Account dealing and switching

Please search for the 'Standard Life Smoothed Return Pension Fund'.

No, the 'Standard Life Smoothed Return Pension Fund' (and the Standard Life Smoothed Return Feeder Pension Fund) is not available within a Capped Drawdown Account. However, it is available within a Flexi Access Drawdown Account.

No, a client is not able to sell from the feeder fund apart from in the following circumstances: cancellation rights exercised, transfers out, death of the client, deal corrections or serious ill-health benefits.

There is no formal minimum investment.

Buys as part of a lump sum, regular Savings Plan, cash transfer or switch in.

A holding will be shown to two decimal places.

No you cannot link the smoothed fund to a model.

A client can only have one Pension Savings Account. However, they can open multiple Pension Drawdown Accounts so they could do this when they move into the decumulation phase.

Three transactions (ad-hoc lump sums, UFPLS and transfers out) will all be subject to the 10 working day delay in the future. We will notify you when these delays are going to become applicable.

Yes, this is possible.

Yes, the switch process will be the same as for any other investment. The only difference is the money from the switch will go into the feeder fund before being moved into the Standard Life Smoothed Return Pension Fund 12 days later.

A switch out of the Standard Life Smoothed Return Feeder Pension Fund directly into 'Exchange-Traded' Investments is not possible. Money from the Standard Life Smoothed Return Feeder Pension Fund needs to be switched to Fidelity Pension Cash first and once this transaction has settled the client will then be able to buy Exchange Traded Investments.

The deal cut off time is 10.00am.

When switching out of or selling from the 'Standard Life Smoothed Return Pension Fund ', there will be a delay of up to 10 working days between the instruction and the actual transaction.

Only one sell or switch instruction for the Standard Life Smoothed Return Pension Fund is allowed in any 90 calendar-day period. If an instruction to sell or switch from an account has been placed in the past 90 days, a further instruction cannot be placed until 90 days have passed since the submission of the initial instruction.

Sell instructions for the Standard Life Smoothed Return Pension Fund  are converted into percentage of units before the instruction is placed and are subject to changes in value over time. Please note, when submitting an instruction to sell from the Standard Life Smoothed Return Pension Fund, the actual instruction will be delayed for 10 working days. The actual sum received by your client may therefore differ from the instruction amount placed.

When switching out of or selling from the 'Standard Life Smoothed Return Pension Fund ', there will be a delay of 10 working days between the instruction and the actual transaction. The fund will then settle after 4 working days (T+3) when Fidelity will then pay to proceeds to your client's bank account.

No, the 10 working day delay does not apply to regular income payments.

Switches or a sell to cash

There are a number of transactions where the 10 working day rule does not apply. These are:

• Regular income payments (i.e. where automated income transactions are set up and processed by the platform)
• Pension Commencement Lump Sums
• Lump sum death benefits
• Serious ill-health benefits
• Small pension pot payments (up to £10,000)
• Deduction of Fund charges
• Facilitation of adviser charges
• Customers exercising their right to cancel their Fidelity Pension
• Plus customers subject to a Pension Sharing Order

The fund manager requires this feature to be in place in order to be able to provide the smoothing mechanism for the Smoothed Return Pension Fund.

There will be no delay where an initial Pension Commencement Lump Sum is taken.

There is no delay for regular taxable income. However, there will be a delay for ad-hoc taxable income.

This is in order to prevent other sells or switches from being delayed.