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Your Annual Statement


You will have received or will soon be receiving, your annual statement of our Life and Pension policies. This also includes our Industrial Branch policies, for the first time this year.

We apologise for the delay and appreciate that you may wish to have an updated value on your policies. Please note that the majority of policies can be viewed on MyWesleyan which is updated every Friday.

If you don't have access to MyWesleyan please email us at statements@wesleyan.co.uk and a member of the team will answer your query within 3-5 business days.

We've listened to your feedback and to help make things easier for you we have included some additional key points, which will hopefully answer any questions you may have when combined with the Frequently Asked Questions located at the back of your statement.

If you have any further queries, please don't hesitate to contact us using the email above or via the 'Contact Us' page on our website www.wesleyan.co.uk.

Frequently Asked Questions:

What are the costs and charges for?

A detailed explanation of the charges is included at the back section of your statement, however, please see an overview below of the charges we receive the most queries on:

Product and fund management charges

These generally relate to costs and charges arising from the management of the funds in which your money is invested and the servicing of your plan. For example: initial charges paid on every payment into your plan; and recurring charges such as fund management, plan fees, product administration, dealing costs and switch charges.

Advice charges

There is an 'Initial Advice Charge' for each product that was purchased via a Wesleyan Financial Consultant. Wesleyan Financial Services collects the fee directly from the payments you make.

When purchasing a pension or investment plan, you may have been provided with the option to opt in to the Ongoing Advice Service, which provides customers with advice alerts and regular financial reviews.

If you have opted in, recurring 'Ongoing Advice Charges' are collected from your fund value. Where you are opted in for part of the year, you will only be charged for that part.

If you would prefer to opt out of the service, please email us.

Why have I only just received my statement and when can I expect next years?

Our statement process is currently very complex, and whilst we appreciate that the length of time taken to receive your statement is too long, we need to ensure quality and accuracy. Moving forward, we're working on automating the process so we can get these out to you much more quickly.

How do I make a withdrawal?

It's possible to make a withdrawal request via email or via my Wesleyan - please see details of how to do so below:

Email

Please email us at statements@wesleyan.co.uk with the following information:

1. Plan number
2.Partial withdrawal or full surrender
3.Withdrawal amount (only required for partial withdrawals)
4. Payment by BACS or cheque (please indicate which):
5.Confirm bank details for BACS payment (account must be in the same name as the plan owner)
6. Any further comments you wish to add

My Wesleyan

You can send your request via our My Wesleyan online portal, following the instructions below:

Once logged into your My Wesleyan account, on the home page, you will need to select the following tabs:

  • Email us (located on the top right-hand side of the screen)
  • Email us a question
  • Make a withdrawal/fully encash my policy which is the 6th option from the drop-down menu

You will need to complete the form which is populated as follows:

1. Policy number
2. Partial withdrawal or full surrender
3. Withdrawal amount (only required for partial withdrawals):
4. Payment by BACS
5. Confirm bank details for BACS payment
6. Any further comments you wish to add

Please allow 7 working days for your claim to be processed and note that payment by BACS will take a further 3-5 working days for payment to reach your bank account once processed.

Please note it may not always be possible to process your request based on the
information provided, the type of plan you hold or the amount you wish to withdraw and therefore a claim form may need to be issued.

If this plan is jointly owned or held in Trust we will require a request from all the plan holders/trustees before we are able to proceed with the request.

My plan is a joint plan - why do we both get statements?

It is a legal requirement to send an Annual Statement to all policy holders for all policies.

Not all of my plans are on this statement, why?

The Annual Statement should include all plans started before 6 April 2019 that have an investment element . If you believe that your statement is missing plans please contact us on statements@wesleyan.co.uk and we can investigate this for you. Please note that With Profits ISA and Pension statements are sent out separately.

My partner's received their statement but I haven't, why's that?

In order to ensure we can meet customer demands in regard to queries, we send statements out in regular, small batches throughout October to December. If you haven't received you statement by the end of December, please don't hesitate to contact us at statements@wesleyan.co.uk.

Bereavement Claims

If the letter has been addressed to someone who has passed away, firstly please accept our apologies if the correspondence has caused any distress.

There is potentially a claim to be made, to start this process please email heritage@wesleyan.co.uk, quote the reference from the top of the statement and the name of the deceased.

Please also include the potential claimants name, a contact number, address, and the date of death. We will then be in contact once we have assessed the claim to obtain any additional information required.

You can also call on us on Tel: 0800 975 6957

Please note if the Life Assured passed away before February 2020 the values of the plan will have to be recalculated. This can cause a delay with any claim.

Why have I received an Industrial Branch statement now?

Due to changes in legislation we are now required to send these statements for the first time.

You are not the plan holder

If the plan holder no longer resides at this address we can remove the address from the records.

Please email gone.away@wesleyan.co.uk quoting the reference at the top of the statement and this can be arranged.

Please either return the statement to us or securely dispose of the letter.

Change of address

If you are the plan holder and the letter has been redirected from an old address we can have this updated for you.

Please email heritage@wesleyan.co.uk quoting the reference from the top of the statement, stating your name and a contact number and a member of the team will be in contact with you.

You can also call us on Tel: 0800 975 6957.

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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