Mr 1 le Dorset AB12 3CD Old Mutual Wealth Old Mutual House Portland Terrace Southampton SO14 7AY T 0808 141 5070 www.oldmutualwealth.co.uk WELCOME TO YOUR HALF-YEARLY STATEMENT FROM OLD MUTUAL WEALTH Inside Your statement and personal letter Contents Section 1 Section 2 Section 3 Section 4 Your portfolio summary Your investment overview Additional information Transaction details What does this statement cover? This statement covers investments in any of the following types of account: Collective Retirement Account Collective Investment Account Collective Investment Bond/Offshore Collective Investment Bond Individual Savings Account Other investments will not be included in this statement and we will contact you about them separately. How to contact us If you need to contact us about your statement you can e-mail us at statements@omwealth.com. Alternatively, you can call our Customer Contact Centre on Freephone 0808 141 5070 between 8am and 9pm, Monday to Friday. Old Mutual Wealth is the provider of your accounts, but we are not responsible for the performance of the funds you invest in through them. Please bear in mind that we cannot give investment advice. Page 1 of 12
Dear YOUR HALF-YEARLY STATEMENT Every six months we write to you to show you what has been happening with your investments. If you ve received statements from us before and given us feedback, we ve listened and made improvements. We ve also answered some of your most frequent questions in You said, we ve answered opposite. Don t want to wait for your next statement? Registering for our online Customer Centre means you can see the value of your investments, your documents and other key information at the click of a button. And we ve recently added the ability to update your details and change your password quickly and easily online. Please see the flyer enclosed for more on this handy service. From June 2015, if you want more regular updates from us, you will be able to ask us to send you additional periodic statements in July and January. I ll bring you more details about this in the near future. Thank you for investing with us. Yours sincerely Lowering the cost of your investments We ve been working hard to drive better value for you by making investing with us cheaper and helping you enjoy better returns as a result. During February and March we successfully converted 1,855 funds to their newer versions, so that investors in these funds now receive the best value. If you are on our Charge Basis 3 and hold less than 20,000 in your account, the minimum Product/Service charge you pay has now gone down as we removed the minimum charge in January this year. We also removed the drawdown charge for all customers who have a Collective Retirement Account; so we no longer charge you for taking money from your account. Launched last year, our WealthSelect fund range lets you access competitively priced funds from leading brands. And when you invest in these funds through our Managed Portfolio Service, we don t make any additional charge for the ongoing management of your portfolio. Anthony scammell Head of customer experience ISA A Great way to save Investing in an ISA has always been a great way of investing tax efficiently. Over the last 12 months the Government has significantly increased the annual ISA allowance, further increasing the opportunity for investment. From 6 April 2015 an individual is entitled to invest 15,240 within an ISA and as you can see we have reduced our charges to make our ISA more competitive. If you would like to find out more about the Old Mutual Wealth ISA please contact your Financial Adviser. Are you a budding golfer? If so, you could win the chance to play at the stunning Old Head Golf Links in Ireland alongside Ryder Cup legend, Sam Torrance, with the Old Mutual Wealth Golf Challenge. Ask your club to nominate a monthly medal and you could be on your way there. To find out more telegraph.co.uk/oldmutualwealthgolfchallenge. To find out more Old Mutual Wealth does not give investment advice, so if you have any questions about this letter or your statement, you should speak first to your financial adviser who is familiar with your personal needs and circumstances. If you do not have a Financial Adviser use our search tool https://finances.oldmutualwealth.co.uk/portalclient/en/find-an-adviser/ to find all advisers in you local area who is registered to do business with Old Mutual Wealth. If you need to contact us, please get in touch with our Customer Contact centre: Email: statements@omwealth.com, including your phone number and a brief outline of your query, or Freephone: 0808 141 5070 Page 2 of 12
YOU ASKED WE VE ANSWERED How can I tell how my investments have performed? Your statement now shows the value of your investments at the beginning and end of the period and what transactions have taken place. The current value will reflect their performance as well as any money paid in or out. Can I receive a shorter statement? The FCA rulebook specifies the content of our statements. Remember you can also cut down on the amount of paperwork you receive by opting to receive your statements through our online Customer Centre. Can you make my fees and charges clearer and easier to understand? Yes, we ve changed the order in which your fees and charges are shown in your statement. And we ve updated the notes under adviser fees explained and charge bases and customer accounts credits in the additional information section of your statement. What is my tax voucher for? Your voucher gives you the information you will need to fill out your tax return. We ve also refreshed the notes on the back of your tax voucher to make it easier to understand. NEW PENSION FREEDOMS Through the pension reforms, the government has changed the way you can use your pension savings, including your Old Mutual Wealth pension, from 6 April 2015. You ll need to plan carefully with your financial adviser, making the right choices at the right time so that you can achieve your goals in retirement; or as we like to call it, Life2. Thanks to the new rules, in your Life2 you now have freedom to choose: how the value of your plan is passed onto beneficiaries if you die before using all of your pension savings how to take your pension savings at any time after you reach age 55, or earlier where allowed by HM Revenue & Customs. Whether you are age 55 or over and able to use these new withdrawal options now, or just starting to plan for your retirement, it is important you understand the ways you can use your pension savings to make sure you and your family benefit. If you have a Collective Retirement Account you can find full details of the changes in our leaflet New Choices New Retirement Opportunities enclosed with this statement. One of the first things we would encourage everyone to discuss with a financial adviser is what will happen to your pension savings when you die. On page 5 of the enclosed New Choices New Retirement Opportunities leaflet we set out the new options available to you. If you are under 55 it is also important you review your current plans as you might want to complete a new expression of wishes form. This will let us know to whom (and how) we should pay out your pension benefits when you die. Advice is essential In this new world of pensions it is more important than ever to understand how you can make the most out of your choices so it really is vital to talk to your financial adviser. Our research shows that having a target for your retirement income coupled with financial advice means you could achieve on average 8,500 more income per year in retirement. People currently in retirement who have visited a financial adviser on at least one occasion are 35% more likely to be satisfied with their income than those who didn t. The new rules allow you to withdraw your pension as a lump sum but this can have serious tax consequences and could mean your savings don t last through your retirement. Your financial adviser will be able to help you plan your retirement income so that you can achieve the things you want in your Life2. Source: YouGov survey for Old Mutual Wealth in July 2014 of 1,500 people between 50 and 75 years old about the expectation and reality of retirement income. To find out more about life2 You can find out more about Life2 and how others are living theirs on our website, www.oldmutualwealth.co.uk/life2. Investments may fall as well as rise and you may not get back what you put in. Page 3 of 12
Your half-yearly statement Your name: Mr A B Sample Your Portfolio Summary Email us: statements@omwealth.com Call us: Freephone 0808 171 5070 ISA - Stocks and Shares ISA What's happened over the last six months? Your investment types are PEP - ISA (FORMERLY PEP) In Out Account/Bond Account Previous value Payments in Income Customer Payments out Charges Current value number type (05 Oct 2014) received Account Credits deducted (05 Apr 2015) 1XXXXXX PEP 20,129.57 0.00 90.55 0.00 0.00 35.25 21,671.73 6XXXXXXX ISA 32,417.14 0.00 145.50 0.00 0.00 0.00 34,950.16 Total 52,546.71 0.00 236.05 0.00 0.00 35.25 56,621.89 Your guide to reading your statement Portfolio Summary This shows the value of each of your investments six months ago, and their values at the end of this statement period. It also shows a summary of what has come in and gone out of your investments. You can see more detail on the individual investment overview pages which follow. Previous and Current values When comparing your previous and current values, please remember that your current value will also reflect the market performance of your selected funds/portfolio over the last six months as well as the amounts shown in the In and Out columns. Income received This shows a summary of the interest and dividend payments received from the fund managers whose funds you hold units in. This has either been reinvested, or paid to you if you have chosen the income payment option. Customer Account Credits This shows a summary of reinvested amounts of commission or rebate payments. See the Charge Bases and Customer Account Credits page later in your statement for a full explanation. Charges deducted This shows a summary of the charges paid from your investments during the statement period. You can see further details of these charges on your individual investment overview pages. Page 4 of 12
Your name: Mr A B Sample Your financial adviser: Customer Acct - No Current Adviser Your ISA (FORMERLY PEP) (account number 1XXXXXX) Email us: statements@omwealth.com Call us: Freephone 0808 171 5070 This investment is on Charge Basis 1 in our SelfSelect investment range, as at 05 Apr 2015 Previous value Payments in Income Customer Payments out Charges Current Value (05 Oct 2014) received Account Credits deducted (05 Apr 2015) 20,129.57 0.00 90.55 0.00 0.00 35.25 21,671.73 Valuation as at 05 Apr 2015 Key Acc = Accumulation Units Inc = Income Units U = Unbundled Fund Name Unit/shares Price (p) Value ( ) Allianz BRIC Stars (Acc) 1279.5944 170.20 2,177.87 Allianz Gilt Yield (Inc) 3783.6304 171.08 6,473.03 Invesco Perpetual Corporate Bond (Acc) 3478.0931 186.93 6,501.60 M+G Gilt + Fixed Interest Inc (share class A) (Acc) 1260.8266 517.06 6,519.23 Total Value 21,671.73 Your guide to reading your statement Your individual investment overview This shows the value of your investment six months ago, and the value at the end of this statement period. It also shows a summary of what has come in and gone out of your investment. Previous and Current values When comparing your previous and current values, please remember that your current value will also reflect the market performance of your selected funds/portfolio over the last six months as well as the amount shown in the In and Out columns. Valuation This shows a more detailed valuation of your investment at the end of the statement period; including the funds you have invested in, the number of units you hold, the price per unit and the total value of your investment. Page 5 of 12
Your name: Mr A B Sample Your financial adviser: Customer Acct - No Current Adviser Your ISA (FORMERLY PEP) (account number 1XXXXXX) Email us: statements@omwealth.com Call us: Freephone 0808 171 5070 Charges Deducted Charge Type Amount Investor Charge 35.25 Total Charges Deducted 35.25 Income Received Date Fund Name Amount 03/11/2014 M+G Gilt + Fixed Interest Inc (share class A) (Acc) 3.29 04/11/2014 Allianz Gilt Yield (Inc) 60.24 02/01/2015 Invesco Perpetual Corporate Bond (Acc) 23.78 03/02/2015 M+G Gilt + Fixed Interest Inc (share class A) (Acc) 3.24 Total Income Received 90.55 Your guide to reading your statement Charges Deducted This shows the total charges paid to Old Mutual Wealth, as well as the total fees paid to your financial adviser during the statement period on this investment. You can see more details and an explanation of how these charges work in the additional information section at the end of your statement. You can see the actual charge and fee deductions in the separate transaction details part of your statement. Income Received This shows each income and/or dividend distribution you have received for the funds you were invested in during the statement period. If you have chosen the income payment option, you will see the income payments you received during the statement period in your Payment Summary. If you haven't chosen the income payment option, the distributions shown here will have been reinvested, and you can see this in the separate transaction details part of your statement. Page 6 of 12
Your name: Mr A B Sample Your financial adviser: Customer Acct - No Current Adviser Your Stocks and Shares ISA (account number 6XXXXXXX) Email us: statements@omwealth.com Call us: Freephone 0808 171 5070 This investment is on Charge Basis 1 in our SelfSelect investment range, as at 05 Apr 2015 Previous value Payments in Income Customer Payments out Charges Current Value (05 Oct 2014) received Account Credits deducted (05 Apr 2015) 32,417.14 0.00 145.50 0.00 0.00 0.00 34,950.16 Valuation as at 05 Apr 2015 Key Acc = Accumulation Units Inc = Income Units U = Unbundled Fund Name Unit/shares Price (p) Value ( ) Allianz BRIC Stars (Acc) 2055.9298 170.20 3,499.19 Allianz Gilt Yield (Inc) 6078.7566 171.08 10,399.54 Invesco Perpetual Corporate Bond (Acc) 5677.6520 186.93 10,613.23 M+G Gilt + Fixed Interest Inc (share class A) (Acc) 2018.7597 517.06 10,438.20 Total Value 34,950.16 Your guide to reading your statement Your individual investment overview This shows the value of your investment six months ago, and the value at the end of this statement period. It also shows a summary of what has come in and gone out of your investment. Previous and Current values When comparing your previous and current values, please remember that your current value will also reflect the market performance of your selected funds/portfolio over the last six months as well as the amount shown in the In and Out columns. Valuation This shows a more detailed valuation of your investment at the end of the statement period; including the funds you have invested in, the number of units you hold, the price per unit and the total value of your investment. Page 7 of 12
Your name: Mr A B Sample Your financial adviser: Customer Acct - No Current Adviser Your Stocks and Shares ISA (account number 6XXXXXXX) Email us: statements@omwealth.com Call us: Freephone 0808 171 5070 Income Received Date Fund Name Amount 03/11/2014 M+G Gilt + Fixed Interest Inc (share class A) (Acc) 5.26 04/11/2014 Allianz Gilt Yield (Inc) 96.24 02/01/2015 Invesco Perpetual Corporate Bond (Acc) 38.82 03/02/2015 M+G Gilt + Fixed Interest Inc (share class A) (Acc) 5.18 Total Income Received 145.50 Your guide to reading your statement Income Received This shows each income and/or dividend distribution you have received for the funds you were invested in during the statement period. If you have chosen the income payment option, you will see the income payments you received during the statement period in your Payment Summary. If you haven't chosen the income payment option, the distributions shown here will have been reinvested, and you can see this in the separate transaction details part of your statement. Page 8 of 12
Charge Bases and Customer Account Credits (The following sections apply to all investments, other than the Offshore Collective Investment Bond) The Charge Basis for your investment is shown before the valuation section at the start of your individual investment overview. 1 2 3 Charge Basis 1 This applies to accounts or bonds opened before 18 December 2012, which have not since converted to a different Charge Basis either by request or automatically*. The Investor Charge applies to these accounts/ bonds and financial advisers are entitled to receive commission. We use part of any rebates we receive from fund managers to pay trail commission to financial advisers. If the rebates for your funds exceed any trail commission due to your adviser, they will be reinvested into your investment; the reinvestment of rebate payments is shown as a customer account credit.* * Further information on Charge Basis 1 is available from your financial adviser or at the following link: www.oldmutualwealth.co.uk/cb1.pdf Charge Basis 2 This applies to accounts or bonds opened before 18 December 2012, which have since converted to Charge Basis 2 either by request or automatically*. The Investor Charge still applies to these accounts/bonds but financial advisers are paid by fees rather than commission. If we receive rebates from fund managers in respect of your funds, we reinvest part of those rebates into your investment as a customer account credit.* * Further information on Charge Basis 2 is available from your financial adviser or at the following link: www.oldmutualwealth.co.uk/cb2.pdf Charge Basis 3 This applies to new accounts/bonds opened from 18 December 2012; it also applies to Collective Retirement Accounts, Collective Investment Accounts and ISAs opened before that date, which have since been converted to Charge Basis 3 by request. The Service/Product Charge applies to these investments and financial advisers are paid by fees rather than commission. If we receive rebates from fund managers in respect of your funds, we reinvest the entire rebate into your investment; the reinvestment of rebate payments is shown as a customer account credit.* * Further information on Charge Basis 3 is available from your financial adviser or at the following link: www.oldmutualwealth.co.uk/cb3.pdf ISAs and Collective Investment Accounts (CIA) on Charge Basis 1 or 2 From 6 April 2014, some transactions on these accounts will cause them to convert to Charge Basis 3 automatically, as explained in our letter sent during February 2014. Adviser Fees Explained This section only appears on statements for investments on Charge Basis 2 or 3. It shows details of any ongoing fees that you have agreed to pay to your financial adviser from your investment. The actual fees paid will be within the amounts you have authorised us to pay, and shown in the Charges Deducted section of your individual investment summary, with a further breakdown in the separate Transaction Details part of your statement. Annual Servicing Fee If a servicing fee is shown in this section, it will be an annual amount. If you have agreed for the fee to be paid to your adviser monthly, quarterly or half-yearly, we will divide the annual amount by 12, 4 or 2 respectively. We will meet servicing fee payments by selling units in line with your instructions; transactions to deduct the fees will show in the separate Transaction Details section of your statement. If your investment was originally on Charge Basis 1, the servicing fee replaces any trail commission arrangements that were previously in place. Trail commission was paid partly from rebates we received from fund managers but under Charge Basis 2 and 3 part or all of these rebates are reinvested into your investment as either customer account credits or reinvested rebates. Fund Switch Fee If a switch fee is shown in this section, it will be the maximum you have authorised. You or your financial adviser will stipulate the actual fee required when each switch instruction is given, up to this maximum. We will deduct the fee from the switch sale proceeds before investing them into your new choice of funds; the actual fee deducted will show in the Transaction Details section of your statement. Initial Fee - Direct Debit If an initial fee is shown in the Adviser Fees section in respect of a regular investment, we will deduct the fee from your Direct Debit payments before investing into the funds you have chosen. The actual fee deducted from each contribution will show in the separate Transaction Details section of your statement. CRA only - any initial fees authorised in respect of Direct Debits paid by your employer or another third party will show separately where applicable. * The Terms and Conditions outline which transactions automatically convert accounts/bonds to Charge Basis 2; your financial adviser will be able to advise you if your account has been converted automatically. ** For UK residents with a Collective Investment Account the rebate figure is provided after deduction of basic rate income tax. In July 2013 HMRC reversed its decision to tax rebates payable to non-uk residents. From December 2013 we implemented these changes, paying rebates to non-uk residents as a gross credit with no tax deduction made. Clients who are Non-UK Resident may be eligible to reclaim the tax paid in the interim period. For each of the charge bases there is an explanatory document, Making the cost of investment clear, which explains the different roles of those involved and details how each Charge Basis works. 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Additional Information The information in your statement is as at 5 April 2015. It will not reflect any subsequent transactions. If you have closed your investment with us in the last six months, this is the last statement you will receive from us. The valuation shown is based on the bid value of the units using the latest fund prices available on the last business day of the reporting period. If an investment is held in joint names, the value shown in your statement is the total value; it doesn t represent the value owned by each joint holder individually. The value of investments and any income generated from them may go down as well as up and you may not be able to realise the full amount of your original investments. Past performance should not be regarded as a guide to future performance. Linked investors - at the start of your statement we will show your name and client reference number as well as the names of any investors to whom your investments are linked. The total value of your investments, and those of your linked investors, is used when calculating the Service/product Charge for any investments on Charge Basis 3. The percentage rates for the Service/product Charge decrease as the total value of the linked investments increases. Cash awaiting investment represents any transactions that are still underway as at the date of the valuation. These could include additional investments, distributions or fund switches. Due to rounding, there might be a slight difference between the number of units held multiplied by the unit price, and the value of the units shown. The value shown for any re-registration transactions represents the bid value of the investment on the day the re-registration took place. The Income received part of your investment overview shows each income and/or dividend distribution you have received for the funds you were invested in during the statement period. If you have chosen the income payment option (not applicable to the Collective Retirement Account or Collective Investment Bond), you will see the income payments you received during the statement period in the Payment Summary section. Your total income payments may not match the total income received because we may have paid you your most recent distributions after the end of the statement period. If you haven t chosen the income payment option, the distributions shown here will have been reinvested, and you can see this in the separate Transaction Details part of your statement. Income reinvested may exceed the value of income received shown on the statement. This happens when income relating to the previous statement period is reinvested in your investment in the current statement period. Fund changes - Keep up to date with all the latest fund information including fund launches, closures, mergers, name changes and objective changes. Visit www.oldmutualwealth.co.uk/funds/fund-news Collective Investment Bond only - We deduct an accrued tax charge from your fund value. Old Mutual Wealth Life and Pensions Limited is taxed each year by HM revenue & Customs (HMRC) on capital gains on the funds we hold for our bond holders. To meet these payments we make a charge related to the gains made within your bond based on our understanding of what we will be required to pay HMRC. Charges will be calculated when units are sold, whether these sales are instigated by you or by us (for example, to meet fees or charges) and at the end of each calendar year based on the gains achieved during the year. If we have deducted an accrued tax charge, it will show in the Transaction Details section of your half-yearly statement. In the valuation section of your statement we show you an estimate of the charge that would be payable if the bond were to be closed at that stage. This estimate does not represent a deduction that has actually been made. www.oldmutualwealth.co.uk Calls may be monitored and recorded for training purposes and to avoid misunderstandings. Old Mutual Wealth Limited, Old Mutual Wealth Life and Pensions Limited and Old Mutual Wealth Business Services Limited are registered in England & Wales under numbers 1680071, 4163431 and 1579311 respectively. Registered Office at Old Mutual House, Portland Terrace, Southampton SO14 7EJ, United Kingdom. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority. Old Mutual Wealth Life and Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are 165359 and 207977 respectively. VAT number is 386 1301 59. Old Mutual International (Guernsey) Limited is regulated by the Guernsey Financial Services Commission and is licensed to write long-term business under the Insurance Business (Bailiwick of Guernsey) Law 2002. Registered number 2424. Registered Office at Albert House, South Esplanade, St Peter Port, Guernsey GY1 1AW, Channel Islands. Page 10 of 12
Your name: Mr A B Sample Your financial adviser: Customer Acct - No Current Adviser Your ISA (FORMERLY PEP) (1XXXXXX) Transaction Details This section shows a breakdown of transactions that took place during the statement period for each of your products - eg which funds were bought or sold. Abbreviations R = Re-registration Acc = Accumulations Units Inc = Income Units B = Buy S = Sell U = Unbundled Date Transaction Type/Fund Name Buy/Sell Units Price (p) Value ( ) 04/11/2014 M+G Gilt + Fixed Interest Inc (share class A) (Acc) B 0.6884 477.89 3.29 Transaction Total 3.29 05/11/2014 Allianz Gilt Yield (Inc) B 37.6217 160.12 60.24 Transaction Total 60.24 05/01/2015 Invesco Perpetual Corporate Bond (Acc) B 13.0073 182.82 23.78 Transaction Total 23.78 Investor Charge 19/01/2015 Allianz Gilt Yield (Inc) S -20.4300 172.54 35.25 Transaction Total 35.25 05/02/2015 M+G Gilt + Fixed Interest Inc (share class A) (Acc) B 0.6243 518.97 3.24 Transaction Total 3.24 Page 11 of 12
Your name: Mr A B Sample Your financial adviser: Customer Acct - No Current Adviser Your Stocks and Shares ISA (6XXXXXXX) Transaction Details This section shows a breakdown of transactions that took place during the statement period for each of your products - eg which funds were bought or sold. Abbreviations R = Re-registration Acc = Accumulations Units Inc = Income Units B = Buy S = Sell U = Unbundled Date Transaction Type/Fund Name Buy/Sell Units Price (p) Value ( ) 04/11/2014 M+G Gilt + Fixed Interest Inc (share class A) (Acc) B 1.1006 477.89 5.26 Transaction Total 5.26 05/11/2014 Allianz Gilt Yield (Inc) B 60.1049 160.12 96.24 Transaction Total 96.24 05/01/2015 Invesco Perpetual Corporate Bond (Acc) B 21.2340 182.82 38.82 Transaction Total 38.82 05/02/2015 M+G Gilt + Fixed Interest Inc (share class A) (Acc) B 0.9981 518.97 5.18 Transaction Total 5.18 Page 12 of 12