Family Suntrust

What is it?

• Family Suntrust is an individually registered self invested personal pension scheme, designed to offer a number of investment and retirement options to groups of people who want to invest together - a family for example.
• Family Suntrust is a tax-efficient way to build up a retirement fund. It also gives you the chance to provide for the people closest to you.

Please note that a Financial Adviser must be appointed before the Scheme can be set up. Everyone must use the same Financial Adviser for advice about the Scheme.

Who is it for?

Family Suntrust could suit a group of individuals such as a family group or business partners. Together you need to have at least £200,000 between you to invest.

You can pay regular annual contributions and/or one-off contributions when it suits you best. You can also transfer the value of other pension plans you may have. The minimum amount for any one payment is £1,000. Most new contributions get tax relief, but there are limits to be aware of which your Financial Adviser will explain.

Please be aware that your previous arrangement may offer valuable guarantees which this Scheme cannot match. You can also transfer the value of other pension benefits you may have. Furthermore, at retirement your benefits from the transfer could be less than they might have been under your previous arrangement - in particular, if you are close to retirement there may not be enough time for this Plan to grow and provide greater benefits. If you are considering transferring existing pension arrangements, you must discuss this with a Financial Adviser. We will only accept transfers where you have taken financial advice.

What does it offer?

Investment choice - Family Suntrust is extremely flexible. You have a number of options as to how your money is invested.

Investing together in a Pooled Fund can open up a wide range of investment possibilities. These include various onshore and offshore options as well as UK commercial property. You can also use one of the investment specialists available with the product, known as Discretionary Fund Managers (DFM). Their role is to meet the objectives of the participants by putting together and managing an investment portfolio.

There are some restrictions on how the Pooled Fund operates. Any decision made in relation to it must have the unanimous written agreement of all the participants of the Scheme.

Like all investments of this kind, the value of the Pooled Fund can fall as well as rise and is not guaranteed which means you could get back less than you invest. Any investments the fund holds in overseas assets will be subject to the tax rules applicable in that country. For some investments, for example commercial property, there may be a delay in selling.

Retirement options - when it comes to taking your benefits your Family Suntrust Scheme offers a number of choices. These run from a Lifetime Annuity on the open market to riskier but potentially more flexible options like Drawdown Pension and Scheme Pension. Your Financial Adviser will be able to explain each option to you.

Please note that the fund cannot be accessed until benefits are taken and normally benefits cannot be taken before the age of 55. What you will get back will depend on various factors including investment performance.

Charges
Charges are taken to pay for the cost of setting up the Scheme and Scheme administration. Your Financial Adviser and other third parties may also charge for advice and support. The charges may be higher than for a personal pension or a stakeholder plan.

A full explanation of all applicable charges is shown in the Guide to fees leaflet, which is available below, or from your Financial Adviser.

Looking after you
AXA is committed to excellent customer service. We aim to be easy to deal with and want you to know that you are in good hands. All Family Suntrust Schemes are managed by the Self Investment Centre of Excellence, a dedicated team bringing together a wealth of pensions and self-investment knowledge.

What should you bear in mind?

Before making any decisions you should consider the points below:

• You need to be aware that the value of your initial, and any additional, investment could fall as well as rise and is not guaranteed. You could get back less than you invest.
• The value of any tax benefits will depend on your personal circumstances – your Financial Adviser will be able to help you determine whether it is right for you.
• The information contained on this page is based on our interpretation of current law and HMRC practice, although tax legislation may change in the future.

Find out more

Making choices about your retirement options is an important decision and should not be made on the basis of this information alone. To find out more we recommend you speak with your Financial Adviser. If you do not have a Financial Adviser follow the link below to locate one near you.

Please note that Financial Advisers use a variety of different ways to charge you for their services and you will be liable for any charges incurred.

Further information

• Find a Financial Adviser
• Family Suntrust Quick guide - gives you a bit more detail about how it works and why it may be suitable for you.
• Guide to Fees