Skandia Investment Solutions ('SIS') Collective Retirement Account ('CRA')
The SIS CRA is a Personal Pension. You can invest in the range of over 1,000 Unit Trusts and OEICs (Open Ended Investment Companies) on the Skandia Investment Solutions platform. Included below are the relevant forms and information to invest in the SIS CRA. Please note that we cannot arrange Structured Products that may be available on SIS. To ensure compliance with pension regulations, please note that our annual commission rebates are structured differently to those that apply to the SIS CIA and ISA.
Fund Initial Charges
Clubfinance customers can access a 0% initial charge on all of the 1,000+ funds on Skandia Investment Solutions.
This is because Clubfinance takes no initial commission. The 0% initial fund charges apply to both new investments and fund switches.
Forms and Documentation
Please see below for the forms and information applicable to each type of transaction.
(Click to open)
|New investment||Employer contribution*||Switch||Pension transfer||Complete & send in?|
|Key Features of the Collective Retirement Account (CRA)|
|Terms and Conditions of the Collective Retirement Account (CRA)|
|SIS charges information|
|Fund Key Investor Information Documents / Simplified Prospectuses|
|Clubfinance SIS CRA Commission Statement|
|Application for the Collective Retirement Account (CRA)|
|Employer Payer Form|
|Clubfinance Keyfacts about our service|
|Clubfinance Pension Transfer Risk Warnings|
|Clubfinance Terms of Business|
|Clubfinance Identification Requirements||NC||NC||NC||NC||NC|
|Clubfinance Client Declaration|
|Clubfinance Additional Terms of Business for Pension Products||When first opening an SIS CRA using Clubfinance|
- Read, understand and retain copies of these documents and if the 'Complete and send in?' column is ticked, please send a completed copy to Clubfinance with your application.
NC - New Clubfinance customers only (and existing customers if not previously provided).
* - Where there are employer contributions, please note that we may need to request additional identification documents in respect of the employer.
How to invest
Make sure you have the latest versions of the relevant Clubfinance documentation, SIS Key Features and Terms & Conditions documents, SIS charges information, SIS Funds List, and the Key Investor Information Documents or Simplified Prospectuses for the individual funds in which you want to invest. Make sure you have read, understood, and kept copies of the documents indicated in the table above. For those documents relevant to your transaction with a tick in the 'Complete and send in?' column, please print off a copy to complete and send in. If you are opening an SIS Collective Retirement Account please also include a signed copy of Clubfinance's Additional Terms of Business for Pension Products. If you have not previously supplied identification documents to Clubfinance, you will also need to include these (see Clubfinance Identification Requirements for details). For Pension Transfers, please see also the important information below.
Please remember that you must send all documents, including a Clubfinance Client Declaration, to Clubfinance Ltd and not direct to Skandia, in order to benefit from our commission rebates. Click here for full details of the process.
Our postal address is:
PO Box 1036
Pension Transfers - Important Points
WARNING. Pension Transfers are often an area where advice is needed. If you have any doubts over your ability to compare the costs and benefits of the old and new schemes, the costs and consequences of transferring, or whether the new scheme is suitable for your needs, or you need advice or a personal recommendation, you should get advice from a suitably authorised financial adviser.
Please be aware that there are some types of pension from which we are unable to arrange a transfer. We are unable to arrange transfers from Occupational Pension Schemes. However, we may at our discretion, arrange transfers to the SIS CRA from Personal Pensions (including Group Personal Pensions and SIPPs).
Please refer to both Clubfinance's Additional Terms of Business for Pension Products, and Clubfinance's Pension Transfer Risk Warnings.
If you decide to request a Pension Transfer, you will also need to obtain a Transfer Valuation and Discharge Form from your current pension provider and include this with your application.
Please note that it is not currently possible to re-register the underlying funds from an existing pension onto the SIS CRA (in specie transfer). The transfer will therefore be a cash transfer.
|Change to account details||Use to change: personal details, automatic income or withdrawal instructions, bank details, direct debit investment amounts, portfolio rebalancing; or to cancel phased investment.|
|Direct Debit instruction||Use to change the bank details for regular monthly investments by Direct Debit (or where there is an additional payer).|
|Switch/redirection request||See table above under switch. This form can also be used to restructure your portfolio and/or redirect future direct debits into different funds.|
|Third party payer form||Use this form if funds come from someone other than the account holder, or employer. The third party will also need to provide identification documents and a Clubfinance Client Declaration. Note: there is a separate Employer Payer Form in the main table above.|
|Benefit Crystallisation Event Request for Income Drawdown||Use this form to draw benefits as a drawdown pension.
You should also refer to Skandia's "A clear guide to your retirement options":
A clear guide to your retirement options
If you are taking flexible drawdown, you will also need to complete a flexible drawdown declaration:
Flexible Drawdown Explanatory Guide & Declaration
|Benefit Crystallisation Event Request - applying for an annuity with another provider||This form enables you to apply for an annuity with another provider.
You should also refer to Skandia's "A clear guide to your retirement options":
A clear guide to your retirement options.
|Triviality Payment Request Form||Use this form to request payment of benefits under the Trivial Pension rules.|
|Expression of Wish||Use this form to nominate a beneficiary or beneficiaries in the event of your death before age 75.|
This is only a guide. Full details will be contained in the Key Features and Terms & Conditions for the fund supermarket.
Annual Administration Charge
Skandia charge an annual fee of £68.50: the 'Investor Charge'. This charge will increase in line with the Average Earnings Index from June 2013 and covers all investments held under the same client reference number.
Where you choose to receive an income as a result of taking a drawdown pension, Skandia make an annual charge of £55.38 as at 1 April 2011: the 'Withdrawal Charge'. This charge increases with inflation each year.
Clubfinance Nominated Trail Commission
On non-pension investments, Clubfinance generally receives annual trail commission (also termed renewal of fund based), and then rebates 75% of this to you annually.
To ensure compliance with pension regulations, for the SIS CRA Clubfinance will instead receive nominated trail commission of 0.1% per year based on the value of your investments.
The funds you hold still generate annual fund based commission at the rates shown in the Funds List, typically 0.5% per annum (although for some funds it is lower or 0%). If the fund based commission exceeds the 0.1% nominated trail commission, the difference is reinvested for your benefit. If the fund based commission is less than the 0.1% nominated trail commission, this will represent an additional charge on your SIS CRA account. Please see the Clubfinance SIS CRA Commission Statement for more information.
We rebate 100% of our initial commission to reduce the initial charge.
The minimum investment to open a new account is £3,600 for lump sum and transfer investments. There is currently no minimum for additional investment into an existing account.
The minimum regular investment is £99 per month.
We rebate 100% of our initial commission so the 0% initial fund charges will apply as for new investment above. The minimum lump sum investment to open a new account is £3,600.
Note that your existing pension provider may make a charge or exit fee, so please check this with them first.
If you would like to know the charges and commissions on particular funds, please see the Funds List:
Clubfinance's 0.1% nominated trail commission arrangement will apply (see above).
We do not take any initial commission on switches. The initial fund charge will therefore be 0%. Please refer to the current Funds List for details.
Funds are bought and sold, so could also have a difference between the buying and the selling price, or a dilution levy may be applied.
If you already have an account with Skandia Investment Solutions ('SIS'), and are interested in appointing Clubfinance as your agent to benefit from our commission rebates, please see Change of Agent.
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