If
you are an existing Policyholder and would like to
alter
your protection benefits, please contact our Customer
Helpline free on 0800
262536 Monday to Friday, between 8.00 a.m.
and 6.00 p.m.
A member of the team will be happy to help you.
Pensions
- Privilege Personal Pension Plan
This
is a brief description of this plan and is for information
purposes only as the product is no longer available.
For full details
of all the aims, risks and benefits,
please refer to your Members Booklet or contact our
Customer Helpline.
Product Description
The Privilege Personal
Pension Plan is designed to enable you to save for
retirement. The Plan can provide an income in retirement and an option
to take a tax free lump sum.
Benefits
The valuable
benefits which your Plan provides will be shown on your Member’s
Certificate. There may be one or more of the following:
Death Benefit
If you die during the Policy term this amount will be paid by your Plan.
Waiver of
Contribution If you are unable to work due to
sickness or accident, we will pay your Contributions for
you until
you are able to return to work.
HM Revenue & Customs will
not usually allow you to take a pension before the age
of 50.
If you take a pension after
age 50 but before your chosen retirement date, your pension
might also be smaller than you need.
You may transfer your fund to most other
pension schemes, but the new scheme may make charges for
the transfer.
Contributions
from the state (contracting out)
HM Revenue & Customs will not allow you
to take a state funded pension before the age of 50.
You may transfer your fund to most other
pension schemes but the new scheme may make charges for the
transfer.
Can
I Make Extra Contributions?
You would be wise to review your
contributions regularly, every year if possible.
You can choose to automatically increase
your contributions and / or your life insurance protection
each year. These increases can be at a fixed rate, or in
line with the National Average Earnings Index.
You can pay a single contribution at any time.
Are
my benefits guaranteed?
If you have a unit linked plan your benefits
will be dependent on the amount of contributions that you
pay in and the investment performance of the fund(s) that
you invest in (including the Unitised With Profits Fund).
If you have a with profits Policy then
the basic benefits and allocated bonuses are guaranteed as
long as you pay all your contributions and take the benefits
on your selected retirement date.
If your Policy
is invested in the unitised with profits fund and you would like
more information about
with profits investments, please download our PPFM. This
sets out the Principles and Practices Of Financial Management For The With Profits
Business Of Countrywide
Assured. The unitised with profits fund is only available to those customers
who chose this fund when their plan started and is not available to switch into.
For more information
please call our Customer Helpline free on 0800
262536, Monday to Friday between 8.00 a.m. and 6.00 p.m. A
member of the team will be happy to help you.
Countrywide Assured plc
is authorised and regulated by the Financial Services Authority.
Countrywide Assured plc can only give advice on Life Assurance and Income
Protection Insurance business of Countrywide Assured plc.
