Pension App Ltd is a company registered in England and Wales with company number 14373601 (in these terms and conditions Pension App Ltd will be referred to as “Pension App”, “we”, “us”, “our”, or in similar language). Pension App Ltd. is authorised and regulated by the Financial Conduct Authority under registration number is 986413. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
The Pension App Pension Scheme (as defined herein) is a pension registered with HMRC under Chapter 2 of Part 4 of the Finance Act 2004. The Pension App Pension Scheme allows customers to invest their monies in one of a variety of plans.
This document should be read in conjunction with the Provider Terms and Conditions document which can be found at pensionapp.com/provider-terms-and-conditions.
By ticking "I have read and understand the Privacy Policy, Terms and Conditions, Provider Terms and Conditions, Transfer Declaration, Fees Guide, Key Features, Fund Factsheets and I am a UK resident and a UK tax resident." on our website or app you agree to the terms and conditions within this agreement.
Pension App Ltd. (Pension App) does not provide pensions, financial, regulatory, legal, tax or other investment advice or recommendations with respect to any Pension App Plan (as defined herein), under these Terms or otherwise. Nothing on the Pension App website or in any communications from us should be construed as pensions, financial, regulatory, legal, tax or investment advice.
You must make your own investment decisions as to whether to invest in the Pension App Pension Scheme. Any advice received from third-party advisers is obtained by you independently of Pension App and will be separate to these Terms and not form part of any contractual or other legally binding arrangements between you and Pension App Limited. Pension App provides the Pension App Services (as defined herein) strictly and exclusively at your direction.
Any investments provided through any of the Pension App Services can go down in value as well as up. Pension App will not be responsible for any losses you incur or any tax liabilities which arise as a result of your use of any of the Pension App Services or investments in any Pension App Plan.
These terms and conditions apply in their entirety to all Contracts (as defined below). We have separated the terms into different sections based on the Service(s) to which they most closely relate, however this is done only for convenience and this shall not limit the scope, applicability, or interpretation of any specific clause.
Pension App is an execution only service provider, meaning it is up to you to decide if Pension App is right for you. If you are uncertain, you may wish to consider obtaining the appropriate financial, tax and legal advice as appropriate.
Past performance is not necessarily a guide to future performance.
These Terms and Conditions together with your “application form” (as defined herein) create a legally binding agreement between you and Pension App for the operation and management of your Pension App Plan. The Pension App Services are offered in line with the terms of the Scheme Rules as defined herein which are incorporated in these Terms and the Pension App Key Features Document. Where there is a discrepancy between these Terms and the Scheme Rules, the Scheme Rules shall prevail.
These Terms are an important document upon which we intend to rely and set out key contractual terms and conditions that shall be legally binding upon you for any Pension App Services you use. Please read these Terms carefully and ensure you understand them and are happy with their contents before you proceed to use any of the Pension App Services.
For your own benefit and protection, you should consider whether seeking specialist advice from a financial adviser and/or solicitor would be appropriate for you in determining whether to use any of the Pension App Services. If you require any further information on these Terms or any of the Pension App Services please contact us on the contacts given on the Pension App Website at pensionapp.com.
If you do not agree with any of these Terms, you should not use the Pension App Services.
In addition to these Terms, you also need to read and ensure you understand the relevant fact sheets and disclosure documents for any Pension App Plans (as defined herein) you are considering investing in, which documents are available on the Pension App Website.
Account: your online account set up through the Pension App Website or Pension App Mobile App by entering your name and email address.
When you set up your Account, you will receive a login giving you online access to your Account through the website and the Pension App Mobile App. Through your Account, you can track the progress of the Pension App Tracing Service, check the status of any pending transfers, view your Pension App Personal Pension balance, initiate the addition of contributions, initiate withdrawals and perform other administrative actions. These actions are subject to the Terms.
Application Form: The webpage(s) and on-line forms where you enter the information required in order to set up a Pension App Plan. The information collected is determined by the nature of the Pension App website or Pension App Mobile App. This application form will require you to fill out details such as your email address and mobile telephone number.
BlackRock: the firm responsible for investing the money held in each Pension App Plan. BlackRock is responsible for all of the Pension App Plans.
BlackRock are authorised and regulated by the Financial Conduct Authority.
Direct Wealth Management Ltd: Direct Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 765903.
Pension App is an appointed representative of Direct Wealth Management Ltd As an appointed representative, Direct Wealth Management Ltd. is responsible for ensuring that all services provided through Pension App meet the standards set out by the FCA.
Financial Services Register: You can check each firm on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
FSCS: the Financial Services Compensation Scheme, established under the Financial Services and Markets Act 2000, becoming operational on 1 December 2001, implementing the Prudential Regulation Authority (PRA) and Financial Conduct Authority rules for compensation payments upon a failure of certain regulated financial service businesses.
Pension App: Means either of the following as the context requires:
The Pension App Mobile application software, the data supplied with the software, and any updates or supplements to it; and/or
Our website at pensionapp.com.
Pension App is an appointed representative of Direct Wealth Management Ltd. and regulated by the FCA under registration number 986413.
Pension App is only permitted to offer pension products and the investments held within these pension products. The investments are restricted to three BlackRock Consensus funds (the Plans).
Pension App Transfer Service: the service provided by Pension App that combines your existing pensions into your chosen Pension App Plan once you give us permission to do so.
Pension App Tracing Service: the service provided by Pension App that helps you locate your existing pensions in order to proceed with the Pension App Transfer Service.
Pension App Mobile Application (Pension App Mobile App): Our application designed for a mobile phone and accessed under the rules of the App Store (Apple) or the Google Play Store.
Pension App Pension Scheme: the registered pension plan governed by these Terms and the Rules into which you will have the option of transferring your existing pensions. Your investment into the Pension App Pension Scheme is referred to in these Terms as “your Pension App Plan”.
Pension App Services: all of the services offered on or via the Pension App Website or Pension App Mobile App, however accessed, including, without limitation:
the Account;
the Pension App Mobile App;
the Pension App Tracing Service;
the Pension App Transfer Service;
the Pension App Pension Scheme and any Pension App Plans made available pursuant to the Pension App Pension Scheme;
any other service, facility, or information, that may be added to these Terms from time to time; and
any other service, facility, or information, that is provided that is ancillary to any of the items listed above in paragraphs (i) through to (v) (inclusive), each of which is accessible through a variety of devices including the Internet or any mobile phone application.
Pension App Plans: each of the options for pension plans available to you as part of the Pension App Pension Scheme; with the pension plans currently offered available on the Pension App Plans Page.
In these Terms, the Pension App Plan you choose to invest in is referred to as “your Pension App Plan“.
Pension App Website: the website operated by Pension App, located at pensionapp.com.
Quai Investment Services Limited (Quai): Quai provide the pension scheme and the associated services. Their FCA registration number is 922590. You can find further information on Quai Investment Services Limited at pensionapp.com/provider-terms-and-conditions.
Rules: the trust deed and rules, establishing the Pension App Pension Scheme, dated 25 November 2022 as amended and restated from time to time.
Terms: these terms and conditions, as amended or restated, from time to time.
Working Day: any day on which banks are generally open for business, except: (i) a Saturday or Sunday, (ii) any other day which the Asset Manager managing your Pension App Plan, has declared not to be a dealing day; between the hours of 9.30am until 5pm (Monday to Friday).
3.1. When you complete the online application screen on our Website or in our Mobile App you are agreeing to open an Account and agree with the terms of the Contract (including the Pension App Pension Scheme Terms and Conditions referred to herein).
3.2. When you apply to open an Account we will perform certain checks and process your personal data in accordance with your privacy notice located at pensionapp.com/privacy-policy. We may require further information or documents in order to verify your identity and perform our security checks. We reserve the right to decline an application to open an Account at our sole discretion if we are unable to satisfactorily verify your identity or complete our security checks.
3.3. The decision to transfer any or all of your pensions to the Scheme is yours and yours alone and Pension App does not provide any advice or recommendations in respect of any such transfer or the suitability of any particular product for you. You must evaluate the terms of the Scheme and the benefits of transferring your pensions to it yourself (taking appropriate third party independent financial advice where relevant).
4.1. We will undertake a free of charge trace of your existing pensions in order to transfer these to the Scheme in accordance with Section 5 below (the “Transfer Service”), and in order to do this we will require your written authority to approach the relevant providers. Any delay in providing, or failure to provide, such written authority (or any other assistance which we might reasonably require) may result in delays, or the inability to provide, the Tracing Service.
4.2. The Tracing Service shall be performed using the information which you provide to us about yourself, your work and pension history, and any other relevant information which you provide. You must ensure that all information is true, accurate, and correct to the best of your knowledge otherwise our ability to perform the Tracing Service may be negatively affected.
4.3. The Tracing Service is by its nature one where the details of every pension provider may not be known at the start, so in order to speed up the process we will request that you sign a general letter of authority allowing us to approach any pension providers whose details you provide to us together with any pension providers who, as a result of our tracing investigations, we subsequently reasonably consider you may hold pensions with (for example, where we investigate and uncover details of pension schemes/providers that your previous employers have used, following a SERPS trace with HMRC, etc) and provide them with a letter of authority for them to provide us with your pensions information. By asking us to locate your pensions, you approve our usage of our standard letter of authority, which may contain an electronic or physical (wet ink) copy of your signature. You provide authorisation that we may generate a wet signature from your digitally rendered signature for the purpose of transferring your pension.
4.4. Where you instruct us to undertake the Tracing Service we will do so using the personal data which you have provided to us. Further information relating to how we will use your personal data for this purpose is set out in our privacy notice located at pensionapp.com/privacy-policy.
4.5. Whilst we will use our best efforts to perform the Tracing Service, we make no guarantee that we will be able to find and locate each and every pension that you may have. As an when pensions are traced these will be shown in your Account together with their status and, to the extent that the information set out in your Account relating to those pensions is based on the information provided to us by third party pension providers, we accept no liability for any errors in your Account which arise due to incorrect information provided to us by such providers.
4.6. It is not possible to only sign up for the tracing service, however you can cancel any transfers which you have instructed us to carry out on your behalf up to 30 days after the date the transfer was completed to Pension App. Cancelling your Plan within the statutory cooling off period will result in our transferring your pensions back to your previous provider, assuming they are willing to accept the pension again.
4.7. Where units in the underlying investment in your Pension App Plan are sold to make a payment to you (whether upon transfer to a new pension provider or otherwise), you may suffer a shortfall between the amount you invested and the value you get back after cancellation of the units. This shortfall may arise from a decrease in the value of the underlying investment of your Pension App Plan from the prices at which you invested (which variations reflect the performance of the relevant Pension App Plan over that period), as well as deductions on account of management fees and potentially transaction fees from the balance of your Pension App Plan before you receive a payment. Any shortfall will be borne by you.
5.1. Following completion of the Tracing Service in respect of each pension, we shall arrange the transfer of any pensions that we locate to the Scheme (the “Transfer Service”) on the terms and conditions set out in this section.
5.2. Using the information obtained through the Tracing Service we shall automatically contact the relevant pension providers requesting that they transfer your pension to the Scheme and use our reasonable endeavours to facilitate and complete such transfer, however our ability to do so is dependent upon the agreement and assistance of the relevant provider and you agree to provide us with such assistance as is necessary to request or compel the relevant provider to transfer your pension. When we commence the Transfer Service certain pension providers may contact you to confirm that you wish to transfer your pension to the Scheme or ask you for further information. You agree to confirm that you wish to make such transfer and you shall provide such further information to such provider as might be necessary to complete the Transfer Services. Under no circumstances shall we be liable for any failure, delay or error caused by you or the relevant provider in respect of the Transfer Service.
5.3. Please note that the transfer of your pension to the Pension App pension scheme may result in your existing pension provider adding additional fees, deducting penalties from your fund value, and/or other charges being incurred and/or benefits and/or features being lost. You must ensure that you understand the precise amounts and nature of these items before Pension App transfer your pension(s), as you alone shall be responsible for any and all such charges or losses incurred as a result of a loss of any benefits or features and Pension App accepts no responsibility or liability in respect of the same.
5.4. Please note that under no circumstances shall you be entitled to transfer any pension that you have relating to your current employer where active contributions are being paid and should you provide us with the details of any such pension we shall not transfer the same to the Scheme.
6.1. The set up and operation of the Scheme are subject to the Pension App Pension Scheme Terms and Conditions which are available for viewing via the sign up screen or at pensionapp.com/terms-and-conditions.
6.2. Your participation in the Scheme shall only commence once the first pension that we trace has successfully transferred to the Scheme.
6.3. We allow flexi-access drawdown facility in respect of the Scheme.
By downloading and using the App you agree to these terms. If you do not agree to these terms do not download and use the App.
Licence
7.1. We license you to use:
the App.
the related online documentation (Documentation).
the Service or Services you connect to via the App and the content we provide to you through it as permitted in this section.
The App Store (Apple) and Google Play Store terms also apply.
7.2. The ways in which you can use the App and Documentation may also be controlled by the rules and policies of the App Store (Apple) and Google Play Store. Those rules and policies will apply in respect of your use of the App and Documentation instead of these terms where there are differences between the two and those rules and policies apply.
These Terms apply to any Pension App Service, including where you are in receipt of any services supplied by our partners in the course of delivering any Pension App Service. These Terms are applied consistently to all customers holding a Pension App Plan.
8.1. When you first Open your Pension App Account
By entering your email details on the Pension App Website or Pension App Mobile App you are agreeing to open an Account and to be bound by these Terms to the extent they apply to your use of the Pension App Services.
8.2. When you acquire a Pension App Plan
By proceeding to consolidate your existing pension into one of the Pension App Plans or opening a new pension, you agree to the application of all of these Terms to you and your Pension App Plan and any Pension App Services provided to you whether before or after the date of you first obtaining a Pension App Plan.
There is no minimum length to our agreement under these Terms. Should you wish to end your agreement with Pension App, you should inform us in writing. We reserve the right to amend these Terms in accordance with Section 10 (Changes to these Terms).
You: You must be aged 18 or over to use any of the Pension App Services. You will be treated as a “Retail” customer under the Financial Conduct Authority rules, which means you benefit from the highest level of investor protections under those rules.
Pension App: Pension App Limited, a company incorporated and registered in England, registered office at Riverside, Mountbatten Way, Congleton, Cheshire, CW12 1DY (registered in England, Company Registration No. 14373601) and where referred to in these Terms includes each of Pension App Limited’s directors, officers, employees, agents, advisers, authorised representatives and corporate affiliated entities. Pension App and its directors, officers, employees, agents, advisers, authorised representatives and corporate affiliated entities shall be entitled to enforce these Terms as if each of them were a party to these Terms. Pension App is authorised and regulated by the Financial Conduct Authority (FRN:986413 ). We may appoint any person (whether connected to Pension App or not) to assist us or perform any or all of our functions or responsibilities under these Terms, but only if this does not offer you a poorer service and if your rights are not prejudiced by the assignment.
The Pension App Services may also be provided by any group companies of Pension App.
In this agreement, “we” and “us” will be taken to mean any and all of Pension App, who provide you with one or more of the Pension App Services either individually or as a group unless otherwise specified in these Terms.
Quai Investment Services Ltd (Quai): Quai Investment Services Ltd., a company incorporated and registered in England, registered office at 16 Tesla Court, Innovation Way, Lynch Wood, Peterborough, Cambridgeshire, PE2 6FL (registered in England, Company Registration No. 9919243) and where referred to in these Terms includes each of Quai Investment Services Limited’s directors, officers, employees, agents, advisers, authorised representatives and corporate affiliated entities.
Quai Trustees Limited: Quai Trustees Ltd., a company incorporated and registered in England, registered office at 16 tesla Court Innovation Way, Lynch Wood, Peterborough, Cambridgeshire, PE2 6FL (registered in England, Company Registration No. 11821001) and where referred to in these Terms includes each of Quai Trustees Limited’s directors, officers, employees, agents, advisers, authorised representatives and corporate affiliated entities.
Quai Trustees Limited is the Trustee of the Pension App Pension Scheme and is a bare trustee with responsibility for holding the assets of your Pension App Plan, separate to its own assets.
10.1. These Terms will be amended or supplemented to detail any additional Pension App Services that are offered from time to time in the future.
10.2. You should not seek to utilise any Pension App Service or open a Pension App Plan without first reading, in conjunction with these Terms, and understanding and determining the appropriateness to you and your investment decision, the following:
the Key Features Document for the Pension App Pension Scheme;
the relevant factsheets and other disclosure documents for the Pension App Plan you are considering choosing as your Pension App Plan, including our disclosures on transaction costs; and
the Pension Scheme Rules (Scheme Rules).
The documents listed in (i) and (ii) above are each available on the Pension App Website.
10.3. We reserve the right, in our absolute discretion, to refuse to deliver any one or more Pension App Services to you.
10.4. It is a priority of Pension App to protect your Account and any of your personal data provided to us for your Account. Pension App applies security and authentication procedures whenever you access your Account which procedures have been introduced to prevent unauthorised users gaining access to your Account or your personal details. You will be required to comply with these security and authentication procedures whenever you are accessing your Account; any failure to comply will result in a loss of access to your Account. Pension App reserves the right to amend these procedures and introduce additional security and authentication procedures from time to time to reflect new technologies and take account of improvements in recommended security protocols.
10.5. If at any time you are unable to comply with Pension App’s security and authentication procedures whether due to a loss of your mobile, internet access issues or for any other reasons, you should get in touch with your Account contact at Pension App as soon as possible to discuss alternative security and authentication procedures for your Account.
10.6. Pension App’s current security and authentication procedures will require that you provide us with your mobile telephone number when you set up your Account. To which mobile telephone Pension App will send a unique six-digit security code by text message to allow you to access your Account securely. You agree that the mobile telephone number you provide us to receive text messages is registered in your name and only you have access to it. If you provide inaccurate mobile telephone contact details or lose access to the mobile telephone contact details you provided to us, you will not be able to pass our security and authentication procedures and will not be able to access your Account.
10.7. You agree you will tell Pension App of any change to your mobile telephone number or if you have ceased to have access to that number. Pension App is not liable for any loss of access to your Account or unauthorised access to your account should you not provide us with this information and promptly update it as needed.
10.8. By providing Pension App with your contact details, including mobile telephone number, email or other social media contacts you agree to Pension App contacting you for the purposes of giving you reminders, updates, information requests, and general correspondence regarding your progress through and our delivery of the various Pension App Services (including reminders to commence the Pension App Services).
10.9. Initiating the Account opening process does not necessarily mean that you will be able to invest in a Pension App Plan or be able to use any of the other Pension App Services. We undertake various checks to protect both our customers and ourselves from fraudulent activity, as well as complying with regulatory requirements for the Pension App Plan. We can only proceed to offer you any further Pension App Services once our internal procedures are satisfied. These checks may include verifying your identity with an external provider, including credit reference agencies (Please Note: the checks will not affect your credit score), the Electoral Register or information from utility groups (e.g. electricity providers). By opening an Account you agree to allow us to perform these checks. Following these checks or for any other reason, in our absolute discretion, we may decline to let you use the Pension App Services, and you agree that we are not required to provide you with any details of any decision to refuse to provide you with one or more Pension App Services. We may need to carry out similar checks throughout the lifetime of your investment in a Pension App Plan and use of Pension App Services.
10.10. We take the security of your information very seriously. See further details of our security processes for information you provide to us in our Privacy Policy.
10.11. We cannot promise that we will be able to locate any or all of your pensions.
10.12. While we will always take reasonable measures to ensure the accuracy of the information we provide you, we are unable to guarantee the accuracy of information from third parties provided in relation to your existing pensions. We do not accept liability for any default or mistakes by any third party who has provided us information about your pensions or resulting mistakes or inaccuracies.
10.13. You are welcome to contact us with clarification questions. To comply with regulatory requirements binding upon Pension App, in responding to any questions you address to us we shall restrict our answer to statements of identified facts provided to us without advising you on the significance or impact of those facts on your investment or pension decisions or whether to proceed with any Pension App Services. We may also point you towards additional sources of information. Pension App provides an execution-only service and does not offer pension, legal, financial, tax or investment advice. If you would like advice on your pensions, finances, legal position, taxes or other investment advice please contact an appropriate professional for instance an IFA, tax advisor or Solicitor.
11.1. We will not be able to transfer any pensions if:
we have been unable to locate the pension;
we have been able to locate your pension but unable to obtain sufficient details from the provider;
it is a pension with defined benefits worth more than £30,000 and you have not received financial advice specifically stating that to transfer this pension is in your best interest. Defined benefits in pensions are guaranteed features of a pension, including but not limited to final salary promises, guaranteed annuity rates or other non-standard but potentially attractive benefits. Pensions that typically have extensive defined benefits and therefore which do not lend themselves to transfer into new schemes include government pensions and company plans established before 1988. Where any of your defined benefit pensions are individually worth more than £30,000 it is a regulatory requirement that you receive advice from a pensions transfer expert prior to making any transfer of those benefits and this is required prior to your being able to make any transfer of your defined benefit pension worth more than £30,000 to your Pension App Plan.
it is an international pension;
it is a pension with a Pension Attachment or Pension Earmarking Order.
11.2. If your pension is a currently active company pension: active pensions benefit from employer contributions, and you may therefore wish to leave your pension where it is until you switch jobs. We will therefore not arrange any transfers from your active employer pension.
12.1. We will inform you of which pensions are ineligible to be transferred into the Pension App Pension Scheme.
12.2. If you have elected to transfer eligible pensions into the Pension App Pension Scheme we will contact the providers (and other relevant parties who we reasonably believe are required to be contacted) holding your existing pensions and advise them that you wish to transfer your pension with them to the Pension App Pension Scheme.
12.3. While we aim to follow up promptly, we cannot commit to chasing your existing pension providers for a response to our requests. We are limited in what actions we can take to require those third party providers to action your transfer request promptly. We will only be able to invest monies we receive from your existing pensions on receipt of the required information from the transferring provider. Where this information is not received from the existing providers it will delay any investment of your cash in your chosen Pension App Plan. This may result in your transferred monies being held in a non-interest bearing account until all necessary information is received, depending on the actions your existing provider takes. You agree that we shall not be responsible or liable in any way for any delay to a transfer of your existing pensions to the Pension App Pension Scheme, or the investment of any cash received from one of your existing pensions into your chosen Pension App Plan, caused by any of these third party providers failing to transfer your existing pensions savings to us promptly or providing us with necessary information.
12.4. In some cases your pension provider may inform us of a National Insurance Number (NINO) mismatch, this is where the NINO we have been provided with does not match the records that we hold for you on file. Should the provider transfer your Pension to Pension App whilst there is a NINO Mismatch, the value of your Pension may be invested by Pension App in the meanwhile. This process will normally occur within 5 working days of the Pension transfer being confirmed and the funds being received by Pension App. In the event there is a NINO mismatch we will contact you by email to confirm there is a mismatch and request the documentation we need to correct your NINO details. Please note, whilst there is a NINO mismatch, you will be prevented from transferring out, switching funds, making withdrawals within your Pension App Pension Scheme until the correct NINO has been confirmed by Pension App.
12.5. All transfers from your existing pension plans to the Pension App Pension Scheme will be made as cash and in British pounds sterling.
12.6. Before you can transfer to Pension App some of your existing pensions, you may need to provide Pension App with additional information and, in some instances, seek specialist advice such as may be provided by an independent financial adviser on the transfer of such pensions. Pension App does not provide advisory services. Any additional third party advice you require is likely to charge you fees for that advisory service.
12.7. You are responsible for being aware of and bearing all exit fees associated with your existing pensions. You are also responsible for being aware of and bearing all consequences of transferring any pensions that have guaranteed final salaries, guaranteed annuity rates or other non-standard features to the Pension App Pension Scheme. The Pension App Pension Scheme does not provide any guaranteed final salary, guaranteed annuity rates or other non-standard feature.
12.8. Where we find an exit fee of 1% of your pot value (or less) we will automatically transfer your plan. For exit fees between 1%-2%, one of our senior team members will check this before a transfer is initiated. Where we locate an exit fee over 2% of your pot value we will let you know, and ask for explicit written confirmation if you wish to proceed with a transfer. Please be aware we aren’t always able to tell from a pension provider whether such features exist for a pension and are reliant on clear information from third parties. We don’t check certain policies we in our absolute discretion consider to be very low-risk, including where you may ask us to waive our usual checking processes in your account or over email.
12.9. Please note that valuations produced for certain pensions, especially defined benefit pensions, are guaranteed for a specific period of time and if that time period lapses, you may be required to pay a fee for the production of a new valuation document. You are responsible for managing your financial affairs in accordance with any deadlines applicable to your defined benefit pensions and we do not take responsibility for any fees or consequences owing to missed deadlines.
12.10. Pension App does not offer Capped Drawdown as an option. You are able to transfer your Capped Drawdown funds to the Pension App Pension Scheme however they will be converted to Flexi-Access Drawdown funds immediately upon receipt. It is important to note that taking taxable income from Flexi-Access Drawdown funds will trigger the Money Purchase Annual Allowance and you will be subjected to lower contribution limits (across all or any pensions you may hold with us, or any other provider) than you would be if you took taxable income from a Capped Drawdown fund.
12.11. You acknowledge that by requesting a transfer in of Capped Drawdown funds that you are also requesting for these to be converted to Flexi-Access Drawdown.
13.1. You must choose a plan when you sign up. If you do not choose a plan at sign up, any transferred funds will be paid into the default fund which is BlackRock Consensus 70 Fund (Balanced Plan).
13.2. The Pension App Plans are restricted to three BlackRock Consensus funds.
13.3. Once you have informed us (via the Pension App Website or Pension App Mobile App) of your selection as to which Pension App Plan you wish to invest in, we shall invest into your chosen Pension App Plan each amount of cash successfully transferred to the Pension App Pension Scheme account (which transfers must be accompanied by any additional information required to be obtained before we can accept the transfer) from any of your existing pension providers. Where you have more than one existing pension plan or funds are transferred in parts from any of your existing pension plans being transferred into your Pension App Plan, it is likely your monies will be invested in stages. Where there is any substantive delay (or even an eventual failure) in the successful transfer into your Pension App Plan of one or more of your existing pensions, there may be an extended period of time during which your Pension App Plan will not include a transfer of all of your existing pensions or pension balances.
13.4. You acknowledge and agree that no Pension App Plan is guaranteed or underwritten, in whole or in part, by any of Pension App, Quai Investment Services, Quai Trustees, BlackRock or any Pension App Plan or any other person.
13.5. The terms applicable to the policies constituting the underlying investment in each Pension App Plan are set out in the separate fact sheets for each specific Pension App Plan and the Key Features Document.
13.6. Any purchase of units for your Pension App Plan are normally instructed within one working day of receipt of the funds and the associated documentation, however our trading may occasionally be delayed. The price is determined at the next valuation point for the relevant Pension App Plan (this is usually calculated by reference to a specific time on the next Working Day). It can take a week or longer for your balance to be displayed in your Account.
13.7. You agree that if at any stage it is determined that your Pension App Plan has been allocated units in error, you are required to notify us as soon as you become aware of this fact and otherwise upon you notifying us or our notifying you, you shall take all reasonable steps as requested by us to assist us with correcting the error in unit allocation (including your executing any necessary agreement, notices, declarations or deeds) as soon as possible.
13.8. Where you ask us to move your existing Pension App Plan to an alternative Pension App Plan, this is known as a “switch”. A switch will involve the sale of units in your current Pension App Plan and the purchase of units in your newly chosen Pension App Plan. The sale will normally be placed by the end of the Working Day following receipt of your instructions and the purchase will normally be placed by the end of the Working Day following receipt of the sale proceeds. During the process of switching, your money may not be invested in either plan. It is possible for a “switch” to be delayed and you are responsible for bearing the consequences, including but not limited to market movements, of the “switch”.
13.9. We reserve the right, in our absolute discretion, to not accept transfers into a Pension App Plan if we believe the size of the fund(s) to be transferred is not sufficient or for any other reason in our absolute discretion.
14.1. Pension App does not currently accept additional contributions from either the member, their employer or a third party. We aim to provide this service in the future.
15.1. All monies and assets in your Pension App Plan will be held under a trust arrangement in accordance with the Rules.
15.2. Non-cash assets and investments will be held on behalf of the customers in the name of Quai Trustees or by another appropriately appointed nominee company or by an approved third-party custodian as permitted under the Rules or terms of the relevant Pension App Plan. Detailed records of all the investments and assets in your Pension App Plan will be kept.
15.3. If the custodian of any underlying assets of your Pension App Plan becomes insolvent, there may be delays in identifying individual assets particularly if there is at that time a shortfall in the holding of interests/units held at the relevant custodian of the underlying assets of your Pension App Plan. As a general rule, the longer the period of any time delay in the return of the assets in question, the greater the likelihood of additional shortfalls in any recovery.
15.4. You acknowledge and agree that Pension App is not liable for any liability for any insolvency of, or default or mistakes by any third party who is the money manager, custodian, the nominal holder or has some other form of custody of, control over or operational input into, any of the underlying investments of your Pension App Plan.
15.5. The banks or credit institutions used by Quai Trustees to hold your cash are independent of Pension App. Pension App do not accept any liability for any default or delay in the distribution of monies following a failure of the account holding bank or any other event affecting such bank or credit institution.
15.6. In the event that a default by the bank occurs you may have to bear any shortfall in the recovery of cash from the relevant accounts on a pro rata basis with other customers of the bank based on the cash balance in all customer bank accounts held with the bank.
15.7. Individuals may seek compensation for any shortfall of recovery of cash held in a customer bank account through the FSCS. Please see further below details of the terms and extent to which you are provided with rights under the FSCS (Financial Services Compensation Scheme).
15.8. Pension App are not in any way involved in your choice to invest in the Pension App Pension Scheme or your selection of any particular Pension App Plan. Neither will Pension App make recommendations to you as to if, or the timing or quantum of, any decision to transfer out of your Pension App Plan or provide you with any ongoing advice as to the merits or otherwise of the performance (past, present or future) or operation of your (or any) Pension App Plan or underlying investment in your (or any) Pension App Plan. Any decision to remain with or transfer to another pension or Pension App Plan is a decision to be made solely by you without advice or input from Pension App. It is important that you monitor, on an ongoing basis, the performance and operational details of your Pension App Plan and seek independent professional advice about any concerns you have with the performance or operations of your Pension App Plan.
15.9. We are under no obligation to exercise any voting rights where there are voting rights attached to any underlying investments of your Pension App Plan.
15.10. Proxy Voting. Where we are able to exercise proxy voting with regard to the Pension App Plans, we will do so in line with our Key Features Document.
16.1. Pension App relies on BlackRock to enable you to invest in and manage your Pension App Pension Scheme. BlackRock in turn rely on data, price information and other services they create or obtain from third parties. BlackRock are responsible for all price information, fund composition and the overall accuracy of how all investments are valued at all times. We do not accept any responsibility or liability for any errors, inaccuracies or mistakes made by the Money Managers.
16.2. Pension App does not accept any responsibility or liability for any errors, inaccuracies or mistakes made by any agents, representatives or third parties acting on behalf of BlackRock.
17.1. You acknowledge and agree that all Pension App Services are provided exclusively as online services and therefore we will deliver most of our communications with you over the Internet, including via email. We will also send Push Notifications to your mobile device(s) from time to time. Our email messages and Push Notifications may contain personal information about you and your pensions, so you should ensure that your email address, mobile telephone number and other contact details are always correct and up to date. You will be sent a confirmation email when you set up an Account. If any details are incorrect,- you will be unable to receive a six-digit code to access your Account. If you receive a confirmation notice you do not recognise, you must contact us immediately. By using any of the Pension App Services you acknowledge and agree that Pension App are unable to guarantee that its or your communications via email are secure and that by agreeing to accept any of the Pension App Services you (i) accept these risks, and (ii) indemnify and hold harmless Pension App from any losses, damages or liabilities you may suffer as a result of any failure of email or online communications as well as any service interruptions or faults, as well as interference, interception or breach in transmission (in each case including any security breach resulting in the release of your personal data).
Note: The transmission of security text message codes to mobile telephone or other access devices is available to telephone numbers domestic to the United Kingdom and internationally. The delivery of security code text messages or automated calls may not be available to your telephone number depending on your tracing.
17.2. You will usually be able to access your Account through the Website or the Pension App Mobile App at any time subject to passing Pension App’s security and authentication procedures. This will allow you to see the current value of your Pension App Plan as at the latest valuation point provided in relation to the underlying investments in your Pension App Plan, arrange to add new contributions (whether on a one off or regular basis), withdraw from the age of 55 (57 from 2028), and perform various other administrative functions in relation to your Pension App Plan.
17.3. We will prepare an annual statement for your Pension App Plan which will be made available to download in your Account within six (6) weeks of the annual reporting date, which is 5 April annually.
17.4. We will not send you confirmation notices for certain transactions, for instance where we sell underlying investments in your Pension App Plan to cover our fees. Fees incurred on your Pension App Plan will be detailed in the annual statement.
17.5. We make every effort to be available to you, but cannot guarantee that access to your Account will be available at all times or without delay. You acknowledge that the Pension App Services may be interrupted and the services available may be variable in certain circumstances. You acknowledge and agree that we will not be liable to you if our systems or services are unavailable to you for whatever reason.
If you would like to get in touch, please call us at 01260 540120 or you can email us at [email protected].
If you would like to write to us by post, please address your letters to: Pension App, Riverside, Mountbatten Way, Congleton, Cheshire, CW12 1DY. Writing to us by post is the slowest way to get in touch.
18.1. Pension App comply with and are registered as data controllers under UK data protection laws (registration details of each of these companies can be obtained by viewing the Data Protection Public Register at https://ico.org.uk/). take all reasonable care to prevent any unauthorised access to your personal data. We take the protection of your information very seriously and how we may use your information is documented in our Privacy Policy.
18.2. We may obtain information (including personal data) from you, your employers (current and previous), your existing pension providers and other third parties at various times you are accessing any of the Pension App Services. Any information you provide may be used to update an existing record we hold with respect to you.
18.3. You accept that it is your responsibility to ensure that the contact details we have for you are active and up-to-date. You should immediately advise us of any change to your email address, telephone number(s) or postal address.
18.4. We may also need to seek additional information from you, in which case we may delay your access to the Pension App Services, in part or whole, until we receive any such additional information or contact you again to facilitate the transmission of this information.
18.5. Where information in your application is incomplete or incorrect then we may adjust your application to make it valid, but we are not bound to do so. We will only make changes using details you have previously given us. In the absence of your providing correct and up to date details, we shall be entitled to proceed on the basis of the latest personal data we hold in respect of you and you shall indemnify and hold us harmless from any losses, damages or liabilities arising from our relying upon the latest personal data we hold for you, irrespective of its source.
18.6. Pension App have the right to share any information provided by you or on your behalf with third parties as documented in our Privacy Policy.
18.7. By using the Pension App Website or Pension App App you agree to the placement of cookies on the device you are using and accept how we may collect data about you. Further information on our use of information and cookies is available in our Privacy Policy.
18.8. The Pension App Mobile App is only supported on devices where the operating system has not been modified, or jailbroken, or configured to allow software installation from sources other than those approved by Pension App (including but not limited to the Apple App Store and Google Play). Use of the Pension App App on such a device is at your risk and Pension App cannot be held responsible for any loss of data, information or financial loss.
18.9. We will rely on any communication which we reasonably believe to have been made by you (or on your behalf). We are entitled to treat instructions validated with your passwords as genuine. Where we are unable to validate your instructions for any reason, we will be entitled to follow our internal security procedures to handle your requests.
18.10. When using Pension App Services, it is your responsibility to have secure access to the Internet and we recommend that you change your passwords regularly to keep your details as secure as possible. In addition we strongly suggest that you do not use the same password for any other online accounts you hold.
18.11. We recommend that you only use a private email address when creating and managing an account with Pension App. You should not use your work email address or any other email address that is not a private email address you own such as, a staff, university, NHS or office email account- as you may lose access to that email account in future.
18.12. We maintain appropriate processes and controls to secure the information we hold about you. You must not disclose your username, password or other secure information to anyone else. You acknowledge and agree that you shall be responsible for any losses, damages or liabilities you suffer from any disclosure you do make. You are responsible for keeping your personal data secure. Your personal data outside of Pension App is beyond our control and you (i) accept these risks, and (ii) indemnify and hold harmless Pension App from any losses, damages or liabilities you may suffer as a result of a third party receiving unauthorised access to your personal data (including through identity theft) and subsequently accessing information about you and your Pension App Account or completing transactions on your behalf, including withdrawals. Where such activities lead to your Account being blocked we will not be liable for any losses that could arise. Where we believe the integrity of our systems could be compromised by a third party receiving unauthorised access to your personal data, we reserve the right to block online access to your Account and take such other reasonable action as may be necessary to protect us or you.
18.13. You must report any information loss, suspected theft or misuse of your Account to us as soon as possible by calling us at 01260 540120 or by email on [email protected].
18.14. In the event that you are a victim of a crime such as; the theft or unauthorised access of your smartphone, iPad, Tablet, Laptop or PC etc, or your personal identification documents (i.e. Passport), you should consider whether any of your accounts or key passwords such as your Pension App account/password may also be compromised as a result. If you have been a victim of a crime of this nature, you should consider whether you should change your Pension App account password and enable Two Factor Authentication (where it is not already in place) as soon as possible.
18.15. You acknowledge and agree that we accept no liability for any damage, liability or loss suffered by you or any third parties resulting from you not having complied with these Terms or your failure to take reasonable security precautions, including but not limited to ensuring you do not write down password(s), PIN or any security information related to your Account with us unless this is done in a way that would make it impossible for anyone else to recognise any of that information.
18.16. By initiating the process to establish an Account or utilising any Pension App Service, you agree and consent to our monitoring and recording any or all of our interactions with you (including telephone conversations), including for the purposes of improving the Pension App Services or meeting any of our regulatory requirements.
18.17. Provided that we send you correspondence to the email address, telephone number and/or postal address you have provided, we will not be deemed to have failed in any duty of privacy, nor be liable for any losses, costs or expenses which may arise from a third party intercepting the communications and we shall not be responsible for the loss of any documents, or the cost of replacing them, or for any other loss, cost or expense resulting from delay, or failure of delivery of, any communication we send or receive in such manner.
19.1. Initial Charge
The Initial charge of 0.6%is deducted in exchange for Pension App’s work for tracing pensions and liaising with providers in order to arrange for the transfers to be completed. This will be deducted once each transfer to the Pension App pension scheme is completed.
Examples:
On a £5,000 pension that is transferred Pension App would receive a fee of £30.
On a £1,000 pension that is transferred Pension App would receive a fee of £6.
19.2. - Annual Management Charge
Total annual charge of the fund held with Pension App - 0.82% including the fund management charge.
The total annual charge will be made up of:
Annual Management Charge 0.6% - paid to Pension App, this is calculated daily on a cumulative basis and deducted on a monthly basis from your pension funds.
Fund Management Charge - 0.22%* - charged by the fund manager BlackRock
* This is subject to change by the fund manager BlackRock however pension App will inform you of any changes to the fund management charge.
For a £5,000 pension scheme Pension app will take an annual fee of £30. BlackRock will take a fee of £11. The total charges would be £41.
For a £1,000 pension scheme Pension app will take an annual fee of £6 per year. BlackRock will take a fee of £2.20. The total charges would be £8.20.
Where our charges are based on a % of your investments/pensions, the amount we take in £s may increase or decrease if the size of your fund grows or declines during the transfer process.
19.3. There will be no additional charges if you withdraw funds from your pension or transfer your benefits to another pension provider.
19.4. Your fees are automatically deducted from your Pension App Plan and no action is required on your part.
19.5. All fees and charges will be paid in British pounds sterling or by way of Unit deductions or Unit price adjustments.
19.6. All amounts in these Terms are expressed exclusive of VAT unless otherwise expressly stated in these Terms. Currently management fees and certain other fees listed herein are exempt from VAT under UK law. If any such exemption ceases, VAT will be payable by you on any affected fees where VAT is imposed and any such VAT will be in addition to the figures shown.
19.7. In addition, all investments include transaction costs related to the buying and selling of underlying securities (such as shares) in your plan. These include costs such as stamp duty reserve tax or levies charged by the regulatory or tax authorities. These are not fees earned by Pension App, but the effect of transaction costs is to reduce the performance (or growth) of your plan so it is important that you know about them.
19.8. Most asset managers, including BlackRock now separately disclose these costs. Transaction costs are generally very small in our plans.
19.9. The following Pension App Services will be included in your Pension App Plan at no extra cost:
Pension App Plan Services
Regular rebalancing of investments (where this is specified as a service as part of the terms of a Pension App Plan);
Use of the Pension App Mobile App;
Free 30-day cancellation;
Free transfers out at any point.
Customer Support Services
Pension splitting: if you get a divorce;
Pension death benefits: if you pass away;
Pension ill-health benefits: if you can no longer work;
Pension serious ill-health benefits: if you have a life expectancy of less than 12 months.
There are no “inactivity fees”, exit fees or minimum balance requirements.
19.10. Our fees may be amended from time to time following any periodic review of fees and charges or other event (including, without limitation, any changes to regulations imposing additional costs on the Pension App Pension Scheme or with respect to any of the Pension App Services). We also reserve the right to recover reasonable costs and expenses where it is necessary to locate a missing customer, verify information following the death of a customer or trace a missing beneficiary. Where there is an amendment of any fees or charges payable by you we will advise you by email notice in advance of any change, to the extent possible.
19.11. You agree and authorise us to sell any underlying investments in your Pension App Plan to cover (i) any outstanding fees or charges due from you or (ii) any amounts that have been inadvertently paid to you in excess of the actual value of your Pension App Plan. Where it is not possible to sell underlying assets within your Pension App Plan, Pension App may require you to meet outstanding fees by cheque or debit card at our discretion. In all circumstances, your interests in the underlying investment of your Pension App Plan will only be sold to the degree required to meet the outstanding amounts.
19.12. There are costs related to trading the underlying investments in your Pension App Plan. The costs are frequently referred to as “transaction costs” and may include currency conversion costs and transaction taxes. Transaction costs are not fees charged by Pension App. Transaction costs are included in the price of the units in your Pension App Plan and are not charged separately.
19.13. Annual Management fees applicable to your plan are calculated daily and automatically deducted from your account each month (or when you switch or transfer your plan). We calculate the fees payable on the basis of there being 365 days per year. If you withdraw your pension in full (available from the age of 55, rising to 57 from 2028), switch plans or transfer your pension to another provider, you’ll only be charged a proportion of the annual management fee up to when your request has been completed.
19.14. You acknowledge that where you transfer your Pension App Plan to another pension plan, any management fees will continue to apply until the transfer has been completed.
19.15. Where permitted by the rules of the Financial Conduct Authority, Pension App may receive payments from BlackRock. Pension App are responsible for complying with any legal requirements to disclose any such payments received from BlackRock or otherwise any retained interest/commission on holding of your cash.
19.16. You will continue to be responsible for any outstanding fees or charges assessed on your Pension App Plan irrespective of whether or not your Pension App Plan has been cancelled, terminated, or its balance has been reduced to zero.
19.17. You may be charged interest on money you owe on account of fees and charges on your Pension App Plan at 5% per annum above the Bank of England Base Rate throughout the period of delayed payment of such fees and charges. Pension App may also make other financial institutions and/or credit reference agencies aware of your payment record: this may adversely impact your credit history and scoring in future. Where you are in arrears of paying any fees and charges, Pension App may also immediately cancel, terminate and/or suspend any contract with you without having any resulting liability to you. Where it is determined by Pension App that it is necessary to take legal action against you for recovery of a debt then you acknowledge and agree that you will be liable for any and all expenses incurred by Pension App in undertaking such action, including for any costs of engaging legal counsel and other court costs.
20.1. You acknowledge and agree that at all times you will remain entirely responsible for the management of your tax affairs in relation to any pension you hold, including your Pension App Plan, and complying with any tax rules in relation to your Pension App Plan contributions and taking advantage of any tax deductible allowances as permitted from time to time, making any applicable returns and payments and generally complying with any applicable taxation and/HMRC laws and regulations. You acknowledge that you are solely responsible for ensuring that you obtain all applicable information that is required to complete any applicable forms and file your tax returns and comply with all your tax obligations. You acknowledge and agree that you, not Pension App, Quai Investment Services, Quai Trustees or BlackRock, shall be responsible for complying with any reporting requirements.
20.2. All payments made to you related to income arising from cash or investments in your Pension App Plan shall be subject to deduction of any applicable taxes.
21.1. An application to take benefits must be made using the relevant form available in your Account. Benefits taken from Pension App are in the form of Flexi-Access Drawdown. If you require benefits, funds will then be disinvested to meet this request. If you require benefits directly after transferring in please note that the funds will be invested immediately and a disinvestment will then be processed to meet your request.
21.2. You may change your mind regarding your first withdrawal within 30 days of the withdrawal. You will be required to return the funds you have withdrawn back to Pension App. Please note that we will not be able to refund any fees incurred owing to the administration costs of drawdown.
21.3. Under current pension legislation you are only permitted to take benefits from your pension after the age of 55 (57 from 2028). You may be able to access your pension as an authorised payment before the age of 55 (57 from 2028) if you are in serious ill-health with a life expectancy of under 12 months or are unable to work for the rest of your life. Generally, payments made out of your pension before the age of 55 (57 from 2028) are treated as unauthorised payments. Any unauthorised payments would likely result in tax charges for you and for Pension App. Therefore, unauthorised payments are not permitted from the Pension App Pension Scheme.
21.4. To make a withdrawal, you’ll need to complete identity and bank verification checks.
21.5. For identity verification, you’ll need to provide a valid copy of one of the following documents, either by uploading an original photo or taking a photo using your smartphone (we cannot accept scanned documents):
passport;
driver’s licence; or
UK residence permit.
21.6 You will be asked to provide us with certified copies of your ID and bank details before we can process a withdrawal. This is to ensure that any withdrawals are paid to the plan holders trusted bank account, and for your protection. If the criteria above is not met, we may not be able to process your withdrawal request.
21.7 Please note that withdrawals from a Pension App account must be paid into a UK bank account:
with a Bank that is regulated by the Prudential Regulation Authority (PRA); and
with a UK account number and sort code; and
in the name of the customer.
We are unable to authorise payments to any other bank accounts.
NB. We will carry out standard bank verification checks on the details of the bank account supplied. If these checks are unsuccessful or inconclusive, we may request a copy of a bank statement in order to proceed.
21.8. You will be subject to income tax on anything above your 25% tax-free withdrawal amount. The amount you pay depends on your total income for the year and your tax rate. Please note, HMRC rules dictate that we must apply an emergency tax code to income payments made from your pension until we receive notice of your correct tax code directly from HMRC (unless you provide us with your P45). Once we have been advised of the correct tax code by HMRC, we will aim to apply your individual tax code to your subsequent withdrawals.
21.9. In some circumstances, we may be instructed to issue a tax refund if your tax code changes to a cumulative basis. If this applies to you, we will contact you via email. We will endeavour to make any tax refunds by the end of the following tax month after your withdrawal is made. However, in rare cases, you may need to wait longer.
21.10. To settle any remaining underpaid or overpaid tax, you should liaise directly with HMRC. Pension App is unable to make requests around tax adjustments to HMRC on your behalf.
21.11. When making a Withdrawal request, Pension App reserves the right to set a maximum requestable percentage, calculated in pounds, to guard against market volatility. This will ensure that in the event of high market volatility, the amount you request will not exceed your total pension balance at the time of trading. Pension App has the right to vary this percentage based on current market conditions, and historically this figure has ranged from 7% to 20%. To avoid this, you can request a full withdrawal of your pension subject to the other terms in this Agreement.
22.1. Your beneficiaries may be entitled to death benefits in the event of your death. Your beneficiaries will be required to send us either the original or a certified copy of your Death Certificate, and these Terms and Conditions shall continue to apply until your Pension App Plan is closed. It is your responsibility to ensure your beneficiaries or executor of your estate are aware of your investment with us and the details of your Pension App Plan. Failure by your beneficiaries to claim your death benefits within the prescribed period may result in the forfeiture of those benefits (see further in the Rules regarding forfeiture of benefits for failure to claim).
22.2. In order to help ascertain who should be considered as the potential beneficiaries of the death benefits, we may require further information from your family, next of kin, partner, friends or any other relevant third parties as necessary.
23.1. You have a statutory cooling off period of 30 days in which to cancel your application for a Pension App Plan.
23.2. The same statutory cooling off period will apply to any subsequent existing pension plan that you decide to transfer into your Pension App Plan but this will not apply again to earlier transferred pensions.
23.3. Cancelling your Pension App Plan within the statutory cooling off period will result in our transferring your pensions back to your previous provider, assuming they are willing to accept the pension again.
23.4. Where units in the underlying investment in your Pension App Plan are sold to make a payment to you (whether upon transfer to a new pension provider or otherwise), you may suffer a shortfall between the amount you invested and the value you get back after cancellation of the units. This shortfall may arise from a decrease in the value of the underlying investment of your Pension App Plan from the prices at which you invested (which variations reflect the performance of the relevant Pension App Plan over that period), as well as deductions on account of management fees and potentially transaction fees from the balance of your Pension App Plan before you receive a payment. Any shortfall will be borne by you.
24.1. If you wish to transfer your savings out of your Pension App Plan, you will need to set up an account with an alternative pension provider into which you can make the transfer. This new provider will contact Pension App to arrange the transfer and Pension App will facilitate the transfer of your savings to your new provider (subject to the payment of any fees specified within these Terms.
24.2. Pension App has a legal and regulatory obligation to conduct due diligence and consider whether the requested transfer is a potential “pension scam”.
24.3. Where you transfer your investment to an alternative provider, your investment will be transferred as cash in British pounds sterling. Your monies will not be transferred until we have conducted the appropriate checks of your new provider to meet our obligations to ensure the transfer complies with regulatory requirements applicable at the time.
24.4. Please note that Pension App can only transfer out to:
UK registered pension schemes (transfers out to overseas pension schemes will not be permitted).
A UK bank account in the name of the relevant UK registered pension scheme that is directly regulated by the Prudential Regulation Authority (PRA).
If your new provider is not regulated by the Financial Conduct Authority, or if there is some other cause for concern in line with other industry guidelines, your transfer may take six months or longer and we may refuse your request to transfer out altogether in order to fulfil our own regulatory obligations. We may need to write to HMRC in order to confirm the registration of your new scheme. In all instances, we will endeavour to complete your transfer out of Pension App as soon as possible.
24.5. If you apply to transfer your Pension App Plan, either to purchase an annuity or to transfer to another pension arrangement, unless you provide specific instructions to the contrary, Pension App will not transfer your Pension App Plan until we have received:
all outstanding fees relating to any Pension App Service and any transactions already initiated prior to termination;
any expenses necessarily incurred by us in terminating these Terms and in concluding outstanding obligations and;
you will bear any losses realised in concluding any outstanding obligations.
24.6. There is no binding minimum length you must hold your Pension App Plan for. These Terms may be terminated with immediate effect, by you providing us with written notice that you wish to cancel your Pension App Plan and advising us of the subsequent pension provider you wish to transfer the balance of your Pension App Plan to, less any deductions, fees or charges permitted in accordance with these Terms.
24.7. Termination of these Terms shall be without prejudice to the completion of transactions already initiated under these Terms. Such transactions will be completed by us as soon as practicable, provided that you pay us all outstanding amounts owing to us under these Terms.
24.8. Cheques or payment orders that remain uncashed and residual balances not claimed or transferred will not attract interest or entitle you to participate in any performance of the underlying investment of any Pension App Plan you held interests in previously, nor shall they entitle you to receive any other benefits from membership of any Pension App Plan.
24.9. You shall forfeit the right to receive any payments that are not claimed within six (6) years of the date on which such payment was due to be made to you or your beneficiary.
24.10. You agree that, on termination of your Pension App Plan, or its transfer, any subsequent residual balance in your Pension App Plan of £5 or less may at the election of Quai Trustees (acting as directed by Pension App), be donated to a registered charity selected for this purpose in accordance with any requirements of the Rules.
25.1. Once your online Account access has been stopped, you will no longer be able to access the documents saved in your Account or access any other Pension App Services in relation to your terminated Pension App Plan.
25.2. It is your responsibility to ensure that you have downloaded and saved any and all documents that you require whether for regulatory, taxation or other purposes. Pension App Services do not include the retention and delivery of any documentation or records to you after the expiry of your access to your Account in accordance with these Terms and you acknowledge and agree that we are not liable for any damages, losses or liabilities you may suffer for any failure to retain copies of relevant records after the expiry of your access to your Account.
26.1. We may change these Terms, including our fees, from time to time in whole or in part, without further consent from you. We will notify you of material changes to these Terms by sending you the amended Terms by email or via the App when you next log in. We will also make the amended Terms available on the Pension App Website. Subject to regulatory requirements, we will give you at least 30 days’ notice of any material changes that may be detrimental to you, but small drafting changes may be implemented immediately.
27.1 The underlying investments in any Pension App Plans (including your Pension App Plan) offered by the Pension App Pension Scheme may be changed from time to time, including by a decision of BlackRock offering such underlying investment to cease offering the underlying investment option. Where your Pension App Plan is no longer offered, it will not be possible for you to make further transfers into the Pension App Plan.
27.2 Where BlackRock has decided to cease offering or close your Pension App Plan, they may require the Pension App Pension Scheme to switch the investment of the Pension App Pension Scheme (including your Pension App Plan) to a new underlying investment, or the Pension App Pension Scheme may choose to exit that investment option in favour of a new investment option with BlackRock, or to seek to switch its investment to another investment option with a new Money Manager. If this happens, Pension App will (i) promptly inform you of any such changes to your Pension App Plan and its underlying investment proposed by the BlackRock, including providing you with updated fact sheets for the proposed underlying investment where available, and (ii) provide you with the opportunity to either nominate an alternative Pension App Plan you wish to transfer to, at no cost, or give you the right to terminate your Pension App Plan and transfer out of the Pension App Pension Scheme. In the absence of your providing instructions to transfer or terminate in these circumstances, you acknowledge that your Pension App Plan will be transferred or switched to the new proposed underlying investment without need for further authorisation or notice.
28.1. We are determined to treat our customers fairly at all times. We have a policy in place to ensure that we identify and handle conflicts fairly and treat our customers with honesty and integrity at all times. We may receive reasonable gifts, sample products, free demonstrations or presentations, hospitality or associated promotional materials from product providers whether in relation to the provision of the Pension App Services or otherwise, but these are subject to our conflicts policy and are closely managed to ensure customer interests are not adversely affected.
You should contact us promptly if you are dissatisfied with any aspect of the Pension App Services.
Phone: 01250 540120
Email: [email protected]
Post: Pension App, Riverside, Mountbatten Way, Congleton, Cheshire, CW12 1DY
Your complaint will be handled in accordance with the Financial Conduct Authority rules. We treat every complaint very seriously and aim to resolve each complaint fairly and promptly. We have a written policy available on the Pension App Website about how we deal with complaints and how we ensure each complaint is dealt with promptly and fairly.
We hope to resolve all complaints amicably. However, should we fail to resolve a complaint to your satisfaction or if we fail to do so within eight (8) weeks of receiving your complaint, you can also direct your complaint to the Financial Ombudsman Service:
Phone: 0800 023 4567 or 0300 123 9123
Email: [email protected]
Post: Financial Ombudsman Service, Exchange Tower, London, E14 9SR
30.1. The Financial Services Compensation Scheme (FSCS) is the UK’s compensation fund for customers of authorised financial services firms. It is an independent compensation scheme set up under the Financial Services and Markets Act 2000 (FSMA), and individuals can use it when a financial services firm is unable to pay claims made against it.
The FSCS is often referred to as a ‘last resort’ for customers when something goes wrong, and has been in operation since 2001. If a financial services company is authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) and stops trading, goes bust or doesn’t have enough assets to pay claims made against it, the FSCS can help compensate its customers.
30.2. The compensation scheme is free of charge for individuals and the FSCS can provide different levels of compensation depending on the type of investment involved.
30.3. Pension App is a member of the FSCS and several protections may apply to your pension with Pension App, depending on your status as a customer. Please note that every claim against a failed company is individually assessed by the FSCS at the time of the claim and the rules and interpretation surrounding FSCS protection are subject to change.
30.4. The typical customer will spend the majority of their relationship with Pension App invested in the Pension App Pension Scheme. During this period of time BlackRock arranges for the safekeeping of the pension assets using the Bank of New York.
30.5. The holdings in the Pension App Pension Scheme are structured as long-term insurance contracts, which means that if something happens to BlackRock and the FSCS accepts the claim, they would cover the pension at 100% with no upper cap. Because Quai Trustees has arranged for the contracts with BlackRock, it will pursue the compensation on your behalf.
30.6. The protection available to you with your old pension provider will depend on how their pension product is structured. You should direct your questions regarding their FSCS protection to them. There may be some FSCS protection available or none at all.
30.7. The protection available to you while your money is in transit between pension providers (including between Pension App and your old provider) will be subject to the available protections each pension provider has arranged for. You should ask your old pension provider what FSCS protection they have in place.
30.8. It is likely that prior to transferring your pension to Pension App your old pension provider will move your pension into a clearing bank account in order to send it to the clearing bank account of Quai Trustees Limited. It is unlikely that your pension money will be held in this clearing account for more than a few working days (unless we have not received sufficient information to identify the payment).
30.9. The FSCS is generally able to cover deposits held in pooled client accounts so long as you’re ‘absolutely entitled’ to these funds. This is a legal test and depends on the terms and conditions of the arrangement in each case. The FSCS can’t compensate you for more than £85,000 in total per bank, covering all of your claims against the bank (including if you have personal deposits with the bank). It may take FSCS up to three months after a bank failure to pay compensation for deposits held in such accounts. Please see Section 9 for further details.
31.1. Certain types of behaviour, such as insider dealing and market manipulation, can amount to market abuse. Types of conduct constituting market abuse are set out in Section 118 of the Financial Services and Markets Act 2000 and in the Market Abuse Directive (and any relevant replacement post the exit of the United Kingdom from the European Union). By purchasing a Pension App Plan, you agree that you will not take part in any activity that may be construed as market abuse. You agree that you will not engage in market abuse in any way and that you will not require or encourage others to do so. If you have any doubts as to whether your activities may be considered market abuse, you should take legal advice. If we believe or have suspicions that you may be engaging in market abuse on your Pension App Plan, we reserve the right to take any action that we deem to be appropriate. This may include, but is not limited to, refusing to follow any instructions you issue. In such circumstances, we will be under no obligation to provide you with reasons for our actions.
31.2. We may actively monitor levels of trading and/or refuse applications or trades from anyone who is considered to have a history of short-term or excessive trading or whose trading has been, or may be, disruptive.
32.1. If there is any conflict between these Terms, the Rules, the Pension App Key Features Document, BlackRock documentation or relevant factsheets or any other Pension App document and the Finance Act 2004, then the Finance Act 2004 and subsequent amending provisions and legislation will prevail. All payments or transfers to or from your Pension App Plan and the operation of your Pension App Plan in general will be subject to any UK legislation in force at the time.
32.2. We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under these Terms that is caused directly or indirectly, and whether wholly or substantially, by any one or more events that is an Event Beyond Our Control. An "Event Beyond Our Control" means any act or event beyond our reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat of or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks. If an Event Beyond Our Control takes place that affects the performance of our obligations under these Terms we will notify you as soon as reasonably practicable and our obligations under these Terms will be suspended and the time for performance of our obligations will be extended for the duration of the Event Beyond Our Control and potentially further. You may cancel the contract if an Event Beyond Our Control takes place and you no longer wish us to provide to you the Pension App Services.
32.3. These Terms, and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to these Terms or their formation (including any non-contractual disputes or claims) shall be governed by and construed in accordance with English law and you agree to submit to the exclusive jurisdiction of the English Courts. We will communicate with each other exclusively in English.
BY PROCEEDING TO PURCHASE A PENSION APP PLAN YOU ARE CONFIRMING THAT YOU HAVE READ, UNDERSTOOD AND CONSENTED TO BE BOUND BY THE CONTENTS OF THIS DECLARATION. IF THERE IS ANYTHING THAT YOU DO NOT FULLY UNDERSTAND, YOU SHOULD SPEAK TO PENSION APP, OR SEEK INDEPENDENT ADVICE BEFORE CONTINUING.
The Risks
As the Pension App Pension Scheme provides retirement benefits to its customers on a Money Purchase (defined contribution) basis, the level of benefits achievable at the point you wish to retire will depend on a number of factors, including:
The size of the fund attributable to you at the point you wish to retire: this will be dependent on the amount you contribute to invest into your Pension App Plan, through transfers and contributions, plus the performance of the underlying investments held by your Pension App Plan, minus any fees incurred along the way;
The timing of your retirement: the values of the underlying investments held by your Pension App Plan will fluctuate with market conditions. The value of an investment can go down as well as up and there is always the risk that you may not get back the full amount (or any) of what you originally invested in your Pension App Plan. If you decide to purchase an annuity with your retirement savings, then it’s important to remember that annuity rates also fluctuate with market conditions;
Pension Tax Legislation: the taxes applicable to your contributions to your Pension App Plan or applicable to your Pension App Plan itself, is subject to change which could be more or less favourable to the growth of your savings within your Pension App Plan and the options available to you at the point you wish to retire; and
Tax Rates: these rates are also subject to change and may affect the retirement income that you receive.
Some investments are a higher risk than others and you should understand the risk profile of the underlying investments for your Pension App Plan. We offer an execution-only service. We do not provide any form of advice to you and will not advise you on whether it is appropriate that you invest in the Pension App Pension Scheme, the amount you should invest in the Pension App Pension Scheme or any pension scheme, or which Pension App Plan would be appropriate for you to invest in.
By applying for your Pension App Plan, you acknowledge and declare that you are purchasing a Pension App Pension Scheme, which is administered by Pension App and:
confirm you have read and understood these Terms, the Rules, the Pension App Key Features Document, and relevant disclosure documents for your Pension App Plan;
understand and acknowledge that the information you provide to Pension App including with this application for initiating an Account will be used by Pension App to determine whether to permit you to receive Pension App Services;
agree to be bound by these Terms and the Rules;
you acknowledge and understand that you will not be able to cash-in, assign, or take as a lump sum benefits except as allowed by Part 4 of the Finance Act 2004 (as amended);
the declaration and information you have given in this application is, to the best of your knowledge and belief, correct and not misleading;
you will give notice to us in writing as soon as reasonably possible if your personal information changes for instance; if you change your name, or your permanent residential address.
you declare that the information provided by you in applying for any of the Pension App Services, and any other documents completed in connection with this application, is to the best of your knowledge and belief, correct and complete. You will not require, nor attempt to require, the withdrawal of savings held to provide benefits for you under the Pension App Pension Scheme, or the income on those savings, other than in accordance with the Rules. In the event that an unauthorised payment is made, you agree to us deducting the amount of any sanction charge or other charge levied by HMRC on us from the monies held for you in your Pension App Plan in order to pay that charge to HMRC. If there are insufficient monies held for you in your Pension App Plan, you agree to pay us the amount by which the charge exceeds the value of your Pension App Plan;
you agree to the fee structure set out in the Terms and understand that appropriate fees and expenses may be paid to Pension App and/or BlackRock by the realisation of assets within your Pension App Plan and the withdrawal of resulting cash proceeds from your Pension App Plan; and
you agree that if you decide to cancel your Pension App Plan within the cooling off period of the first 30 days, you will immediately pay back to Pension App any pension commencement lump sum figure (commonly known as tax-free cash) and any income payments you have received from your Pension App Plan.
You understand and agree to the following statements:
I authorise, instruct and apply to my current providers to transfer sums and assets from the plan(s) as listed in the appropriate section of this application directly to Pension App and to provide any instructions and/or discharge required by any relevant third party to do so.
I accept that in order to comply with regulatory obligations, Pension App and the current provider(s) named in this application may need to verify my identity and residential address, and may use credit reference agency searches and ask for my documents to verify my identity and address.
Until this application is accepted and complete, Pension App’s responsibility is limited to the return of the total payment(s) to the current provider(s).
When payment is made to Pension App as instructed, this means that I shall no longer be entitled to receive pension benefits from the whole of the plan(s) listed in the appropriate section of the application where the whole of the plan is transferring, or that part of the plan(s) represented by the payment(s) if only part of the plan(s) is transferring.
I have read any information provided or made available to me by Pension App in connection with this transfer.
I authorise Pension App and the current provider(s) to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to Pension App.
I accept responsibility in respect of any claims, losses, expenses, additional tax charges or any penalties that Pension App and the current provider may incur as a result of any incorrect, untrue, or misleading information in this application or given by me, or on my behalf, or of any failure on my part to comply with any aspects of this application.
I apply to Pension App to accept the transfer from the current provider and to pay it into my Pension App Pension Scheme. I confirm that the information provided relevant to my application to transfer benefits into my Pension App Pension Scheme is correct and complete, to the best of my knowledge and belief.
I confirm that I have not received any advice or recommendation in relation to the transfer from a representative of Pension App.