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Ellis Financial | Specimen of a Key Features Document

Ellis Financial | Specimen of a Key Features Document

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Specimen of a Key Features Document

1) Make sure the policy meets your needs!

A Personal Pension Plan is a tax effective investment product. Its purpose is to encourage you to save for your retirement. Once you invest your money in a Personal Pension Plan you cannot withdraw it until retirement. You select a retirement age at the outset, which must be between age 60 and 75.

This can be a regular premium contract or you can choose to pay a one off lump sum, referred to as a single premium.

If you choose to pay a regular premium it remains level throughout (unless you have availed of the indexation option). You can also write (signed and dated) to us, instructing us to increase your premium from the next premium due date.

If you take out a regular premium contract you are committing to paying a premium throughout the term. You can pay monthly, by direct debit mandate, or, once a year, by cash, cheque or direct debit mandate. If you feel you cannot commit to these payments or the payment method, you should not enter into this contract.

You have the option to select different additional benefits on this contract. These are shown below. The premium will reflect the benefits you have selected.

Indexation: If this option is selected, the premium increases each year by 5% or the Consumer Price Index, whichever is greater.

Life Cover: This provides life cover in the event of death over the term of the contract. The sum assured is selected by you at the outset. If this option is selected you can choose between Level Life Cover and Indexing Life Cover. The premium for this benefit is reviewed each year.

Income Protection Cover: The purpose of this cover is to provide you with an income in the event of you being unable to perform your occupation as stated on your application. The premium is reviewed each year.

If you choose life cover under this policy your premium is split to cover the cost of your life cover and your investment. The price of your life cover is deducted from your total premium and the remainder is used to buy a certain number of units in the investment funds selected by you. Every year your life cover is reviewed and, if required, the premium split is adjusted accordingly.

If you have an existing Personal Pension Plan you must be careful that you are not paying premiums which will exceed your tax relief limit.

If you have decided to cease paying premiums on any existing plan you may have, your Financial Adviser will advise you of any likely financial consequences.

2) What happens if you want to cash in the policy early or stop paying premiums?

If you stop paying premiums your policy is made "paid up". This means that no future premiums are expected, and the fund continues to be invested and have charges deducted until you retire.

You also have the option of transferring your fund to another company's pension.

If you have life or income protection cover under your policy and stop paying premiums, the benefits under the policy will lapse and the cover will cease.

3) What are the projected benefits under this policy?

This contract provides a lump sum payment in the event of your death or serious illness, during the term of the contract. There is no surrender or monetary value.

3.1) What are the projected benefits under this policy?

Representative figures based on a 35 year old paying ?00 each month until age 65 are as follows:

End of YearTotal Amount of Premiums Paid into the Policy to DateProjected Investment Growth to DateProjected Expenses & Charges to DateProjected Cost of Protection Benefits to DateProjected Policy Value
1?,200?1?04??17
2?,400?08?64??.644
3?,600?85?,033??,852
4?,800?59?,213??,145
5?,000?36?,405??,531
10?2,000?,658?,562??4,096
15?8,000?2,341?,141??6,200
20?4,000?5,626?,307??3,320
25?0,000?6,836?,290??7,546
26?1,200?2,298?0,012??3,486
27?2,400?8,236?0,782??9,854
28?3,600?4,685?1,604??6,681
29?4,800?1,681?2,481??4,000
30?6,000?9,264?3,418??01,846
Maturity?6,600?3,289?3,910??05,979

* For this example the effect of all deductions is to reduce the investment yield by 2.1%.
* The premium payable includes the cost of all charges, expenses and intermediary remuneration.
* Higher premium levels may benefit from higher allocation rates. This will reduce the impact of charges.

Important: These illustrations assume a return of 8% per annum. This rate is for illustration purposes only and is not guaranteed. Actual investment growth will depend on the performance of the underlying investments and may be more or less than illustrated.

3.2) What are the projected benefits under this policy?

Representative figures based on a 35 year old paying ?00 each month until age 65 are as follows:

End of YearTotal Amount of Premiums Paid into the Policy to DateProjected Investment Growth to DateProjected Expenses & Charges to DateProjected Cost of Protection Benefits to DateProjected Policy Value
1?,200?4?10??24
2?,400?47?38??,009
3?,600?54?90??,265
4?,800?62?65? ?,597
5?,000?,076?,065??,011
10?2,000?,981?,503??4,478
15?8,000?2,704?,841??5,862
20?4,000?5,559?,383??1,176
25?0,000?5,322?3,535??1,787
26?1,200?0,301?4,804??6,697
27?2,400?5,671?6,164??1,908
28?3,600?1,458?7,620??7,438
29?4,800?7,686?9,178??3,308
30?6,000?4,383?0,845??9,538
Maturity?6,600?9,491?1,721??14,370

* For this example the effect of all deductions is to reduce the investment yield by 1.7%.
* The premium payable includes the cost of all charges, expenses and intermediary remuneration.
* Higher premium levels may benefit from higher allocation rates. This will reduce the impact of charges.

Important: These illustrations assume a return of 8% per annum. This rate is for illustration purposes only and is not guaranteed. Actual investment growth will depend on the performance of the underlying investments and may be more or less than illustrated.

3.3) What are the projected benefits under this policy?

Representative figures based on a 35 year old paying ?00 each month until age 65 are as follows:

End of YearTotal Amount of Premiums Paid into the Policy to DateProjected Investment Growth to DateProjected Expenses & Charges to DateProjected Cost of Protection Benefits to DateProjected Policy Value
1?,200?1?5??,226
2?,400?99?6??,503
3?,600?47?16??,831
4?,800?01?87? ?,214
5?,000?,263?11??,652
10?2,000?,375?,599??4,776
15?8,000?3,023?,485??5,538
20?4,000?5,782?,435??1,347
25?0,000?5,815?2,282??3,533
26?1,200?0,935?3,185??8,950
27?2,400?6,489?4,139??4,750
28?3,600?2,508?5,148??0,960
29?4,800?9,023?6,214??7,609
30?6,000?6,072?7,342??4,729
Maturity?6,600?9,798?8,108??8,290

* For this example the effect of all deductions is to reduce the investment yield by 2.4%.
* The premium payable includes the cost of all charges, expenses and intermediary remuneration.
* Higher premium levels may benefit from higher allocation rates. This will reduce the impact of charges.

Important: These illustrations assume a return of 8% per annum. This rate is for illustration purposes only and is not guaranteed. Actual investment growth will depend on the performance of the underlying investments and may be more or less than illustrated.

4) What intermediary sales remuneration is payable?

Based on a contract with a premium of ?5 each month and a term of 20 years, the figures are as follows:

End of YearPremium Payable in the yearProjected total intermediary /sales remuneration/ brokerage fee in that year End of YearPremium Payable in the yearProjected total intermediary /sales remuneration/ brokerage fee in that year
1?00?007?00?
2?00?8?00?
3?00?9?00?
4?00?10?00?
5?00?11?00?
6?00?12?00?

5) Are returns guaranteed and can the premiums be reviewed?

The premium shown for this contract is guaranteed and cannot be reviewed at any stage during the life of the contract.

6) Can the policy be cancelled or amended by the insurer?

We rely on you giving us accurate information when completing your application form. All this must be correct at the start date of your policy. If any information given is incorrect or incomplete this may affect your policy. We may cancel it or change it.

We may alter the policy or issue another in its place if:

  1. It becomes impossible or impractical to carry out the policy conditions because of a change in law or other circumstances beyond our control.
  2. It becomes impractical or impossible to administer the policy.

If we alter the policy (or issue another in its place) we will send a notice to you outlining any change and your options.

The contract between you and us is based on the information given by you on your application form, a copy of which is available upon request. We rely on you to give us all the necessary information we need and we must therefore reserve the right to treat your policy as void if any material facts have not been notified to us.

Any enquiries or complaints regarding your policy should in the first instance be directed to our Life Customer Services Department. We will endeavour to ensure that all matters in relation to your policy are dealt with in a satisfactory manner. In the event that you are dissatisfied on any matter you have the right to refer your complaint to the Insurance Ombudsman without prejudice to your right to take legal proceedings.

The policy will be issued in Ireland and governed by the laws of Ireland.

7) Information on taxation issues

Under current legislation proceeds of the policy may be liable to inheritance tax.

8) Additional information in relation to your policy

When you effect your policy with us your policy will be sent to your Financial Adviser. When you receive this policy you should ensure that you are satisfied with the benefits of the contract and that you understand all of its features. We ask you to read the documentation carefully when you receive it. You should bear in mind at all times that this is a long term commitment and make sure that the policy you have meets your needs.

If, after you have read the documentation, you feel that the benefits are not suitable for your particular needs, then you may cancel your policy by sending a written instruction, signed and dated, directly to our Life Customer Services Department within a period of 15 days from the date of the issue of your policy.

On cancellation all the benefits under the policy will cease immediately and any premiums remitted to us will be refunded in full.

If you have assigned your policy or it is about to be assigned, you must take this into consideration before you decide to cancel your policy.

Information on service fee

If your Financial Adviser charges a fee, details will be provided in writing by your Financial Adviser.

Information will be supplied to the policyholder during the term of the insurance contract

We will provide you with following information during the term of your contract.

  1. Details of any change in our name or legal form.
  2. Details of any change in the address of our head office.
  3. Details of any alteration to any term of the contract, which results in a change of the information, provided in this document.

Contact Us for more information

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