Additional transfer payment form

Transcription

1 For employees Group Personal Pension Additional transfer payment form (with adviser charges option) Please read these notes before completing this form. About this form You can use this form where an additional transfer is to be made to an existing Group Personal Pension plan with policy reference GPP V15 under the Scottish Equitable Personal Pension Scheme (the Scheme ). You ll find the policy reference in your plan schedule. You should complete a separate copy of this form for each additional transfer payment being made to your plan. Remember to complete the charge deduction instruction section in each copy of this form, if you want us to facilitate payment of adviser charges for these transfers. We may not be able to accept a transfer from a Retirement Annuity Contract (also known as a section 226 policy) where the contract was written under trust. If you think this might affect you, speak to a financial adviser and don t complete this form. Give full information This application will form the basis of a contract of insurance with Aegon. When you answer a question, you must give all relevant information. This means that you must completely and accurately disclose all of the facts when answering each question. This form is split into four parts: Part A (sections 1-8) contains the application and the charge deduction instruction. All applicants must complete this. Part B (sections 9-11) this needs to be completed on behalf of the scheme which is making the transfer payment to your Aegon Group Personal Pension plan. The transferring scheme can provide these details in a separate document as long as this meets all our requirements. Part C (section 12) should be completed by a financial adviser. Part D contains notes and definitions to help you complete this form. You should read this section before you sign the declaration in section 8. Check details already completed If any details are already completed (based on what you ve told a financial adviser), check these before you sign the declaration in section 8. If any details are incorrect or incomplete, please change them, initial the changes and let the financial adviser know. Where you see this icon *, you may need to send us additional material with this application. Words in bold are defined terms that we explain in the Definitions section in Part D.

2 Part A Must be completed by all applicants 1. Personal details Please complete this form in BLOCK CAPITALS and ballpoint pen. Enter the Aegon plan number to which the transfer is to be made. To make additional transfers into this plan you must live in the UK. Title Mr / Mrs / Miss / Ms / Other please specify Date of birth D D M M Y Y Y Y Are you making this application as a legal guardian for the individual named opposite? please give your full name and sign the applicant s declaration in section 8. Full forename(s) Contact phone number Surname address Permanent home address We ll only use your address and phone number to contact you about this instruction. Postcode 2. Investment choice 2.1 Amount of transfer payment 2.2 You should enter the exact fund name(s). You can find this by going to and selecting other fund ranges. If you don t make a complete and clear investment choice, the transfer payment will be invested in accordance with the Investment fund allocation procedure that applies to your plan. You can find this at by searching under your plan type. This applies to the transfer set out in section 3. Fund name(s) % Total 100% Page 2 of 14

3 3. Transferring scheme details 3.1 Please give details of the transferring scheme Full name of scheme administrator/current provider/insurer Full name of pension scheme Address of scheme administrator/current provider/insurer Postcode Transferring scheme plan number (if known) HM Revenue & Customs (HMRC) Pension Scheme Tax Reference Approximate fund value to be paid to Aegon Does this represent the full value of the plan? 3.2 What type of pension scheme are you transferring from (tick one box)? A registered pension scheme under section 153 of the Finance Act 2004 A recognised overseas pension scheme 3.3 Is the transfer from a defined benefit occupational scheme or from a contract that guarantees some or all of the benefits that were originally provided under a defined benefits scheme (a deferred annuity contract or a section 32 contract that includes a guaranteed minimum pension (GMP))? 3.4 Is the transfer from a Retirement Annuity Contract? (also known as a section 226 policy)? if the policy is written under trust you may not be able to proceed with this transfer to your plan. Please speak to a financial adviser. 3.5 Is the transfer from a plan which provides a guaranteed annuity rate or a guaranteed minimum pension? 4. Entitlement to protection of benefits (if applicable) You need to complete this section if you have enhanced protection or fixed protection. You can find out more information about enhanced protection and fixed protection at If you have enhanced or fixed protection, the transfer(s) you re making need to be permitted transfers otherwise you ll lose your protection, is this a permitted transfer? Page 3 of 14

4 5. Source of wealth You should complete sections 5 and 6 if your transfer payment comes from a recognised overseas pension scheme, because by law we have to check where the money you re investing comes from. If your transfer payment is paid from a Scottish Equitable scheme and/or from any UK registered pension scheme, please go straight to section 7. Please give us full details of how you ve acquired the money you re investing. If you need more space you can continue on a separate sheet of paper and attach it to this form. In some cases, we may need to see documentation as proof of this. A financial adviser will be able to tell you whether this affects you. 6. Source of funds Please give us details of the bank account that your transfer payment from a recognised overseas pension scheme to the plan will come from. We have to make sure that we fulfil our anti-money laundering requirements for the named holder of the bank account that the transfer payment to the plan comes from. If the named account holder isn t the applicant for the plan named in section 1, please make sure you ve completed section 6 and checked the requirements that are listed there. Name of bank Account number Branch Sort code Account name(s) Page 4 of 14

5 7. Charge deduction instruction This instruction must be completed when you ve agreed to pay adviser charges to a financial adviser. It s your instruction to Aegon to facilitate the payment of these charges from your pension plan and pass them on to a financial adviser. If you want to add, or to instruct Aegon to take further adviser charges, you need to complete a new charge deduction instruction. All charges deducted from your plan in order to pay a financial adviser are covered in our Adviser/Consultancy charges terms and conditions which you received with your illustration. You should speak to a financial adviser about the impact of charges to your pension plan before completing this section. 7.1 Initial adviser charge on transfer payment Enter the amount or percentage to be deducted. Tick one option only. Amount This amount will be deducted proportionately across your plan. Percentage % of the transfer payment This charge will be deducted from the funds built up from the transfer payment. As this charge is based on a percentage of the transfer payment, the actual charge will vary, based on the amount we receive. 7.2 Initial consultancy charge on transfer payment If there is an initial consultancy charge it will be shown on the illustration you received. If an initial consultancy charge has been agreed between your employer and financial adviser, we ll deduct this charge in accordance with that instruction. You should contact your employer to see whether an initial consultancy charge applies to your transfer payment(s). Is there an initial consultancy charge for this transfer payment? We ll assume that there s no initial consultancy charge if you leave the above tick box blank. If you want to add an ongoing adviser charge, replace any existing ongoing adviser charge and/or add an ad-hoc adviser charge, you must complete the Adviser charge deduction instruction. Page 5 of 14

6 8. Applicant s declaration In this declaration, I means the applicant and you means Aegon (except in clauses 8.7 and 8.8 where I means the applicant and you means the trustees and/or scheme administrators of the transferring scheme listed in section 3). 8.1 I consent to the transfer payment from the transferring scheme named in section 3 being paid to the Scottish Equitable Personal Pension Scheme (the Scheme ) to provide benefits for me. Where the transfer is being made from an existing Aegon contract, I note that the actual amount transferred will be the transfer value calculated at the date you receive all completed documentation. Where applicable, I also agree to the amendment of my plan to your normal terms to deal with internal transfer values. When the transfer from a transferring scheme is split between two or more receiving schemes, I note that it can t be a block transfer. 8.2 Where the transfer is from an existing Scottish Equitable scheme and the source is a Personal Pension plan, Retirement Annuity Contract, or a plan or contract issued or assigned to me, I renounce all claims and demands under the plan numbered in section 3 which relate to the transfer payment. Where the transfer payment represents all of the plan funds, I deliver the plan for cancellation. 8.3 I confirm that if I ve not received face-to-face advice from a financial adviser in connection with this application, I ve received and had the opportunity to read the key features document and policy conditions that are relevant to this application. 8.4 Where the transfer payment applied for is subject to a divorce order, and you agree to accept the application: a I note that you envisage that giving effect to the order will result in you having to undertake further administrative work, and this will mean further administrative expenses. b I agree that the terms of the plan be amended (from the standard or other terms) to the extent necessary to give effect to c below. c You may take an extra charge each year for such further administrative work. The charge will be payable from the date on which you agree to undertake this further work (or such later date as agreed by you), and yearly thereafter (including a pro rata amount if the plan vests between such dates). You ll tell me in writing of the initial amount of such further administrative expenses. This amount may vary from time to time. The amount shall be recovered by deducting the amount due from a contribution paid to the plan and/or by cancelling allotted units under the plan to the value of administrative expenses, taking into account any deductions that apply under the plan in respect of a unit being surrendered then. 8.5 I consent to the scheme administrator or its representative obtaining from me, or any other person or body to whom a duly authorised payment under the provisions of the Scheme is to be made, such evidence and information as it may need for the purpose. 8.6 I note that if there s any failure to provide information needed by the scheme administrator in order to administer my benefits in an accurate manner, the scheme administrator has the right to make further administration charges. 8.7 Declaration to the trustees and/or scheme administrator of the transferring scheme: a I authorise and instruct you to transfer sums and assets from the plan as listed in section 3 directly to Aegon and to provide any instructions and/or discharge required by any relevant third party to do so. b I authorise Aegon, you and any financial adviser named in this application to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to Aegon. Page 6 of 14

7 8. Applicant s declaration continued c I authorise Aegon, you and any employer paying contributions to any of the plan listed in section 3 to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to Aegon. d Until this application is accepted and complete, Aegon s responsibility is limited to the return of the total payment(s) to you. e Where payment is made to Aegon as instructed, this means that I shall no longer be entitled to receive pension benefits from the whole of the plan listed in section 3 where the whole of the plan is transferring, or that part of the plan represented by the payment(s) if only part of the plan is transferring. 8.8 Declaration to Aegon and the trustees and/ or scheme administrator of the transferring scheme: I accept responsibility in respect of any claims, losses, expenses, additional tax charges or any penalties that Aegon and you may incur as a result of any incorrect, untrue, or misleading information in this application or given by me, or on my behalf, or of any failure on my part to comply with any aspect of this application. This includes where I ve been asked to provide any original policy document(s) in return for the transfer of funds and I m unable to do so. 8.9 I note that no benefits are capable of commutation, surrender or assignment except in accordance with the Finance Act I declare that to the best of my knowledge and belief the information given in this application, whether in handwriting or not, is correct and complete I agree that you or your representative may approach any of the providers or insurers of any other retirement annuity or personal pension plan (including a personal pension plan registered as a stakeholder pension plan) to which I m contributing in addition to this scheme with the purpose of obtaining any information you feel is necessary to administer my arrangements under the Scheme I note that deliberate or careless failure to answer any questions correctly and completely to the best of my knowledge and belief may result in benefits not being payable I agree as follows: a The transfer payment to the plan will be allocated to investment funds in accordance with my instructions to you (which includes any set out in section 2 of this form). b I m aware that you have an investment fund allocation procedure that applies to the plan and this procedure may be changed from time to time. c That my plan is amended to include the procedure. d Whenever a transfer payment is given to you to apply under the plan, and you don t have clear and complete instructions from me as to which investment funds that transfer payment is to be applied, then you ll apply the transfer payment to investment funds chosen in accordance with that procedure I declare that, where enhanced or fixed protection applies to me I m aware I ll lose that protection where the transfer(s) is/are not permitted transfer(s) I declare that where I ve confirmed in 3.4 that the source of the transfer is a Retirement Annuity Contract, that the contract isn t written under trust. Page 7 of 14

8 8. Applicant s declaration continued 8.16 Consent to adviser charges I authorise you to deduct the adviser charge(s) agreed with the financial adviser, as set out in section 7, and facilitate the onward payment of the amount deducted to the financial adviser. I acknowledge that in performing this role you ll be acting as agent for the financial adviser for the sole purpose of transferring the amount equal to the adviser charge that has to be deducted and paid to the financial adviser. I confirm that I ve received a copy of the Adviser/Consultancy charges terms and conditions. I confirm that I ve received an illustration showing the impact of the charges. The information given in this application is needed for income tax purposes and may be inspected by UK tax authorities. If I give false information, the tax authorities may prosecute me, which could lead to severe penalties. Date D D M M 2 0 Y Y Signature 7 7 Important note The provision of benefits for the transfer payment will start when this application is accepted and when we receive the transfer payment. On request, we ll supply an example of our standard policy conditions and a copy of the completed application form. Scottish Equitable plc, the provider and scheme administrator of the Scheme, agrees to administer the Scheme in accordance with the rules and arrangements of the Scheme. Page 8 of 14

9 Part B To be completed on behalf of the transferring scheme 9. Transfer payment To be completed on behalf of the transferring scheme named in section 3. The amounts entered will be the amounts at or about the date this form is completed. The actual transfer payment and the breakdown will be the amount paid when the transfer is made. The amount of the transfer will include any pension credit amount referred to in section 10. The pension credit shouldn t be included in 9.1 or 9.2 below. If you know, or have reason to believe, that the member flexibly accessed their benefits before the transfer, you must tell us within 31 days from the date of this transfer. If you re made aware of this after the date of transfer you have 31 days from the date you were made aware to let us know. 9.1 What s the total amount of the transfer payment? Does this represent the full value of the existing plan? 9.2 Does any protection exist to retain more than 25% tax-free cash on this transfer? If : a What was the value of the member s tax-free cash entitlement at 5 April 2006? 9.4 Where either 9.2 or 9.3 applies, is this transfer part of a block transfer from the transferring scheme to this scheme? if the member goes ahead with this transfer, they will lose their protection to more than 25% tax-free cash and/or a low pension age. 9.5 Is this transfer subject to any existing or proposed trustee in bankruptcy orders, or earmarking or pension sharing orders, or other receiving orders? b What was the fund value at 5 April 2006? 9.3 If the member has a protected low pension age under the transferring scheme what s the protected age? Page 9 of 14

10 10. Pensions and divorce 10.1 Is any part of the transfer payment subject to a court order issued under Section 23 of the Matrimonial Causes Act 1973, or Section 8 of the Family Law (Scotland) Act 1985 (in other words an attachment order, also known as an earmarking order following the member s divorce)? please include with the application *: a copy of every such court order, including any varying order, together with details of the proportion of the transfer payment to which the order relates; details for the member s former husband, wife or civil partner of their address and payment details (including any changes), and any notices that are required to be given by the trustees of the transferring scheme Where the transfer payment includes an amount of pension credit in terms of Section 29 of the Welfare Reform and Pensions Act 1999, please provide the following: Amount of pension credit If all or part of the pension credit arises as a result of a pension sharing order which took place after the scheme member had already taken benefits, please confirm the current value of the disqualifying pension credit, included in the pension credit, from which tax-free cash can t be taken.redit, from which tax-free cash can t be taken. 11. Transferring scheme declaration In this declaration we means the trustees and/or scheme administrators of the transferring scheme and you means Aegon. This section must be completed on behalf of the transferring scheme We confirm that this supplementary application form relates to the transferring scheme described in section We declare that the above information, whether in handwriting or not, is true and complete We declare that to the best of our knowledge no tax-free cash has been paid to the scheme member from an arrangement under which the transfer payment in section 10 derives We undertake to pay you the amount entered in section 9 as the transfer payment If the transfer is from an existing Scottish Equitable scheme, we renounce all claims and demands under the plan numbered in section 3 which relate to the transfer payment. Where the transfer payment represents all of the plan funds, we deliver the plan for cancellation. Signed for and on behalf of the transferring scheme. Date D D M M 2 0 Y Y Name Signature 7 7 Page 10 of 14

11 12. Part C For financial advisers only This section is to be completed by your financial adviser Financial adviser case number Did you give this applicant advice when choosing to transfer into this plan? 12.2 Adviser details Your name and company name Phone number address Your Aegon agency number (this is your UAN and comprises of 3 letters and 3 numbers) Your principal Financial Services Register reference number Your appointed rep Financial Services Register reference number 12.3 Money laundering Confirmation of verification of identity certificates In order to comply with the Money Laundering Regulations 2017 ( the Regulations ), and the Prevention of Money Laundering/Combating the Financing of Terrorism Guidance tes for the Financial Sector, you re required to complete a separate identify verification certificate for each applicant and, if different, for the person(s) paying the contribution. We won t be able to complete the processing of this application until we ve received the necessary fully completed and signed verification of identity certificate(s). Attorneys/Guardians If the application is being made on behalf of a person who can t make the application themselves because of incapacity, we need a separate confirmation of verification of identity certificate for both the attorney/guardian and also for the person on whose behalf the attorney/guardian is acting and, if different, for the person making the contribution. Politically exposed persons If you re aware that any person for whom you must submit a confirmation of verification of identity certificate is a politically exposed person (as defined in the Regulations), please contact us and we ll confirm what additional information we ll need from you. If you re a member of a support services company, please give your reference Page 11 of 14

12 Part D You should read this section before you sign the declaration in section 8 Application form notes Transfer payment The amount entered will be the amount at or about the date you complete this form. The actual transfer payment will be the amount paid when the transfer is made. The amount of transfer payment will include any amount in respect of a pension credit. The pension credit details should be given in 9. Where the transferring scheme is an occupational pension scheme or a personal pension scheme, a member may have a right to tax-free cash of more than 25% of the fund value if: they were a member of an occupational pension scheme as at 5 April 2006, and their tax-free cash entitlement under that scheme at that time was more than 25% of the fund value; and the current transfer is being made from either: that scheme, or a subsequent registered pension scheme to which a block transfer was made in respect of the member in relation to those rights. Where the transferring scheme is an occupational pension scheme or a personal pension scheme, a member may have a right to a protected pension age if: they were a member of a personal pension scheme at 5 April 2006; and they had an unqualified right to take their benefits under that scheme before age 50; and their occupation at that time was one prescribed by regulations made by HMRC or they were a member of an occupational pension scheme at 5 April 2006; and they had an unqualified right to retire before age 55; and they had the entitlement under the scheme before 10 December 2003, or, if they joined the scheme after that time, would have done had they joined before 10 December and, in both cases, the current transfer is being made from that scheme or from a subsequent registered pension scheme to which a block transfer was made in respect of the member in relation to those rights. Conditions for a block transfer In relation to a transfer into this receiving scheme, the transfer can be a block transfer if: a all of the benefits for at least two members of the transferring scheme are being transferred at the same time to this receiving scheme b the transferring member hasn t been a member of this receiving scheme for more than 12 months at the time the transfer is made You should note that if you transfer benefits from an arrangement with a protected low pension age into a registered pension scheme under which you already have an arrangement without a protected low pension age, you would be unable to take all of your benefits under the scheme from your protected low pension age. In this case, any benefits you took before age 55 would normally be subject to unauthorised payment charges. When a transfer from a transferring scheme is split between two or more receiving schemes, it can t be a block transfer. Page 12 of 14

13 Definitions We ve not covered standard lifetime allowance, and the various protections that could apply in detail in this form, but you can find out more about these at Block transfer A block transfer is a transfer which allows a member to retain, under the receiving scheme, an entitlement they had at 5 April 2006 to: tax-free cash of more than 25% of the fund value, and/or take benefits at an age lower than the normal minimum pension age. Permitted transfer For the purposes of retaining enhanced protection or fixed protection for this transfer this means: all or part of the sums and assets or pension rights transferred to form all or part of the assets of one or more money purchase registered pension schemes (to avoid doubt the Scottish Equitable Self-administered Personal Pension Scheme, the Scottish Equitable Personal Pension Scheme and the Scottish Equitable Stakeholder Pension Scheme are all money purchase registered pension schemes), and where defined benefit or cash balance pension rights are being transferred to a money purchase arrangement, the value of the sums and assets received by the money purchase arrangement are actuarially equivalent to the rights being transferred. Recognised overseas pension scheme A pension scheme which is established in a country or territory listed in the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations An overseas pension scheme may also be a recognised overseas pension scheme if it s of a description prescribed in those regulations, or if it satisfies any requirement in those regulations. Registered pension scheme A pension scheme which is registered with HMRC under Chapter 2 Part 4 of the Finance Act Retirement Annuity Contract This is an annuity contract between an insurance company or friendly society and a self-employed individual, or a person in non pensionable employment, which was established before 1 July 1988 and was approved under Chapter III Part XIV of the Income and Corporation Taxes Act Alternatively known as a section 226 policy. Page 13 of 14

14 Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered office: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland ( ). Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number An Aegon company Aegon UK plc WPS /17