Key Features of the Partnership Personal Pension Transfer Plan

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• You get real-time quotes from the UK's most competitive annuity providers.
• You can quote as many times as you require and view the rates available for the very wide range of options available for an annuity.
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Its aims

• To allow you to exercise your Open Market Option and transfer your pension savings to an annuity that provides a higher rate of income
• To enable you to release up to 25% of your pension fund as a Pension Commencement Lump Sum if your existing provider is unable to provide this service
• To allow you to purchase a Pension Annuity with the remaining money

Your commitment

• To request from your pension plan provider that the lump sum available under your Open Market Option is transferred to Partnership's Personal Pension Transfer Plan
• To decide whether to take between 0% and 25% of your pension fund as a Pension Commencement Lump Sum
• To use the remaining amount to purchase a Pension Annuity from Partnership
• To provide complete and accurate information on your application
• To notify us of any change in your address

Risk factors

• Once set up, you cannot change the terms of your Personal Pension Transfer Plan
• Once funds have been transferred into the Personal Pension Transfer Plan, you and your dependants cease to have any entitlement to benefits from the Transferring Scheme (your original pension scheme)
• If you die after you purchase your Personal Pension Transfer Plan but before you purchase your Pension Annuity, the funds will be returned to your originating scheme and will be subject to its Terms and Conditions. If this is not possible, we will set up the annuity in the name of your partner
• The income you receive is subject to tax under current legislation. The rules governing taxation can change

Your questions answered

How does the Partnership Personal Pension Transfer Plan work?

• When you retire you are entitled to withdraw up to 25% of your pension fund first as a Pension Commencement Lump Sum. This money is not subject to tax and you can spend it however you choose. The remainder of the fund must be used to buy an annuity to provide you with an income in retirement.
• However, there are instances when the pension scheme is unable to pay out the cash lump sum, so Partnership has the Personal Pension Transfer Plan in place to act as a vehicle for releasing these funds to you.
• The funds must come from an approved pension scheme and are transferred to the Personal Pension Transfer Plan. The Pension Commencement Lump Sum is paid into a UK bank or building society account and the remaining monies are then used to purchase a Pension Annuity, which will provide you with a regular income for life.
• The Personal Pension Transfer Plan and the Pension Annuity are issued simultaneously.

How does Partnership's Pension Annuity work?

• In return for a single payment, we will pay you a regular income for the rest of your life. This can be paid either monthly, quarterly, half-yearly or annually. The income is guaranteed and does not depend on the performance of any investments.
• There will be no return of capital to your estate from your annuity when you die, regardless of when that happens, but there are additional options you can select that allow your beneficiaries to receive an income or a lump sum payment after your death. These are explained in greater detail in the Pension Annuity Key Features document.
• For all of our annuities, Partnership will confirm your status from time to time and we may ask you to provide proof of identity, title and/or existence. Please see the Key Features of Partnership's Pension Annuity for full details.

What are the tax implications?

If you withdraw a Pension Commencement Lump Sum the whole amount is tax-free. However, income received from a Pension Annuity will be subject to income tax at your personal rate.

Taxation is a complex matter and differs from person to person, so you should discuss your personal tax position with your Financial Adviser, who should be able to help you calculate your liability.

The basis of taxation assumes that the annuities are approved by HMRC as a Personal Pension Transfer Plan.

The rules governing taxation are subject to review and can change. All tax information in this document is correct as at September 2007.

What happens when I die?

If you die after taking your Pension Commencement Lump Sum but before payments are due to begin, we will return the funds to the originating scheme. If this is not possible, we will set up the annuity in the name of your partner. Your estate must contact us immediately either by telephone or in writing to ensure that the income payments allowable under statutory and HMRC rules are correctly paid to the beneficiaries of the plan or your estate, as appropriate.

In all cases, we will require a copy of the original death certificate. Contact us by telephone: 08701 971 446 Or write to us at: Partnership Sutherland House Russell Way Crawley West Sussex RH10 0UH

What do I do if my personal circumstances change?

If there is a change in your personal circumstances, for example a change of address, bank account or personal tax position, please contact your Financial Adviser or Partnership.

What happens if I want to cancel my plan?

You can change your mind within 30 days of either being advised that the policy is finalised or receiving the policy document, whichever is later. If we do not receive your cancellation notice within this 30 day period we will automatically continue your policy.

If you do decide to cancel within this 30 day period, we will refund your money in full.

A cancellation notice will be enclosed with your policy documents providing full details about the cancellation procedure. Alternatively, you can contact Partnership's head office, details of which are on the back page.

How do I apply?

We may contact your doctor for a General Practitioner's Report (GPR) to verify the information provided on your pension annuity application. We will not always apply for a GPR however, so it is essential that you answer the questions on the application as fully and accurately as possible. If at any time there is found to be any mis- or non- disclosure of your health conditions, Partnership reserves the right to amend the terms of the policy. You will not be asked to undergo a medical examination