PENSIONS CONTRACTS GENERALLY CLOSED TO NEW BUSINESS (INCLUDING EX-M & G CONTRACTS)
EX-M & G CONTRACTS
PERSONAL PENSIONS INCLUDING GROUP PERSONAL PENSIONS
|Contract Type||Personal Pension|
|Selected Retirement Age||50-75 (55-75 from 2010) or earlier for approved occupations prior to 6 April 06 with Protected Early Retirement Ages. Tax Free Cash only available on retirement prior to 75th birthday|
|Investment Options||Unit linked|
|Guaranteed Annuity Option||No|
|Number of Arrangements||Maximum of 10|
|Types of Contributions||Fixed/Indexed|
|Contribution Frequency||Annual, monthly, single or recurring single could be paid.|
Small amount paying quarterly or half yearly.
|Minimum Contributions||£25 (monthly) or £250 (yearly) - Grouped.|
£50 (monthly) or £500 (yearly) - Individual.
|Minimum Increase||Any increase will be to Premier Personal Pension or Premier Group Personal Pension.|
|Indexation||Available at rates between 5% and 15% or in line with NAE.|
|Contribution Holiday||Indefinite contribution holiday available. No charge is made if payments reduce or cease temporarily. However if this happens during the Capital Unit period, when payments resume at the original level, capital units will be purchased until the original expected amount over the first 18 months have been invested. If a contribution holiday is processed within the first two years of a plan and contributions do not resume by the second anniversary of the last regular contribution paid, the Capital Unit value will be taken as a charge.|
Charges (current amounts only)
|Fund Unit Types||Capital and Accumulation Units. |
Regular contributions bought Capital Units for the first 18 months. All other contributions buy Accumulation Units.
|Annual Management Charge||5.25% on Capital Units and 1% on Accumulation Units - additional charge for the following Protected Funds:-|
UK Protected - 0.25%
UK Protected Plus - 0.25%
European Protected - 0.50%
World Protected - 0.50%
No Loyalty Bonus
|Fund Switch Charge||None - unlimited free switches.|
|Discontinuance Charge||A discontinuance charge applied if contributions ceased before two year's contributions had been made. This equalled the full value of the Capital Units.|
If the plan is surrendered before selected retirement age a charge, based on a sliding scale, is applied to the Capital Units.
|Market Value Reduction||N/A - no With-Profits fund.|
|Life Cover Options||Return of fund.|
Additional death benefit also available.
|Waiver Benefit Options||Available at outset or by endorsement.|
Cannot be added after reaching age 60.
6 month deferred period.
Cover ceases at 65 or on earlier SRA.
|Lifetime Investment Option||N/A|
|Pension Protector Option||N/A|