Welcome to Cavendish Online

This assumes more than 15 years to retirement, otherwise approximately 0.03% is added for each year less than 15, e.g. if 7 years to retirement, then 0.21% is added to the AMC to give the net figure

Min / Max Contributions

• Minimum regular contribution is £120 net (£150 gross) per month. Monthly payments by direct debit can be altered once the plan begins by contacting the provider.
• Minimum single lump sum contribution is £4,000 net (£5,000 gross).
• Minimum transfer sum from an existing pension is £5,000.
• The maximum amount you can pay into your registered pension schemes in any tax year is 100% of your UK taxable earnings. (Maximum for a non- earner is £2,880 net (£3,600 gross)).

Age Limits / restrictions

• To apply for a Scottish Widows personal pension you must be between 0 – 74yrs and a UK resident, Crown servant or the spouse or registered civil partner of a Crown servant.
• The minimum term is thirty days. All payments into the plan must cease by age 75. Benefits must be taken by age 75.
• If you are under 16, or under 18 and not in employment, the Personal Pension must be taken out by a legal guardian on your behalf. A separate form is available (see below).

Scottish Widows offer a choice of over 100 internally and externally managed funds, including Multi-Manager Funds.

Scottish Widows may change the selection of funds that they make available. Full terms and conditions are available on request. Charges, limits and terms may change.

Documents

Fund Choices & Charges 

(Please note that the charges shown in this document do not take into account the Cavendish Online discounts)

For more information about the Scottish Widows Personal Pension please visit their website using the link below. You will need to return to Cavendish Online to apply and benefit from the discounts:

http://www.scottishwidows.co.uk/pensions/personal_pensions/index.html

Please also read the Scottish Widows Personal Pension Key Features:

Key Features

NEW PENSION

To apply please post all the following to 'FREEPOST Cavendish Online':

1. Application Form
2. Client Declaration
3. A cheque for your contribution and / or direct debit mandate form(s), made payable to the pension company.
4. Money Laundering Verification Documents*
5. Our £35 fee (cheque to Cavendish Online or pay online). £40 if you would like your ID documents returned via registered post.
6. Please read the Important Notes document before applying.

NEW PENSION & TRANSFER

If you are also transferring an existing pension please send the following in addition to the items above:

1. Transfer Form
2. A Transfer Valuation and / or Discharge Forms**
3. Our Transfer Fee***

* Money Laundering Identification (MLI)

You will need to submit Money Laundering Information in the form of certified copies# or originals of either your passport OR driving licence (if you have a photo licence we need to see both the card and paper parts) AND a recent utility bill or bank statement issued within the last 3 months (not mobile phone) showing your address.

Company MLI: If your employer is paying into your pension then we will also require a letter from the company on headed paper stating that they are paying into your plan and listing the main signatories/directors. We also require proof of the company address, i.e. a utility bill.

Pension for a minor: If you are setting up a pension for someone under 18 years old then please send money laundering information for them. We require the original or certified copy# of either their birth certificate OR passport. We will also require full MLI for the person paying the premiums.

#A certified copy is where a person of authority (solicitor, teacher, director, post office clerk etc) signs a copy of the original document stating that it is a true copy of the original document. They will need to sign and date the document and add their name and position.

**Discharge Forms

Speak to your existing pension provider and let them know you are transferring the pension. They can then post these forms out to you. You may also want a comparative current valuation to check if you will lose any additional benefits by moving the money. The discharge forms can be obtained mid-transfer or can be requested by your new pension provider if you cannot access these forms although sending them in initially will speed up the process.

***Transfer Fees

£70 = New Pension Application + Single Transfer                                   

£75 = New Pension Application + Single Transfer + Recorded Delivery

£100 = New Pension Application + 2 or more Transfers (Inc RD) (Fees capped at £100)