Provider Friends Provident Product New Generation Personal Pension Plan (Initial commission) ...
New Generation Personal Pension Plan (Initial commission)
Product distributed through IFAs
Commission basis of this product option
Initial commission: 18.5% to 27.5% of annual premium with level renewal or fund based renewal.
Minimum Number of Lives
The minimum number of lives is 15.
Accepts self-employed members
Minimum/Maximum age attained at entry for regular premiums
Minimum term for regular premiums
There is no minimum term.
Minimum monthly premium (£ per month)
The minimum regular monthly premium is £10 per member with an overriding average at scheme installation of £50 per member.
Minimum annual premium (£ per annum)
The minimum regular annual premium is £120 per member with an overriding average at scheme installation of £600 per member.
Minimum stand alone single premium (£)
Where a single contribution is made by cheque, the minimum initial contribution is £1,000.
Minimum additional single premium (£)
The minimum additional single contribution is £10.
Minimum premium required to set up a group personal pension (£)
The minimum regular monthly premium is £10 (£120 regular annual) per member with an overriding average at scheme installation of £50 (£600 regular annual) per member.
Premiums can be expressed as a percentage of salary
Contributions can be made as percentage of earnings.
Regular premiums collected by direct debit mandate
Policy fee in respect of regular/single premium plans
There is no policy fee.
One-off installation fee in respect of regular/single premiums
There is no installation fee.
Initial charge incorporated in the bid/offer spread
There is no bid/offer spread.
Annual fund management charge for internal fund links (% per annum)
The annual management charge is 1.00%.
Additional fund management charge for external fund links (%pa)
Where external funds are selected an additional annual fund management fee will be levied, as follows:
External Fund Link Additional AMC
Friends Provident/Merrill Lynch UK Equity 0.20% Friends Provident/Merrill Lynch Global Equity 0.20% Friends Provident/Newton Balanced 0.20% Friends Provident/Newton Income 0.20% Friends Provident/Baillie Gifford Managed 0.20% Friends Provident/Baillie Gifford International 0.20% US Index Tracking Fund* 0.00% Europe Index Tracking Fund* 0.00% UK Corporate Bond Index Tracking Fund* 0.00% Global Index Tracking Fund* 0.00% UK Index-Linked Gilt Index Fund* 0.00% UK Equity Index Fund* 0.00% Global Equity (50:50) Index Fund* 0.00% * These funds are currently managed by Barclays Global Investors. There are additional expenses relating to trustees fees, auditors fees etc. which are taken directly from the fund. Further details regarding these expenses can be obtained from Friends Provident.
Total AMC Range (%pa)
The total annual management charge is either 1.00% or 1.20%.
Early surrender charge in respect of regular/single premiums
The full value of units will be available for transfer out.
Regular/single premium allocation rates (%)
100% of contributions are allocated to purchase units.
Number of fund links available
There are 28 unit linked funds available, 15 internally managed and 13 externally managed.
Unitised with profits fund available
Unitised With Profit Fund
Unit linked insurance funds available
Internally Managed Funds:
Managed Fund Stewardship Fund Stewardship Managed Fund UK Equity Fund European Fund Overseas Equity Fund
Property Fund Fixed Interest Fund North American Fund Cash Fund Index Linked Fund Pacific Basin Fund Annuity Protector Fund Index Tracker Fund
Externally Managed Funds:
Friends Provident/Merrill Lynch Global Equity Friends Provident/Merrill Lynch UK Equity Friends Provident/Newton Balanced Friends Provident/Newton Income Friends Provident/Baillie Gifford Managed Friends Provident/Baillie Gifford International US Index Tracking Fund* Europe Index Tracking Fund* UK Corporate Bond Index Tracking Fund* Global Index Tracking Fund* UK Index-Linked Gilt Index Fund* UK Equity Index Fund* Global Equity (50:50) Index Fund* * These funds are currently managed by Barclays Global Investors.
Index Tracker/Passive Managed funds available
Ethical/environmental fund links available
Maximum number of links
The maximum number of fund links is six.
Number of free switches per year
All switches are free of charge.
Charge per fund switch (£)
There is no switching charge.
Future contributions can be redirected without charge.
Reduction in premiums permitted subject to the current minimum
Contributions can be reduced at any time without penalty.
Regular premiums may be temporarily suspended without penalty
Contributions can be missed at any time without penalty.
Period of time after which premiums must be recommenced
Plan may be made paid up without penalty
Contributions may be missed altogether without penalty.
Paid up plan may subsequently be reinstated without penalty
Terms on early retirement
The full value of units will be available on early retirement.
Penalty free transfer to another plan in the product range
Automatic phased switching from equities to fixed interest and cash
The New Generation series of plans gives members the option of setting up a Lifestyle Investment Programme to manage their investments according to a set pattern, geared to the selected retirement age. These risk graded programmes are available as standard, in addition a self-select option is available upon request.
Stand alone premium protection product available
Premium protection cover Provider
Minimum deferred period
The minimum deferred period is 26 weeks.
Minimum age attained for cover at entry
The minimum age at entry is 16.
Maximum age attained for cover
There is no maximum age at entry for this benefit other than the standard age limits for membership of the NGP GPP.
Age cover ceases
The member's 60th/65th birthday (set at scheme level) or the member's SRD if earlier.
Definition of Disability for premium protection cover
An own occupation definition applies - 'totally unable because of illness or accidental injury to perform the main and essential duties of own occupation.'
- War and Civil Commotion - HIV/AIDS
Cost of premium protection cover
The cost will be calculated individually for each employer scheme and will be based on the expected profile of membership of the group as a whole. The same cost for any given scale cover will then apply to all members irrespective of their own age, occupation or gender.
Death benefit basis
In the event of death before the member draws his or her pension, the full value of the units held in the member's account will be switched into the Cash fund until it is paid as a cash sum (subject to Inland Revenue limits). The cash sum paid out will include growth in the Cash fund.
Bespoke terms available
Alternative commission shapes available
Initial commission - 18.5% to 27.5% of annual premium with level renewal or fund based renewal.
Level commission - 0.5% to 5% of contribution.
Fund based commission - 0.45% to 1.5% (not stakeholder) or 0.45% to 1% stakeholder.
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