and provide products and services efficiently. This processing may include activities which take place outside of the European Economic Area. If this is the case we will ensure appropriate safeguards are in place to protect your personal information. You can find out more about how we share your personal information with credit reference agencies below and can access more information about how else we share your information in our full privacy notice. We will collect personal information about you from a number of sources including: information given to us on application forms, when you talk to us in branch, over the phone or through the device you use and when new services are requested. from analysis of how you operate our products and services, including the frequency, nature, location, origin and recipients of any payments. from or through other organisations (for example card associations, credit reference agencies, insurance companies, retailers, comparison websites, social media and fraud prevention agencies). in certain circumstances we may also use information about health or criminal convictions but we will only do this where allowed by law or if you give us your consent. You can find out more about where we collect personal information about you from in our full privacy notice. We may be required by law, or as a consequence of any contractual relationship we have, to collect certain personal information. Failure to provide this information may prevent or delay us fulfilling these obligations or performing services. The law gives you a number of rights in relation to your personal information including: the right to access the personal information we have about you. This includes information from application forms, statements, correspondence and call recordings. the right to get us to correct personal information that is wrong or incomplete. in certain circumstances, the right to ask us to stop using or delete your personal information. from 25 May 2018 you will have the right to receive any personal information we have collected from you in an easily re-usable format when it s processed on certain grounds, such as consent or for contractual reasons. You can also ask us to pass this information on to another organisation. 5

6 8. Important notes (continued) You can find out more about these rights and how you can exercise them in our full privacy notice. We may also collect personal information about other individuals who you have a financial link with. This may include people who you have joint accounts or policies with such as your partner/spouse, dependents, beneficiaries or people you have commercial links to, for example other directors or officers of your company. We will collect this information to assess any applications, provide the services requested and to carry out credit reference and fraud prevention checks. You can find out more about how we process personal information about individuals with whom you have a financial link in our full privacy notice. In order to process your application we may supply your personal information to credit reference agencies (CRAs) including how you use our products and services and they will give us information about you, such as about your financial history. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity. We may also continue to exchange information about you with CRAs on an ongoing basis, including about your settled accounts and any debts not fully repaid on time, information on funds going into the account, the balance on the account and, if you borrow, details of your repayments or whether you repay in full and on time. CRAs will share your information with other organisations, for example other organisations you ask to provide you with products and services. Your data will also be linked to the data of any joint applicants or other financial associates as explained above. You can find out more about the identities of the CRAs, and the ways in which they use and share personal information, in our full privacy notice. The personal information we have collected from you and anyone you have a financial link with may be shared with fraud prevention agencies who will use it to prevent fraud and money laundering and to verify your identity. If fraud is detected, you could be refused certain services, finance or employment. Further details of how your information will be used by us and these fraud prevention agencies, and your data protection rights, can be found in our full privacy notice. If you apply to us for insurance, we may pass your details to the relevant insurer and their agents. If a claim is made, any personal information given to us, or to the insurer, may be put onto a register of claims and shared with other insurers to prevent fraudulent claims. It is important that you understand how the personal information you give us will be used. Therefore, we strongly advise that you read our full privacy notice, which you can find at or you can ask us for a copy. If you have any questions or require more information about how we use your personal information please contact us using You can also call us on If you feel we have not answered your question Lloyds Banking Group has a Group Data Privacy Officer, who you can contact on and tell us you want to speak to our Data Privacy Officer. Money Laundering Under current regulations we are required to verify the identity of our customers. In order to meet this requirement and for the prevention and detection of fraud, we will access information from a credit reference agency* to confirm your identity. They will authenticate your name and address and date of birth, which involves checking the details you supply against those held on any databases that the company carrying out the checks on our behalf (or any similar company) has access to. This includes information from the Electoral Register. We will use scoring methods to authenticate your identity. Our search will not be used by lenders or insurers when assessing lending or insurance risks. We may also pass information to financial and other organisations involved in money laundering and fraud prevention to protect ourselves and our customers from theft and fraud. If you give us false or inaccurate information and we suspect fraud, we will record this and share this information with other organisations. If you provide us with information about another person, we will treat this as confirmation that they have appointed you to act for them to consent to the processing of their personal data. This means that you have informed them of our identity and the purpose for which their personal data will be processed, namely to verify their name and address and date of birth. Where Clerical Medical receives notification affecting the legal ownership of the plan, or the appointment of an attorney under a Power of Attorney or other circumstances where there are new parties associated with the contract, the same process as set out above will apply. Please note that if we cannot confirm your name and address by using a credit reference agency we may contact you to ask you to supply certain documents to verify this information. If you ask, we will tell you which credit reference agency we have used so you can get a copy of your details from them. *Please note we only use this agency to verify identity to fulfil anti-money laundering regulations and not to check credit worthiness. 6

7 Declaration For your own benefit and protection you should read the important notes in section 8 before you sign this application. Clerical Medical will rely on these when administering your contract. You should also read the key features document, which describes what the plan is and what options you have once the contract is in place. If you do not understand any point please speak to your financial adviser for further information. I declare that: I have read (or have had read to me) the application notes on the front page of this application. All the statements made by me in this application are correct and complete to the best of my knowledge and belief. I have read (or have had read to me) any statements completed other than in my own handwriting and confirm they are correct. The total contributions (including any tax relief due) I am making, or someone on my behalf is making (other than employer contributions and transfers), to all registered pension schemes of which I am a member, will not exceed the higher of the basic amount (currently 3,600) or my relevant UK earnings for the tax year in which the contribution is made. I will tell Clerical Medical if an event occurs resulting in my no longer being entitled to tax relief in respect of the contributions I am making to this plan, and will provide such notification before the later of: a) 5 April in the tax year immediately following such event and b) the date that is 30 days after such event. I agree to: Pay contributions which are at least equal to the difference between the contributions my employer is paying and the minimum total contributions required by the Pensions Act 2008 (as amended). I understand that: My employer has agreed to ensure that the total of my employer s contributions and my contributions is high enough to cover the minimum total contributions required by legislation. If Clerical Medical realise that the total contributions are not high enough, Clerical Medical will report my employer to the Pensions Regulator who may issue an unpaid contribution notice to my employer requiring my employer to pay additional contributions. Clerical Medical will be under no obligation to accept a contribution from me if it ceases to be satisfied that I am eligible to contribute to the Scheme. No benefit payable from the Scheme shall be capable of being surrendered, assigned or commuted except as provided by the Finance Act It is my responsibility to monitor total contributions against the annual allowance and I accept any liability for any tax charges payable as a result of exceeding these limits. Please note: The Treasury sets an annual allowance on the amount that can be paid into all your registered pension schemes without incurring a tax charge. It applies to all contributions you pay (or are paid on your behalf, e.g. employer contributions and death-in-service premium, except transfers, unrelievable contributions and pension credits following a divorce or dissolution of a civil partnership) to all registered pension schemes of which you are a member.(if you are a member of a defined benefits scheme, such as a final salary scheme, the value of the increase in your pension entitlement during the year will be counted against your annual allowance rather than the contributions you have made to that scheme.) If the total contributions to all your registered pension schemes are more than the annual allowance, you may incur a tax charge on the gross excess contribution. There is no maximum limit on how much can be paid to your plan, although we can only accept contributions from you that are eligible for tax relief. Relief is available on contributions which don t exceed your UK relevant earnings, or 3,600 if higher. Higher earners will have a lower annual allowance limit, called the Tapered Annual Allowance. Your annual allowance may also be limited to the Money Purchase Annual Allowance if you have flexibly accessed a pension with us or any other provider. Please speak to your financial adviser if you are unsure about how much you can pay. Have you flexibly accessed any pensions with us or any other provider? Yes No If Yes Date of first payment (DD MM YYYY) The Money Purchase Annual Allowance (MPAA) is currently 4,000. The MPAA applies to you if you have flexibly accessed your pensions from us or any other provider and have received any of the payments listed below from 6 April 2015 onwards: a payment from a flexible access drawdown fund (also known as a flexi-access drawdown fund); a payment from a capped drawdown fund which would exceed existing capped drawdown limits; a pension encashment (also known as an uncrystallised funds pension lump sum); a payment under a flexible annuity contract; a pension payment from a money purchase scheme which has fewer than 11 other pensioner members; a stand-alone lump sum from a money purchase arrangement where you were entitled to primary protection with a right to take a lump sum of greater than 375,000. 7

8 Declaration (continued) The MPAA applies to all contributions you pay (or that are paid on your behalf, e.g. employer contributions and death-in-service premiums) each year to all money purchase pension schemes of which you are a member. If the MPAA applies to you and your contributions exceed it, you will be liable to pay a tax charge based on your highest rate of income tax. The MPAA does not apply if you have taken only: income from a capped drawdown plan; tax-free cash (pension commencement lump sums) when using your plan to purchase an annuity or drawdown plan; or small pots taken as a cash lump sum. In these circumstances, the higher annual allowance applies to you. I authorise: My employer/the employer to deduct regular contributions due by me under the Scheme from my salary or wages after all deductions. I consent to: Clerical Medical and my employer and their financial adviser exchanging any information in connection with my membership of the Scheme. I acknowledge: Clerical Medical has strict security safeguards in place to protect your personal information. On occasion, we may need to share your personal information with your employer or their adviser. This will only be done when absolutely necessary. Delegation to employer of power of selection of financial adviser I understand that my employer can instruct any financial adviser that they choose, at any time, in connection with running the plan. If I decide to ask for advice from another financial adviser about my plan, Clerical Medical will not pay commission to that financial adviser. Because of this my financial adviser may want to charge me a fee for any advice that they give me. I confirm that this delegation is effective for as long as I remain in the Scheme, even if I change my employment. I understand that Clerical Medical will run the Scheme according to the rules of the Scheme and will administer the policy in accordance with its terms and conditions. I apply to become a member of the Scheme. We would like to keep you up to date on products and offers that may be of interest to you. Please select how you would like to hear from us below. These choices won t affect any necessary information we need to send you such as statements and, don t worry, you can change your mind and update your preferences at any time. SCOTTISH WIDOWS WEBSITES You may see relevant messages when you log in to our online services. If you choose no, you may still see messages, but they will not be tailored to you. Yes No Yes No POST Yes No DEVICE NOTIFICATIONS As we develop mobile applications you ll receive relevant notifications to your mobile device Yes No TEXT MESSAGES Yes No PHONE Yes No By saying yes, you are giving consent for Scottish Widows to use your personal information to send you relevant offers and information about our products. Scottish Widows includes the following legal entities: Scottish Widows Ltd, Scottish Widows Unit Trust Managers Limited, Scottish Widows Administration Services Limited and HBOS Investment Fund Managers Limited. Occasionally we will send you selected offers from other companies within Lloyds Banking Group that may be relevant to you. Member s signature Date (DD MM YYYY) Full name of signatory (CAPITAL LETTERS) 8

9 Clerical Medical is a trading name of Scottish Widows Limited. Scottish Widows Limited is 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 G1150/0318