retirement savings review - pensions | protection · here you can see how your client’s...

Carol OwenPlan number: 1234432

1 September 2018 to 31 August 2019

RETIREMENT SAVINGSREVIEW

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Carol Owen | 1234432 | Review period: 1 September 2018 to 31 August 2019

WELCOMEThank you for using our client review service. Having completed a review of your client's retirement savings, you can now use the content of this report to support your review conversations and evidence the recommendations you’ve made.

Using this service shouldn’t be considered as Royal London giving advice or making a recommendation. It’s important you make sure the content of this report satisfies your own compliance requirements.

WHAT’S INSIDE

Retirement savings – how the plan is performing

Contributions and withdrawals – a breakdown of activity

Investments – position and changes

Protecting the future – being prepared

Charges – yours and ours

Planning ahead – an outlook

Contact us – where to get help

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An overview of plan performanceWe’ve shown how your client's plan has performed during this review period and since it started.

Plan charges have already been deducted.

£26,250.00 £517,392.61£508,151.63Withdrawals this

review periodPlan value at

31/08/19Plan value at

01/09/18

The rates shown in the circle above are annual effective rates and are not adjusted for inflation.

A breakdown of your client’s plan valueThe current plan value is made up of:

Income Release Account Savings Account Total£226,083.14 £291,309.47 £517,392.61

There’s currently £72,827.37 tax-free cash available.

RETIREMENTSAVINGS

Annualised performance

Over this review period

7.3%Since your plan started

3.3%

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Retirement savings in more detailThis table shows a detailed monthly breakdown of plan performance during this review period. You can also see the total contributions and withdrawals made, and how this has changed the plan value.

Date Total contributions Total withdrawals Plan valuePerformance since start (after charges)

31/08/2019 £592,514.80 £107,500.00 £517,392.61 -£75,122.1931/07/2019 £592,514.80 £107,500.00 £521,797.76 -£70,717.0430/06/2019 £592,514.80 £107,500.00 £513,107.59 -£79,407.2131/05/2019 £592,514.80 £107,500.00 £498,670.61 -£93,844.1930/04/2019 £592,514.80 £106,250.00 £509,351.93 -£83,162.8731/03/2019 £592,514.80 £105,000.00 £495,341.64 -£97,173.1628/02/2019 £592,514.80 £103,750.00 £488,203.95 -£104,310.8531/01/2019 £592,514.80 £102,500.00 £479,423.92 -£113,090.8831/12/2018 £592,514.80 £101,250.00 £466,972.21 -£125,542.5930/11/2018 £592,514.80 £100,000.00 £490,878.79 -£101,636.0131/10/2018 £592,514.80 £98,750.00 £486,067.47 -£106,447.3330/09/2018 £592,514.80 £82,500.00 £506,462.44 -£86,052.3601/09/2018 £592,514.80 £81,250.00 £507,874.36 -£84,640.44

And here you can see how the plan has performed over several review periods.

Period Contributions Withdrawals

Plan value at start of period

Performance after charges (£)

Performance after charges (%)

01/09/2018 to 31/08/2019 (this review)

£0.00 £26,250.00 £507,874.36 £35,490.98 7.3%

28/08/2017 to 31/08/2019 (since start)

£592,514.80 £107,500.00 £0.00 £32,377.81 3.3%

Comments

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CONTRIBUTIONSCurrent contributions

No regular contributions are being made.

Contributions made in this review period

Extra money paid into your plan

£891.62

Breakdown of contributionsHere’s a monthly breakdown of the contributions made in the review period.

Period ProfitShare award Total

01/08/2019 to 31/08/2019 £0.00 £0.0001/07/2019 to 31/07/2019 £0.00 £0.0001/06/2019 to 30/06/2019 £0.00 £0.0001/05/2019 to 31/05/2019 £0.00 £0.0001/04/2019 to 30/04/2019 £891.62 £891.6201/03/2019 to 31/03/2019 £0.00 £0.0001/02/2019 to 28/02/2019 £0.00 £0.0001/01/2019 to 31/01/2019 £0.00 £0.0001/12/2018 to 31/12/2018 £0.00 £0.0001/11/2018 to 30/11/2018 £0.00 £0.0001/10/2018 to 31/10/2018 £0.00 £0.0001/09/2018 to 30/09/2018 £0.00 £0.00

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Contributions made since the plan startedSince 28 August 2017, your client has contributed £592,514.80. They’ve also received £1,789.39 in extra money. So, that’s a total of £594,304.19 paid into their plan.

Contributions by review periodHere you can see the contributions made in the review periods shown.

Period Transfer in payments ProfitShare award Total

01/09/2018 to 31/08/2019 (this review)

£0.00 £891.62 £891.62

28/08/2017 to 31/08/2019 (since start)

£592,514.80 £1,789.39 £594,304.19

Comments

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WITHDRAWALSCurrent withdrawalsYour client is taking taxable income of £1,250.00 each month.

Money withdrawn in this review period

One-off withdrawals

£15,000.00

Regular withdrawals

£11,250.00

Breakdown of withdrawalsHere’s a breakdown of the withdrawals made during this review period.

DateWithdrawal ammount Tax-free amount Taxable amount Withdrawal type

28/05/2019 £1,250.00 £0.00 £1,250.00 Income26/04/2019 £1,250.00 £0.00 £1,250.00 Income27/03/2019 £1,250.00 £0.00 £1,250.00 Income26/02/2019 £1,250.00 £0.00 £1,250.00 Income29/01/2019 £1,250.00 £0.00 £1,250.00 Income24/12/2018 £1,250.00 £0.00 £1,250.00 Income27/11/2018 £1,250.00 £0.00 £1,250.00 Income29/10/2018 £1,250.00 £0.00 £1,250.00 Income23/10/2018 £15,000.00 £15,000.00 £0.00 PCLS26/09/2018 £1,250.00 £0.00 £1,250.00 Income

Withdrawals made since the plan startedSince 28 August 2017, your client has withdrawn £107,500.00 from the plan. £80,000.00 was tax-free and £27,500.00 was taxable.

Period Total withdrawals Total tax-free amount Total taxable amount

01/09/2018 to 31/08/2019 (this review)

£26,250.00 £15,000.00 £11,250.00

28/08/2017 to 31/08/2019 (since start)

£107,500.00 £80,000.00 £27,500.00

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INVESTMENTSA closer look at current investmentsYour client’s retirement savings are currently invested in:

Current investment Governed Portfolio 4

Risk attitude Balanced

Term to retirement 38 years 7 monthsLifestyling No

Rebalancing Monthly

Income tap No

Number of funds 7

Number of tactical changes in the review period 12

Your client’s investment portfolio in detailYour client’s retirement savings are invested in the following:

0

10

20

30

40

50

60

70

80

RLP Global Managed 74.38% £384,836.62

RLP Property 17.50% £90,543.71

RLP Commodity 4.00% £20,695.71

RLP Long (15yr) Corporate Bond 1.21% £6,260.45

RLP Short Duration Global High Yield 1.05% £5,432.62

RLP Long (15yr) Index Linked 1.03% £5,329.14

RLP Long (15yr) Gilt 0.83% £4,294.36

Total £517,392.61SAMPLE


PROTECTINGTHE FUTUREPassing on retirement savingsRoyal London will be guided by your client’s nominations when deciding who the retirement savings should be passed to when they die.

Current amount payable

£517,392.61

BeneficiariesYour client has nominated the following people to receive their retirement savings when they die.

Mr M Owen = 100%

If your client is unable to do their job due to ill-health, they may be able to take their retirement benefits early. If their life expectancy is less than 12 months, they may be able to take their retirement benefits as a tax-free lump sum.

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CLEARCHARGESInitial professional feesNo initial fees have been paid during this review period.

Ongoing professional feesDuring this review period, your client has paid £2,245.57 in ongoing fees. The ongoing fee is made up of:

Contribution type Charge amount or rate Frequency

Transfer contribution 0.50% of the fund Monthly

One-off professional feesNo one-off fees have been paid during this review period.

Royal London management chargesFor this review period, your client has paid Royal London £1,972.46 in plan charges. That’s equivalent of 0.40% of the plan value each year. This is an indicative rate because there are multiple rates that apply to different contributions being made.

These charges have already been deducted from your client’s plan.

Management charge discountThe basic management charge is 1.00% a year. This is reduced by a management charge discount which varies depending upon the plan value. The discount applies to the whole of the Core Investments and will change over time as the plan value increases / decreases. The table below details the different discount levels and the plan values they apply at:

The plan value Yearly discount Yearly management charge

£0 - £33,600 0.10% 0.90%

£33,600 - £67,300 0.50% 0.50%

£67,300 - £202,000 0.55% 0.45%

£202,000 - £673,000 0.60% 0.40%

£673,000+ 0.65% 0.35%

These limits are reviewed yearly, usually in April, and increased in line with the Retail Prices Index (RPI). The revised limits are applied to a plan at its next renewal date.

When the plan value reaches the required level, a management charge discount will be added to your client’s plan. The discount only applies at a specific point in time and is not guaranteed for the whole term of a plan – it changes as the plan value increases or reduces.

Comments

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PLANNINGAHEADRetirement outlookHere you can see how your client’s retirement savings could look in the future.

The example looks at what your client’s plan may be worth at their target date of 17 April 2058, assuming they continue taking income at the current level.

We assumed an investment growth of 2.7% each year, this includes an inflation rate of 2.0%. We’ve also factored in charges which will be taken.

£563,000.00£517,392.61Plan value at 17/04/2058Current plan value

Yearly income

£15,000.00Income payable to

2040

Assuming current income levels continue

AssumptionsWe’ve reached these figures by assuming:

• The mid-rate of investment growth will be 2.7% each year, this includes an allowance for inflation of 2%.

• Any regular contributions will continue to the chosen target date, or until your client’s 75th birthday, if earlier.

• The regular income withdrawals will continue at the same level.• Once the money in the Income Release Account has run out, we won’t automatically use

the money in the Savings Account to continue paying income.• No further PCLS or Ad-hoc payments will be taken.• Adviser charges will continue at the same level.• The level at which the management charge discounts apply will increase in line with

inflation each year.

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CONTACT US Supporting your businessYou’ll find out more about Royal London at adviser.royallondon.com.

Get in touch

If you have any queries about the content of this report, contact your usual Royal London contact or speak to our servicing team on 0345 60 50 050.

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http://adviser.royallondon.com

October 2019 PDF P PD 0037

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority and introduces Royal London’s customers to other insurance companies. The firm is on the Financial Services Register, registration number 302391. Registered in England and Wales number 4414137. Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Corporate Pension Services Limited is authorised and regulated by the Financial Conduct Authority and provides pension services. The firm is on the Financial Services Register, registration number 460304.

Registered in England and Wales number 5817049. Registered office: 55 Gracechurch Street, London, EC3V 0RL

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