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PERSONAL PENSION RESEARCHJUNE 2012

GoldinG Smith & PartnerSActuaries and Consultants

This publ icat ion is intended for and direc ted at profess ional advisers only

Introduction 2Product design 3Competitor Review 5Reduction in yields 14

Contents

Personal Pension Research

LEGAL NOTICE

This publication is intended for and directed at professional advisers only. It should not be passed onto private customers or any other persons who do not have experience in matters relating to investments and should not be relied on by any such persons. The document is based on information which is believed to be reliable but no representation is made as to its accuracy or completeness.

INTRODUCTION

Executive summary.The Prudential Flexible Retirement Plan offers access to a wide range of funds, including the PruSelect range of •over 90 funds independently selected by Morningstar OBSR using qualitative criteria, the recently widened range of multi-asset class smoothed PruFunds which now includes four risk-managed funds and the risk-rated Dynamic Portfolios.

The external fund range includes a high percentage of the leading funds in the market and provides a wide cross-•section of funds by IMA sector. Many providers fail to offer such a comprehensive selection of funds.

The focused fund range is offered at competitive prices.•

The plan has a full set of Personal Pension features, including income drawdown and SIPP options which many •providers still do not offer within an integrated personal pension offering.

We consider that the plan is one of the strongest all-round insured packages in the market.•

Flexible Retirement Plan.This review of the personal pension market has been commissioned by the Prudential. The purpose of the review is to compare the Flexible Retirement Plan with the personal pension and SIPP products of other leading providers in the IFA marketplace.

The Flexible Retirement Plan is an open-architecture personal pension plan offering access to an insured fund range of 154 funds including a range of over 90 funds selected by Morningstar OBSR (the ‘PruSelect’ range) using mainly qualitative criteria. Most of the PruSelect funds are top-selling funds in their respective sectors and a high proportion of the funds are rated Silver or Gold by Morningstar OBSR. The PruSelect range complements the Prudential’s wide range of in-house funds including its multi-asset class smoothed PruFunds.

The PruFund range has recently been widened, with four additional risk-managed funds, and now comprises the PruFund 0-30, 10-40, 20-55, 40-80, Cautious and Growth funds. The PruFund Cautious Fund and now also the PruFund Growth Fund, are available in protected versions. The protected versions are now more flexible, offering a choice of guarantee terms of between 6-10 years for the PruFund Protected Cautious Fund and the PruFund Protected Growth Fund. The cost of the guarantee charge now varies according to term from 0.3%pa-1.05%pa for the PruFund Protected Cautious Fund and from 0.45%pa-2.5%pa for the PruFund Protected Growth Fund. The lowest charge applies for a 10 year term and the highest for a 6 year term.

The multi-asset class PruFunds are compared to competitor offerings in our June 2012 Supplement to this review.

In addition, the Flexible Retirement Plan offers access to the Prudential’s risk-rated Dynamic Portfolios which were launched in January 2010.

What is in this review?This review compares the products offered by 10 leading providers and is based on research primarily carried out in May and June 2012.

A key section in the review is a comparison of the reduction in yields (RIYs) across providers for the funds included in the PruSelect range. The comparison focuses on the insured external funds. It does not look at RIYs for direct investment in the underlying collective investment schemes.

Market review.Background.

The market for personal pension products has changed markedly in recent years. One of the most significant changes has been the move to “open architecture” products with the provision of insured funds from external fund managers. This trend continues and providers are trying to differentiate themselves in the market through the range of funds on offer and their governance arrangements. Against this background, the Prudential thoughtfully expanded its fund range in 2008 with the addition of the focused PruSelect range of funds based on independent advice from Morningstar OBSR. In addition, providers are now starting to offer more sophisticated risk-rated fund offerings such as the Prudential’s Dynamic Portfolios.

Tax and regulatory changes are also driving product development and affecting the market for personal pensions. These changes include:

The introduction of an annual allowance of £50,000 for pension contributions together with a reduced lifetime •

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Nallowance of £1.5m in the Finance (No.2) Act 2010 which will reduce contributions at the top end of the market.The removal of a requirement to buy an annuity and the introduction of flexible drawdown for those with a •secure income of at least £20,000pa are encouraging the continued development of the drawdown market.The Retail Distribution Review which is causing providers to review their commission and/or charging •structures.The rolling introduction of NEST with auto-enrollment from October 2012 which may have an impact at the lower •end of the market.

Another significant market change in recent years has been the transformation of Self-Invested Personal Pensions (“SIPPs”) from a niche to a mainstream pensions product. In the past, SIPP contracts were usually the province of high net worth customers, with charging structures that tended to discourage smaller investors. Most providers now offer a SIPP facility, either as an integrated option or as a standalone product, and there has been significant competitive pressure on charges. However, SIPP charges continue to remain high for more complicated investment transactions (e.g. where a fund holds or purchases commercial property) and, with some exceptions, where SIPP benefits are taken in the form of income drawdown.

Product changes.

There have been some product changes since our last review in November 2011. These include:

Aegon has introduced its Core Risk Profile Portfolios which is a range of 7 volatility controlled funds designed in •conjunction with Morningstar OBSR.Aviva has introduced a numbering sequence to its Multi-Asset funds, with II, IV and V being the original funds •and two new funds I and III being introduced. The strategic asset allocation for these funds is peer group based rather than risk-rated.LV= has reduced the cost for investments up to £1m under its Flexible Transitions Account ‘Low Fees’ option by •0.05%pa. The ‘Low Fees’ option applies to investments made solely in a restricted range of LV= funds. However, the minimum investment for this option has been raised from £10,000 to £20,000.The Prudential has reduced the charges under its PruFund Protected Growth Fund for terms of 7 to 9 years by •between 0.1%pa to 0.2%pa.Scottish Life has again uprated its large fund discount bands in line with inflation.•Standard Life has widened its range of risk-rated MyFolio funds to include Managed Income versions. It has also •outsourced the management of its in-house tracker range to Vanguard.

PRODUCT DESIGN

Initial charges.The majority of insured personal pension contracts have a 100% allocation to units on a nil commission basis. Where commission is payable then a reduced allocation rate may apply. This would not normally be lower than 95%. Occasionally, life companies have an initial charge as part of their product design to enable them to recoup (non commission based) set-up costs.

Annual management charges.Annual management charges (AMCs) are usually level with large fund discounts, normally on a stepped basis so that once the fund reaches a certain level the AMC reduces on all funds. The Flexible Retirement Plan has this type of structure. However, some providers have AMCs which are tiered, so that once a certain level is reached, the AMC on amounts above this level is reduced but the rate on lower amounts is unchanged.

Occasionally, loyalty bonuses are offered as part of the product design as a way of encouraging long-term investment e.g. by having one-off bonuses and/or a reduced rate of management charge after a period of years. The Flexible Retirement Plan has loyalty bonuses as well as large fund discounts and follows the latter approach.

AMCs sometimes include provision for the payment of commission. Where this is the case, a reduction in the rate of AMC would apply on a nil commission basis. Occasionally, the level of reduction may be dependent on the level of (agent’s) uplift which applies for the IFA.

In comparing the AMCs for external funds offered by individual providers it should be noted that some providers quote AMCs including additional expenses such as trustee and audit fees incurred by the underlying collective investment scheme (clean AMCs), whereas other providers show AMCs without these additional expenses (dirty AMCs).

Fees.A handful of personal pension products have monetary initial and/or ongoing annual administration fees which are designed to meet some or all of the provider’s underlying costs. This type of structure is more capital efficient than


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one where costs are recovered out of future annual management charges.

An additional set-up and ongoing annual administration fee structure is quite common for those providers offering a drawdown facility.

Establishment charges.Establishment charges, where an additional AMC applies for a period of, typically, 5 years, are used by some providers to recoup initial commission costs. For these providers, where a personal pension is sold on a nil commission basis, no establishment charge applies.

Early termination charges.Early termination charges usually only apply on insured personal pensions where there is an establishment charge. In such cases, the early termination charge will be the amount of any outstanding establishment charges.

In other cases, early termination charges would not normally apply, although there will often be commission clawback from the intermediary.

Unit pricing.Life companies almost invariably price their units on a single pricing basis, with the single price being based on the purchase value of the underlying assets if the fund is expanding (an offer basis) and the sale value of these assets if the fund is contracting (a bid basis). A switch from an offer to a bid basis is often phased-in over a period of days.

In terms of dealing, most companies now have some form of forward pricing mechanism with a cut-off time. Deals placed after this time will be allocated at a later price. This normally results in deals either being carried out on the price calculated on the current day or on the next working day’s price.

Product features.Features that are offered on insured personal pensions include:

Phased retirement;•

Annuity choices on retirement;•

Pensions contribution insurance;•

Lifestyle funds or switching; and•

The ability to write death benefits in trust.•

Many providers do not offer income drawdown as part of their standard personal pension offering. To access drawdown facilities, it is often necessary to switch to another contract from the same or another provider (subject to any minimum contribution requirement being met) or activate deferred SIPP features. Where income drawdown is available under an insured personal pension, there may be a minimum fund size requirement. At the present time, only a small minority of insured personal pension providers offer flexible drawdown. We expect more providers will offer this feature within the next 12 months.

Commission.Most products offer considerable commission flexibility with initial and fund based commission being offered and with the ability to take reduced commission (or nil commission where the adviser charges fees) and give the policyholder enhanced terms. For regular contribution plans, commission may also be available as a percentage of contributions.

Some products offer the ability to take higher commission often by way of additional contribution and/or fund based charges.

Guarantees.Finally, products with variable annuity features are beginning to be released, although product development in this area has slowed markedly since the credit crisis. The initial products have guaranteed death benefits from outset and, after a period of time, guaranteed surrender values. There is a charge for these guarantees, which is typically expressed as an additional AMC. The level of the additional AMC is dependent on the choice of the underlying funds, with funds with a higher equity content giving rise to higher additional charges. The level of the guarantees is often rebased at intervals with, for example, lock-ins at 5 yearly intervals after an initial period.


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Providers.This section provides a brief analysis of the providers in the market and the products that they offer. Any opinions expressed on the service standards of providers are based on industry surveys. Golding Smith & Partners Limited does not have any direct experience of the service standards of the providers included in this review and does not warrant that the opinions expressed in surveys are correct.

Prudential.

The Flexible Retirement Plan has a full set of product features including income drawdown, lifestyle strategies and a deferred SIPP option with SIPP administration provided by Suffolk Life. Access to collective investment schemes is via the Cofunds funds supermarket. There is no difference in the pricing of the insured funds under the SIPP option, although the SIPP has a minimum fund size requirement of £10,000 to access its features and additional charges apply once it is activated.

The insured funds offered include with profits and protected funds. The fund range was thoughtfully expanded in 2008 by offering access to the PruSelect range of now over 90 funds selected by Morningstar OBSR using a qualitative assessment. The funds comprise many of the leading funds offered in the marketplace and by going down a more focused route the Prudential has been able to negotiate good discounts from the fund managers.

The multi-asset class smoothed PruFunds are also available within the insured fund range. The range has been expanded with the addition of four risk-managed funds, the PruFund 0-30, 10-40, 20-55 and 40-80 funds, where the equity allocation is kept within set parameters. The PruFund Cautious Fund and PruFund Growth Funds are now both available with guarantees. These guarantees are more flexible than in the past. For the PruFund Protected Cautious Fund, there is now a choice of a guarantee term of between 6 to10 years for a charge of 1.05%pa for 5 years falling to 0.3%pa for 10 years. For the PruFund Protected Growth Fund, the guarantee term is between 6 to10 years with a charge of 2.5%pa for 6 years falling to 0.45%pa for 10 years.

The five risk-rated Dynamic Portfolios were added to the plan in January 2010. These funds are multi-manager fund of funds offerings where the asset allocation is made by the Prudential’s Portfolio Management Group and the choice of external funds is made independently based on the advice of Morningstar OBSR.

Overall, the plan now offers access to 154 insured funds from 32 leading managers and as well as externally sourced funds offers a wide range of funds from its highly regarded investment team at M&G. The external fund range provides a wide cross-section of funds by IMA sectors.

The SIPP option provides a wide choice of additional investment choices including commercial property which is available at an extra cost. Reduced initial and yearly administration fees apply where additional investments are limited to the Cofunds fund supermarket.

The insured product offering is clearly a strong one and the deferred SIPP option is good.

The Prudential had a 5 star (Excellent Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards. With the PruSelect range of funds, the multi-asset class PruFunds and the risk-rated Dynamic Portfolios, the plan offers one of the strongest insured packages in the market and a good all-round solution where its SIPP option is activated.

Aegon.

Aegon has a deferred SIPP offering, the Flexible Pension Plan.

The plan now only offers a more modern tiered charging structure with large fund discounts and explicit fees, and, in our view, is competitively priced.

The insured fund range now extends to over 250 funds, although a large number of these funds are managed in-house or by third parties for Aegon. However, the range of external funds continues to be expanded based on advice from Morningstar OBSR who are now also selecting the underlying collective investments for Aegon’s new “Select Portfolio” asset class funds. Morningstar OBSR also advise Aegon on the asset allocation for the new Core Risk Profile Portfolios.

In the past, Aegon negotiated some fine rates from fund managers and its multi-manager “fund collections” continue to offer access to the expertise of leading managers at low cost.

The plan does not offer phased retirement or income drawdown. However, Aegon offers access to phased retirement and income drawdown through its Retirement Control Plan. The Retirement Control Plan also provides a variable annuity ‘Income for Life’ option.

The SIPP option provides a good choice of investments including commercial property. It has a rather complicated charging structure with discounts for large insured fund sizes. Nevertheless, pricing is reasonably competitive and its fund supermarket option is good.


COMPETITOR REVIEW

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Our overall view is that Aegon has a strong product offering. It had a 3 star (Average Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards.

Aviva.

Aviva offers both an insured personal pension and a full SIPP.

Its Personal Pension is its insured offering and is the product analysed in more detail in this paper. It offers access to 275 funds from 35 managers. The charging structure includes both a traditional commission based structure and the more recently introduced “charge for advice” adviser remuneration. Regular contribution commission rates have recently been reduced under the traditional structure. The product offers phased retirement and access to drawdown facilities is available through both the (insured) Aviva Personal Pension Income Drawdown Plan and Aviva Self Invested Pension Plan.

The Aviva Self Invested Pension Plan is Aviva’s full SIPP offering. It is unusual in that charges are based on a percentage of the value of the invested funds on a sliding scale from 0.55%pa to 0.35%pa for the largest funds. This makes the SIPP reasonably competitive at smaller fund sizes but less so for large fund sizes as there is no monetary cap to the charges. Only two other providers in this analysis, LV= and Scottish Widows, have a similar charging structure. The SIPP has been relaunched and the minimum new regular and single contributions are now £300 per month and £10,000.

The SIPP offers access to Aviva’s in-house (but not external) insured funds, its fund supermarket, share dealing services and commercial property. However, assets such as TEPs and TIPs (from life companies other than Aviva) are not included in the list of permitted investments. The AMCs for in-house insured funds start at 0.4%pa. Its fund supermarket is large. The product offers a wide range of retirement choices, including income drawdown.

Aviva has in the past had problems with the administration of its SIPP business. The administration of this product is now carried out by Scottish Friendly who also administer the highly regarded Nucleus wrap using Bravura software.

Overall, we consider that Aviva’s pension offerings are good and, with good ongoing administration, its SIPP product may come back into favour. Aviva had a 3 star (Average Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards.

Axa Wealth.

Axa Wealth’s Retirement Wealth Account is a combined personal pension and SIPP offering. Axa also offers another product on their Axa Elevate platform but this product has not been analysed in this review.

The Retirement Wealth Account offers access to 323 funds from 43 managers with the range continuing to be expanded based on the advice of Morningstar OBSR and Axa’s in-house investment management team. Pricing is competitive with a recently improved tiered charging structure which offers significant discounts for large insured funds. The product offers lifestyle funds and income drawdown.

The SIPP option provides a wide choice of additional investment choices including commercial property at an extra cost. The same initial and yearly administration fees apply for all these additional choices, so the product tends to be a little more expensive than some of its competitors, if the client only wants, for example, fund supermarket investments or online share dealing. The fees are discounted where at least £50,000 is held in insured funds.

Axa Wealth has a strong reputation in the market with a 5 star (Excellent Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards. Our overall view is that its product is a strong offering.

Legal & General.

Legal & General has two main open-architecture products, the Portfolio Plus Pension and the Portfolio Plus SIPP which is the product analysed in more detail in this paper. One product is a deferred SIPP and the other a full SIPP. The pricing of both products is similar and both products offer access to a wide range of 332 insured funds from leading fund managers. The products are available via the Cofunds fund supermarket platform as well as direct from L&G, although Cofunds is now majoring on its Cofunds Pension Account which is provided by L&G’s subsidiary, Suffolk Life.

Both products have a tiered charging structure for insured funds (with a charge of only 0.1%pa on the top tier) which is designed to reward larger investors more generously than the stepped structure used by the majority of its competitors. The range of funds offered comprises a good cross-section by IMA sector of the leading collective investment schemes in the marketplace.

The products offer direct access to the collective investment schemes on the Cofunds platform at an annual charge which is waived for funds of £275,000 or more. For the Portfolio Plus SIPP, there is no requirement to invest in insured funds to access the Cofunds fund supermarket platform. A £25,000 investment in insured funds is required for the Portfolio Plus Pension.

The products offer access to a full range of investments (including commercial property) through their SIPP facilities and have a wide range of retirement options including income drawdown. SIPP pricing is fairly competitive.

Legal & General had a 4 star (Good Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards and we consider that their product provides a strong all-round package and is one of the most comprehensive


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in the marketplace.

LV=.

The Flexible Transitions Account is LV=’s deferred SIPP offering. It has a minimum fund requirement of £3,000 for accessing the SIPP features.

The Flexible Transitions Account has charges based on a percentage of the total value of funds under management. Aviva and Scottish Widows have a similar charging structure for their SIPP products. However, LV= is slightly different as its charges are on a tiered, rather than sliding scale, so there is no discontinuity in the fees charged as each band is reached. The fee scale starts at 0.55%pa for amounts up to £75,000, reducing to 0.35% on the next £925,000 and to 0.1%pa on amounts above £1m. The percentage based approach makes the SIPP product competitive at small fund sizes but less so at large fund sizes as there is no monetary cap. A ‘Low Fees’ option is also available where contributions are invested in a restricted range of funds. A minimum contribution of £20,000 applies for this option and the fees are 0.25%pa on the first £1m and 0.1%pa thereafter.

The Flexible Transitions Account offers access to 149 insured funds from 17 managers which is more limited than many of its competitors. The SIPP option covers most of the mainstream SIPP investment options and includes the ability to invest in collective investments through the Cofunds and FundsNetwork fund supermarkets, commercial property and execution-only share dealing.

The product offers a wide range of retirement options and is the only one of the providers in this review which currently offers flexible drawdown as well as capped drawdown.

LV= had a 5 star (Excellent Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards. Our view is that this is a good, competitively priced, product offering, although the insured fund range is a little limited.

Scottish Life.

The Pension Portfolio is Scottish Life’s deferred SIPP offering. It only has a minimum fund requirement of £1,000 for accessing the SIPP features (£20,000 where income withdrawals required) but, unusually, all contributions must initially be invested in insured funds. This is rather inflexible.

The insured fund range has recently been expanded based on the advice of Morningstar OBSR but is slightly more limited than many of its main competitors offering access to 156 funds from 25 managers. Scottish Life majors on its insured fund governance arrangements. It has a competitive tiered charging structure for its product.

The SIPP option provides most of the mainstream investment choices including commercial property. An annual fee applies for fund supermarket and online share dealing in all cases which may make the product a little more expensive than some providers.

The product offers good phased retirement, income drawdown and flexible lifestyle facilities.

Scottish Life had a 5 star (Excellent Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards. Our view is that this is a good product offering although the competitively priced insured fund range is rather limited.

Scottish Widows.

Scottish Widows offer both an insured Personal Pension Plan and their Retirement Account which is a full SIPP and is the product analysed in more detail in this paper.

The Retirement Account has charges which are based on a percentage of the value of the invested funds on a recently improved sliding scale from 0.6% to 0.1%. Aviva charges on a similar basis but, compared to Scottish Widows’ standard terms, has a lower starting point and a higher end point. The percentage based approach makes these SIPP products competitive at small fund sizes but slightly less so at large fund sizes as there is no monetary cap.

The Retirement Account offers access to 131 insured pension funds from 15 managers, the FundsNetwork fund supermarket, commercial property and a recently introduced execution-only share dealing facility. However, assets such as TEPs and TIPs (from life companies other than Scottish Widows) are not currently included in the list of permitted investments. The fund supermarket option covers a subset of the FundsNetwork offering and aims to ensure that there is no significant overlap between the insured external fund choices and the collective investment schemes available through the fund supermarket. Income drawdown is now offered.

Scottish Widows has a reputation for offering a good standard of service and had a 4 star (Good Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards. Its Retirement Account is a good product offering.

Skandia.

Skandia offers both an insured product and a full SIPP. Administration of the SIPP is outsourced to AJBell. They also offer another product on their Skandia Investment Solutions platform but this product has not been analysed in this review.

The insured product is their Personal Pension Plan and is the product analysed in more detail in this paper. The product provides the widest range of insured fund choices in the marketplace with 611 funds on offer. The insured product offers phased retirement and there is the ability to take income drawdown through a separate plan. The product has an unusually large 0.5%pa step change in its charges at a fund size of £50,000 for its Single Price Option which makes it very competitive for funds around this size.

The SIPP product has charges which are generally higher than AJBell’s SIPPCentre product for the same services. The lowest charging level occurs where investments are limited to Skandia’s insured funds and its fund supermarket. The insured fund choices under the SIPP are the same as under Skandia’s Personal Pension Plan and at the same AMCs but, as SIPP fees are also payable, the overall cost will be higher. For additional fees, investment in other assets can be added to the SIPP, including commercial property. The SIPP offers a wide range of retirement options including income drawdown.

Skandia had a 4 star (Good Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards and its Personal Pension Plan is a good, competitive, offering. However, the SIPP product does not appear to offer any significant advantages, unless investments outside Skandia’s insured fund range are required.

Standard Life.

Standard Life offers both an insured product and a full SIPP. The products offer the same range of 266 unit-linked insured funds. Standard Life also offers another SIPP product, SIPP for Wrap, through Standard Life’s wrap platform. This product has not been analysed in this review.

The recently launched insured product is the Active Money Personal Pension (AMPP). Pricing for the insured product is reasonably competitive and has been brought into line with Standard Life’s SIPP which has been rebranded the Active Money SIPP. The new insured product does not offer with-profits investment.

The AMPP offers phased retirement but no drawdown facilities. However, it is written under the same personal pension scheme as the Active Money SIPP making the ability to upgrade to that more fully featured product relatively seamless.

Standard Life’s SIPP offers access to a wide range of investments including commercial property. The fee structure is complicated and takes into account the level of insured funds. There are no additional fees if the only investments are insured funds. A full range of retirement options are available including income drawdown.

Standard Life has one of the best records for service in the market with a 5 star (Excellent Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards. Our overall view is that the Active Money products are strong product offerings.

Zurich.

Zurich’s SIPP is an integrated personal pension and SIPP offering. Administration of the SIPP option is provided by Capita.

The product offers access to a good selection of 216 funds from 33 managers. Pricing is competitive, especially for Threadneedle funds, with a tiered charging structure with loyalty bonuses which offers significant discounts for large insured funds. The product offers lifestyling and income drawdown.

The SIPP option offers access to a wide range of investments including commercial property at an additional charge. The initial and annual charges are waived where £140,000 or more is invested in insured funds, although it should be noted that transaction charges apply to non-insured fund investments.

Zurich has one of the best records for service in the market and had a 5 star (Excellent Service) Life and Pensions Provider rating in the 2011 Financial Adviser Service Awards. Our overall view is that its SIPP is a strong insured product offering.

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Product highlights.The table over the next two pages provides highlights of the main personal pension and income drawdown products of the providers included in this review. We have focused on the closest comparable product of each provider to the Prudential’s Flexible Retirement Plan. All products reviewed offer access to insured external funds and most, like Prudential’s provide SIPP functionality. The following points should be noted:

The number of managers shown avoids double counting where there are a number of fund managers which are •owned by the same parent company.The number of funds avoids double counting where the same fund is offered with both income and accumulation •unit variants.The number of IMA sectors relates to the underlying investments of insured funds where the stated investment policy •is to invest in a single named collective investment scheme. The top 20 collective investment schemes are based on net sales in the quarter ending 31 March 2012 for a leading •fund supermarket.The charging structures shown are based on providers’ standard terms and do not allow for any special offers.•LV= and Zurich outsource the investment management of their funds to Threadneedle Investments.•

Comparative information.Following the product highlights table, we have more detailed comparative information on the availability of funds within the PruSelect range from competitors and comparative RIY figures. In this review, we have looked at RIYs on a with-commission basis. Further information on the assumptions used is contained in the notes immediately following the RIY tables.


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PERSONAL PENSION AND INCOME DRAWDOWNProvider Product details Product details Provider

Product name and

variant

Insured fund details Annual Management Charges Minimum contributions Notes Product name and

variantAll funds External Number

of IMA sectors covered

by external insured

funds

External insured

funds linked to

the top 20 collective

investment schemes

Additional features

(L=Lifestyle funds;

VA=variable annuity features; WP=with

profit funds)

TER on nil commission basis

(for Balanced Managed Fund, except where indicated otherwise, including the product base AMC, the fund AMC

and any additional fund expenses)

Additional variable annuity

charges(variable annuity

guarantees are usually only available on a limited range of

defensive or cautious managed funds)

Single Additional single

Regular monthly

Capped Income Drawdown SIPP option

(additional charges will

normally apply)

Num

ber o

f m

anag

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Num

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f fu

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Num

ber o

f fu

nds

Ave

rage

per

m

anag

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Offered Minimum initial contribution or fund size

ID to ID transfers

Prudential Flexible Ret Plan 32 154 109 3.5 26 11 L, VA, WP 1%pa<£25K; 0.9%pa>=£25K; 0.8%pa>=£50K;

0.75%pa>=£100K; 0.7%pa>=£250K. Loyalty bonus

of 0.05%pa years 5-9; 0.1%pa years 10-14; 0.2%pa years 15-19;

0.25%pa from year 20.

0.3%pa-1.05%pa for 6-10 yr gtee

for PruFund Prot Cautious and

0.45%pa-2.5%pa for 6-10 year gtee for

PruFund Prot Growth.

£5,000 £200 £100 Yes £50,000(£37,500 ID to ID)

Yes Yes - Flexible Ret Plan Prudential

Aegon Flexible Pen Planannual man and fund adv chge

32 252 173 5.6 23 9 L, WP 0.75%pa<£20K; 0.45%pa>=£20K; 0.4%pa>=£50K;

0.35%pa>=£150K.

0.75%pa-1.8%pa charge for minimum

income guarantee with annual reviews.

£2,500 £499 £100 Yes(Ret Ctrl or Inc for

Life)

- Yes Yes(exc

Income for Life)

VA charges depend on eq content

(min 0% max 50%).

The VA min inc gtee ranges from 2.4%

at entry age 55JL to 5.05% at age 75SL.

Flexible Pen Planannual man and fund adv chge

Aegon

Retirement Control

0.5%pa<£250k; 0.4%pa>=£250K; 0.3%pa>=£1m.

£50,000(£35,000 ID to ID)

Retirement Control

Income for Life 1 7 - - - - VA 0.5%pa for core index portfolios £100,000(£70,000 ID to ID)

Income for Life

Aviva Personal Pen 35 275 224 6.6 25 16 L, WP 0.7%pa<£20K; 0.45%pa>=£20K; 0.4%pa>=£50K.

Not applicable £10,000 £1,000 £200 Yes(Inc Draw

Plan)

£50,000 after tax free cash Yes Separate plan

- Personal Pen Aviva

Inc Draw Plan 0.55%pa Inc Draw Plan

Axa Wealth Retirement Wealth Account

43 323 238 5.7 28 10 L 0.8%pa<£50K; 0.35%pa>=£50K; 0.3%pa>=£250K;

0.25%pa>=£500K; 0.2%pa>=£1m. Figures relate to BlackRock Aquila

Consensus index fund.

Not applicable None None None Yes None Yes Yes £185pa charge applies to income

drawdown

Retirement Wealth Account

Axa Wealth

Legal & General Portfolio Plus SIPP 44 332 283 6.6 31 17 L 1.36%pa<=£15K; £15K and above, 0.86%pa on first £25K and

0.36%pa thereafter.

Not applicable £5,000 £1,000 £200 Yes £100,000(£75,000 ID to ID)

Yes Yes - Portfolio Plus SIPP Legal & General

LV= Flexible Transitions

Account

17 149 124 7.8 27 6 - 0.68%pa on first £75K; 0.48%pa on next £925K; 0.23%pa

thereafter.[LV= also has low fees option with

restricted fund range and a min cont of £20K. Fees are 0.38%pa

on first £1m; 0.23%pa thereafter.]Figures relate to LV=’s SSgA Balanced Consensus fund.

Not applicable £10,000 £1,000 £250 Yes £37,500 after tax free cash Yes Yes Flexible Drawdown is offered where

a customer already has a

secure income of £20,000pa

Flexible Transitions Account

LV=

Scottish Life Pension Portfolio 25 156 110 4.6 24 12 L, WP 0.9%pa<£28.3K; 0.5%pa>=£28.3K;

0.45%pa>=£56.6K; 0.4%pa>=£169K;

0.35%pa>=£566K.

Not applicable £2,500 None £100 Yes £20,000 Yes Yes A £170 set-up charge applies for income drawdown

Pension Portfolio Scottish Life

Scottish Widows Retirement Account

15 131 77 5.5 22 4 L 0.82%pa<£30K; 0.62%pa>=£30K; 0.57%pa>=£100K; 0.52%pa>=£300K; 0.47%pa>=£500K; 0.42%pa>=£750K;

0.37%pa>=£1m; 0.32%pa>=£2m.


Yes Yes - Retirement Account

Scottish Widows

Skandia Personal Pension(single price

option)

58 611 537 9.4 33 18 - 0.95%pa<£50K; 0.45%pa>=£50K.Figures relate to Balanced Index

fund.

Not applicable £2,500(£5,000 TV)

£500 £100 Yes(Per Pen Inc Plan)

£100,000 Yes Separate plan

- Personal Pension(single price

option)

Skandia

Personal Pension Income Plan(single price

option)

0.95%pa<£250K; 0.7%pa>=£250K;

0.45%pa>=£500K.Figures relate to Balanced Index

fund and are based on total transfers.


option)

Standard Life Active Money 31 266 159 5.3 24 12 L 1%pa<£50K; 0.7%pa>=£50K; 0.6%pa>=£250K; 0.5%pa>=£500K

Not applicable £1,000 £1,000(no min

where reg conts)

£150 Yes £50,000(£37,500 ID to ID)

Yes Yes A drawdown review charge of £104pa may apply but is

waived for on-line reviews.

Active Money Standard Life

Zurich Self Invested Per Pen

33 216 175 5.5 30 13 L For single contributions, 1.06%pa<£20K; 0.81%pa>=£20K;

0.71%pa>=£50K; 0.66%pa>=£100K;

0.61%pa>=£250K. Loyalty bonus of 1% in year 5 and 0.5% in year 10. Additional bonus of 0.1%pa

where no withdrawals.For regular contributions,

0.76%pa.

Not applicable £10,000 £1,000 £100 Yes £50,000 after tax free cash Yes Yes A £79.75 set-up and £127.65pa ongoing charge applies for income drawdown where the insured funds are less than

£140,000.

Self Invested Per Pen

Zurich


CO

MP

ETITOR

REV

IEW

PRODUCT HIGHLIGHTS TABLE


PERSONAL PENSION AND INCOME DRAWDOWNProvider Product details Product details Provider

Product name and

variant

Insured fund details Annual Management Charges Minimum contributions Notes Product name and

variantAll funds External Number

of IMA sectors covered

by external insured

funds

External insured

funds linked to

the top 20 collective

investment schemes

Additional features

(L=Lifestyle funds;

VA=variable annuity features; WP=with

profit funds)

TER on nil commission basis

(for Balanced Managed Fund, except where indicated otherwise, including the product base AMC, the fund AMC

and any additional fund expenses)

Additional variable annuity

charges(variable annuity

guarantees are usually only available on a limited range of

defensive or cautious managed funds)

Single Additional single

Regular monthly

Capped Income Drawdown SIPP option

(additional charges will

normally apply)

Num

ber o

f m

anag

ers

Num

ber o

f fu

nds

Num

ber o

f fu

nds

Ave

rage

per

m

anag

er

Offered Minimum initial contribution or fund size

ID to ID transfers

Prudential Flexible Ret Plan 32 154 109 3.5 26 11 L, VA, WP 1%pa<£25K; 0.9%pa>=£25K; 0.8%pa>=£50K;

0.75%pa>=£100K; 0.7%pa>=£250K. Loyalty bonus

of 0.05%pa years 5-9; 0.1%pa years 10-14; 0.2%pa years 15-19;

0.25%pa from year 20.

0.3%pa-1.05%pa for 6-10 yr gtee

for PruFund Prot Cautious and

0.45%pa-2.5%pa for 6-10 year gtee for

PruFund Prot Growth.

£5,000 £200 £100 Yes £50,000(£37,500 ID to ID)

Yes Yes - Flexible Ret Plan Prudential

Aegon Flexible Pen Planannual man and fund adv chge

32 252 173 5.6 23 9 L, WP 0.75%pa<£20K; 0.45%pa>=£20K; 0.4%pa>=£50K;

0.35%pa>=£150K.

0.75%pa-1.8%pa charge for minimum

income guarantee with annual reviews.

£2,500 £499 £100 Yes(Ret Ctrl or Inc for

Life)

- Yes Yes(exc

Income for Life)

VA charges depend on eq content

(min 0% max 50%).

The VA min inc gtee ranges from 2.4%

at entry age 55JL to 5.05% at age 75SL.

Flexible Pen Planannual man and fund adv chge

Aegon

Retirement Control

0.5%pa<£250k; 0.4%pa>=£250K; 0.3%pa>=£1m.

£50,000(£35,000 ID to ID)

Retirement Control

Income for Life 1 7 - - - - VA 0.5%pa for core index portfolios £100,000(£70,000 ID to ID)

Income for Life

Aviva Personal Pen 35 275 224 6.6 25 16 L, WP 0.7%pa<£20K; 0.45%pa>=£20K; 0.4%pa>=£50K.

Not applicable £10,000 £1,000 £200 Yes(Inc Draw

Plan)

£50,000 after tax free cash Yes Separate plan

- Personal Pen Aviva

Inc Draw Plan 0.55%pa Inc Draw Plan

Axa Wealth Retirement Wealth Account

43 323 238 5.7 28 10 L 0.8%pa<£50K; 0.35%pa>=£50K; 0.3%pa>=£250K;

0.25%pa>=£500K; 0.2%pa>=£1m. Figures relate to BlackRock Aquila

Consensus index fund.

Not applicable None None None Yes None Yes Yes £185pa charge applies to income

drawdown

Retirement Wealth Account

Axa Wealth

Legal & General Portfolio Plus SIPP 44 332 283 6.6 31 17 L 1.36%pa<=£15K; £15K and above, 0.86%pa on first £25K and

0.36%pa thereafter.


Yes Yes - Portfolio Plus SIPP Legal & General

LV= Flexible Transitions

Account

17 149 124 7.8 27 6 - 0.68%pa on first £75K; 0.48%pa on next £925K; 0.23%pa

thereafter.[LV= also has low fees option with

restricted fund range and a min cont of £20K. Fees are 0.38%pa

on first £1m; 0.23%pa thereafter.]Figures relate to LV=’s SSgA Balanced Consensus fund.

Not applicable £10,000 £1,000 £250 Yes £37,500 after tax free cash Yes Yes Flexible Drawdown is offered where

a customer already has a

secure income of £20,000pa

Flexible Transitions Account

LV=

Scottish Life Pension Portfolio 25 156 110 4.6 24 12 L, WP 0.9%pa<£28.3K; 0.5%pa>=£28.3K;

0.45%pa>=£56.6K; 0.4%pa>=£169K;

0.35%pa>=£566K.

Not applicable £2,500 None £100 Yes £20,000 Yes Yes A £170 set-up charge applies for income drawdown

Pension Portfolio Scottish Life

Scottish Widows Retirement Account

15 131 77 5.5 22 4 L 0.82%pa<£30K; 0.62%pa>=£30K; 0.57%pa>=£100K; 0.52%pa>=£300K; 0.47%pa>=£500K; 0.42%pa>=£750K;

0.37%pa>=£1m; 0.32%pa>=£2m.


Yes Yes - Retirement Account

Scottish Widows

Skandia Personal Pension(single price

option)

58 611 537 9.4 33 18 - 0.95%pa<£50K; 0.45%pa>=£50K.Figures relate to Balanced Index

fund.

Not applicable £2,500(£5,000 TV)

£500 £100 Yes(Per Pen Inc Plan)

£100,000 Yes Separate plan

- Personal Pension(single price

option)

Skandia


option)

0.95%pa<£250K; 0.7%pa>=£250K;

0.45%pa>=£500K.Figures relate to Balanced Index

fund and are based on total transfers.


option)

Standard Life Active Money 31 266 159 5.3 24 12 L 1%pa<£50K; 0.7%pa>=£50K; 0.6%pa>=£250K; 0.5%pa>=£500K

Not applicable £1,000 £1,000(no min

where reg conts)

£150 Yes £50,000(£37,500 ID to ID)

Yes Yes A drawdown review charge of £104pa may apply but is

waived for on-line reviews.

Active Money Standard Life

Zurich Self Invested Per Pen

33 216 175 5.5 30 13 L For single contributions, 1.06%pa<£20K; 0.81%pa>=£20K;

0.71%pa>=£50K; 0.66%pa>=£100K;

0.61%pa>=£250K. Loyalty bonus of 1% in year 5 and 0.5% in year 10. Additional bonus of 0.1%pa

where no withdrawals.For regular contributions,

0.76%pa.

Not applicable £10,000 £1,000 £100 Yes £50,000 after tax free cash Yes Yes A £79.75 set-up and £127.65pa ongoing charge applies for income drawdown where the insured funds are less than

£140,000.

Self Invested Per Pen

Zurich

CO

MP

ETIT

OR

REV

IEW

MORNINGSTAR OBSR PRUSELECT FUND AVAILABILITY BY PROVIDERCollective investment scheme Morning-

starOBSR rating

Provider Collective investment scheme Morning-star

OBSR rating

Provider

Prud

enti

al

Aeg

on

Avi

va

Axa

Wea

lth

Lega

l & G

ener

al

LV=

Scot

tish

Life

Scot

tish

Wid

ows

Skan

dia

Stan

dard

Life

Zuri

ch

Prud

enti

al

Aeg

on

Avi

va

Axa

Wea

lth

Lega

l & G

ener

al

LV=

Scot

tish

Life

Scot

tish

Wid

ows

Skan

dia

Stan

dard

Life

Zuri

ch

Aberdeen Emerging Markets Gold JPM Europe Dynamic (ex-UK) Bronze

Allianz BRIC Stars Bronze JPM Natural Resources Bronze

Artemis European Growth Bronze Jupiter Emerging European Opportunities Silver

Artemis Global Growth Silver Jupiter European Special Situations Silver

Artemis High Income Silver Jupiter Financial Opportunities Silver

Artemis Income Gold Jupiter High Income Gold

Artemis Strategic Bond Silver Jupiter Income Gold

Artemis UK Growth Bronze Jupiter Merlin Balanced Portfolio Gold

Artemis UK Smaller Companies Gold Jupiter Merlin Growth Portfolio Gold

Artemis UK Special Situations Gold Jupiter Merlin Income Portfolio Gold

Aviva Inv Property Not rated Jupiter Merlin Worldwide Portfolio Gold

AXA Framlington Equity Income Silver Jupiter UK Growth Silver

AXA Framlington UK Select Opportunities Gold Kames Ethical Equity Silver

Baillie Gifford High Yield Bond Bronze Kames High Yield Bond Silver

BlackRock Gold & General Gold Kames Investment Grade Bond Silver

BlackRock UK Bronze Kames Strategic Bond Silver

BlackRock UK Absolute Alpha Bronze Kames UK Opportunities Silver

BlackRock UK Smaller Companies Bronze Legg Mason US Smaller Companies Silver

BlackRock UK Special Situations Gold M&G American Bronze

Cazenove UK Growth and Income Bronze M&G Corporate Bond Silver

CIS Sustainable Leaders Bronze M&G Gilt & Fixed Interest Income Bronze

Fidelity European Bronze M&G Global Basics Gold

Fidelity Moneybuilder Income Gold M&G Global Leaders Silver

Fidelity South East Asia Silver M&G High Yield Corporate Bond Bronze

First State Asia Pacific Leaders Gold M&G Recovery Gold

First State Global Emerging Mkts Leaders Gold M&G Strategic Corporate Bond Silver

GLG Japan CoreAlpha Gold Martin Currie IF Asia Pacific Bronze

Henderson Cautious Managed Silver Martin Currie IF Japan Bronze

Henderson China Opportunities Bronze Martin Currie IF North American Neutral

Henderson Emerging Markets Opps Bronze Neptune Balanced Silver

Henderson European Growth Gold Neptune Global Alpha Silver

Henderson European Selected Opps Bronze Neptune Global Equity Gold

Henderson High Yield Monthly Income Rating Removed Neptune Income Silver

Henderson Preference & Bond Gold Newton Balanced Silver

Invesco Perpetual Corporate Bond Gold Newton Global Higher Income Silver

Invesco Perpetual Distribution Gold Old Mutual UK Select Mid Cap Silver

Invesco Perpetual Global Bond Bronze Schroder Global Property Securities Bronze

Invesco Perpetual High Income Gold Schroder Income Bronze

Invesco Perpetual Income Gold Schroder Tokyo Silver

Invesco Perpetual Monthly Income Plus Gold Schroder UK Alpha Plus Gold

Investec American Silver Schroder UK Smaller Companies Silver

Investec Cautious Managed Silver Schroder US Mid Cap Gold

Investec Global Energy Under Review SL Inv Global Absolute Returns Strategy Bronze

Investec Global Free Enterprise Silver SWIP Multi-Manager Diversity Bronze

Investec Strategic Bond Bronze Threadneedle American Bronze

JPM Cautious Total Return Neutral Threadneedle American Select Silver

NO. OF MORNINGSTAR OBSR PRUSELECT FUNDS OFFERED OUT OF 92 92 50 76 66 79 41 45 27 84 32 60


MORNINGSTAR OBSR PRUSELECT FUND AVAILABILITY BY PROVIDERCollective investment scheme Morning-

starOBSR rating

Provider Collective investment scheme Morning-star

OBSR rating

Provider

Prud

enti

al

Aeg

on

Avi

va

Axa

Wea

lth

Lega

l & G

ener

al

LV=

Scot

tish

Life

Scot

tish

Wid

ows

Skan

dia

Stan

dard

Life

Zuri

ch

Prud

enti

al

Aeg

on

Avi

va

Axa

Wea

lth

Lega

l & G

ener

al

LV=

Scot

tish

Life

Scot

tish

Wid

ows

Skan

dia

Stan

dard

Life

Zuri

ch

Aberdeen Emerging Markets Gold JPM Europe Dynamic (ex-UK) Bronze

Allianz BRIC Stars Bronze JPM Natural Resources Bronze

Artemis European Growth Bronze Jupiter Emerging European Opportunities Silver

Artemis Global Growth Silver Jupiter European Special Situations Silver

Artemis High Income Silver Jupiter Financial Opportunities Silver

Artemis Income Gold Jupiter High Income Gold

Artemis Strategic Bond Silver Jupiter Income Gold

Artemis UK Growth Bronze Jupiter Merlin Balanced Portfolio Gold

Artemis UK Smaller Companies Gold Jupiter Merlin Growth Portfolio Gold

Artemis UK Special Situations Gold Jupiter Merlin Income Portfolio Gold

Aviva Inv Property Not rated Jupiter Merlin Worldwide Portfolio Gold

AXA Framlington Equity Income Silver Jupiter UK Growth Silver

AXA Framlington UK Select Opportunities Gold Kames Ethical Equity Silver

Baillie Gifford High Yield Bond Bronze Kames High Yield Bond Silver

BlackRock Gold & General Gold Kames Investment Grade Bond Silver

BlackRock UK Bronze Kames Strategic Bond Silver

BlackRock UK Absolute Alpha Bronze Kames UK Opportunities Silver

BlackRock UK Smaller Companies Bronze Legg Mason US Smaller Companies Silver

BlackRock UK Special Situations Gold M&G American Bronze

Cazenove UK Growth and Income Bronze M&G Corporate Bond Silver

CIS Sustainable Leaders Bronze M&G Gilt & Fixed Interest Income Bronze

Fidelity European Bronze M&G Global Basics Gold

Fidelity Moneybuilder Income Gold M&G Global Leaders Silver

Fidelity South East Asia Silver M&G High Yield Corporate Bond Bronze

First State Asia Pacific Leaders Gold M&G Recovery Gold

First State Global Emerging Mkts Leaders Gold M&G Strategic Corporate Bond Silver

GLG Japan CoreAlpha Gold Martin Currie IF Asia Pacific Bronze

Henderson Cautious Managed Silver Martin Currie IF Japan Bronze

Henderson China Opportunities Bronze Martin Currie IF North American Neutral

Henderson Emerging Markets Opps Bronze Neptune Balanced Silver

Henderson European Growth Gold Neptune Global Alpha Silver

Henderson European Selected Opps Bronze Neptune Global Equity Gold

Henderson High Yield Monthly Income Rating Removed Neptune Income Silver

Henderson Preference & Bond Gold Newton Balanced Silver

Invesco Perpetual Corporate Bond Gold Newton Global Higher Income Silver

Invesco Perpetual Distribution Gold Old Mutual UK Select Mid Cap Silver

Invesco Perpetual Global Bond Bronze Schroder Global Property Securities Bronze

Invesco Perpetual High Income Gold Schroder Income Bronze

Invesco Perpetual Income Gold Schroder Tokyo Silver

Invesco Perpetual Monthly Income Plus Gold Schroder UK Alpha Plus Gold

Investec American Silver Schroder UK Smaller Companies Silver

Investec Cautious Managed Silver Schroder US Mid Cap Gold

Investec Global Energy Under Review SL Inv Global Absolute Returns Strategy Bronze

Investec Global Free Enterprise Silver SWIP Multi-Manager Diversity Bronze

Investec Strategic Bond Bronze Threadneedle American Bronze

JPM Cautious Total Return Neutral Threadneedle American Select Silver

NO. OF MORNINGSTAR OBSR PRUSELECT FUNDS OFFERED OUT OF 92 92 50 76 66 79 41 45 27 84 32 60

CO

MP

ETITOR

REV

IEW


RED

UC

TIO

N IN

YIE

LDS


PERSONAL PENSION RIYS £250 PER MONTH CONTRIBUTIONCollective investment scheme Prudential RIYs Provider Collective investment scheme Prudential RIYs Provider

Rank amongst 10

providers

Difference in RIY

compared to average

of all providers

Prud

enti

al

Aeg

on

Avi

va

Axa

Wea

lth

Lega

l & G

ener

al

Scot

tish

Life

Scot

tish

Wid

ows

Skan

dia

Stan

dard

Life

Zuri

ch

Rank amongst 10

providers

Difference in RIY

compared to average

of all providers

Prud

enti

al

Aeg

on

Avi

va

Axa

Wea

lth

Lega

l & G

ener

al

Scot

tish

Life

Scot

tish

Wid

ows

Skan

dia

Stan

dard

Life

Zuri

ch

Aberdeen Emerging Markets 3 -0.2% 1.7% 1.6% 1.6% 2.0% 2.1% 2.0% JPM Europe Dynamic (ex-UK) 4 0.1% 1.8% 1.6% 1.4% 1.7% 1.9%

Allianz BRIC Stars 3 -0.2% 1.9% 1.7% 1.7% 2.0% 2.5% 2.3% 2.0% JPM Natural Resources 5 -0.1% 1.8% 1.6% 1.4% 2.0% 2.2% 2.1% 1.7% 1.9% 2.1% 1.7%

Artemis European Growth 2 -0.1% 1.7% 1.4% 1.8% 2.1% 2.0% Jupiter Emerging European Opportunities 2 -0.1% 2.1% 1.9% 2.3% 2.4% 2.2% 2.1%

Artemis Global Growth 3 -0.2% 1.7% 1.6% 1.5% 1.9% 2.3% 1.9% Jupiter European Special Situations 2 -0.3% 1.9% 1.7% 2.6% 2.4% 2.2%

Artemis High Income 3 0.0% 1.6% 1.3% 1.9% 1.7% 1.5% Jupiter Financial Opportunities 1 -0.2% 1.9% 1.9% 2.0% 2.6% 2.3% 2.1% 1.9%

Artemis Income 4 0.0% 1.7% 1.4% 1.4% 1.8% 1.9% 2.0% 1.8% 1.6% Jupiter High Income 2 -0.1% 2.0% 1.8% 2.1% 2.4% 2.2%

Artemis Strategic Bond 3 -0.1% 1.4% 1.3% 1.2% 1.6% 1.8% 1.7% Jupiter Income 2 -0.2% 1.8% 1.7% 2.0% 2.2% 1.8% 2.1% 2.1% 1.8%

Artemis UK Growth 2 -0.1% 1.7% 1.5% 2.1% 1.7% 1.7% 1.7% Jupiter Merlin Balanced Portfolio 3 -0.2% 2.6% 2.5% 3.0% 3.0% 2.8% 2.9% 2.5%

Artemis UK Smaller Companies 2 -0.1% 1.7% 1.5% 1.9% 2.1% 1.8% 1.7% 1.7% Jupiter Merlin Growth Portfolio 1 -0.3% 2.7% 2.7% 3.1% 3.2% 3.0% 3.1% 2.7%

Artemis UK Special Situations 4 -0.1% 1.7% 1.5% 1.4% 1.8% 2.1% 2.0% 1.9% 1.6% Jupiter Merlin Income Portfolio 1 -0.4% 2.4% 2.6% 3.2% 2.9% 2.7% 3.0% 2.5%

Aviva Inv Property 2 0.0% 2.2% 1.8% 2.4% 2.3% 2.2% Jupiter Merlin Worldwide Portfolio 2 -0.3% 2.6% 2.4% 3.0% 3.2% 3.0% 3.1% 2.6%

AXA Framlington Equity Income 2 0.0% 1.7% 1.4% 1.8% 1.9% Jupiter UK Growth 3 0.0% 2.0% 1.8% 2.0% 1.9% 2.2%

AXA Framlington UK Select Opportunities 3 -0.1% 1.7% 1.3% 1.8% 2.1% 1.9% 1.6% Kames Ethical Equity 3 -0.1% 1.7% 1.4% 1.8% 2.1% 2.0% 1.6%

Baillie Gifford High Yield Bond 2 0.0% 1.4% 1.1% 1.7% Kames High Yield Bond 3 -0.2% 1.4% 1.2% 1.3% 1.9% 2.0%

BlackRock Gold & General 3 -0.2% 1.8% 1.7% 1.6% 2.0% 2.2% 2.3% 1.9% 2.1% 2.1% 1.9% Kames Investment Grade Bond 3 0.1% 1.7% 1.3% 1.4% 1.9%

BlackRock UK 4 -0.1% 1.7% 1.6% 1.5% 2.1% 1.6% 2.0% Kames Strategic Bond 4 0.1% 1.7% 1.3% 1.4% 1.7% 1.8% 1.8% 1.5%

BlackRock UK Absolute Alpha 3 -0.1% 1.8% 1.6% 1.4% 1.9% 2.4% 1.8% 2.1% 2.0% Kames UK Opportunities 2 0.0% 1.7% 1.3% 1.8% 2.0%

BlackRock UK Smaller Companies 3 -0.1% 1.7% 1.6% 1.4% 1.9% 1.9% 1.7% 1.8% Legg Mason US Smaller Companies 1 -0.2% 1.9% 2.1% 2.2%

BlackRock UK Special Situations 2 -0.2% 1.6% 1.6% 1.5% 1.9% 2.0% 1.7% 2.0% 2.1% 1.7% M&G American 1 -0.4% 1.4% 1.6% 1.5% 1.9% 2.0% 2.0% 1.7%

Cazenove UK Growth and Income 3 -0.1% 1.7% 1.4% 1.8% 1.9% 2.0% 1.9% 1.6% M&G Corporate Bond 1 -0.5% 1.1% 1.3% 1.2% 1.7% 1.9% 1.8% 2.0% 1.9% 1.5%

CIS Sustainable Leaders 1 0.0% 1.7% M&G Gilt & Fixed Interest Income 1 -0.4% 1.2% 1.3% 1.8% 1.7% 1.6%

Fidelity European 4 0.0% 2.0% 2.0% 1.8% 2.0% 2.2% 1.8% 2.1% 2.1% 1.9% M&G Global Basics 1 -0.5% 1.4% 1.6% 1.5% 1.9% 2.1% 2.1% 2.0% 2.1% 1.8%

Fidelity Moneybuilder Income 1 -0.2% 1.3% 1.3% 1.3% 1.6% 1.7% 1.3% 1.9% 1.4% M&G Global Leaders 1 -0.5% 1.4% 1.6% 1.5% 2.0% 2.1% 2.1% 2.0%

Fidelity South East Asia 7 0.0% 2.2% 2.0% 1.7% 2.1% 2.7% 2.5% 1.9% 2.1% 2.4% 2.0% M&G High Yield Corporate Bond 1 -0.6% 1.2% 1.8% 2.0% 2.0%

First State Asia Pacific Leaders 4 0.0% 1.8% 1.6% 1.5% 1.8% 2.0% 2.1% 1.9% 1.6% M&G Recovery 1 -0.4% 1.4% 1.6% 1.5% 1.9% 1.9% 2.1% 2.0% 2.0% 1.7%

First State Global Emerging Mkts Leaders 2 -0.1% 1.8% 1.5% 1.8% 2.1% 2.1% 2.0% 2.0% M&G Strategic Corporate Bond 3 -0.2% 1.4% 1.3% 1.3% 1.8% 1.8% 1.7% 1.8% 1.6%

GLG Japan CoreAlpha 3 -0.1% 1.7% 1.6% 1.5% 1.9% 2.1% 1.7% Martin Currie IF Asia Pacific 2 -0.1% 1.9% 1.7% 2.0% 2.3% 2.0%

Henderson Cautious Managed 2 -0.2% 1.5% 1.3% 1.5% 1.8% 1.9% 1.9% 1.8% 1.6% Martin Currie IF Japan 1 -0.3% 1.8% 2.3% 2.1%

Henderson China Opportunities 2 -0.2% 1.8% 1.6% 2.0% 2.1% 2.2% 1.9% 1.8% Martin Currie IF North American 3 -0.1% 1.9% 1.6% 1.9% 2.3% 2.0% 1.8%

Henderson Emerging Markets Opps 3 -0.2% 1.8% 1.7% 1.6% 2.0% 2.2% 2.2% 1.9% 1.9% Neptune Balanced 6 0.1% 1.9% 1.5% 1.5% 1.8% 2.0% 2.0% 1.8% 1.6%

Henderson European Growth 2 -0.1% 1.9% 1.5% 2.0% 2.3% 2.1% 2.1% Neptune Global Alpha 2 -0.2% 1.9% 1.8% 2.1% 2.3%

Henderson European Selected Opps 4 -0.1% 1.8% 1.6% 1.6% 2.0% 2.0% 1.9% 2.1% 1.7% Neptune Global Equity 3 -0.1% 1.8% 1.5% 1.6% 1.9% 2.2% 2.1% 2.0% 1.8%

Henderson High Yield Monthly Income 2 0.0% 1.7% 1.3% 2.1% Neptune Income 2 -0.1% 1.7% 1.5% 1.8% 1.9% 1.9% 1.7%

Henderson Preference & Bond 2 -0.1% 1.6% 1.7% 1.8% 1.9% 1.5% Newton Balanced 2 -0.3% 1.2% 1.0% 1.5% 1.8% 1.8% 1.5%

Invesco Perpetual Corporate Bond 3 -0.1% 1.7% 1.5% 1.4% 1.8% 1.8% 2.0% 1.7% 2.0% 1.9% 1.7% Newton Global Higher Income 4 -0.1% 1.7% 1.2% 1.5% 1.8% 2.0% 2.1% 1.6% 2.0% 1.7%

Invesco Perpetual Distribution 4 0.0% 1.9% 1.5% 1.9% 2.1% 2.2% 1.7% 2.0% 1.8% Old Mutual UK Select Mid Cap 3 -0.1% 1.8% 1.5% 1.9% 2.0% 1.9% 2.1% 1.7%

Invesco Perpetual Global Bond 1 -0.3% 1.6% 1.9% 2.0% 1.7% 2.0% Schroder Global Property Securities 4 -0.1% 1.8% 1.6% 1.6% 1.9% 2.3% 2.2% 1.8% 2.1% 1.7%

Invesco Perpetual High Income 2 -0.2% 1.7% 1.5% 1.9% 2.1% 2.1% 1.8% 2.1% 2.0% 1.7% Schroder Income 2 -0.1% 1.7% 1.6% 1.9% 2.0% 1.8%

Invesco Perpetual Income 1 -0.5% 1.3% 1.6% 1.5% 1.9% 2.0% 2.1% 2.1% 1.8% Schroder Tokyo 2 -0.2% 1.7% 1.6% 1.7% 1.9% 2.0% 2.2% 1.8% 2.0% 2.1% 1.7%

Invesco Perpetual Monthly Income Plus 3 -0.1% 1.8% 1.4% 1.9% 1.9% 2.1% 2.0% 1.7% Schroder UK Alpha Plus 3 -0.2% 1.7% 1.6% 1.6% 1.9% 2.0% 2.2% 1.8% 2.0% 2.0% 1.7%

Investec American 2 -0.1% 1.7% 1.4% 1.9% 2.1% 1.7% 1.9% 1.8% Schroder UK Smaller Companies 2 -0.2% 1.7% 1.6% 1.9% 2.1% 2.0% 1.9%

Investec Cautious Managed 4 -0.1% 1.6% 1.5% 1.3% 1.7% 1.8% 1.9% 1.3% 2.0% 1.9% 1.7% Schroder US Mid Cap 3 0.0% 1.9% 1.6% 1.5% 1.9% 2.2% 2.1% 2.0%

Investec Global Energy 3 -0.1% 1.7% 1.5% 1.5% 2.2% 2.0% 2.0% 1.7% SL Inv Global Absolute Returns Strategy 4 0.0% 1.8% 1.5% 1.9% 2.1% 1.7% 1.7%

Investec Global Free Enterprise 2 -0.2% 1.7% 1.5% 1.9% 2.0% 2.2% 1.7% 2.1% 2.0% 1.7% SWIP Multi-Manager Diversity 1 -0.3% 2.3% 3.0% 2.3% 2.7%

Investec Strategic Bond 1 -0.4% 1.3% 2.0% 1.5% 1.7% Threadneedle American 3 0.2% 1.8% 1.5% 2.1% 1.0%

JPM Cautious Total Return 3 -0.1% 1.7% 1.4% 1.4% 1.8% 2.1% 2.0% 1.7% 1.8% 1.8% Threadneedle American Select 3 0.0% 1.8% 1.6% 1.9% 1.9% 2.1% 1.0%

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15 YEAR PROJECTION TERM AND 10% INITIAL COMMISSIONPERSONAL PENSION RIYS £250 PER MONTH CONTRIBUTIONCollective investment scheme Prudential RIYs Provider Collective investment scheme Prudential RIYs Provider

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Artemis High Income 3 0.0% 1.6% 1.3% 1.9% 1.7% 1.5% Jupiter Financial Opportunities 1 -0.2% 1.9% 1.9% 2.0% 2.6% 2.3% 2.1% 1.9%

Artemis Income 4 0.0% 1.7% 1.4% 1.4% 1.8% 1.9% 2.0% 1.8% 1.6% Jupiter High Income 2 -0.1% 2.0% 1.8% 2.1% 2.4% 2.2%






AXA Framlington Equity Income 2 0.0% 1.7% 1.4% 1.8% 1.9% Jupiter UK Growth 3 0.0% 2.0% 1.8% 2.0% 1.9% 2.2%










Fidelity European 4 0.0% 2.0% 2.0% 1.8% 2.0% 2.2% 1.8% 2.1% 2.1% 1.9% M&G Global Basics 1 -0.5% 1.4% 1.6% 1.5% 1.9% 2.1% 2.1% 2.0% 2.1% 1.8%



First State Asia Pacific Leaders 4 0.0% 1.8% 1.6% 1.5% 1.8% 2.0% 2.1% 1.9% 1.6% M&G Recovery 1 -0.4% 1.4% 1.6% 1.5% 1.9% 1.9% 2.1% 2.0% 2.0% 1.7%








Henderson High Yield Monthly Income 2 0.0% 1.7% 1.3% 2.1% Neptune Income 2 -0.1% 1.7% 1.5% 1.8% 1.9% 1.9% 1.7%



Invesco Perpetual Distribution 4 0.0% 1.9% 1.5% 1.9% 2.1% 2.2% 1.7% 2.0% 1.8% Old Mutual UK Select Mid Cap 3 -0.1% 1.8% 1.5% 1.9% 2.0% 1.9% 2.1% 1.7%











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Rank amongst 10

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Artemis High Income 2 -0.2% 1.3% 1.2% 1.9% 1.4% 1.5% Jupiter Financial Opportunities 1 -0.3% 1.7% 1.8% 1.8% 2.6% 2.1% 1.9% 1.9%

Artemis Income 3 -0.1% 1.5% 1.3% 1.3% 1.5% 1.9% 1.8% 1.5% 1.6% Jupiter High Income 2 -0.2% 1.8% 1.7% 1.9% 2.4% 2.0%






AXA Framlington Equity Income 2 -0.1% 1.5% 1.3% 1.6% 1.7% Jupiter UK Growth 2 -0.1% 1.8% 1.7% 1.8% 1.8% 2.0%


Baillie Gifford High Yield Bond 2 -0.1% 1.2% 1.0% 1.5% Kames High Yield Bond 2 -0.3% 1.2% 1.1% 1.2% 1.9% 1.7%








Fidelity European 3 -0.1% 1.8% 1.9% 1.7% 1.8% 2.1% 1.7% 1.8% 1.9% 1.9% M&G Global Basics 1 -0.5% 1.2% 1.5% 1.4% 1.7% 2.0% 1.9% 1.8% 1.9% 1.7%



First State Asia Pacific Leaders 4 -0.1% 1.6% 1.5% 1.4% 1.5% 2.0% 1.9% 1.7% 1.6% M&G Recovery 1 -0.5% 1.2% 1.5% 1.4% 1.6% 1.9% 1.9% 1.7% 1.9% 1.7%








Henderson High Yield Monthly Income 2 -0.1% 1.5% 1.2% 2.1% Neptune Income 2 -0.1% 1.5% 1.4% 1.6% 1.8% 1.7% 1.6%



Invesco Perpetual Distribution 4 -0.1% 1.7% 1.4% 1.6% 2.0% 2.0% 1.6% 1.7% 1.8% Old Mutual UK Select Mid Cap 2 -0.1% 1.6% 1.4% 1.6% 1.9% 1.6% 1.9% 1.7%







Investec Global Energy 3 -0.2% 1.5% 1.4% 1.4% 2.1% 1.8% 1.7% 1.6% SL Inv Global Absolute Returns Strategy 3 -0.1% 1.6% 1.4% 1.6% 2.1% 1.6% 1.5%





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Artemis High Income 2 -0.2% 1.3% 1.2% 1.9% 1.4% 1.5% Jupiter Financial Opportunities 1 -0.3% 1.7% 1.8% 1.8% 2.6% 2.1% 1.9% 1.9%

Artemis Income 3 -0.1% 1.5% 1.3% 1.3% 1.5% 1.9% 1.8% 1.5% 1.6% Jupiter High Income 2 -0.2% 1.8% 1.7% 1.9% 2.4% 2.0%






AXA Framlington Equity Income 2 -0.1% 1.5% 1.3% 1.6% 1.7% Jupiter UK Growth 2 -0.1% 1.8% 1.7% 1.8% 1.8% 2.0%


Baillie Gifford High Yield Bond 2 -0.1% 1.2% 1.0% 1.5% Kames High Yield Bond 2 -0.3% 1.2% 1.1% 1.2% 1.9% 1.7%








Fidelity European 3 -0.1% 1.8% 1.9% 1.7% 1.8% 2.1% 1.7% 1.8% 1.9% 1.9% M&G Global Basics 1 -0.5% 1.2% 1.5% 1.4% 1.7% 2.0% 1.9% 1.8% 1.9% 1.7%



First State Asia Pacific Leaders 4 -0.1% 1.6% 1.5% 1.4% 1.5% 2.0% 1.9% 1.7% 1.6% M&G Recovery 1 -0.5% 1.2% 1.5% 1.4% 1.6% 1.9% 1.9% 1.7% 1.9% 1.7%








Henderson High Yield Monthly Income 2 -0.1% 1.5% 1.2% 2.1% Neptune Income 2 -0.1% 1.5% 1.4% 1.6% 1.8% 1.7% 1.6%



Invesco Perpetual Distribution 4 -0.1% 1.7% 1.4% 1.6% 2.0% 2.0% 1.6% 1.7% 1.8% Old Mutual UK Select Mid Cap 2 -0.1% 1.6% 1.4% 1.6% 1.9% 1.6% 1.9% 1.7%







Investec Global Energy 3 -0.2% 1.5% 1.4% 1.4% 2.1% 1.8% 1.7% 1.6% SL Inv Global Absolute Returns Strategy 3 -0.1% 1.6% 1.4% 1.6% 2.1% 1.6% 1.5%




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25 YEAR PROJECTION TERM AND 15% INITIAL COMMISSION

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PERSONAL PENSION RIYS £100,000 CONTRIBUTIONCollective investment scheme Prudential RIYs Provider Collective investment scheme Prudential RIYs Provider

Rank amongst 11

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Aberdeen Emerging Markets 4 0.0% 2.4% 2.2% 2.3% 2.4% 2.5% 2.3% JPM Europe Dynamic (ex-UK) 6 0.1% 2.5% 2.3% 2.1% 2.4% 2.3% 2.3%

Allianz BRIC Stars 5 0.0% 2.6% 2.4% 2.4% 2.4% 2.9% 2.6% 2.3% JPM Natural Resources 9 0.1% 2.5% 2.3% 2.1% 2.4% 2.6% 2.4% 2.3% 2.3% 2.2% 2.6% 2.1%

Artemis European Growth 5 0.1% 2.4% 2.1% 2.2% 2.5% 2.3% 2.3% Jupiter Emerging European Opportunities 5 0.1% 2.8% 2.5% 2.6% 2.8% 3.0% 2.6% 2.5%

Artemis Global Growth 5 0.0% 2.4% 2.2% 2.1% 2.2% 2.7% 2.3% Jupiter European Special Situations 3 -0.1% 2.6% 2.4% 2.9% 2.8% 2.5% 2.6%

Artemis High Income 5 0.1% 2.2% 1.9% 2.3% 2.1% 2.1% 1.9% Jupiter Financial Opportunities 6 0.0% 2.6% 2.5% 2.4% 3.0% 2.4% 2.5% 2.3%

Artemis Income 8 0.1% 2.3% 2.0% 2.0% 2.1% 2.3% 2.2% 2.1% 2.1% 2.0% Jupiter High Income 3 0.0% 2.6% 2.4% 2.5% 2.8% 2.6%

Artemis Strategic Bond 4 0.0% 2.0% 1.9% 1.8% 1.9% 2.2% 2.1% Jupiter Income 6 0.0% 2.5% 2.3% 2.4% 2.6% 2.6% 2.4% 2.4% 2.7% 2.2%

Artemis UK Growth 4 0.0% 2.3% 2.1% 2.5% 2.3% 2.1% 2.1% Jupiter Merlin Balanced Portfolio 4 0.0% 3.2% 3.2% 3.3% 3.4% 3.1% 3.1% 3.5% 2.8%

Artemis UK Smaller Companies 5 0.0% 2.3% 2.1% 2.2% 2.5% 2.3% 2.1% 2.1% Jupiter Merlin Growth Portfolio 5 0.0% 3.4% 3.3% 3.5% 3.6% 3.3% 3.3% 3.7% 3.1%

Artemis UK Special Situations 7 0.1% 2.3% 2.1% 2.1% 2.1% 2.4% 2.2% 2.1% 2.3% 2.0% Jupiter Merlin Income Portfolio 3 -0.2% 3.1% 3.2% 3.5% 3.4% 3.0% 3.1% 3.5% 2.9%

Aviva Inv Property 5 0.2% 2.8% 2.1% 2.7% 2.7% 2.5% Jupiter Merlin Worldwide Portfolio 3 -0.1% 3.2% 3.0% 3.4% 3.6% 3.3% 3.3% 3.6% 3.0%

AXA Framlington Equity Income 4 0.1% 2.4% 2.0% 2.2% 2.3% Jupiter UK Growth 4 0.0% 2.6% 2.4% 2.4% 2.7% 2.5% 2.6%

AXA Framlington UK Select Opportunities 5 0.2% 2.4% 2.0% 2.1% 2.4% 2.2% 2.0% Kames Ethical Equity 5 0.1% 2.4% 2.0% 2.2% 2.5% 2.3% 2.0%

Baillie Gifford High Yield Bond 3 0.2% 2.1% 1.7% 1.9% Kames High Yield Bond 3 0.0% 2.1% 1.9% 1.9% 2.3% 2.3%

BlackRock Gold & General 6 0.0% 2.5% 2.4% 2.2% 2.4% 2.6% 2.9% 2.4% 2.5% 2.5% 2.7% 2.3% Kames Investment Grade Bond 4 0.2% 2.4% 1.9% 2.0% 2.3%

BlackRock UK 4 0.1% 2.3% 2.2% 2.1% 2.5% 1.7% 2.4% Kames Strategic Bond 7 0.3% 2.4% 1.9% 2.1% 2.0% 2.2% 2.2% 1.9%

BlackRock UK Absolute Alpha 5 0.0% 2.5% 2.2% 2.1% 2.3% 2.8% 2.4% 2.5% 2.6% Kames UK Opportunities 4 0.1% 2.4% 2.0% 2.2% 2.3%

BlackRock UK Smaller Companies 4 0.0% 2.3% 2.2% 2.1% 2.3% 2.3% 2.3% 2.2% Legg Mason US Smaller Companies 3 0.1% 2.6% 2.5% 2.3%

BlackRock UK Special Situations 3 -0.2% 2.2% 2.2% 2.1% 2.2% 2.4% 2.6% 2.3% 2.4% 2.6% 2.1% M&G American 1 -0.2% 2.1% 2.2% 2.1% 2.3% 2.4% 2.3% 2.4% 2.1%

Cazenove UK Growth and Income 5 0.1% 2.3% 2.0% 2.2% 2.3% 2.2% 2.3% 2.0% M&G Corporate Bond 1 -0.3% 1.8% 2.0% 1.9% 2.1% 2.3% 2.1% 2.0% 2.3% 2.5% 1.8%


Fidelity European 6 0.0% 2.6% 2.6% 2.4% 2.4% 2.6% 2.7% 2.4% 2.4% 2.7% 2.3% M&G Global Basics 1 -0.2% 2.1% 2.3% 2.1% 2.3% 2.5% 2.3% 2.2% 2.4% 2.6% 2.1%

Fidelity Moneybuilder Income 6 0.0% 2.0% 1.9% 2.0% 2.0% 1.9% 1.8% 1.9% 2.2% 1.8% M&G Global Leaders 1 -0.2% 2.1% 2.3% 2.1% 2.4% 2.5% 2.2% 2.4%

Fidelity South East Asia 9 0.2% 2.9% 2.6% 2.3% 2.5% 3.1% 2.7% 2.6% 2.5% 2.4% 3.0% 2.3% M&G High Yield Corporate Bond 1 -0.3% 1.9% 2.2% 2.1% 2.4%

First State Asia Pacific Leaders 7 0.1% 2.4% 2.2% 2.1% 2.1% 2.4% 2.2% 2.3% 2.0% M&G Recovery 1 -0.2% 2.1% 2.2% 2.1% 2.2% 2.3% 2.3% 2.2% 2.3% 2.6% 2.1%

First State Global Emerging Mkts Leaders 5 0.1% 2.5% 2.2% 2.2% 2.5% 2.2% 2.3% 2.6% M&G Strategic Corporate Bond 2 -0.1% 2.0% 2.0% 2.0% 2.2% 2.0% 2.1% 2.4% 1.9%

GLG Japan CoreAlpha 5 0.1% 2.4% 2.2% 2.1% 2.2% 2.5% 2.1% Martin Currie IF Asia Pacific 5 0.0% 2.5% 2.3% 2.4% 2.7% 2.4% 2.4%

Henderson Cautious Managed 3 -0.1% 2.1% 2.0% 2.2% 2.2% 2.3% 2.2% 2.4% 2.0% Martin Currie IF Japan 3 0.0% 2.5% 2.7% 2.4% 2.4%

Henderson China Opportunities 6 0.1% 2.5% 2.3% 2.4% 2.5% 2.4% 2.2% 2.1% Martin Currie IF North American 6 0.1% 2.5% 2.2% 2.3% 2.6% 2.3% 2.4% 2.2%

Henderson Emerging Markets Opps 7 0.1% 2.5% 2.3% 2.3% 2.4% 2.6% 2.4% 2.2% 2.3% Neptune Balanced 8 0.2% 2.5% 2.2% 2.2% 2.2% 2.4% 2.2% 2.2% 2.0%

Henderson European Growth 4 0.0% 2.6% 2.2% 2.4% 2.7% 2.5% 2.7% Neptune Global Alpha 4 0.1% 2.6% 2.4% 2.5% 2.4%

Henderson European Selected Opps 7 0.1% 2.5% 2.3% 2.3% 2.4% 2.4% 2.2% 2.6% 2.1% Neptune Global Equity 7 0.1% 2.5% 2.2% 2.2% 2.2% 2.6% 2.3% 2.4% 2.1%

Henderson High Yield Monthly Income 2 0.0% 2.3% 2.0% 2.5% Neptune Income 6 0.1% 2.4% 2.2% 2.2% 2.3% 2.3% 2.0%

Henderson Preference & Bond 3 0.0% 2.2% 2.1% 2.2% 2.2% 1.9% Newton Balanced 2 -0.1% 1.9% 1.6% 2.1% 2.2% 2.3% 1.9% 1.9%

Invesco Perpetual Corporate Bond 8 0.0% 2.3% 2.2% 2.0% 2.1% 2.2% 2.4% 2.1% 2.2% 2.4% 2.5% 2.0% Newton Global Higher Income 8 0.1% 2.4% 1.9% 2.2% 2.2% 2.4% 2.2% 2.2% 2.3% 2.1%

Invesco Perpetual Distribution 7 0.1% 2.5% 2.1% 2.2% 2.5% 2.5% 2.3% 2.3% 2.3% 2.2% Old Mutual UK Select Mid Cap 5 0.1% 2.4% 2.2% 2.2% 2.4% 2.2% 2.6% 2.1%

Invesco Perpetual Global Bond 2 -0.1% 2.2% 2.3% 2.4% 2.1% 2.2% 2.4% Schroder Global Property Securities 5 0.0% 2.4% 2.3% 2.2% 2.2% 2.6% 2.5% 2.4% 2.4% 2.4% 2.1%

Invesco Perpetual High Income 3 -0.1% 2.3% 2.2% 2.3% 2.5% 2.5% 2.3% 2.4% 2.5% 2.6% 2.1% Schroder Income 4 0.0% 2.4% 2.2% 2.3% 2.5% 2.4% 2.2%

Invesco Perpetual Income 1 -0.3% 2.0% 2.3% 2.2% 2.3% 2.4% 2.5% 2.3% 2.5% 2.2% Schroder Tokyo 6 0.0% 2.4% 2.3% 2.3% 2.3% 2.4% 2.5% 2.4% 2.4% 2.3% 2.7% 2.1%

Invesco Perpetual Monthly Income Plus 7 0.1% 2.4% 2.0% 2.2% 2.3% 2.4% 2.2% 2.3% 2.1% Schroder UK Alpha Plus 6 0.0% 2.4% 2.2% 2.3% 2.2% 2.4% 2.5% 2.3% 2.4% 2.4% 2.6% 2.1%

Investec American 6 0.1% 2.4% 2.0% 2.2% 2.5% 2.3% 2.3% 2.2% Schroder UK Smaller Companies 3 0.0% 2.4% 2.2% 2.3% 2.5% 2.4% 2.5%

Investec Cautious Managed 6 0.0% 2.2% 2.2% 2.0% 2.0% 2.2% 2.3% 2.0% 1.9% 2.3% 2.5% 2.1% Schroder US Mid Cap 6 0.1% 2.5% 2.3% 2.2% 2.2% 2.5% 2.3% 2.4% 2.5%

Investec Global Energy 6 0.1% 2.4% 2.2% 2.1% 2.6% 2.2% 2.3% 2.1% SL Inv Global Absolute Returns Strategy 5 0.0% 2.4% 2.2% 2.2% 2.5% 2.3% 2.3%

Investec Global Free Enterprise 6 0.0% 2.4% 2.1% 2.2% 2.4% 2.3% 2.3% 2.4% 2.6% 2.1% SWIP Multi-Manager Diversity 2 -0.1% 3.0% 3.4% 2.9% 3.1%

Investec Strategic Bond 2 -0.2% 2.0% 2.4% 1.9% 2.3% Threadneedle American 5 0.3% 2.5% 2.1% 2.4% 2.4% 1.4%

JPM Cautious Total Return 7 0.1% 2.3% 2.1% 2.0% 2.1% 2.4% 2.2% 2.1% 2.3% 2.1% 2.4% Threadneedle American Select 5 0.2% 2.5% 2.2% 2.3% 2.3% 2.7% 1.4%


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Difference in RIY

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Aberdeen Emerging Markets 4 0.0% 2.4% 2.2% 2.3% 2.4% 2.5% 2.3% JPM Europe Dynamic (ex-UK) 6 0.1% 2.5% 2.3% 2.1% 2.4% 2.3% 2.3%

Allianz BRIC Stars 5 0.0% 2.6% 2.4% 2.4% 2.4% 2.9% 2.6% 2.3% JPM Natural Resources 9 0.1% 2.5% 2.3% 2.1% 2.4% 2.6% 2.4% 2.3% 2.3% 2.2% 2.6% 2.1%


Artemis Global Growth 5 0.0% 2.4% 2.2% 2.1% 2.2% 2.7% 2.3% Jupiter European Special Situations 3 -0.1% 2.6% 2.4% 2.9% 2.8% 2.5% 2.6%



Artemis Strategic Bond 4 0.0% 2.0% 1.9% 1.8% 1.9% 2.2% 2.1% Jupiter Income 6 0.0% 2.5% 2.3% 2.4% 2.6% 2.6% 2.4% 2.4% 2.7% 2.2%


Artemis UK Smaller Companies 5 0.0% 2.3% 2.1% 2.2% 2.5% 2.3% 2.1% 2.1% Jupiter Merlin Growth Portfolio 5 0.0% 3.4% 3.3% 3.5% 3.6% 3.3% 3.3% 3.7% 3.1%





Baillie Gifford High Yield Bond 3 0.2% 2.1% 1.7% 1.9% Kames High Yield Bond 3 0.0% 2.1% 1.9% 1.9% 2.3% 2.3%

BlackRock Gold & General 6 0.0% 2.5% 2.4% 2.2% 2.4% 2.6% 2.9% 2.4% 2.5% 2.5% 2.7% 2.3% Kames Investment Grade Bond 4 0.2% 2.4% 1.9% 2.0% 2.3%



BlackRock UK Smaller Companies 4 0.0% 2.3% 2.2% 2.1% 2.3% 2.3% 2.3% 2.2% Legg Mason US Smaller Companies 3 0.1% 2.6% 2.5% 2.3%










Henderson Cautious Managed 3 -0.1% 2.1% 2.0% 2.2% 2.2% 2.3% 2.2% 2.4% 2.0% Martin Currie IF Japan 3 0.0% 2.5% 2.7% 2.4% 2.4%









Invesco Perpetual Global Bond 2 -0.1% 2.2% 2.3% 2.4% 2.1% 2.2% 2.4% Schroder Global Property Securities 5 0.0% 2.4% 2.3% 2.2% 2.2% 2.6% 2.5% 2.4% 2.4% 2.4% 2.1%

Invesco Perpetual High Income 3 -0.1% 2.3% 2.2% 2.3% 2.5% 2.5% 2.3% 2.4% 2.5% 2.6% 2.1% Schroder Income 4 0.0% 2.4% 2.2% 2.3% 2.5% 2.4% 2.2%



Investec American 6 0.1% 2.4% 2.0% 2.2% 2.5% 2.3% 2.3% 2.2% Schroder UK Smaller Companies 3 0.0% 2.4% 2.2% 2.3% 2.5% 2.4% 2.5%






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Aberdeen Emerging Markets 2 -0.1% 2.1% 2.0% 2.1% 2.3% 2.3% 2.2% JPM Europe Dynamic (ex-UK) 4 0.0% 2.2% 2.1% 1.9% 2.2% 2.2% 2.1%

Allianz BRIC Stars 4 -0.1% 2.3% 2.2% 2.2% 2.3% 2.8% 2.5% 2.2% JPM Natural Resources 5 0.0% 2.2% 2.1% 1.9% 2.3% 2.5% 2.2% 2.3% 2.2% 2.1% 2.4% 2.0%

Artemis European Growth 3 -0.1% 2.1% 1.9% 2.0% 2.4% 2.1% 2.2% Jupiter Emerging European Opportunities 4 -0.1% 2.5% 2.4% 2.5% 2.7% 2.8% 2.4% 2.4%

Artemis Global Growth 3 -0.1% 2.1% 2.0% 2.0% 2.1% 2.5% 2.1% Jupiter European Special Situations 2 -0.2% 2.3% 2.2% 2.8% 2.6% 2.5% 2.4%

Artemis High Income 5 0.0% 2.0% 1.8% 2.2% 1.9% 1.9% 1.8% Jupiter Financial Opportunities 2 -0.1% 2.3% 2.4% 2.3% 2.8% 2.4% 2.3% 2.2%


Artemis Strategic Bond 3 -0.1% 1.8% 1.7% 1.6% 1.8% 2.1% 1.9% Jupiter Income 2 -0.1% 2.2% 2.2% 2.2% 2.5% 2.4% 2.3% 2.3% 2.5% 2.1%

Artemis UK Growth 4 0.0% 2.1% 2.0% 2.4% 2.2% 1.9% 2.0% Jupiter Merlin Balanced Portfolio 2 -0.1% 3.0% 3.0% 3.2% 3.2% 3.1% 3.0% 3.3% 2.8%

Artemis UK Smaller Companies 4 0.0% 2.1% 2.0% 2.1% 2.4% 2.2% 1.9% 2.0% Jupiter Merlin Growth Portfolio 2 -0.2% 3.1% 3.2% 3.4% 3.4% 3.3% 3.2% 3.5% 3.0%






BlackRock Gold & General 2 -0.2% 2.2% 2.2% 2.1% 2.3% 2.5% 2.7% 2.4% 2.3% 2.3% 2.5% 2.2% Kames Investment Grade Bond 3 0.1% 2.1% 1.7% 1.9% 2.2%



BlackRock UK Smaller Companies 4 0.0% 2.1% 2.0% 1.9% 2.2% 2.2% 2.2% 2.0% Legg Mason US Smaller Companies 1 -0.1% 2.3% 2.4% 2.3%





Fidelity Moneybuilder Income 1 -0.1% 1.7% 1.7% 1.8% 1.8% 1.7% 1.8% 1.8% 2.1% 1.7% M&G Global Leaders 1 -0.3% 1.9% 2.1% 2.0% 2.2% 2.4% 2.2% 2.2%





Henderson Cautious Managed 2 -0.1% 1.9% 1.8% 2.0% 2.0% 2.1% 2.1% 2.2% 1.9% Martin Currie IF Japan 1 -0.2% 2.2% 2.6% 2.2% 2.3%









Invesco Perpetual Global Bond 1 -0.2% 2.0% 2.1% 2.2% 2.1% 2.1% 2.2% Schroder Global Property Securities 5 -0.1% 2.2% 2.1% 2.1% 2.1% 2.5% 2.3% 2.4% 2.2% 2.3% 2.0%

Invesco Perpetual High Income 3 -0.2% 2.1% 2.0% 2.2% 2.3% 2.3% 2.3% 2.3% 2.3% 2.4% 2.0% Schroder Income 2 -0.1% 2.1% 2.0% 2.2% 2.3% 2.2% 2.1%

Invesco Perpetual Income 1 -0.5% 1.7% 2.1% 2.0% 2.2% 2.3% 2.3% 2.3% 2.3% 2.1% Schroder Tokyo 2 -0.2% 2.1% 2.1% 2.2% 2.2% 2.3% 2.3% 2.4% 2.2% 2.2% 2.5% 2.0%

Invesco Perpetual Monthly Income Plus 4 0.0% 2.2% 1.9% 2.1% 2.2% 2.2% 2.2% 2.2% 2.0% Schroder UK Alpha Plus 3 -0.1% 2.1% 2.0% 2.1% 2.1% 2.3% 2.3% 2.3% 2.2% 2.2% 2.4% 2.0%


Investec Cautious Managed 4 -0.1% 2.0% 2.0% 1.8% 1.9% 2.0% 2.1% 2.0% 1.8% 2.2% 2.3% 2.0% Schroder US Mid Cap 4 0.0% 2.3% 2.1% 2.0% 2.1% 2.3% 2.3% 2.3% 2.4%






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Artemis European Growth 3 -0.1% 2.1% 1.9% 2.0% 2.4% 2.1% 2.2% Jupiter Emerging European Opportunities 4 -0.1% 2.5% 2.4% 2.5% 2.7% 2.8% 2.4% 2.4%





Artemis UK Growth 4 0.0% 2.1% 2.0% 2.4% 2.2% 1.9% 2.0% Jupiter Merlin Balanced Portfolio 2 -0.1% 3.0% 3.0% 3.2% 3.2% 3.1% 3.0% 3.3% 2.8%







BlackRock Gold & General 2 -0.2% 2.2% 2.2% 2.1% 2.3% 2.5% 2.7% 2.4% 2.3% 2.3% 2.5% 2.2% Kames Investment Grade Bond 3 0.1% 2.1% 1.7% 1.9% 2.2%



BlackRock UK Smaller Companies 4 0.0% 2.1% 2.0% 1.9% 2.2% 2.2% 2.2% 2.0% Legg Mason US Smaller Companies 1 -0.1% 2.3% 2.4% 2.3%
























Investec Cautious Managed 4 -0.1% 2.0% 2.0% 1.8% 1.9% 2.0% 2.1% 2.0% 1.8% 2.2% 2.3% 2.0% Schroder US Mid Cap 4 0.0% 2.3% 2.1% 2.0% 2.1% 2.3% 2.3% 2.3% 2.4%





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DRAWDOWN RIYS £200,000 CONT £10,000 P.A. INCOMECollective investment scheme Prudential RIYs Provider Collective investment scheme Prudential RIYs Provider

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Artemis Income 7 0.1% 2.4% 2.4% 2.2% 2.3% 2.2% 2.2% 2.0% 2.6% 2.2% Jupiter High Income 3 -0.1% 2.7% 2.6% 2.6% 2.7% 3.1%

Artemis Strategic Bond 4 -0.1% 2.2% 2.3% 2.0% 2.1% 2.1% 2.6% Jupiter Income 6 0.0% 2.6% 2.5% 2.5% 2.5% 2.6% 2.5% 3.0% 2.7% 2.4%





AXA Framlington Equity Income 3 0.0% 2.5% 2.2% 2.3% 2.8% Jupiter UK Growth 4 -0.1% 2.7% 2.6% 2.5% 2.8% 2.6% 3.1%



BlackRock Gold & General 6 0.0% 2.6% 2.7% 2.4% 2.5% 2.5% 2.9% 2.3% 2.6% 3.0% 2.5% Kames Investment Grade Bond 4 0.1% 2.5% 2.3% 2.2% 2.4%



BlackRock UK Smaller Companies 3 -0.1% 2.4% 2.6% 2.2% 2.4% 2.2% 2.4% 2.7% Legg Mason US Smaller Companies 3 0.2% 2.7% 2.4% 2.2%








First State Global Emerging Mkts Leaders 5 0.1% 2.6% 2.3% 2.3% 2.4% 2.1% 2.8% M&G Strategic Corporate Bond 4 -0.1% 2.2% 2.3% 2.1% 2.1% 1.9% 2.6% 2.3% 2.2%

GLG Japan CoreAlpha 4 -0.1% 2.5% 2.6% 2.3% 2.4% 3.0% 2.4% Martin Currie IF Asia Pacific 4 0.0% 2.6% 2.5% 2.5% 2.6% 2.4% 2.9%














Investec American 6 0.0% 2.5% 2.2% 2.4% 2.4% 2.4% 2.8% 2.4% Schroder UK Smaller Companies 4 -0.1% 2.5% 2.6% 2.4% 2.4% 2.9% 2.4%







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Artemis Strategic Bond 4 -0.1% 2.2% 2.3% 2.0% 2.1% 2.1% 2.6% Jupiter Income 6 0.0% 2.6% 2.5% 2.5% 2.5% 2.6% 2.5% 3.0% 2.7% 2.4%








BlackRock Gold & General 6 0.0% 2.6% 2.7% 2.4% 2.5% 2.5% 2.9% 2.3% 2.6% 3.0% 2.5% Kames Investment Grade Bond 4 0.1% 2.5% 2.3% 2.2% 2.4%












GLG Japan CoreAlpha 4 -0.1% 2.5% 2.6% 2.3% 2.4% 3.0% 2.4% Martin Currie IF Asia Pacific 4 0.0% 2.6% 2.5% 2.5% 2.6% 2.4% 2.9%




















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Artemis UK Growth 2 -0.1% 2.2% 2.1% 2.3% 2.3% 2.5% 2.2% Jupiter Merlin Balanced Portfolio 3 -0.1% 3.1% 3.2% 3.1% 3.3% 2.9% 3.5% 3.2% 3.0%

Artemis UK Smaller Companies 2 -0.1% 2.2% 2.1% 2.2% 2.3% 2.3% 2.5% 2.2% Jupiter Merlin Growth Portfolio 2 -0.1% 3.3% 3.4% 3.3% 3.4% 3.1% 3.7% 3.6% 3.3%








BlackRock UK Absolute Alpha 4 -0.1% 2.4% 2.6% 2.1% 2.3% 2.6% 2.3% 2.9% 2.5% Kames UK Opportunities 2 -0.1% 2.3% 2.3% 2.2% 2.7%





Fidelity European 5 -0.1% 2.5% 2.9% 2.5% 2.3% 2.4% 2.5% 2.4% 2.8% 2.5% 2.4% M&G Global Basics 1 -0.4% 2.0% 2.6% 2.1% 2.3% 2.3% 2.2% 2.1% 2.8% 2.5% 2.2%





GLG Japan CoreAlpha 4 -0.1% 2.3% 2.6% 2.1% 2.2% 2.9% 2.2% Martin Currie IF Asia Pacific 3 -0.1% 2.4% 2.4% 2.3% 2.5% 2.2% 2.8%




Henderson European Growth 3 -0.1% 2.5% 2.2% 2.4% 2.5% 2.9% 2.6% Neptune Global Alpha 3 0.0% 2.5% 2.8% 2.3% 2.3%




Invesco Perpetual Corporate Bond 5 -0.1% 2.2% 2.5% 2.0% 2.1% 2.0% 2.2% 1.9% 2.2% 2.8% 2.3% 2.2% Newton Global Higher Income 8 0.0% 2.3% 2.2% 2.2% 2.2% 2.2% 2.0% 2.2% 2.7% 2.2%

Invesco Perpetual Distribution 7 0.0% 2.4% 2.1% 2.2% 2.3% 2.4% 2.1% 2.3% 2.7% 2.3% Old Mutual UK Select Mid Cap 5 -0.1% 2.3% 2.2% 2.2% 2.2% 2.6% 2.5% 2.2%












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Rank amongst 11

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Artemis UK Growth 2 -0.1% 2.2% 2.1% 2.3% 2.3% 2.5% 2.2% Jupiter Merlin Balanced Portfolio 3 -0.1% 3.1% 3.2% 3.1% 3.3% 2.9% 3.5% 3.2% 3.0%

Artemis UK Smaller Companies 2 -0.1% 2.2% 2.1% 2.2% 2.3% 2.3% 2.5% 2.2% Jupiter Merlin Growth Portfolio 2 -0.1% 3.3% 3.4% 3.3% 3.4% 3.1% 3.7% 3.6% 3.3%








BlackRock UK Absolute Alpha 4 -0.1% 2.4% 2.6% 2.1% 2.3% 2.6% 2.3% 2.9% 2.5% Kames UK Opportunities 2 -0.1% 2.3% 2.3% 2.2% 2.7%





Fidelity European 5 -0.1% 2.5% 2.9% 2.5% 2.3% 2.4% 2.5% 2.4% 2.8% 2.5% 2.4% M&G Global Basics 1 -0.4% 2.0% 2.6% 2.1% 2.3% 2.3% 2.2% 2.1% 2.8% 2.5% 2.2%





GLG Japan CoreAlpha 4 -0.1% 2.3% 2.6% 2.1% 2.2% 2.9% 2.2% Martin Currie IF Asia Pacific 3 -0.1% 2.4% 2.4% 2.3% 2.5% 2.2% 2.8%




Henderson European Growth 3 -0.1% 2.5% 2.2% 2.4% 2.5% 2.9% 2.6% Neptune Global Alpha 3 0.0% 2.5% 2.8% 2.3% 2.3%




Invesco Perpetual Corporate Bond 5 -0.1% 2.2% 2.5% 2.0% 2.1% 2.0% 2.2% 1.9% 2.2% 2.8% 2.3% 2.2% Newton Global Higher Income 8 0.0% 2.3% 2.2% 2.2% 2.2% 2.2% 2.0% 2.2% 2.7% 2.2%

Invesco Perpetual Distribution 7 0.0% 2.4% 2.1% 2.2% 2.3% 2.4% 2.1% 2.3% 2.7% 2.3% Old Mutual UK Select Mid Cap 5 -0.1% 2.3% 2.2% 2.2% 2.2% 2.6% 2.5% 2.2%











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Reduction in yields.Contributions, commission and funds.

The RIY tables provide information on competitor RIYs for the funds within the PruSelect range and cover the following personal pension contributions:

A regular contribution of £250 per month over a 15 term with 10% initial commission and over a 25 year term with »15% initial commission;

A single contribution of £100,000 over 10 and 20 year terms with 3% initial commission and 0.5%pa trail commission; »and

A drawdown single contribution (after tax free cash) of £200,000 over 10 and 20 year terms with 3% initial and 0.5%pa »trail commission. An income of £10,000pa is assumed although this level of income may be greater than currently permitted by the GAD tables due to the low level of 15-year gilt redemption yields.

Standard methodology.

The following points should be noted regarding the methods and assumptions used:

The RIY figures have been calculated by Golding Smith & Partners Limited based on our understanding of the products »and charging structures of the providers. All RIYs are based on a growth rate of 7%.

The RIYs relate to insured funds. »

The figures are based on the providers’ standard terms and do not allow for any special offers. »

The charges assumed in the projections are based on the assumption that investments are only made in a single »insured fund and there is no change to the fund throughout the period of investment.

The RIY figures in the tables may not always agree with the RIYs provided in illustrations from the providers concerned. »There are various reasons why this may not be the case including:

The allowance made for additional expenses within underlying collective investment schemes, such as trustee, audit •and other expenses - the level varies from time-to-time and the allowance that we have made may be different to that assumed by the provider.

Where a provider has monetary based fees or fund size rebate bands which are increased on an annual basis, we •have assumed that these will increase in line with average earnings at a rate of 4% per annum from commencement, except where it is clearly stated that the fees or bands may only be increased in line with price inflation where we have used a rate of 2.5% per annum. The rates and the timing of increases may differ from those used by the provider.

Some providers only offer a limit choice of commission rates from a standard template for set additional charges. »The standard commission choices in these circumstances may not precisely match the rates which we have assumed. Where this is the case, we have used a non-standard additional charge derived by interpolation from the provider’s standard template which would give the required rates of initial and trail commission.

Providers and products.

The following assumptions were made for the providers included in the RIY tables:

Prudential Flexible Retirement Plan »

regular contributions: fee based commission with the initial commission met out of the first 12 months’ •contributions;

single contributions: funded initial commission with a 5 year establishment charge together with fund related •commission.

Aegon Flexible Pension Plan »

regular contributions: financial adviser charge with the initial commission met out of the first 12 months’ •contributions;

single contributions: financial adviser charge with the initial commission taken out of the contribution at outset •together with an additional AMC to cover the fund related commission.

Aegon Retirement Control »

single contributions: the additional FMC charging structure.•

Aviva Personal Pension and Income Drawdown Plan »

regular contributions: funded initial commission met out of the first 36 months’ contributions;•

single contributions: advice charge payments to cover initial and fund related commission.•


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Axa Wealth Retirement Wealth Account »

regular contributions: initial commission payable by 2 year establishment charge;•

single contributions: initial commission payable by 5 year establishment charge and fund based renewal commission•

Legal & General Portfolio Plus SIPP »

regular contributions: funded commission with an additional AMC;•

single contributions: funded commission with an additional AMC.•

LV= Flexible Transitions Account »

regular contributions: RIYs not provided as initial commission above maximum allowed;•

single contributions: funded initial commission payable by 5 year establishment charge.•

Scottish Life Pension Portfolio (non-Income Release) »

regular contributions: traditional initial commission payable by an additional AMC;•

single contributions: traditional initial commission payable by an additional AMC and fund based renewal commission.•

Scottish Life Pension Portfolio (Income Release) »

single contributions: financial adviser fee and fund based renewal commission.•

Scottish Widows Retirement Account »

single contributions: adviser payment charges with initial commission met by 5 year establishment charge and fund based •commission through ongoing charge;

regular contributions: adviser payment charge with initial commission met by 5 year establishment charge•

Skandia Personal Pension »

regular contributions: single price option with the initial commission met by an adviser’s initial fee out of the first 24 months’ •contributions;

single contributions: single price option with the initial commission taken by way of an adviser’s initial fee out of the •contribution at outset together with a fund based fee to meet the ongoing fund related commission.

Skandia Personal Pension Income Plan »

single contributions: single price option with the initial commission taken by way of an adviser’s initial fee out of the •contribution at outset together with a fund based fee to meet the ongoing fund related commission.

Standard Life Active Money »


single contributions: funded initial commission by 6 year establishment charge.•

Zurich SIPP »


single contributions: initial commission payable by 5 year establishment charge and fund based remuneration to meet •ongoing fund based commission.

This publication is published by The Prudential Assurance Company Limited by kind permission of Golding Smith & Partners Limited.

The Prudential Assurance Company Limited is registered in England & Wales. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. Authorised and regulated by the Financial Services Authority. ‘Prudential’ is a trading name of The Prudential Assurance Company Limited. This name is also used by other companies within the Prudential group, which between them provide life assurance, pensions, savings and investment products.

Golding Smith & Partners Limited, New Broad Street House, 35 New Broad Street, London EC2M 1NH is registered in England & Wales. Registered number 4457396. Registered Office at 20-22 Bedford Row, London WC1R 4JS. www.goldingsmith.com. Golding Smith & Partners Limited is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members (as defined under that Act) of the Institute and Faculty of Actuaries, a Designated Professional Body. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.

© Golding Smith & Par tners L imited, June 2012. Al l r ights reser ved.

GoldinG Smith & PartnerSActuaries and Consultants

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JUNE 2012 - Panacea Adviseradmin.panaceaadviser.com/img/20/Golding_Smith_-_June_2012.pdf · JUNE 2012 Go l d i n G Sm ti h ... on amounts above this level is reduced but the rate