Additional Voluntary Contributions

• You might need to pay tax depending on your circumstances and the options you choose.
• Tax rules can also change in the future. You may want to seek advice.
• Once you take tax-free cash from your pension, it can't be cancelled or reversed.

• The amount available to provide benefits will be reduced.
• You’ll lose any additional benefits, like life cover or Waiver of Premium.
• You may not be able to restart payments.
• There may be a change to charges or additional charges. Existing charges for managing your plan will continue.
• If your employer also makes payments these might be affected. Your employer should be able to help you.
• There could be an impact on any means-tested benefits.
• You may have to make a decision about what to do with your plan.

• If you reduce your payments the amount available when you take your benefits will be reduced.
• Charges on your plan may change.
• Any additional benefits, like life cover or Waiver of Premium, could be affected.
• The amount of tax relief you get is related to the amount you pay.
• You could exceed your Annual Allowance, resulting in a tax charge.
• If your employer also makes payments these might be affected. Your employer should be able to help you.
• There could be an impact any state or salary related benefits that you may be entitled to.
• Depending on your plan and how close you are to taking your benefits, it may not be possible to increase payments to the With-Profits Fund.

• Your comfort with balancing investment risk and reward.
• Your level of investment knowledge.
• How long you plan to stay invested.

• Charges may differ between funds.
• Although to change funds, there is no charge.
• You can switch some or all of your money between funds at any time, but there are limits to the number of funds you can invest in.
• Switching out of the With-Profits Fund could result in a Market Value Reduction (MVR) reducing the amount switched out.
• You may lose any guarantees, benefits and options on your existing investments.

• In some circumstances your switch instruction could be delayed. We’ll let you know if this applies.

Lifestyle options

If you’re invested in - or have access to - a lifestyle option, you should think about how and when you plan to take your benefits. This option automatically moves your investment into less risky funds, as you get closer to taking your benefits.

Transferring-in

• You may be able to transfer pensions from other providers into this pension.
• Please speak to your pension provider(s) before you do this.
• You may lose important guarantees and benefits, and there may also be additional charges that will apply.

• Exit charges – Leaving your current plan may incur an exit fee.
• Loss of guarantees and benefits – Any guarantees, benefits, options and features under your existing plan may be lost and this could affect the benefits you receive.
• Different features – The new plan may have different investment options – check if they meet your needs.
• No performance guarantee – There’s no guarantee a new plan will perform better than your current plan.
• Charges – Charges applied to your new plan may be higher or lower than what you pay now.
• With-Profits Fund impact – Transferring out of the With-Profits Fund could result in a Market Value Reduction (MVR) which can reduce the value of any withdrawals taken from the fund.
• No performance guarantee – The new plan may not perform better than your current one.
• Possible growth loss – Transfers take time, and your money won’t be invested during the process.
• Partial transfers – You might not need to transfer your entire plan – call us to find out more.
• Seek advice – Pension transfers are a complex area of financial planning, and getting the decision wrong could significantly impact the benefits you receive. You should seek financial advice before proceeding.