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RetirementSecure Advantage™ Retirement Solution –Lifetime Income PlanCustomer Brochure

Secure Advantage™

Secure Advantage™

Secure Advantage™

Grow. Protect. Secure.



Protected

Capital

Lifetime

Income

An AXA Life Europe product


Secure Advantage™


Protected

Capital



Secure Advantage™


Lifetime

Income


1

Contents

INTRODUCTION 3

HOW CAN THE PLAN HELP YOU? 4

PLAN fLExIbILITY 7

HOW THE PLAN WORKS 8

DAVID AND JANE’S STORY 10

HOW YOUR PLAN IS INVESTED 16

YOU AND YOUR fINANCIAL ADVISER 18

AbOUT AxA LIfE INVEST 19

GLOSSARY 20

In this brochure we refer to other documents where you can find more information about AXA Life Invest’s Secure Advantage™ Retirement Solution – Lifetime Income Plan (the Plan or the Lifetime Income Plan). These documents are highlighted in bold. These documents are available from your financial adviser, or from us.

You should not make your decision about whether to take out this Plan based on this brochure alone, as it is not a full and complete description of the features, risks and charges associated with this Plan. We recommend that you read this brochure with your Personal Illustration and this Plan’s Key Features Document, and always take financial advice before deciding how to invest.

Important terms used In thIs BroChure

We use certain words and phrases in this brochure that have a particular meaning in relation to this Plan. They start with a capital letter, and we have defined them in the glossary on page 20.

anY QuestIons?

We recommend that you always speak to your financial adviser in the first instance about any questions you have about this Plan, before and after you become a Secure Advantage™ Planholder.

If you have a Secure Advantage™ Plan, you can also call us to discuss your Plan using the contact details on the back cover of this brochure.

What Is the LIFetIme InCome pLan?

The Lifetime Income Plan is a personal pension plan. With this Plan, you can withdraw a regular income for your retirement while leaving the rest of your retirement fund invested. The Plan has exposure to a range of investment assets, including shares in companies and bonds, which means the value will fluctuate, depending on how the investments perform. As a result, your income could go up over time.

Personal pension plans can be a tax-efficient way to invest for your retirement, although taxation depends on your circumstances and can change in the future.

Who Can taKe out the pLan?

You can take out this Plan if you (and your husband, wife or civil partner if the Joint benefit option is chosen) are aged between 45 and 75 years old and you are resident in the UK for tax purposes.

You must have at least £25,000 to invest in this Plan. You can do this by transferring an amount from any eligible pension scheme, or by making a personal contribution from your income or savings. A Payment from income or savings can include any basic rate tax relief to which you may be entitled.

before transferring any pension benefits to the Lifetime Income Plan, you should consider any guarantees or protected benefits you may be giving up, and any costs that may result when you transfer. Please see this Plan’s Key Features document for more information on some of these risks and discuss these with your financial adviser before transferring any pension benefits to us.

What do We Guarantee?

Once you (or if you have chosen the Joint benefit option, the younger of you and your husband, wife or civil partner) are 55 years old, from the date you choose we will pay you

Introduction

a minimum income each year for the rest of your life. This amount will be based on two factors:

your age when you start taking income (or, in the case of the Joint benefit option, the age of the younger of you and your husband, wife or civil partner); and

the value of your Income base (the notional amount we use to work out your income) on the date you start to take income.

This is explained in more detail on page 9.

The income is guaranteed no matter how the investments linked to the Plan perform, and no matter how long you live. If the value of the Plan reaches zero, the Guaranteed Income Payments will be made from the resources of AxA Life Invest. Your income will only go down if you:

make a transfer,

take an Additional Withdrawal,

pay amounts in respect of Ongoing or Ad hoc Adviser Charges; or

take a tax-free Lump Sum.

You can read more about this on page 7.

While we guarantee a lifetime income, the value of your Plan is not guaranteed. It can fall as well as rise in line with the performance of the investments linked to the Plan.

We take a charge for providing the Guaranteed Income Payments and the Death benefit. This will reduce the growth potential of your Plan.

The Lifetime Income Plan can help you protect and potentially grow your future retirement income for life.

What Is the JoInt BeneFIt optIon?

If you choose the Joint benefit option, at an additional charge, we will pay an income for as long as you or your husband, wife or civil partner are living. And we will pay the Death benefit after both of you have died, unless we pay it on your death at the request of your husband, wife or civil partner.

3

44

As life expectancy continues to increase, many more people will have a retirement that lasts 25 years or more. Today, there is nearly a 50% chance that at least one person in a couple aged 65 will live to the age of 89, and a 25% chance that one of them will live to the age of 93.1

While this is great news for all of us, it does mean you need to have sufficient income to fund the lifestyle you want throughout your retirement, no matter how long it may last. With the Secure Advantage™ Lifetime Income Plan, your income is protected when markets go down, and has the potential to increase when they go up.

the LIFetIme InCome pLan CouLd Be suItaBLe IF You:

are looking for a guaranteed income for life when you reach age 55, or a later date if you choose;

want the flexibility to choose when to take an authorised tax-free Lump Sum from your Plan, if you are aged 55 and over;

like the idea of your retirement fund being linked to different types of asset, including shares and bonds, giving your income the potential to grow;

want to make sure that, as a minimum, any value left in the Plan is paid as a Death benefit. You can find out more about this on page 15;

would like the flexibility to take Additional Withdrawals or to transfer part or all of your Plan to another provider. If you make a transfer or an Additional Withdrawal, your guaranteed income and Death benefit will reduce in proportion to the amount of your Plan transferred or withdrawn. You can find out more about this on page 7.

With the Lifetime Income Plan, you don’t have to choose between income security and growth potential.

1 Analysis carried out by AxA Life Invest based on UK mortality tables PCMA00 and PCfA00, provided by the Institute and faculty of Actuaries.

How can the Plan help you?

5

When you are preparing for your retirement, you will want to make sure that your investments are working as hard as they can now, so that you will have the income you want in the future.

Have the best of both worlds when you are preparing for your retirement.

At the same time, you may want to protect the income that you can create from the retirement fund you have already built up. If the markets fall at the moment you want to retire, you could receive a lower income from your investment than you expected.

What investment strategy to adopt is a dilemma facing many people approaching retirement, as each strategy comes with its own benefits, risks and limitations. However, with the Lifetime Income Plan, you don’t have to choose. This is because the Plan offers the possibility for growth, combined with the security of knowing today the minimum amount of income you can expect from the Plan in the future.

What are Your pre-retIrement Investment optIons?

Keep your current pension fund invested with a high

exposure to shares.

Keep your current pension fund invested in a selection of

lower-risk assets, such as bonds and cash.

Invest your fund in the secure advantage™ Lifetime Income plan, and guarantee a future

level of income from your retirement fund.

Could my future retirement income increase?

Yes Yes Yes

Is my future minimum retirement income protected even if the stock market falls?

no no Yes

Can I know today what my future minimum retirement income will be?

no no Yes

Can I change how my plan is invested?

Yes Yes Yes

The table above does not compare all aspects of the retirement investment options to be considered. It is not meant to give advice and you should always consult a financial adviser when considering if this Plan, or any other retirement product, is suitable for your needs.

Your Plan has an Investment Compartment and a Liquidity Fund. You can find out more about how the amounts you pay into the Liquidity Fund and the Investment Compartment are invested on page 16.

One Plan, two parts. More flexibility for you.

Plan flexibility

What happens IF I Want to taKe an amount out oF mY pLan?

As this is a personal pension Plan, there are rules about how and when you can take an amount out of your pension pot.

The Plan gives you the flexibility to:

take a tax-free Lump Sum to which you are entitled at any time after your 55th birthday;

take Additional Withdrawals (depending on HM Revenue and Customs limits);

transfer all or part of your pension pot to another pension provider, or buy an annuity with your pension;

ask us to pay an amount in respect of Adviser Charges from your Plan to your financial adviser (please see page 18 for more information).

The value of your Plan can fall as well as rise in line with the performance of the underlying investments. Therefore if you make a transfer to another provider the value of the amount you transfer is not guaranteed, and could be less than the amount you paid in. 1 If you take an amount out of your Investment Compartment, we will reduce the notional amount we use to work out your Guaranteed Income Payments (we call this the ‘Income base’) and Death benefit in proportion with the amount you have moved. This means, for example, if you switch 10% of your Investment Compartment, we will reduce your Income base by 10%.

Investment Compartment LIQuIdItY Fund

paYInG an amount In

The amount you pay into the Investment Compartment will be used to work out your Guaranteed Income Payments and Death benefit.

paYInG an amount In

You can choose to pay an amount into the Liquidity fund. You might want to do this if you intend to take an amount out of the Plan (for example, a tax-free Lump Sum or to pay an amount in respect of Ongoing and/or Ad hoc Adviser Charges).

taKInG Your InCome

When you start taking your income, your Guaranteed Income Payments will be paid out of your Investment Compartment into your bank account or, if you prefer, you can build up an amount in the Liquidity fund rather than receive income payments.

sWItChInG amounts

You can switch an amount from your Investment Compartment to the Liquidity fund as it suits your circumstances1. You cannot, however, switch an amount from the Liquidity fund into the Investment Compartment.

taKInG an amount out

You can choose to make a transfer, pay Adviser Charges or take an Additional Withdrawal or tax-free Lump Sum from your Investment Compartment1.

taKInG an amount out

According to your instructions we can pay out any amounts in respect of Ongoing and/or Ad hoc Adviser Charges, partial transfers, Additional Withdrawals or a tax-free Lump Sum from the Liquidity fund.

7

8

B) BeneFIt From our deFerraL Bonus Feature

If you decide not to take an income straight away, during the period before you do take an income, we will guarantee that your ‘Income base’ (the notional amount we use to work out your income payments) will increase each year by at least 4% (simple interest) of the amount you paid into the Investment Compartment. This is because, if your investments do not achieve a growth rate of 4%, we will add a 4% deferral bonus to your Income base each year.

We will reduce the amount of the deferral bonus proportionately if you take an amount out of your Investment Compartment (e.g. make a transfer, an Additional Withdrawal, or take an amount in respect of Adviser Charges, or for a tax-free Lump Sum). We will stop applying the deferral bonus when you start to take Guaranteed Income Payments, or on the tenth anniversary of the date you started the Plan.

an InCome that CouLd Go up, But not doWn

Your Investment Compartment is linked to a range of investment assets, which means it has the potential to increase in value. On each Plan anniversary, we will look to see if the value of the Investment Compartment has grown. If it has, this higher amount will be your new Income base. This means that your income could increase, but can never go down, unless you take an amount out of the Investment Compartment. Once Guaranteed Income Payments have started to be paid they cannot be reduced or stopped without surrendering the value of the Plan. However, if you prefer, you can build up an amount in the Liquidity fund rather than receive income payments.

Can I taKe a taX-Free Lump sum From mY pLan?

If you are entitled to a tax-free Lump Sum, you can take it at any time as long as you are aged 55 and over. If your tax-free Lump Sum is taken from your Investment Compartment, your Income base and Death benefit will be reduced to take account of the amount you have taken. This means, for example, if you take out 25% of the value of your Investment Compartment as a tax-free Lump Sum, we will reduce your Income base by 25%.

How the Plan works

pLan ahead and InCrease Your Guaranteed InCome

a) our Guaranteed annuaL InCome rates

The Guaranteed Annual Income Rate we use to work out your income payments is based on your age when you start taking income (or, in the case of the Joint benefit option, the age of the younger of you and your husband, wife or civil partner). Your personal Illustration will show you the Guaranteed Annual Income Rate that will apply to your Plan.

aGe When You start taKInG InCome

Guaranteed annuaL InCome rates

55 3.25%

56 3.35%

57 3.45%

58 3.55%

59 3.65%

60 3.75%

61 3.85%

62 3.95%

63 4.05%

64 4.15%

65 4.25%

66 4.35%

67 4.45%

68 4.55%

69 4.65%

70+ 4.75%

From the day you start the Plan, you will know the minimum amount of retirement income you can expect in the future.

We work out your Guaranteed Income Payments by multiplying a notional amount we call the ‘Income Base’ by the Guaranteed Annual Income Rate that applies to you.

the InCome Base

The Income base is a notional amount that we use to work out your Guaranteed Income Payments.

It is the amount paid into the Investment Compartment, increased at each Plan anniversary by the higher of either:

a deferral bonus that we work out based on 4% (simple interest) of the amount paid into the Investment Compartment; or

the difference between the current value of the Investment Compartment and the previous Income base.

These amounts will be reduced proportionately if you have taken an amount out of the Investment Compartment (e.g. to make a transfer, Additional Withdrawal, or to take an amount in respect of Ongoing or Ad hoc Adviser Charges or for a tax-free Lump Sum). We will only apply the deferral bonus for as long as you delay taking an income from your Plan, up to a maximum of ten years after the Plan has started.

To find out more about how we work out the Income base, please see the example on pages 12 and 13.

Note that we use the value of your Plan, not the Income base, to work out the amount that would be paid out if you request a partial or full transfer, the payment of an Additional Withdrawal or an amount in respect of Adviser Charges, or a tax-free Lump Sum from your Plan.

When do We WorK out the InCome Base?

We work out the Income base on the following dates:

when you pay an amount into the Investment Compartment;

on the Day before each anniversary of the date you started the Plan, using the value of the Investment Compartment on that day; and

when you ask us to take an amount out of the Investment Compartment (e.g. to make a transfer, an Additional Withdrawal, or to take an amount in respect of Adviser Charges or for a tax-free Lump Sum).

We work out your Income base, and therefore your Guaranteed Income Payments, on these dates only. This means that your Income base will not change until the next of these dates and any investment growth between these dates will not be taken into account.

What are the CharGes?

full details of the Charges we take from your Plan are set out in this Plan’s terms and Conditions and in your personal Illustration.

In particular, we take a Charge for providing the Guaranteed Income Payments and Death benefit. This is a percentage of the Income base and is set out in your personal Illustration. This charge will reduce the growth potential of your Plan.

For more InFormatIon

Please see this Plan’s terms and Conditions and Key Features document for more information about how the Lifetime Income Plan works.

9

Turn the page to find out more about David and Jane’s story

David and Jane’s story

David and his wife Jane are aged 58 and want to retire in 7 years’ time when they are 65.

In this hypothetical example, David’s existing £100,000 pension fund makes up a large proportion of their retirement fund. They want to protect the future pension income they will create from the fund they have already built up, but like many other couples, they want to try to grow their retirement fund over the next 7 years before they retire, as their fund is not sufficient to meet their future income requirements.

After discussions with their financial adviser, they transfer David’s £100,000 pension fund into the Secure Advantage™ Retirement Solution – Lifetime Income Plan. The Plan is set up on a Joint benefit basis at an additional charge. They don’t want to take any income until they are aged 65. David and Jane agree to pay their financial adviser separately for his advice, and so do not take any amounts in respect of Adviser Charges from the Plan.

The tables on the following pages show the performance of the Plan. Please note this is just an example and the fund performance shown isn’t an indication of what we think will happen in the future. It is not advice or a recommendation from us.

10

12

What happens to the Investment?

aGeat the end oF

amount paId Into the

Investment Compartment

vaLue oF the Investment

CompartmentInCome Base What’s happenInG?

58 DAY 1 £100,000 £100,000 £100,000 The Income base is set at £100,000.

59 YEAR 1 £93,000 £104,000 The value of the Investment Compartment falls. We add a 4% deferral bonus (£4,000) to the previous Income base.

60 YEAR 2 £101,000 £108,000 The value of the Investment Compartment at the end of Year 2 is £3,000 less than the previous Income base. We therefore apply the 4% deferral bonus and the new Income base becomes £108,000.

61 YEAR 3 £108,000 £112,000

The Investment Compartment value has grown and is now worth the same as the Income base at the end of Year 3. However, as the de-ferral bonus would result in a higher amount, the new Income base is increased to £112,000 (4% simple interest over three years).

62 YEAR 4 £117,000 £117,000

The value of the Investment Compartment at the end of Year 4 has increased, and it is £5,000 higher than the Income base at the end of Year 3. As this growth is greater than the increase in the Income base that would have resulted from the 4% deferral bonus, we add this growth to the previous Income base.

63 YEAR 5 £115,000 £121,000 The value of the Investment Compartment falls. We apply the 4% deferral bonus to the previous Income base.

64 YEAR 6 £126,000 £126,000


65 YEAR 7 £134,000 £134,000


When David and Jane are aged 65 and want to start taking an income, we take the Income base on the date income payments start and multiply it by the Guaranteed Annual Income Rate that applies (please see the table on page 8 for the full list of rates).

In this example,

Income Base x Guaranteed annual Income rate = Guaranteed Income payments

£134,000 x 4.25%1 = £5,695 each year

1 The rate in this example is 4.25% because David and Jane are both aged 65 when income starts. The Guaranteed Annual Income Rate will vary depending on your age (and that of your husband, wife or civil partner if you have chosen the Joint benefit option) when you start taking income.

During the first 7 years, the value of the Investment Compartment of the Plan rises and falls in line with the performance of the underlying investments. On each Plan anniversary, we work out the new Income base. If the value of the Investment Compartment has grown above the previous Income base and is higher than if we had applied a deferral bonus of 4% to the amount paid into the Investment Compartment, we will lock in this new higher figure. If the

value has fallen, we work out how much it would have increased if we had applied a deferral bonus of 4% (simple interest) of the amount paid into the Investment Compartment of the Plan. If this amount with the deferral bonus is higher, it will become the new Income base. This means that whilst David and Jane delay taking Guaranteed Income Payments, the Income base will continue to rise over time, regardless of how the investments perform.

What happens in the first 7 years of the Plan?

David and Jane’s story

13

What happens to the Investment?

aGeat the end oF

amount paId Into the


vaLue oF the Investment

Compartment

InCome Base

Guaranteed InCome paYment

(InCome Base X Guaranteed

annuaL InCome rate oF 4.25%)2

65 Year 7 £100,000 £134,000 £134,000 £5,695

66 Year 8 £132,000 £134,000 £5,695

67 Year 9 £131,000 £134,000 £5,695

68 Year 10 £130,000 £134,000 £5,695

69 Year 11 £137,000 £137,000 £5,823

70 Year 12 £124,000 £137,000 £5,823

71 Year 13 £125,000 £137,000 £5,823

72 Year 14 £124,000 £137,000 £5,823

73 Year 15 £115,000 £137,000 £5,823

74 Year 16 £117,000 £137,000 £5,823

75 Year 17 £116,000 £137,000 £5,823

76 Year 18 £116,000 £137,000 £5,823

77 Year 19 £108,000 £137,000 £5,823

78 Year 20 £108,000 £137,000 £5,823

79 Year 21 £105,000 £137,000 £5,823

80 Year 22 £96,000 £137,000 £5,823

81 Year 23 £91,000 £137,000 £5,823

In the 11th Plan Year, the investments perform well and the Income base increases. This means that the Guaranteed Income Payments increase too.

In the 12th Plan Year, the value of the Investment Compartment falls. However, we locked in the growth in the Income base in the previous year, so the income is protected.

David dies in the 18th Plan Year, aged 76. However, as the Joint benefit option was chosen, Jane is able to decide to continue receiving Guaranteed Income Payments for the rest of her life, even if the value of the Investment Compartment were to eventually reduce to zero.

The value of the Investment Compartment continues to rise and fall in line with the performance of the underlying investments. No transfers, Additional Withdrawals or tax-free Lump Sum are taken from the Investment Compartment.

We stopped adding the deferral bonus when we started to pay income payments. On each Plan anniversary, we look to see if the value of the Investment Compartment is higher than it was on a previous Plan anniversary.

If it has increased, we lock in this new higher figure as the Income base and the income increases. If it hasn’t increased, the Income base and therefore the income paid don’t change.

2 This is the amount of income that will apply from the start of the following Plan Year. The rate in this example is 4.25% because David and Jane were both aged 65 when income started. The Guaranteed Annual Income Rate will vary depending on your age (and that of your husband, wife or civil partner if you have chosen the Joint benefit option) when you start taking income.

What happens after that?

Protect your investment for your loved onesThe Death Benefit paid from this Plan is made up of two elements: the Investment Compartment element and the Liquidity Fund element.

15

taKInG an eXampLe:

A customer invested £75,000 into the Investment Compartment of his Plan. However, when he passed away his Investment Compartment was worth £50,000. The value of his Liquidity fund was £2,000. We had paid the customer Guaranteed Income Payments totalling £15,000 before he died.

£2,000


eLement

optIon 2 £75,000 - £15,000

£62,000

optIon 1 £50,000

£52,000

LIQuIdItY Fund eLement

or or+ =

death BeneFIt paId

Investment Compartment eLement

You have to choose the Death benefit option you want on your application Form. Once you have chosen it, you cannot cancel it or change it to another option. We work out each Death benefit as follows:

option 1 – standard death Benefit

The value of the Investment Compartment on the second Day after we receive written proof of death (such as the death certificate).

option 2 – enhanced death Benefit

The Death benefit will be the greater of:

The value of the Investment Compartment on the second Day after we receive written proof of death; and

The amount you paid into the Investment Compartment, less any Guaranteed Income Payments already paid out from the Plan. This amount will be reduced proportionately if an amount has been taken out of the Investment Compartment (e.g. to make a transfer, Additional Withdrawal, or to take an amount in respect of Adviser Charges or for a tax-free Lump Sum).

LIQuIdItY Fund eLement

The Death benefit amount will be the value of the Liquidity fund on the second Day after we receive written proof of death.

What aBout taX?

The Death benefit may be taxed, depending on your situation and may change in the future. Please speak to your financial adviser for more information.

JoInt BeneFIt optIon and the death BeneFIt

If you choose the Joint benefit option, we will normally pay the Death benefit after you and your husband, wife or civil partner have both died, unless we pay it on your death at the request of your husband, wife or civil partner.

What happens aFter We paY the death BeneFIt?

When we pay the Death benefit, the Plan will end and all Guaranteed Income Payments will stop.

for more information on the Death benefit options available with the Lifetime Income Plan please refer to this Plan’s terms and Conditions and speak to your financial adviser.

16

Working with your financial adviser, you can choose the Fund that most closely matches your investment aims.

The Lifetime Income Plan is unit-linked. This means the funds you invest in are divided into smaller parts called Units. When you invest into the Plan, it is used to buy Units in an investment fund. Your Plan is valued according to the price of the Units allocated to it, so if the Unit price changes, so will the value of your Plan. Please remember that the value of your Plan can fall and rise as a result of changes in market conditions and currency exchange rates.

If a bank or fund manager were to fail, because of the nature of this investment it is unlikely that you would be covered by any compensation scheme, including the UK financial Services Compensation Scheme. However, the guarantees provided by AxA Life Invest under this Plan would not be affected by the failure of the bank or fund manager. for more information, please read the ‘compensation’ section of this Plan’s Key Features document.

The Units allocated to your Plan are notional only, and therefore you do not own the assets of the funds or any of the actual Units in the funds. We use these notional Units solely to work out the benefits we will pay you under the Plan.

LIQuIdItY Fund

Any amounts held in your Liquidity fund will be invested in the AxA Life Invest (ALI) federated Prime Rate Sterling Liquidity fund.

The fund aims to preserve capital and liquidity by investing in a diversified portfolio of high-quality short-term debt and fixed income securities, denominated in pounds sterling. While investing in the Liquidity fund is lower risk, when compared with many other types of investment, it does not guarantee your capital. for more information about the risks of investing in the Liquidity fund, please refer to the ‘risks’ section of this Plan’s Key Features document.

The fund Management Charge is 0.31% of the value of the fund each year.

How your Plan is invested

Investing can be risky. So when deciding to invest you should remember that while your income is guaranteed for life, the value of your Plan can go down as well as up and is not guaranteed.

17

eXposure to 40/60 Fund ComposItIon 50/50 Fund ComposItIon 60/40 Fund ComposItIon

UK stock market 14.3% 17.9% 21.4%

Eurozone stock markets 5.6% 7.0% 8.4%

US stock market 15.9% 19.9% 23.9%

Japanese stock market 2.6% 3.2% 3.9%

Asia (excluding Japan) stock markets 1.6% 2.0% 2.4%

UK Government bonds 15.4% 12.8% 10.2%

Eurozone Government bonds 17.4% 14.5% 11.6%

US Government bonds 17.6% 14.7% 11.8%

Global Corporate credit 9.6% 8.0% 6.4%

Fund manaGement CharGes

The fund Management Charge is 0.5% of the fund value each year.

eXperIenCed Fund manaGement From aLLIanCeBernsteIn

Alliancebernstein manage our investment range. Alliancebernstein’s global presence, breadth of services and research excellence mean they offer a full range of investment solutions to meet their clients’ and investors’ diverse needs. Their investment team follow centralised and consistent processes, using specialist research tools which combine a full analysis of different types of asset with economic, currency and other specialised research.

the aLI aB GLoBaL strateGY 40/60 GBp Fund

maXImum 40% eXposure to share-Based Investments

The fund seeks to achieve the highest total return consistent with what the investment manager determines to be a reasonable level of risk, given the fund’s target asset allocation and taking into account the financial market conditions. This fund is designed for investors who seek moderate capital growth and are prepared to accept limited risks.



The fund seeks to achieve the highest total return consistent with what the investment manager determines to be a reasonable level of risk, given the fund’s target asset allocation and taking into account the financial market conditions. This fund is designed for investors who seek capital growth and are willing to accept medium risks.



The fund seeks to achieve the highest total return consistent with what the investment manager determines to be a reasonable level of risk, given the fund’s target asset allocation and taking into account the financial market conditions. This fund is designed for investors who seek capital growth and are willing to accept the risks associated with the highest exposure to equity markets available with Secure Advantage™.

The information in the table is correct as at 30th May 2013, and is subject to change.

These investment funds have exposure to different types of asset, such as shares, government bonds and corporate credit.

Each fund has a target volatility level, and the asset allocation within each fund is continuously monitored and adjusted when necessary by a team of investment experts. This means

that, depending on the volatility observed in the market, the fund will increase or decrease its exposure to more ‘risky’ investment assets to ensure that it stays within its target volatility level.

Under this Plan, there are restrictions on the funds you can invest in and the overall exposure your Plan will have to

share-based investments. This means you may experience lower growth than if you had exposure to more share-based investments.

The Investment Compartment Fund Range

eQu

ItIe

sFI

Xed

In

Co

me

You and your financial adviser

18

An Adviser Charge is a fee that you agree to pay to your financial adviser in return for the advice and related services you receive from them. You and your adviser will agree on the amount of any Adviser Charge, and how you will pay it. The advice you receive and any Adviser Charges you must pay are separate from this Plan and are in addition to its charges.

tYpes oF advIser CharGe

If you ask us to, we can take amounts in respect of Adviser Charges from your Plan and pay them to your financial adviser in the following ways:

InItIaL advIser CharGe

This is a fee you agree to pay to your adviser when you invest into the Plan for their advice and any related services in connection with the Plan. If you ask

us to take an amount in respect of an Initial Adviser Charge, we will take it from your Payment into the Plan before we invest it in the funds you have chosen on your application Form. This means that your Income base will be based on the amount paid into the Investment Compartment, after any amount in respect of an Initial Adviser Charge has been paid.

onGoInG advIser CharGe

This is a regular fee you agree to pay to your adviser for the ongoing advice or related services you receive in connection with the Plan. You can ask us to pay an amount in respect of an Ongoing Adviser Charge every month, three months, six months or yearly, and these payments can be stopped, re-started and modified, or paid for a fixed period of time.

You can ask us to pay an amount in respect of an Ongoing Adviser Charge from either the Liquidity fund or the Investment Compartment. Where this amount cannot be taken in full from the source you have chosen, we will take the balance from the remaining funds available within your Plan.

ad hoC advIser CharGe

This is a one-off fee you agree to pay to your adviser for advice or related services that they provide in connection with the Plan.

amounts In respeCt oF advIser CharGes

We will carry out your request to take amounts in respect of Adviser Charges from the Plan if there is a sufficient amount in your Plan to do so.

Please note that we reserve the right not to carry out a request to pay amounts in respect of Adviser Charges if we reasonably believe that to do so would make it less likely that the Plan will perform in a way that you expect.

eFFeCt oF taKInG amounts In respeCt oF advIser CharGes From the Investment Compartment

If an amount in respect of an Adviser Charge is taken from the Investment Compartment, it will immediately reduce the Income base (and therefore your Guaranteed Income Payments) and Death benefit in proportion to the amount taken.

You can pay your financialadviser separately for theiradvice, or you can ask us totake amounts in respect of Adviser Charges from your Plan.

About AXA Life Invest

aBout aXa LIFe Invest

Since we started writing business in 2006, the total number of policies in force has grown to over 316,000, with gross annual premium income of €693 million and assets under management of €2.1 billion (all figures as at 31st December 2012). Please note that past company performance is not a guide to future performance.

authorIsed and reGuLated

The Secure Advantage™ range of plans is underwritten by AxA Life Europe Limited. AxA Life Europe Limited, trading as AxA Life Invest, is authorised by the Central bank of Ireland, and is subject to limited regulation by the financial Conduct Authority. Details about the extent of our regulation by the financial Conduct Authority are available from us on request.

Important InFormatIon

The guarantees provided by this Plan are provided only by AxA Life Invest. The only circumstance where the guarantees would not be available would be if AxA Life Invest were to become insolvent. If this were to happen the benefits from your Plan would be affected. Please see this Plan’s Key Features document for more information.

AXA Life Invest are experts in providing investment and retirement solutions to customers throughout Europe.

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Glossary

CertaIn Words used In thIs Customer BroChure have the partICuLar meanInGs desCrIBed BeLoW

ad hoC advIser CharGeA one-off charge that you agree to pay your financial adviser after the Plan has started for advice or related services that they provide to you in connection with the Plan.

addItIonaL WIthdraWaLsAny extra income you withdraw other than your income payments or a Death benefit.

advIser CharGeA fee that you agree to pay to your financial adviser in return for the advice you receive from them.

daY A day which is a trading day in relation to the relevant fund, as set out in the Fund Factsheet for that fund.

death BeneFIt The benefit that is paid on the death of the person who takes out this Plan (or the later death of their husband, wife or civil partner if the Joint benefit option is taken). You can find out more about the Death benefit available with this Plan in this Plan’s terms and Conditions and the Key Features document.

FundA pool of investments that is managed by a fund manager. Each fund has different investment aims, and follows different investment strategies.

Guaranteed annuaL InCome rateThe percentage of the Income base that you will receive as income each year.

Guaranteed InCome paYmentsThe amount of guaranteed income paid each year from the date you start to take income, until a Death benefit is paid or the Plan ends. You may have to pay income tax on your income payments. These are sometimes referred to as ‘Regular Payments’ in this Plan’s terms and Conditions.

InCome BaseThe notional amount we use to work out your Guaranteed Income Payments.

InItIaL advIser CharGeA fee that you agree to pay to your financial adviser when you invest in this Plan for their advice and any related services in connection with the Plan.

Investment CompartmentThe part of your Plan that we use to work out your guaranteed benefits (such as your Guaranteed Income Payments and Death benefit). The amount you pay into the Investment Compartment is invested in one of the funds detailed on page 17.

JoInt BeneFIt optIonAn option, at an additional cost, that can provide an income for your surviving husband, wife or civil partner after your death. With this option the Death benefit is paid either after the Planholder has died or after the Planholder and their husband, wife or civil partner have both died.

LIQuIdItY Fund The part of your Plan that is paid into the AxA Life Invest (ALI) federated Prime Rate Sterling Liquidity fund. The Liquidity fund is not used to calculate the guarantees under this Plan. You can tell us on your application Form how much (if any) of your Payment you want to invest in the Liquidity fund.

onGoInG advIser CharGe A regular fee that you agree to pay to your financial adviser in return for their ongoing advice and any related services in connection with the Plan.

paYmentThe amount you invest in this Plan, after any tax-free Lump Sum has been paid. This amount can include any basic rate tax relief you are entitled to. You must make sure that you include all the Payments you want to make or transfer into this Plan on your application Form. You will need to open a separate Plan if you want to make further Payments that were not included on the application Form.

pLan The Secure Advantage™ Retirement Solution – Lifetime Income Plan.

pLan CharGeA general term relating to any of the charges taken for the administration and management of the Secure Advantage™ Retirement Solution – Lifetime Income Plan and its underlying investment funds. These are set out in the ‘Plan Charges’ section of this Plan’s terms and Conditions.

pLan Year Each 12 month period starting on the date you start the Plan and each anniversary of this date thereafter.

taX-Free Lump sumA Lump Sum (less any Lifetime Allowance Charge that may be due), that you can take out of your Plan when you are aged 55 or over. This is called a ‘Lump Sum’ in this Plan’s terms and Conditions.

unItA notional entitlement to assets held in a fund that allows us to work out the value of your Plan and the benefits we will pay to you.

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PUKCbRSLI1303AxA 09/13

Contact us

FInanCIaL advIser

If you would like to learn more about our products and investments, or require any advice or further information, we recommend that you speak to a financial adviser.

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. Please ask your financial adviser for full details of these charges.

If you do not have a financial adviser you can find one in your area by contacting the Institute of financial Planning on 0117 945 2470 or at www.financialplanning.org.uk

Telephone 0800 3680221Email [email protected]

Further InFormatIon

If you wish to obtain information on an existing Secure AdvantageTM Plan or would like to discuss an application which has already been sent to us, you can contact us as follows:

teLephone

0800 3680221 Available 9am to 5pm, Monday to friday.

As part of our commitment to quality service and security, telephone calls may be recorded.

emaIL

[email protected]

Please be aware that emails are not secure as they can be intercepted, so think carefully before sharing personal or confidential information in this way.

address

AxA Life Invest 3rd floor, Guild House, Guild Street, IfSC, Dublin 1, Ireland.

The Secure Advantage™ range of plans is underwritten by AxA Life Europe Limited. AxA Life Europe Limited, trading as AxA Life Invest, is authorised by the Central bank of Ireland, and is subject to limited regulation by the financial Conduct Authority. Details about the extent of our regulation by the financial Conduct Authority are available from us on request. Registered in Ireland under number 410727. Head office: 3rd floor, Guild House, Guild Street, IfSC, Dublin 1, Ireland. Member of the AxA Group.

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