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Collective Retirement Account

Our Collective Retirement Account is a truly flexible plan for life, allowing you to make single or regular contributions over the years and then continue growing your retirement savings whilst taking a retirement income, all within the same account.

The money paid into your Collective Retirement Account is invested in the choice of investment funds decided by you and your financial adviser, giving it the potential to grow over time. It offers a wide range of options for you to draw from your pension savings, normally from the age of 55. These options are in line with the ‘pension freedoms’ which were introduced by the Government on 6 April 2015 and are available at no additional cost.

Our Collective Retirement Account is only available through financial advisers. Here are some more details you need to be aware of.

  • The Collective Retirement Account, as part of a registered pension scheme, is a long-term investment. You won’t normally be able to access your money until at least age 55.
  • As with any investment product, the value of your Collective Retirement Account could go up or down. It could be worth less than you paid in.
  • You, your employer, or both of you can pay into the Collective Retirement Account to top up any contributions that are being made to a separate workplace pension scheme that you may be a member of. The Collective Retirement Account can't be used as a workplace pension scheme.
  • The Account can accept transfers from other UK registered pension schemes or overseas pension schemes approved by Old Mutual Wealth.
  • The value of your Collective Retirement Account, in the event you die before drawing the benefits and before your 75th birthday, can normally be paid as a tax-free lump sum, without attracting any Inheritance tax liability, to the beneficiaries you choose. It also allows those beneficiaries to choose to have the capital value held in a beneficiary pension account in their own name, from which they can draw capital at any time free of tax. The same options apply if you die after your 75th birthday but any lump sum or capital paid as income to a beneficiary will be subject income tax at the to beneficiary's marginal rate.

If you invest in an Old Mutual Wealth Collective Retirement Account, you will get access to our investment technology enabling you and your adviser to hold, monitor and manage your Collective Retirement Account - and any other fund-based investments you have with Old Mutual Wealth. So as your circumstances and goals change, you can change the investments held in your Collective Retirement Account accordingly.

The content of this site does not constitute investment advice and should not be construed as such.

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