1 of 8 WITHDRAWAL/CLOSURE FORM • Please read the accompanying Questions and Answers document; it will help you complete this form and clarify whether any additional documents are needed (for example proof of identification). • Provided we have received everything we need at our Head Office before 10am, transactions will be based on the prices on the following working day. • We normally pay proceeds within 5 working days of receiving your instruction (excluding the time it takes for the payment to reach your bank). • Complete the details in each applicable section carefully; we cannot be held responsible for any consequences if they are incorrect. Errors or omissions by you or your financial adviser will not be corrected retrospectively. • If, in our view, your instruction is not clear, we will be unable to proceed until we have contacted you for clarification and this could delay your withdrawal/closure. NOTE ! Before you complete this form, it is important that you understand the following: – You may incur ‘early encashment charges’ – more information is in the accompanying ‘Questions and Answers’ document – If your plan or bond has additional life cover or critical illness cover we make a charge for providing the cover on the 15th of each month. If your withdrawal has not taken place before the 15th we will make a charge which will reduce the value of your plan/bond. – If you have a CAB, EAB, HIB, SDB or SIB and there is less than £501 left in your bond after we have deducted your withdrawal amount, we will pay you the entire value and close your bond. – Any additional life cover on a bond could be reduced as a result of a withdrawal. – There are tax implications when making withdrawals • There are two ways to make a withdrawal from a life assurance plan/bond: – FULL surrender of INDIVIDUAL policies – PARTIAL surrender from ALL policies and there are different tax implications depending on the method you choose. The following websites contain guidance from HMRC: www.hmrc.gov.uk/manuals/iptm/IPTM3510.htm www.hmrc.gov.uk/manuals/iptm/IPTM3560.htm • WE CANNOT ADVISE YOU WHICH METHOD IS BEST FOR YOUR PERSONAL CIRCUMSTANCES. • HMRC rules do not permit us to amend the basis on which a withdrawal was completed if the tax consequences were not what you expected. Whatever the reason for selling your investment(s), we strongly recommend that you consult your financial adviser before you do so. Your adviser will be able to explain your options, help you decide the most suitable route and advise you about any tax implications. WITH THIS FORM YOU CAN*: • close your bond/plan .....................................................................................................................................................section 3 • make a withdrawal by selling individual numbered policies ...............................................................................................section 4Ai) • raise a specific sum of money by selling individual policies ...............................................................................................section 4Aii) • raise a specific sum of money by selling proportionally across all policies ..........................................................................section 4B * the options available will depend on the product you have It can be used for the following: Capital Accumulation Plan (CAP) The Skandia Plan (TSP) Maximum Investment Plan (MIP) Personal Protection Plan (PPP) Skandia Endowment Plan (SEP) Skandia Lifetime Plan (SLP) Investment Bonds (SIB, CAB, SDB, HIB, EAB, APB, CIB*, FIB) It cannot be used for: • any product that is not listed above • regular income withdrawals, for which you will need our ‘automatic withdrawal authority’ form. *CIB is the Capital Investment Bond, not the Collective Investment Bond, for which there is a separate form.
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WITHDRAWAL/CLOSURE FORM - Old Mutual Wealth · WITHDRAWAL/CLOSURE FORM ... – You may incur ‘early encashment charges ... authorise and request Old Mutual Wealth to carry out the
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• If, in our view, your instruction is not clear, we will be unable to proceed until we have contacted you for clarification and this could delay your withdrawal/closure.
NOTE
! Before you complete this form, it is important that you understand the following:
It cannot be used for:•anyproductthatisnotlistedabove•regularincomewithdrawals,forwhichyouwillneedour‘automaticwithdrawalauthority’form.*CIBistheCapitalInvestmentBond,nottheCollectiveInvestmentBond,forwhichthereisaseparateform.
(Ifyouraddresshaschangedwithinthelast12months,orisdifferentfromtheonewehaveonourrecords,we will need proof of your new address,forinstancearecentoriginalbillshowingthenewaddress,egphone,electricity,gas,wateretcbutnotamobilephonebill.)
My/Ourfinancialadviser OR Me/Ususingthecontactdetailsshownabove
2 DETAILS OF ASSIGNEE (ifapplicable)
Assignee’sfullname
Pleasegivethedetailsoftheassignee-thismeansanyonetowhomtheownershipoftheinvestmenthasbeentransferred(assigned)orwithwhomthepolicyscheduleshavebeenplacedorareotherwiseregardedassecurity(egabank).The authority in Section 7 must then be completed by the assignee.
u Ifyoudonotcompleteeitherboxwewillleavethecoveratthecurrentlevel.
OR
Iwanttosellindividualpoliciestowithdraw:
u Wewillcalculatethenumberofpoliciestoselltoraiseat leastthissum,basedonthelastknownpricesforyourfunds.Ifthesalepricesarethenhigheronthedaywesellthepolicies,itcouldmeanthatyoureceivemorethanrequested;however,ifthepricesareloweronthatday,itcouldmeanthatyoureceivelessthanrequested.
u Wewillthencalculatethenumberofpoliciestoselland,ifthesaleofthepoliciesdoesnotraisethesumrequired,wewillmeettheshortfallbysellingfromeachremainingpolicy(proportionallyacrossthefundswithinthepolicies).
Completethissectiontotelluswhomtopay(seetheaccompanyingQuestionsandAnswersforguidance).Wewillassumeoptioni)ifyoudonotstateotherwise. u Ifthereismorethanonepayee,pleaseindicatehowtheproceedsaretobesplit(eitherasapercentageofthetotalproceedsorasamonetaryamount).
(i)Paythepolicyholder(s) u thisincludespaymenttotrusteesasawholeandpensionschemetrustees % OR £
withthemeaningoftheInsolvencyAct1986orEnterpriseAct2002(f) (ifpaymentisbeingmadetoabeneficiary)confirmthatthebeneficiaryisentitledtoreceivepaymentunderthetermsofthetrust(g) confirmthatpaymenttothepayeeinsection4willdischargeOldMutualWealthfromallliabilitiesandclaimsarisingfromthistransaction(h) acceptthattheinstructionsinthisformwillbecarriedoutundertheTermsandConditionsofthebond/plan.i) Your personal information–IcanconfirmthatIhavebeenshownandhavereadtheprivacynotice.
Once completed, please send the form and any necessary documents to us at the address below – when we have carried out your instructions, we will send you details of the transactions including the value of the proceeds.
Old Mutual WealthHead OfficeOld Mutual HousePortland TerraceSouthamptonSO14 7AY
Westronglyrecommendthatyouconsult your financial adviserbeforemakingadecisiontosurrenderfromyourbond.
2. Are there any early encashment charges? Notforthefollowingproducts:TSP,MIP,SEPandSLP. Forotherproductstherecouldbeearlyencashmentcharges;howevertheyvarybyproductandcandependonthelengthoftimeyouhaveheldthe
3. How long does it take to receive my money? Wenormallyreleasethemoneywithinfiveworkingdaysofreceivinganacceptableinstruction(excludingthetimeittakesforthepaymenttoreach
4. Do you require anything in addition to this form? • Proof of your residential addressifitisdifferentfromtheaddresswehaveonourrecords.Forexampleanoriginalhouseholdbilldated
withinthelastsixmonths(mobilephonebillsarenotacceptable) •Proof of identificationifnotalreadyprovidedbyyouoryourfinancialadviser,forallbond/planholdersandanypartieslinkedtothe
• Proof of the bank account ownershipIfthemoneyisgoingtothepolicyholder(s),trusteesorbeneficiaries.Theproofcanbeavoidedchequeoracertifiedtruecopy*ofyourbankaccountstatementdatedwithinthelastsixmonths.Ifyouhaveonlinebankaccountstatements,aprintedcopycertifiedbyyouradviserwillsuffice.
• For trust investments,ifthetrusteessigningtheformdifferfromthosewehaveonourrecords,wewillneedtoseealltrustdocumentsshowingthetrusteechangesbeforewecancarryouttherequest.
* Copies must be certified on each page in ink by a professional such as your financial adviser, solicitor, accountant, GP or bank manager (including the bank’s stamp).
5. What happens if there’s a problem with my request? If,inourview,yourinstructionisnotclear,wewillbeunabletoproceedandwewilltypicallycontactyouoryourfinancialadviser.Thismaymean
thatyourrequestwillbedelayed.
6. Are there any limits when withdrawing from my bond/plan? •Theminimumwithdrawalpaymentis£50. •Theminimumvaluetobekeptinabond/plantokeepitopenafterawithdrawalismadeis£501.
7. Who can be paid the proceeds? •You, the policy holder–thepayeewillordinarilybeyou,thepolicyholder;thisisthereforethefirstoptionshownontheform. •Trustees–paymentscanbemadetoatrustee(s)intoaUKbankaccountheldintheircapacityastrustee(egTrusteeoftheJohnSmithWill
Trust);thisisOptioni)ontheforminsection5.Ifthereisnotrusteebankaccount,pleasecontactus. •Beneficiary of a Trust–wecanpayabeneficiaryprovidedhe/sheisatleast18yearsoldandwehaveproofofthebeneficiary’sidentity.
providedtheyareauthorisedtohandleclientmoney. •Payment to another Old Mutual Wealth Product–Ifyouwanttotransfertheproceedstoinvestinanotherofourproducts,youmust
Please note that we will refer to the name of the policy holder or beneficiary on any payments we make.
8. Who has to sign the form? • Allpolicyholdersincludingtrusteesand/orassignees(whereapplicable)mustsigntheform,aswellasanyadditionalpagessenttosupport
sections5and6.
9. What is required if the form is being signed by an attorney? •Theattorneymustadd‘asattorney’afterhis/hersignature. •WeneedtoseetheoriginalPowerofAttorney,ifnotalreadysenttous.Wecanalsoacceptacopyprovideditiscertifiedasatruecopyofthe
10. What if I have more questions? Yourfinancialadvisershouldbeyourfirstpointofcontact.However,ifyouwouldliketospeaktous,pleasecallourCustomerContactCentreon