For customers
Flexible Pension Plan
Additional transfer payment form
(with adviser charges option)
Illustration number
You must insert the illustration number. If you don’t, we can’t progress this application
Please read these notes before completing this form.
About this form
You should only use this form if your plan was set
up on or after 6 April 2013. There’s a separate
form for plans set up before 6 April 2013.
This form should be used where an additional
transfer is to be made to an existing Flexible Pension
Plan with policy reference IPP FPP V15 under the
Scottish Equitable Self-administered Personal
Pension Scheme (the ‘Scheme’). You’ll find the policy
reference on your policy conditions booklet and/or
plan schedule.
Please 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 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,
please consult a financial adviser and don’t
complete this form.
This form is split into three parts:
Part A – sections 1-8 contains the application and
the charge deduction instruction. All applicants
must complete this.
Part B – sections 9-11 need to be completed on
behalf of the scheme which is making the transfer
payment to your Aegon Flexible Pension Plan. The
transferring scheme can provide these details in a
separate document as long as this meets all our
requirements. Section 12 should be completed by
a financial adviser.
Part C – contains notes and definitions to help you
complete this form. You should read this section
before you sign the declaration in section 8.
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.
Check details already completed
If any details are already completed (based on what
you’ve told a financial adviser), please 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 a financial adviser
know.
Whenever you see this icon *, you may need to
send us additional material with this form.
Words in bold are deined terms that we explain in
the ‘Deinitions’ section in Part C.
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.
Surname
Permanent home address
To make additional transfers into this plan
you must live in the UK.
Title
Mr / Mrs / Miss / Ms / Other – please specify
Postcode
Date of birth (dd/mm/yyyy)
Full forename(s)
2. Investment choice
2.1
Approximate fund value to be paid to Aegon?
£
2.2
Please enter the full fund name(s) required and percentage you’d like to invest in each one in the
table below. Please make sure you enter the exact fund name (you can find this by going to
aegon.co.uk/fullfundrange 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’ applicable to your plan. You can find this
at aegon.co.uk/support/support-documents 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. Transferring scheme details
3.1
Please give details of the transferring scheme
3.3
Full name of scheme administrator/current
provider/insurer
Full name of pension scheme
Is the transfer from a defined benefits
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)?
Yes
Address of scheme administrator/current
provider/insurer
No
3.4
No
Postcode
Yes – you may not be able to proceed
with this transfer to our plan.
Please speak to a financial adviser.
Transferring scheme’s HMRC Pension Scheme
Tax Reference
3.5
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
Is the transfer from a Retirement Annuity
Contract (also known as a section 226
policy) that’s written under trust?
Is the transfer from a plan that provides
a guaranteed annuity rate or guaranteed
minimum pension?
Yes
No
A recognised overseas pension scheme
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 more information about
enhanced protection and fixed protection
at aegon.co.uk/lifetimeallowance
If you have enhanced protection 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?
Yes
No
Page 3 of 14
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 5 and
checked the requirements that are listed there.
Name of bank
Account number
Branch
Sort code
—
—
Account name(s)
Page 4 of 14
7. Charge deduction instruction
This instruction must be completed when you’ve agreed to pay adviser charges to a financial adviser
and is your instruction to Aegon to facilitate the payment of these charges from your pension plan and
pass them on to a financial adviser.
If this instruction is to add an ongoing adviser charge, it will replace any existing ongoing adviser
charge. This instruction doesn’t replace any other previous instructions for any other type of adviser
charge, unless you tell us.
If you want to add, or to instruct Aegon to take further adviser charges, you need to complete a new
charge deduction instruction.
You have the right to cancel this charge deduction instruction at any time.
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
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
Ongoing adviser charge
If you’re making more than one type of
payment on multiple forms, please make
sure that the ongoing adviser charge details
are the same on all forms.
7.2.1 Charge to be deducted.
Enter the amount or percentage to
be deducted. Tick one option only.
Amount £
each year
If the amount is to escalate each year,
show percentage below.
%
each year on the
anniversary of your plan
start date
Percentage
% of your
plan each
year
7.2.2 Enter frequency of the charge.
Tick one box only.
Monthly
Quarterly
Yearly
Page 5 of 14
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
8.4
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.
I consent to the transfer payment from the
transferring scheme being paid to the Scottish
Equitable Self-administered Personal Pension
Scheme (the ‘Scheme’) to provide benefits for me.
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.
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 Aegon receives all completed
documentation. Where applicable, I also agree to
the amendment of my plan to your normal terms
to deal with internal transfer values.
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 premium 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.
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 hereby 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.
Where the transfer payment applied for is
subject to a divorce order, and you agree to
accept the application:
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 is 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.
Page 6 of 14
8. Applicant’s declaration – continued
8.7
Declaration to the trustees and/or scheme
administrator of the transferring scheme:
a I authorise and instruct you to transfer funds
from the plan listed in section 3 directly to
Aegon. Where you’ve asked me to give you
any original policy document(s) in return for
the transfer of funds and I’m unable to do
so, I promise that I’ll be responsible for any
losses and/or expenses which are the result,
and which a reasonable person would
consider to be the probable result, of any
untrue, misleading or inaccurate information
deliberately or carelessly given by me, or on
my behalf, either in this form or with respect
to benefits from the plan.
b I authorise you to release all necessary
information to Aegon to enable the
transfer of funds to the Scheme.
c I authorise you to obtain from and release
to the financial adviser named in this
application any additional information that
may be required to enable the transfer of
funds from the relevant plan.
d If an employer is paying contributions to
the plan listed in section 3, I authorise you
to release to that employer any relevant
information in connection with the transfer
of funds from the relevant plan.
e Until this application is accepted and
complete, Aegon’s responsibility is limited
to the return of the total payment(s) to you.
f Where the payment(s) made to Aegon
represent(s) all of the funds under the plan
listed in section 3, then payment made as
requested will mean that I shall no longer
be entitled to receive pension or other
benefits from the plan listed.
g Where the payment made to Aegon
represent(s) part of the funds under the
plan listed in section 3, then payment
made as requested will mean that I shall
no longer be entitled to receive pension
or other benefits from that part of the plan
represented by the payment(s).
8.8
Declaration to Aegon and the trustees
and/or scheme administrator of the
transferring scheme.
I promise to accept responsibility in respect
of any claims, losses and expenses that
Aegon and you may incur as a result of
incorrect information provided by me in this
application or of any failure on my part to
comply with any aspect of this application.
8.9
I note that no benefits are capable of
commutation, surrender or assignment except
in accordance with the Finance Act 2004.
8.10 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.
8.11 I declare that where I’ve confirmed in
section 3.4 that the source of the transfer
is a Retirement Annuity Contract, that the
contract isn’t written under trust.
8.12 I agree that you or your representatives
may approach the scheme administrator,
provider or insurer of any other pension
or registered pension scheme to which
I’m contributing, or have contributed to, in
order to obtain any information you feel is
necessary to administer my arrangements
under the Scheme.
8.13 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.
8.14 I agree as follows:
a The contribution and/or 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.
Page 7 of 14
8. Applicant’s declaration – continued
d Whenever a contribution and/or 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 contribution and/or
transfer payment is to be applied to, then
Aegon will apply the transfer payment to
investment funds chosen in accordance with
said procedure.
The information given in this application
is needed for income tax purposes and
may be inspected by UK tax authorities.
I note that if I give false information, the
tax authorities may prosecute me, which
could lead to severe penalties.
Date (dd/mm/yyyy)
8.15 I declare that, where enhanced protection or
fixed protection applies to me, I’m aware that
I’ll lose that protection where the transfer(s)
is/are not permitted transfer(s).
Signature
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.
Important note
I confirm that I’ve received an illustration
showing the impact of the charges.
7
7
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
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?
9.4
£
Yes
Does this represent the full value of the
existing plan?
No – 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.
Yes
No
9.2
Does any protection exist to retain more
than 25% tax-free cash on this transfer?
Where either 9.2 or 9.3 applies, is this
transfer part of a block transfer from the
transferring scheme to this scheme?
9.5
Is this transfer subject to any bankruptcy
order?
Yes
Yes
No
No
If ‘Yes’:
a
What was the value of the member’s
tax-free cash entitlement at 5 April 2006?
£
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. 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)?
10.2 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
£
No
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.
Yes – please include with the
application *:
• a copy of every such court order, including
any varying order, together with details of
the split of the fund;
• 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.
11. Transferring scheme declaration
This section must be completed on behalf of
the transferring scheme.
11.1 We confirm that this supplementary
application form relates to the transferring
scheme described in section 3.
11.2 We declare that the above information,
whether in handwriting or not, is true and
completee.
11.3 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 9 derives.
11.4 We undertake to pay Aegon the amount
entered in section 9 as the transfer payment.
11.5 If the transfer is from an existing Aegon
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 hereby
deliver the plan for cancellation.
Signed for and on behalf of the transferring
scheme
Date (dd/mm/yyyy)
Name
Signature
7
7
Page 10 of 14
12. For financial advisers only
This section is to be completed by your
financial adviser.
12.1 This is for the purposes of Financial Conduct
Authority reporting.
Financial adviser case number
Did you give this applicant advice when
choosing to transfer into this plan?
Yes
No
12.2 Adviser details
Your name and company name
Phone number
Email address
Your Aegon agency number (this is your UAN
and comprises of 3 letters and 3 numbers)
Your principal Financial Services Register
reference number
12.3 Money laundering
Confirmation of verification of identity
certificates
In order to comply with the Money
Laundering Regulations 2007 (‘the
Regulations’), and the Prevention of Money
Laundering/Combating the Financing of
Terrorism Guidance Notes for the Financial
Sector, you’re required to complete a
separate identify verification certificate for
each applicant.
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.
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.
Your appointed rep Financial Services
Register reference number
If you’re a member of a support services
company, please give your reference
Page 11 of 14
Part C – Application form notes and definitions
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 10.2.
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 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
• 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 2003;
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
Transferring an arrangement with a protected
pension age into another scheme where
the member has an arrangement where a
protected pension age doesn’t apply will
result in the protected pension age being lost
on transfer.
When a transfer from a transferring scheme is
split between two or more receiving schemes,
it can’t be a block transfer.
If there has been a previous block transfer
with tax-free cash protection applied to
your plan, any subsequent block transfer
with tax-free cash protection will not keep
it’s protection.
Pensions and divorce
If an attachment order (also known as an
earmarking court order) applies to this transfer,
we won’t process this application until we
receive copies of the documentation and the
details listed. We also reserve the right to
decline such a transfer.
The relevant amount of pension credit
must be calculated at the date of the
transfer payment.
Page 12 of 14
Application form notes
Charge deduction instruction notes
Example 2.
The ongoing adviser charge due date is
based on the frequency selected and the
day and month of the plan start date. See
example 1.
How the payment is calculated.
If the plan start day is the 29th, 30th or 31st
we will use 28th.
For an explanation on how the charge is
calculated, refer to example 2.
Example 1.
Where the plan start date is also the payment
due date.
Plan start date 01/01/2014.
Where the payment frequency is:
• monthly, the payment date is the 1st of
each month;
• quarterly, the payment date is the 1st April,
1st July, 1st October and 1st January each
year; or
• yearly, the payment date is the 1st January
each year.
If the payment is based on a monetary
amount.
Where the payment frequency is:
• monthly, the payment is calculated by
dividing the yearly ongoing adviser charge
amount by 12;
• quarterly, the payment is calculated by
dividing the yearly ongoing adviser charge
amount by 4; or
• yearly, the payment is the yearly ongoing
adviser charge amount.
If the payment is based on a percentage.
Where the payment frequency is:
• monthly, the payment is calculated by
multiplying the fund value by the ongoing
adviser charge % divided by 12;
• quarterly, the payment is calculated by
multiplying the fund value by the ongoing
adviser charge % divided by 4; or
• yearly, the payment is calculated by
multiplying the fund value multiplied by the
ongoing adviser charge %.
Page 13 of 14
Definitions
We’ve not covered standard lifetime
allowance, and the various protections that
could apply in detail in this form, but you
can find more about these at aegon.co.uk/
lifetimeallowance.
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
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 2006. An overseas pension
scheme may also be a recognised overseas
pension scheme if it is a description prescribed
in those regulations, or if it satisfies any
requirement in those regulations.
Registered pension scheme
• take benefits at an age lower than the
normal minimum pension age.
A pension scheme which is registered with
HMRC under Chapter 2 Part 4 of the Finance
Act 2004.
Permitted transfer
Retirement Annuity Contract
For the purposes of retaining enhanced
protection or fixed protection for this transfer
this means:
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 ct 1988.
Alternatively known as a section 226 policy.
• 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 Selfadministered 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.
We’re proud to be the
Lead Partner of British Tennis.
egon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered ofice: Edinburgh Park, Edinburgh EH12 9SE.
Registered in Scotland (No. 144517). uthorised by the Prudential Regulation uthority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. Financial Services Register number 165548.
An Aegon company. www.aegon.co.uk © 2016 Aegon UK plc
RET 00024621 04/16