Investment Trust
ISA and Savings
Scheme
Key features
This is an important document.
Please read it and keep for future reference.
The Financial Conduct Authority is a financial services regulator. It requires us, Standard Life,
to give you this important information to help you to decide whether an ISA or Savings Scheme
investment in one of our Investment Trusts is right for you. You should read this document
carefully so that you understand what you are buying and then keep it safe for future reference.
This Key Features Document is for UK residents only.
Helping you decide
This Key features document reflects the New ISA (NISA)
rules from 1 July 2014. It will give you information on
the main features, benefits and risks of the ISA and
Savings Scheme.
If you want further information about the ISA and Savings
Scheme, please speak to your financial adviser in the
first instance. You can also phone our customer helpline.
Please see ‘How to contact us’ on page 14. Although we
will be happy to answer your questions, we can’t give you
financial advice.
Some words within this document are capitalised. This means they are
defined terms which are explained within the definitions section of the
Terms and Conditions for the Investment Trust ISA and Savings Scheme
(“Terms and Conditions”). This key features document should be read
with the Terms and Conditions document (INTR62MF).
02/16 Investment Trust ISA and Savings Scheme
Contents
Page
Section 1
Its aims
04
Section 2
Your commitment
04
Section 3
Risks
04
Section 4
Question and Answers
05
Our range of Investment Trusts
10
Other useful details
14
Section 5
Investment Trust ISA and Savings Scheme 03/16
1.Its aims
To give you the potential for capital growth, or income, or a combination of both.
To give you access to your money by making one‑off withdrawals at any time.
To offer tax‑efficient investments through an ISA.
To allow you to choose from a range of investments to match your investment objectives.
2.Your commitment
To invest a minimum initial lump sum payment of £1,000 or a minimum monthly
payment of £100, except in respect of the Standard Life European Private Equity
Trust PLC, for which the minimum monthly payment is £250.
You should view your ISA or Savings Scheme as a medium to long‑term investment,
which means it should usually be held for at least five years, although there is no
fixed term.
3.Risks
Any investment in an Investment Trust involves
risk. Some of these risks are general, which
means they apply to all Investment Trusts.
Others are specific, which means they apply
to individual Investment Trusts. The risks
detailed here are the general risks that apply to
all Investment Trusts. The risks specific to our
individual Investment Trusts are detailed on
pages 10 to 13.
General risks applying to all
Investment Trusts:
¬¬The value of your investment and any
income from it can go down as well as up.
Your initial investment is not guaranteed and
you may get back less than you invested.
¬¬Past performance is not a guide to future
returns. What you get back depends on
future investment performance and our
deductions and is not guaranteed.
¬¬Investment Trusts are specialised
investments and may not be appropriate
for all investors. Investment Trusts are only
suitable for investors capable of evaluating
the risks and merits of such an investment
and who have resources to bear any loss
which may result from the investment. If
you are in any doubt as to the suitability of
this investment for you, please contact your
financial adviser.
04/16 Investment Trust ISA and Savings Scheme
¬¬The price at which you can buy and sell
shares in an Investment Trust is not normally
the same as the total value of an Investment
Trust’s assets (the net asset value). This
is because the share price is affected by
supply and demand for the shares in the
market, as well as the net asset value of
the Investment Trust. Shares in Investment
Trusts may therefore trade at a discount or
a premium to their net asset value. If shares
are trading a discount, this means that the
share price is less than the net asset value.
If shares are trading at a premium, this
means that the share price is more than the
net asset value. The size of the discount or
premium to the net asset value will depend
on the supply and demand for the shares,
market conditions, general sentiment and
other factors.
¬¬Investment Trusts can borrow money to
finance further investments. This is known
as ‘gearing’. The impact of gearing can be
favourable or unfavourable depending on
whether the market is moving upwards
or downwards. If the market is moving
upwards an Investment Trust that employs
gearing would expect its net asset value
and share price to increase more than
the increase in the value of its underlying
portfolio of investments. If the market is
moving downwards an Investment Trust that
employs gearing would expect its net asset
value and share price to decrease more than
the decrease in the value of its underlying
portfolio of investments. Gearing can
therefore provide an opportunity for greater
growth in the net assets of an Investment
Trust and greater appreciation in the value of
its shares, but at the same time it increases
the exposure of the Investment Trust and its
shareholders to the risk of capital loss.
The gearing strategy and the amount
that can be borrowed are limited to an
amount specified by the Investment Trust’s
independent board of directors. This is
normally a percentage of the net asset value
of the Investment Trust. The level of gearing
employed may not be fixed and will vary
over time depending on changes in assets,
borrowings or structure.
All of the Investment Trusts in our range
can employ gearing. More information
on the gearing policy of each of our
Investment Trusts and the level of
gearing employed is available in their
Annual Report and Accounts, which
you can download from the website:
www.standardlifeinvestments.com/its
All of the Investment Trusts in our range
can buy back and cancel their own shares,
up to a certain percentage of the shares
in issue as authorised by shareholders
each year. Shares will only be bought back
at a price below the prevailing net asset
value, so there will be no dilution to the net
asset value. However, buying back shares
reduces the size of the Investment Trust
and so the risk from gearing referred to
above is increased.
¬¬An Investment Trust may pay out income
to shareholders in the form of dividends.
Dividends will only be paid by an Investment
Trust to the extent that it has profits
available for that purpose, which will largely
depend on the income that it receives on its
portfolio of investments and the timing of
these receipts. Accordingly, the amount of
dividends payable by an Investment Trust
may fluctuate and is not guaranteed.
¬¬The value to you of current tax relief
depends upon your own personal
circumstances which may change in the
future. Tax law and HM Revenue & Customs
practise may change in the future to reduce
the current favourable tax treatment of ISAs.
¬¬Inflation will occur over the duration of
your investment and if the returns on
your investment are lower than the rate of
inflation this will reduce what you could buy
in the future.
¬¬Some Investment Trusts invest in overseas
investments, whose sterling value may
be affected by movements in currency
exchange rates. For example, if sterling
strengthens against the currency in which
the underlying investments are made, the
net asset value of the Investment Trust can
reduce and vice versa.
4.Question & Answers
What are Investment Trusts?
An Investment Trust is a Public Limited
Company, quoted on the London Stock
Exchange. Its aim is to increase capital and/or
income for its shareholders by investing in
shares of other companies, or in other asset
classes such as bonds or property or a
combination of the above.
An Investment Trust has a fixed number
of shares in issue, meaning that it is
closed‑ended. Investment trusts can provide
investors with access to professional
fund management expertise, investment
diversification and liquidity as shares in the
Investment Trust can be bought and sold on
the London Stock Exchange.
Investment Trusts appoint an independent
Board of non‑executive Directors to look after
the interests of the shareholders. The Board
in turn employs an Investment Manager who
receives a fee for managing the assets of
a trust – this is the management fee. The
Investment Trust issues interim and annual
reports to all shareholders.
What is a Savings Scheme?
¬¬This is a way of investing in an Investment
Trust without buying the shares directly via
a stockbroker and therefore you save the
cost of the stockbroking fees.
¬¬It allows you to invest a lump sum or make
monthly payments.
Investment Trust ISA and Savings Scheme 05/16
What is an ISA?
ISAs are tax‑efficient savings vehicles that allow
you to invest in one or more of the Investment
Trusts available through Standard Life.
They are available for investment by lump sums
or regular monthly payments within limits set
by the Government.
There are two types of ISA, Stocks and Shares
ISAs and Cash ISAs. This Key Features Document
gives details of the Stocks and Shares ISA.
You can invest the full yearly ISA allowance
of £15,240 for the tax year 2015/16 into:
¬¬a Stocks & Shares ISA; or
¬¬a Cash ISA; or
¬¬a Stocks & Shares ISA and a Cash ISA, split
between any amounts you like up to a total
of £15,240.
Can I invest in an ISA
or Savings Scheme?
Savings Scheme
¬¬You must be either 18 years or over on
the date of investment or a company,
partnership or trustee. You can apply jointly
with up to three other persons to participate
in the Savings Scheme.
ISA
¬¬You must be 18 years or over on the date
of application, resident in the UK for tax
purposes or be a Crown employee serving
overseas (or the spouse of civil partner
of such a person). You can only take
out one ISA investing in the Stocks and
Shares component each tax year. There
is no restriction on how many Stocks and
Shares ISAs an individual may eventually
hold, taking out one new ISA per tax year.
ISA investments must not be used as
security for a loan.
How flexible is my investment?
¬¬You can make lump sum or regular monthly
payments, or both. You can start, stop or
vary your regular payments at any time.
¬¬Lump sum investments must be made
by cheque.
¬¬Regular monthly payments are
collected on the first Business Day of
the month (as defined in the Terms &
Conditions (INTR62MF)).
06/16 Investment Trust ISA and Savings Scheme
¬¬You can invest lump sums from £1,000 
or regular savings from £100 per month.
The minimum regular monthly investment
in the Standard Life European Private Equity
Trust PLC is £250.
¬¬You should request a transfer from your
current ISA provider if you want to move
an existing ISA to us. This will protect the
tax benefits of the funds you’ve built up
so far in your ISA. If you withdraw money
from your existing ISA, then reinvest into
your new ISA rather than transferring, it
will be treated as a new payment so you’ll
only be able to invest up to £15,240 for the
tax year 2015/16.
¬¬You can take a regular income or reinvest
it to purchase additional shares.
¬¬You can invest in one or more of our
Investment Trusts.
¬¬You can sell and switch an existing
investment in an Investment Trust into
another Investment Trust. Due to timing
differences between the sale and purchase
transactions, you may be temporarily
uninvested or ‘out of the market’. For
additional information please refer to
your Terms & Conditions (INTR62MF).
¬¬If you want to transfer the shares in your
Investment Trust from your Savings Scheme
to your ISA, you must sell and repurchase
the shares. However if you want to transfer
shares in your Investment Trust from your
ISA to your Savings Scheme, this can be
done by re-registration. If you transfer
Investment Trusts from your ISA to your
Savings Scheme, you’ll cease to qualify
for any tax advantages associated with the
ISA in respect of those investments. For
additional information please refer to your
Terms & Conditions (INTR62MF).
¬¬Re-registration is where an asset is currently
registered to one person or nominee and the
registrars are notified that it is now to be
registered to another person or nominee.
¬¬You can withdraw all or part of your
investment at any time, subject to our
investment limits.
¬¬We do not accept applications over
the telephone.
What might I get back?
¬¬You’ll get back the value of your investment
at the time of withdrawal. We will calculate
the value of your investment on the
first available Dealing Day (as defined in
the Terms & Conditions) after we receive
your instructions.
¬¬There is no guaranteed minimum amount.
¬¬Factors that affect the value include the
amount invested, the length of time the
investment has been held, the performance
of the Investment Trust, the charges and any
income or withdrawals taken.
¬¬Please refer to the specific Trust sections
on pages 10-13 for more information on the
affect of charges on your investment.
Can I take money out?
¬¬Yes, you can withdraw all or part of your
investment at any time, but this will lower
the capital value.
¬¬You can request a one‑off withdrawal at
any time by sending a completed Sale
Request Form, which is available from us.
¬¬The shares will be sold weekly on the next
available Dealing Day.
¬¬ISAs only – once money has been taken out,
you cannot re‑invest it if you have already
made the maximum investment allowed in
the current tax year.
¬¬We pay your withdrawal directly to your
nominated bank and building society
account within three Business Days after
the Dealing Day, or by cheque if no bank
or building society details are held for you
subject to receipt by us of the funds.
Where is my money invested?
¬¬When you invest in one or more of the
Investment Trusts, we’ll buy shares
based on the amount you invest less any
initial charge. Please refer to the specific
Investment Trust sections on pages 10‑13
for full details of our charges.
¬¬Instructions to buy shares are placed weekly
on the Dealing Day – normally a Friday.
¬¬Your Savings Scheme or ISA is opened on
the next available Business Day following
the end of the seven day cooling‑off period.
¬¬Your initial investment monies will be invested
on the next available Dealing Day following
the end of the seven day cooling‑off period.
¬¬Your investment will buy ordinary shares in
our Investment Trusts and will be held in the
name of BNY (OCS) Nominees Limited.
¬¬Investment Trusts have a fixed number
of shares in issue, the stock market price
of which depends upon the interaction of
supply and demand. The price may also
reflect how well the Investment Trust’s
underlying assets are performing. The stock
market price of a share may be higher or
lower than the portion of the Investment
Trust’s assets which it represents. If the
price is higher, the shares are said to be
trading at a premium and, if it is lower, the
shares are said to be trading at a discount.
What happens to my money
if I die?
¬¬Your investment will continue and the value
of the shares may rise or fall from day to day,
but no other further investments can be made
unless you have a Savings Scheme and there
are surviving joint account holders.
¬¬Once we have received all the necessary
details from your legal personal
representatives, we will calculate the value
of your investment and transfer the proceeds
to them. Alternatively, the shares may be
transferred to another person provided we
receive evidence of their identity as proof
that they are entitled to receive them.
¬¬For a Savings Scheme only, where there are
joint account holders, on your death the
surviving joint account holders will be the
only persons to have a right to the assets
held in the joint Savings Scheme.
¬¬Any income generated after your death
is held by us until we receive all the
necessary details.
¬¬On your death your account stops qualifying
for the tax advantages of an ISA.
¬¬If you die after 2 December 2014, your
surviving spouse or civil partner will get an
extra ISA allowance. This extra allowance
will be the same as the amount in your ISA
on the date you die.
What are the charges?
¬¬Please refer to the specific Investment Trust
sections on pages 10‑13 for full details of
our charges.
Initial charge
¬¬There is no initial charge.
Annual management charge
¬¬Details of the Annual Management Charges
for each of the Investment Trusts are
detailed in the relevant Investment Trust
sections on pages 10‑13.
Investment Trust ISA and Savings Scheme 07/16
¬¬The total expenses of the Investment Trusts
are deducted as they arise.
¬¬We deduct tax before any income is
automatically re‑invested in your account or
paid to you. Your liability to tax depends on
your own personal circumstances.
¬¬There is no service charge made for
administering the Savings Scheme or ISA.
There is currently no stockbroker’s
commission on share dealings.
¬¬Dividend payments have an attaching tax
credit, and, if your highest personal rate of
Income Tax is the basic rate or lower rate,
you’ll have no further liability. Other fees and expenses
How much will advice cost?
¬¬You’ll need to agree to pay your financial
adviser for any services they provide you.
¬¬For additional information please refer to your
Terms & Conditions (INTR62MF).
Can I transfer my ISA?
ISAs
¬¬You can instruct us to transfer an existing
ISA with another ISA manager without
the loss of any tax status. Current year’s
payments must be transferred in full.
Your existing ISA manager will sell the
investments in your ISA and transfer the
proceeds to us. The sum we receive will be
charged the initial charge for your chosen
Investment Trust.
¬¬You can transfer your Standard Life ISA to
another ISA manager free of charge and
without loss of tax status by instructing
us through the ISA manager of your choice.
You must transfer the current year’s
payments in full.
What about tax?
¬¬All ISA earnings, whether derived from
income or capital growth or both, are exempt
from UK personal Income Tax and Capital
Gains Tax. You need not declare any income
or capital gains to HM Revenue & Customs
on your tax return.
¬¬Income from your ISA will either be credited
to your ISA gross or we will reclaim any tax
that has been deducted and credit it to your
ISA when we receive it from HM Revenue &
Customs. Laws and tax rules may change
in future.
¬¬Income from shares and funds which are
paid as a dividend will be received net with
an associated tax credit. It is not possible to
reclaim that tax credit.
¬¬If your investment makes interest payments,
and if the 20% rate at which tax is deducted
from your interest payments is higher
than your personal Income Tax rate,
then you may claim the difference from
HM Revenue & Customs.
08/16 Investment Trust ISA and Savings Scheme
Nil rate taxpayers cannot recover tax credits.
Higher rate taxpayers will have further
Income Tax to pay.
¬¬Capital gains within Investment Trusts are
exempt from Capital Gains Tax (CGT), but if
you are invested in our Investment Trust via
a Savings Scheme, you may have a personal
liability to CGT when you cash in part or all of
your investment.
¬¬On your death the money in your investment
will form part of your estate and may be
liable to inheritance tax.
¬¬Laws and tax rules may change in the
future. The information here is based on our
understanding in April 2015. Your personal
circumstances also have an impact on
tax treatment.
¬¬If you are unclear about your tax position
you should seek professional advice or
information from your local tax office.
Can I change my mind?
¬¬You have the right to pre‑sale withdrawal
(cooling‑off) in respect of certain
investments you make. The cooling‑off
period is seven days from the date
of application.
¬¬Your account will not be opened until the
Business Day following the seven day
cooling‑off period.
¬¬If, during this cooling‑off period, you decide
you do not want to invest in the Investment
Trust, we will give you your money back.
What happens if you change
your mind?
If you cancel within the seven day
cooling‑off period, you’ll get back the full
amount invested.
If you cash in after the cooling‑off period, you
may get back less than you invested because:
¬¬investment returns may be lower
than illustrated,
¬¬our charges may have changed.
What about income and
cash balances?
The effect of charges
and expenses
¬¬Your investment will buy shares on the
first Dealing Day after your payment has
been collected.
Some Investment Trusts may deduct part or all
of their management charge from capital which
increases distributable income at the expense
of capital, which will either be eroded, or future
growth constrained.
¬¬All money received from you is intended for
the purchase of shares on the next Dealing
Day. Until this money is invested, it will
be held in a sterling client money account
operated by the Bank of New York Mellon
(International) Limited. Interest will not be
paid on money held in this account.
¬¬We may not be able to invest your entire
subscription in shares in an Investment
Trust. If this happens we will hold any
residual cash balances in the client money
account mentioned above.
¬¬Any income received from an Investment
Trust will automatically be amalgamated
with any residual cash balance, monthly
payments or subsequent investments
and used to buy more shares which will
be held in your Investment Trust ISA or
Savings Scheme, unless you have elected
to receive an income.
How will I know how my
investment is doing?
¬¬You can contact our Customer Information
Team on 0845 60 24 247.
¬¬We will not issue certificates of holding(s).
¬¬Information about our share
prices net asset values, yields,
discount/premium and latest dividend
information is available on our website:
www.standardlifeinvestments.com/its
¬¬Copies of the latest Report and Accounts will
be sent to you. They can also be downloaded
from our website or requested through our
Customer Information Team.
Lump sum investments
¬¬When we receive your application
form and cheque, we’ll send a letter
acknowledging this.
Regular monthly payments
¬¬You’ll receive a letter acknowledging your
application form. This will confirm the
amount of your monthly payment and
the date on which your first payment will
be taken.
¬¬We will send you statements twice a year
showing the value of your investments, cash
balances and recent transactions.
You’ll normally have to pay Government stamp
duty on your purchase. Your investment return
will also be affected by other charges. You’ll
find full details on the effect of charges and
expenses for your particular investment on the
relevant trust section (pages 10-13).
Standard Life reserves the right to increase
charges on our Investment Trusts in the
future. Our Investment Trusts also have to
pay certain expenses, which are deducted
directly from the assets of the Trust. These
may include the Managers’ fees, Directors’
fees, Audit Fees and other Administration
fees including the cost of producing the
Annual and Interim Reports. These expenses
relate to the ongoing administration of the
Investment Trusts. They may increase and
decrease regularly as a percentage of the
fund value, sometimes significantly. You can
find out more about the additional charges
and expenses relating to your Investment
Trusts in their Annual Reports & Accounts,
which can be downloaded from our website:
www.standardlifeinvestments.com/its or by
contacting the Customer Information Team
(please see ‘How to contact us’ on page 14).
You should also note that Investment Trust
shares are priced in the market and the
price will vary depending upon whether you
are buying or selling shares. The difference
between the two is called ‘the spread’. The
spread varies from day to day according to the
number of shares being purchased and their
availability on the market. The selling price of
the share must rise by more than this amount
(together with the amount of charges and
Government stamp duty) before you’ll be able
to realise your shares at a profit.
A typical spread, based on figures as at 6 April
2015, has been included in the calculations
for the tables in the relevant Trust sections on
pages 10-13. Dealing costs are not included.
Government stamp duty is included as part of
the spread where applicable.
Getting advice
If you wish to obtain advice on the
Standard Life ISA and/or Savings Scheme
then you should contact a financial adviser.
They will provide you with details about the
cost of advice.
Investment Trust ISA and Savings Scheme 09/16
Our range of Investment Trusts
The Investment Manager of the Investment Trusts, with the exception of the Standard Life
European Private Equity Trust PLC, is Standard Life Investments (Corporate Funds) Limited.
The Investment Manager of the Standard Life European Private Equity Trust PLC is SL Capital
Partners LLP. The Investment Managers, together with Standard Life Savings (the ISA/Shareplan
Administrator), offer a flexible way to diversify your portfolio.
Standard Life Equity Income Trust plc
Specialist risks associated with this Trust
High Income
Where an Investment Trust seeks high levels of
income, this can result in the Investment Trust
foregoing the potential for future capital growth
to meet its income objective. This may also
involve investing in higher-yielding securities,
such as bonds, which are subject to credit risk
and interest rate risk as well as market price risk.
Charges to Capital
Investment Trusts may deduct part or all of
their investment management and borrowing
costs from capital. This increases the amount
of income available for distribution but is at the
expense of capital growth.
This investment trust deducts 70% of its
investment management and borrowing costs
from capital.
Subscription Shares
Subscription shares offer the right to
purchase ordinary shares at specific future
dates at predetermined subscription prices.
If subscription share rights are exercised
and ordinary shares are purchased at a
subscription price which is less than the
prevailing net asset value, this will cause a
dilution to the net asset value per share as
more shares have been issued at a lower
price. This will impact all existing ordinary
shareholders. This Investment Trust has
subscription shares in issue.
Investment objective
The investment objective of the Standard Life
Equity Income Trust plc is to provide
shareholders with an above average income
from their equity investment, while also
providing real growth in capital and income.
The Trust will typically hold 50 - 70 stocks.
The Trust may also hold a proportion in fixed
interest stocks to supplement income, or to
provide stability when the outlook for the UK
equity market is less optimistic.
Important Trust Information
Trust Charges
Annual Management Charge: 0.65%
Other Expenses: 0.34%
Plan Charges
Initial Charge: Nil
Stamp Duty: 0.5%
Annual ISA & Savings Scheme Charge: Nil
Website address:
www.standardlifeinvestments.com/its
Charges and Expenses Illustration
This table shows the effect of charges and expenses on an ISA investment of £10,000, assuming
growth of 5.0% a year, and on a Savings Scheme investment assuming growth of 4.5% a year.
Initial spread including stamp duty: 1.33%
ISA
Savings Scheme
At the end
of year
Effect of
deductions
to date £
What you
might get
back at 5%
At the end
of year
Effect of
deductions
to date £
What you
might get
back at 4.5%
1
242
10,200
1
241
10,200
3
488
11,000
3
481
10,900
5
778
11,900
5
760
11,700
10
1730
14,500
10
1,650
13,800
The last line of the table shows that over 10 years the effect of total charges and expenses on a
lump sum investment into an ISA could amount to £1,730 if income is re‑invested and the effect
of total charges and expenses on a lump sum investment into a Savings Scheme could amount
to £1,650 if income is re‑invested. Putting it another way, this would have the same effect as
bringing investment growth in an ISA from 5.00% a year down to 3.8% and in a Savings Scheme
from 4.5% down to 3.3%.
10/16 Investment Trust ISA and Savings Scheme
Standard Life UK Smaller
Companies Trust plc
Investment objective
Specialist risks associated with this Trust
Smaller Companies
Investment in smaller companies is generally
considered higher risk as their share prices
tend to change more rapidly (up or down)
than the share prices of larger companies.
The shares of smaller companies may also be
harder to sell as they may trade infrequently
and/or in low volumes.
Charges to Capital
Investment Trusts may deduct part or all of
their investment management and borrowing
costs from capital. This increases the amount
of income available for distribution but is at the
expense of capital growth.
This investment trust deducts 75% of its
investment management and borrowing
costs from capital.
The investment objective of the Standard Life
UK Smaller Companies Trust plc is to achieve
long‑term capital growth by investment in
UK‑quoted smaller companies.
The Trust invests in an actively managed
portfolio of smaller companies in the UK equity
market. The Trust is designed to produce
long‑term capital growth and outperformance
of the Hoare Govett Smaller Companies
Index (excluding Investment Trusts).
Important Trust Information
Trust Charges
Annual Management Charge: 0.85%
Other Expenses: 0.35%
Plan Charges
Initial Charge: Nil
Stamp Duty: 0.5%
Annual ISA & Savings Scheme Charge: Nil
Website address:
www.standardslifeinvestments.com/its
Charges and Expenses Illustration
This table shows the effect of charges and expenses on an ISA investment of £10,000, assuming
growth of 5.0% a year, and on a Savings Scheme investment assuming growth of 4.5% a year.
Initial spread including stamp duty: 0.80%
ISA
Savings Scheme
At the end
of year
Effect of
deductions
to date £
What you
might get
back at 5%
At the end
of year
Effect of
deductions
to date £
What you
might get
back at 4.5%
1
208
10,200
1
207
10,200
3
499
11,000
3
492
10,900
5
840
11,900
5
820
11,600
10
1,950
14,300
10
1,860
13,600
The last line of the table shows that over 10 years the effect of total charges and expenses on a
lump sum investment into an ISA could amount to £1,950 if income is re‑invested and the effect
of total charges and expenses on a lump sum investment into a Savings Scheme could amount
to £1,860 if income is re‑invested. Putting it another way, this would have the same effect as
bringing investment growth in an ISA from 5.00% a year down to 3.7% and in a Savings Scheme
from 4.5% down to 3.2%.
Investment Trust ISA and Savings Scheme 11/16
Standard Life Investments
Property Income Trust Limited
Specialist risks associated with this Trust
Property
Where an Investment Trust holds direct
property assets, these property assets may be
less liquid in nature and difficult to sell. The
valuation of direct property assets can display
significant levels of volatility. Valuations of
direct property assets are estimates based on
a valuer’s opinion and these estimates may not
be achieved when a property is sold.
Investment objective
The investment objective of the Standard Life
Investments Property Income Trust Limited
is to provide an attractive level of income
together with the prospect of income and
capital growth from investing in a diversified
UK commercial property portfolio.
The Trust invests in the three principal UK
commercial property sectors; office, retail
(including leisure) and industrial, although it
may also invest in other commercial property
such as hotels, nursing homes and student
housing. Limited development and investment
in co‑investment vehicles is permitted
(maximum 10% of the portfolio).
Important Trust Information
Trust Charges
Annual Management Charge: 0.75%
Other Expenses: 1.21%
Plan Charges
Initial Charge: Nil
Stamp Duty: 0%
Annual ISA & Savings Scheme Charge: Nil
Website address:
www.standardlifeinvestments.com/its
Charges and Expenses Illustration
This table shows the effect of charges and expenses on an ISA investment of £10,000, assuming
growth of 5.0% a year, and on a Savings Scheme investment assuming growth of 4.5% a year.
Initial spread including stamp duty: 1.04%
ISA
Savings Scheme
At the end
of year
Effect of
deductions
to date £
What you
might get
back at 5%
At the end
of year
Effect of
deductions
to date £
What you
might get
back at 4.5%
1
311
10,100
1
310
10,100
3
775
10,800
3
764
10,600
5
1,310
11,400
5
1,280
11,100
10
3,040
13,200
10
2,890
12,600
The last line of the table shows that over 10 years the effect of total charges and expenses on a
lump sum investment into an ISA could amount to £3,040 if income is re‑invested and the effect
of total charges and expenses on a lump sum investment into a Savings Scheme could amount
to £2,890 if income is re‑invested. Putting it another way, this would have the same effect as
bringing investment growth in an ISA from 5.0% a year down to 2.9% and in a Savings Scheme
from 4.5% down to 2.4%.
12/16 Investment Trust ISA and Savings Scheme
Standard Life European
Private Equity Trust PLC
Investment objective
SL Capital Partners LLP is the Investment
Manager of the Standard Life European Private
Equity Trust PLC.
Specialist risks associated with this Trust
Exchange Rates
Where an Investment Trust invests in assets
which are valued in currencies other than the
investment Trust’s base currency, movements
in exchange rates may cause the value of your
investment to increase or decrease.
Charges to Capital
Investment Trusts may deduct part or all of
their investment management and borrowing
costs from capital. This increases the amount
of income available for distribution but is at the
expense of capital growth.
This investment trust deducts 90% of its
investment management and borrowing costs
from capital.
Private Equity
Investment in private equity is generally
considered higher risk as the underlying
companies that the Investment Trust is
investing in are not publicly traded and may
therefore be difficult to realise.
The investment objective of the Standard Life
European Private Equity Trust PLC is to achieve
long‑term capital growth through investment in
a diversified portfolio of private equity funds
investing predominantly in Europe.
Private equity is a broad term for any
investment involving shares in a private company.
It offers investors the opportunity to share in the
development of companies, with the potential
for rates of growth that are typically superior to
those available from listed equity investments.
Important Trust Information
Trust Charges
Annual Management Charge: 0.80%
Other Expenses: 0.19%
Plan Charges
Initial Charge: Nil
Stamp Duty: 0.5%
Annual ISA & Savings Scheme Charge: Nil
Website address:
www.standardlifeinvestments.com/its
Charges and Expenses Illustration
This table shows the effect of charges and expenses on an ISA investment of £10,000, assuming
growth of 5.0% a year, and on a Savings Scheme investment assuming growth of 4.5% a year.
Initial spread including stamp duty: 1.89%
ISA
At the end
of year
Effect of
deductions
to date £
Savings Scheme
What you
might get
back at 5%
At the end
of year
Effect of
deductions
to date £
What you
might get
back at 4.5%
1
300
10,200
1
299
10,100
3
551
11,000
3
543
10,800
5
846
11,900
5
826
11,600
10
1,810
14,400
10
1,730
13,700
The last line of the table shows that over 10 years the effect of total charges and expenses on a
lump sum investment into an ISA could amount to £1,810 if income is re‑invested and the effect
of total charges and expenses on a lump sum investment into a Savings Scheme could amount
to £1,730 if income is re‑invested. Putting it another way, this would have the same effect as
bringing investment growth in an ISA from 5.0% a year down to 3.8% and in a Savings Scheme
from 4.5% down to 3.3%.
Investment Trust ISA and Savings Scheme 13/16
5.Other useful details
How to contact us
Please remember that your financial adviser
will normally be your first point of contact.
You can call our Customer Information Team
on 0845 60 24 247.
You can obtain a duplicate copy of the
Report and Accounts by writing to us at the
address below.
There may be a charge for this.
Standard Life Savings Limited
PO Box 12116
Brentwood
CM14 9NP
Savings Scheme/ISA Administration
Standard Life Savings Limited
PO Box 12116
Brentwood
CM14 9NP
Savings Scheme/ISA Manager
The Head Office of Standard Life Savings is at
Standard Life House
30 Lothian Road
Edinburgh
EH1 2DH
How will any complaint be
dealt with?
If you have a complaint about any aspect of our
service or administration, please write to the
address below.
Where you receive advice from a financial
adviser, they should recommend a product
that is suitable for you. You have a legal right
to redress if, at any time, it is shown that you
have bought a recommended product that
was not suitable for your needs at that time.
Any redress would be decided by the Financial
Ombudsman Service. If you are not satisfied
with our response you can write to:
Financial Ombudsman Service
Exchange Tower
Harbour Exchange Square
London
E14 9SR
Telephone:
0800 023 4567
E‑mail:
complaint.info@financial‑ombudsman.org.uk
Website:
www.financial-ombudsman.org.uk
Complaining to the Ombudsman will not affect
your legal rights.
Unless expressly agreed in writing between
us otherwise, we will treat you as a retail
client under FCA Rules. Being a retail client
does not necessarily mean you’ll be eligible
to refer any complaints about us to the
Financial Ombudsman Service or be entitled
to compensation under the Financial Services
Compensation Scheme if Standard Life group
cannot meet its obligations to you. If you wish
to contact the FCA their address is:
The Financial Conduct Authority
25 The North Colonade
Canary Wharf
London
E14 5HS
14/16 Investment Trust ISA and Savings Scheme
Law
Order execution policy
The Terms and Conditions are governed by the
law of Scotland.
We operate an Order Execution policy.
This policy sets out how we will carry
out Dealing Instructions, including the
price we obtain for you when executing
a Dealing Instruction. Full details of our
Order Execution Policy may be found at
www.standardlifeinvestments.com/its or are
available by contacting us. Please see the
section titled ‘How to Contact Us’ on page 14.
Compensation
The Financial Services Compensation Scheme
(FSCS), established under the Financial
Services and Markets Act 2000, has been
set up to provide protection to consumers
if authorised financial services firms are
unable, or likely to be unable, to meet claims
against them.
Investment business, such as Stocks & Shares
ISAs and mutual funds, are normally covered
up to a maximum limit of £50,000 for each
asset provider. This limit would apply if the
asset provider were to default.
For UK deposit accounts, you are normally
entitled to claim up to £85,000, and this limit
will take into account any private accounts you
may hold with that institution.
About Standard Life
Standard Life Assurance Limited’s (SLAL)
product range includes pensions and
investments. SLAL is on the Financial Services
Register, the registration number is 439567.
Standard Life Savings Limited is a wholly
owned subsidiary of SLAL. Standard Life
Savings Limited is on the Financial Services
Register, the registration number is 188796.
Standard Life Savings Limited is the ISA
Manager for SLAL.
When switching funds, during any delay
your money will be held in one of our bank
accounts which are provided by Bank of New
York Mellon (International) Limited. Bank of
New York Mellon (International) Limited will be
the deposit holder for that money. You may be
entitled to compensation from the FSCS if Bank
of New York Mellon (International) Limited
cannot meet its obligations.
For further information on the compensation
available under the FSCS please check their
website www.fscs.org.uk or call the FSCS on
0800 678 1100. Please note only compensation
queries should be directed to the FSCS.
If you have any further questions, you can
speak to your financial adviser or contact
us directly.
You can also find more information at
www.standardlife.co.uk/investor-protection
Investment Trust ISA and Savings Scheme 15/16
Pensions    Savings    Investments    Insurance
Find out more
If you’d like more information on the products or services within this literature, or if there’s
anything more we can help you with, just call us on this number or visit our website.
Call us on 0845 60 24 247
(Mon–Fri, 9am to 5pm). Calls may be monitored and/or recorded to protect both you and us
and help with our training. Call charges will vary.
www.standardlifeinvestments.com/its
Products provided by subsidiaries of Standard Life plc or other
specified providers.
Standard Life Savings Limited is registered in Scotland (SC180203) at Standard Life House, 30 Lothian Road,
Edinburgh EH1 2DH. Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority.
www.standardlife.co.uk
INTR17MF 0415 ©2015 Standard Life