Fixed Term Savings Plan for Associates

A ten year fixed-term savings plan which also provides life cover

For more information and a personal review of your investment options, contact your Financial Consultant. Alternatively, leave your details and we'll call you back.

Facts at a glance:

Who can take out a Fixed Term Savings Plan?
You can take out a Fixed Term Savings Plan if you are aged 18 or over and are a UK resident for tax purposes.

You can set up the plan so you own it on your own or jointly with someone else. The maximum age for taking out the plan is 74 but if you take the plan out jointly, only one of you needs to be 74 or under.

How much money can I invest?
You need to pay in at least £100 or more each month over the term of the plan.

How much will I get back?
The amount of money you get back will depend on how your Investments perform.

Where is my money invested?
There are 17 investment funds to choose from and you can hold money in up to 12 of these at any one time. You can find details about the available funds in our fund fact sheets on the Fund Prices page.

Can I switch money between funds?
Yes, you can move into one or more different funds at any time.  You can make up to 12 fund switches in any 12 month period.

Can I take some money out?
Yes, the plan is divided into 100 equal  segments, so if you want to take money out before 10 years, you can cash in one or more of these segments.

What happens when the person covered by the plan dies?
A lump sum payment will be made which is at least 75% of the payments that would have been paid over the 10 years the plan should have lasted. The amount is reduced by 2% for each full year that the person covered is over age 55 (at the time they started the plan). If it is a joint plan, we use the age of the younger person to decide how much to pay out. We will pay the cash value of the plan if this is higher.

 

What are the charges?
We take 5% of each payment you make before it is invested.

We take an Annual Management Charge of 1.45% of how much your plan is worth each year. For some funds we take an extra Annual Management Charge. Our fund fact sheets have more information about the extra charges.

We also charge for the life cover under the plan, and when you make two or more fund switches in each calendar year.

More details about the charges are shown in the Key Features document.

Can the plan be set up in trust?
Yes, you can arrange for your plan to be held under trust. Trusts can provide a way of making sure your plan is dealt with in line with your wishes if you die, and can help to reduce the amount of tax which needs to be paid in certain circumstances.

What about tax?
Please refer to the 'What about tax?' section in the Key Features document for a summary how tax applies to the plan based on how we currently understand the rules.