Select Retirement Account

Due Diligence Support PackJuly 2018

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About this due diligence support pack

This Information pack has been designed for advisers, along with those who conduct research orcompliance within an Advisory firm, who require further details about Assured Retirement, ourSelect Retirement Account and the arrangements and financial backing that support our product.

This information could be used as part of a Due Diligence process or to provide additional peace ofmind to consumers about an Assured Retirement product.

Where information has been included on third party organisations, this has been checked foraccuracy at the time of publication but this will be subject to change.

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Contents

About Assured Retirement4 Company background and history5 Experience and background of the Directors6 Financial and Regulatory information

About our product7 The benefits8 The risks9 How the cash element of your account is protected10 Investing in your chosen platform11 Investing in the IM Optimum Portfolios

About Intelligent Money12 Company background and history13 Financial and Regulatory information

About our Institutional Panel14 Metro Bank15 National Savings and Investments16 Cater Allen Private Bank17 State Bank of India18 Punjab National Bank19 Bank of Baroda20 Close Brothers Treasury21 Hodge Bank22 Investec Bank23 Aldermore Bank Plc24 United Trust Bank

Further Information25 The Financial Services Compensation Scheme26 Contact Details

About Assured Retirement Limited

Assured Retirement Limited is an FCA authorised and regulated Firm whose current sole business activity is that of providing arange of simplified pension products designed for those who wish to access their pension savings in a flexible and low cost manner.

Our low risk products offer a solution for those who wish to take an income and/or lump sums from their pension as analternative to purchasing a lifetime annuity.

Our products have been developed in line with the principles of the Retail Distribution Review and Treating Customers Fairly is at theheart of our business:

● Simplicity - our products have a low charge that covers the account’s set up, administration and operation.● Transparency - we disclose our charge as a reduction in yield on every Personal Quotation.● Flexibility - we offer the broadest possible range of options within our products.

Brief company background and history

The company was established in 2014 and there are four shareholder Directors who head up the following departments orfunctions:

John Hiew - Chief ExecutiveTim Ashfield - Managing DirectorBob Pandya - Business Development DirectorKeith McGeoch - Actuarial Director

Corporate governance is overseen by the board of four Directors who have between them over 150 years of industry experience. Inaddition to their Board responsibilities, John Hiew is the Compliance Officer (CF10), Tim Ashfield is the Money LaunderingReporting Officer (CF11), Bob Pandya manages day to day responsibilities for Data Protection and Keith McGeoch manages day today responsibilities for Treating Customers Fairly (TCF).

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Assured Retirement - Experience and background of the Directors

John Hiew - Chief ExecutivePrior to founding the business, John was Managing Director at a specialist Financial Services Consultancy. From 2001 to 2006, Johnwas Managing Director of Clerical Medical and was also a Director of Clerical Medical International, Clerical Medical ManagedFunds and CMI Insurance Company. Between 1986 and 2000, John held a variety of roles with Clerical Medical Investment Groupincluding Assistant General Manager Business Development and National Account Manager. John has served as a Non-ExecutiveDirector of IFA Promotion Ltd (IFAP), is a member of the Chartered Insurance Institute and holds an MBA from the University ofManchester and a BA (Hons) in Business Studies.Tim Ashfield - Managing Director

Prior to co-founding the business, Tim was Account Director at a specialist Financial Services Consultancy. From 2003 to 2008, Timwas Director of Employee Benefits at Clerical Medical where he had overall responsibility for sales and implementation ofEmployee Benefit Solutions in the UK. Between 1989 and 2003, Tim held a variety of roles with Clerical Medical Investment Groupincluding Head of Pension Sales, National Accounts Manager and Pensions Sales Manager. Tim started his career with Standard Lifeas a Broker Consultant and has worked for the UK Provident Institution and as an IFA. Tim is a member of the Personal FinanceSociety and holds the CII FPC, G60 Pensions, G30 Corporate Financial Planning and CF9 Pension Simplification qualifications.

Bob Pandya - Business Development Director

Prior to co-founding the business, Bob was Marketing Director at a specialist Financial Services Consultancy. From 1997 to 2012,Bob held a variety of roles with Clerical Medical, Scottish Widows and Lloyds Banking Group including Product Research andDevelopment Manager and Business Development Manager. Bob started his career in the Actuarial Department at London Life andsubsequently worked in a variety of Product Development, Research and Marketing roles with London Life until leaving in 1995 tobecome Product Research Manager at Countrywide Network. Bob has a B.Sc.(Hons) degree in Mathematics from Sir John CassCollege, University of London.

Keith McGeoch - Actuarial DirectorPrior to co-founding the business, Keith was Director at a specialist Actuarial Services Consultancy. From 1991 to 2009, Keith wasGroup Actuary for Marlborough Stirling where he was responsible for the calculation components of all systems developed in themortgage and life & pensions markets and managed changing compliance requirements, including product disclosure at point ofsale and in force pension projections. Keith started his career in the Actuarial Department at Equity and Law and subsequentlyworked in a variety of Actuarial roles covering Individual Pensions, Group Pensions and Reinsurance with Equity and Law andCrown Life where he led the Pensions Actuarial Department. Keith is a Fellow of the Institute of Actuaries (FIA) and aMathematics graduate from Balliol College, Oxford. 5

Assured Retirement - Financial and Regulatory Information

We are authorised and regulated by the Financial Conduct Authority – Firm Reference Number 651421;FCA actions taken against the company or any of its employees - None.

At no time will Assured Retirement handle client money. All payments into and out of a Select Retirement Account with AssuredRetirement are handled by Intelligent Money Limited, the trustee and operator of our Select Retirement Account SIPP.

Assured Retirement are registered in England - Company Registration Number - 09265346.Our registered office address is- 23 Westfield Park, Redland, Bristol, BS6 6LT.

We are registered with the Information Commissioner’s Office as a Data controller under the Data Protection Act 1998. OurRegistration Reference is ZA081740.

Our professional indemnity insurer – Beazley Solutions Limited.

Limit of Indemnity £1,000,000 each Claim or Loss, Excess £5,000.

We adhere to the statutory and regulatory requirements governing personal data and client privacy and we comply withthe anti-corruption legislation as defined in the Bribery Act 2010.

Accountants - Oatens Chartered Accountants, Westfield Park, Redland, Bristol, BS6 6LT.

Bankers - HSBC, Milsom Street, Bath, BA1 1DU.

Legal Advisers - Gregg Latchams, Queen Square, Bristol, BS1 4JE.

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IMPORTANT NOTE

This summary is intended to highlight the key benefits of the Select Retirement Account. It is not intended to be a comprehensive description of the product and should be read in conjunctionwith the Customer Guide and Key Features of the Select Retirement Account. You should not take, or refrain from taking, any action based on this information. This information is not adviceand if you are unsure about the suitability of an investment, you should seek Independent Financial Advice.

The Select Retirement Account - Benefits

It enables you to to combine the certainty of cash investmentsand the long term growth potential of asset backedinvestments within the same SIPP.This gives you the ability to separate part of your pension where thecertainty offered by cash is helpful, for example short term incomerequirements, and the remainder, where the longer term growthpotential offered by asset backed investments can provide realreturns in excess of inflation.It enables you to de-risk your drawdown portfolio.The cash element can be used to help to mitigate sequence ofreturns risk by giving you the option of withdrawing income fromthe cash element of your account if asset backed prices aredepressed.

It enables you to tailor the mix of cash and asset backedinvestments to suit your needs.You can therefore choose an appropriate mix of investments basedon your personal situation and tolerance for risk.

It enables you to change the mix between cash and assetbacked investments over time.You may therefore alter your investment mix to take into accountchanges in investment markets, changes to your required incomebenefits and changes to your lifestyle and financial planning needs.

It enables you to invest in a choice of risk rated modelportfolios and/or choose your own investments via a platform.The model portfolios are managed by Quilter Cheviot and we offeraccess to a wide choice of market leading platforms.

The cash element provides you with certainty and market leadingcash returns.The cash element only invests in cash deposits and fixed term bonds froman extensive panel.

The cash element only invests with FCA regulated institutions that areparticipants in the FSCS or with NS&I who are backed by HM Treasury.Cash investments are arranged so that all investments are designated inthe name of the individual member.

The cash element limits your exposure to any single financialinstitution to the current FSCS maximum, including future interest.Your money is therefore always protected by the Financial ServicesCompensation Scheme (FSCS).

The cash element offers access to a range of financial institutions viaan extensive panel that is regularly reviewed.This helps to ensure that the interest rates available are competitive andthat new institutions can be added as needed.

It has a low charge that is fully disclosed within every PersonalQuotation.We make a charge for setting up and managing the cash element ofyour account and take account of this before calculating the profile of thecash benefits you have selected. There are no additional charges foraccount set-up, transfers in, additional contributions, benefit crystallisationif undertaken at outset or payment of benefits. If you maintain a minimumbalance of £50,000 in an IM Optimum Portfolio, there is no annual fee,otherwise the annual fee is £195. Any time-costed charges applicable tonon-standard work are as detailed in the Fee Schedule within the KeyFeatures Document. If applicable, platform charges will be determined bythe platform chosen by you and your adviser.

The Select Retirement Account - Risks

Cancellation RightsExercising your cancellation rights may result in you getting back less than youpaid in.Investment PerformancePast investment performance is not necessarily a guide to the future andsome investments may carry greater risk in order to try to provide greaterreturns.High levels of incomeTaking an income from your Select Retirement Account at a rate higher thanthe investment growth rate may result in the capital value of your pensionfund being greatly reduced.BenefitsThe actual benefits you receive may be lower than those shown on yourpersonal illustration because investment performance is not guaranteed andmay be lower than expected.Pension DrawdownUsing your Select Retirement Account to provide a Drawdown pension incomecan be less certain than purchasing a lifetime annuity.Taxation and legislationFuture tax changes may reduce the value of your Select Retirement Accountand pension tax rules may limit the contributions you can make withoutincurring a tax charge or could result in changes to the options available toyou when taking benefits.

ChargesAfter giving you notice, the charges applicable to your SelectRetirement Account may increase, for example to reflect changesin a law or code of practice or for any other valid reason wherewe reasonably believe such a charge is appropriate.

Guarantees and benefits applicable to existingarrangementsYour existing arrangements may offer valuable guarantees orbenefits that would not be matched by your Select RetirementAccount, e.g. if you are or were a member of a final salarypension scheme and you transfer your benefits from thisarrangement, you will lose any rights or guarantees that mayhave been offered.

SuitabilityIf you have any doubts about the suitability or appropriateness ofthe Select Retirement Account, you should consult your financialadviser. Assured Retirement and Intelligent Money do not offeradvice on the suitability or appropriateness of the SelectRetirement Account to your needs.

Financial Services Compensation SchemeIn respect of the Cash element of your Select RetirementAccount, any reduction in the FSCS limits after the set up of youraccount may mean your cash is not 100% covered in the future.

IMPORTANT NOTEThis summary is intended to highlight the key risks of the Select Retirement Account. It is not intended to be a comprehensive description of theproduct and should be read in conjunction with the Customer Guide and Key Features of the Select Retirement Account. You should not take, orrefrain from taking, any action based on this information. This information is not advice and if you are unsure about the suitability of an investment,you should seek Independent Financial Advice. 8

Why you can trust Assured Retirement and how the cash element of your account is protected

- The four Directors of Assured Retirement have only ever worked in Financial Services and collectively, have more than 150years of Financial Services experience.

- Assured Retirement do not handle client money - all payments into and out of the Select Retirement Account are handled byIntelligent Money Trustees Ltd, a non-trading trustee company who is the Trustee of the Select Retirement Account SIPP andwhose assets are ring-fenced from the assets of both Intelligent Money and Assured Retirement.

- Assured Retirement has no external debt or external shareholders. The business is owned by it’s management and has beendeveloped and launched using capital supplied solely by the four Directors. We believe this shows real commitment to theMarket.

- Assured Retirement is an unlisted company and has no financial institutional shareholders. As such, it is truly independent.- Assured Retirement have developed the product, processes, website and quote engine specifically for the new pension

freedom era without the constraints of any legacy considerations. We believe this means that we can operate much moreefficiently than larger established providers.

- Intelligent Money have been successfully operating SIPPs for over a decade and have a SIPP 5 star rating from Defaqto.- Intelligent Money are FCA regulated and all client money accounts are operated on the basis of a separate account for each

individual client that is also ring-fenced from all other individual clients.- The Cash element of your account is only invested in cash deposits so you know at outset exactly what benefits will be

provided.- All Cash investments within the Select Retirement Account are designated in the name of the individual member.- The Cash element of the product ensures a maximum exposure up to current FSCS limits, including future interest to be

earned, with any single financial institution. In this way, both the original investment as well as interest to be earned, isalways protected by the FSCS.

- Our institutional panel only includes institutions who are participants in UK Financial Services Compensation Scheme. Wehave excluded any institutions that rely on the Jersey, Guernsey, Isle of Man or European Union protection schemes on thebasis that, in a worst case scenario, if an institution were to default, these schemes would be less robust than the UK FSCS.

- The exception to this is National Savings and Investments (NS&I) who operate outside of the FSCS protection arrangements.NS&I is an Executive Agency of the Chancellor of the Exchequer and any money invested with them will be 100% secure asthey are backed by HM Treasury, with no overall limit on how much is guaranteed. 9

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The Select Retirement Account - the choice of investment platforms

Fidelity Funds NetworkFundsNetwork has over 16 years of experience in providing firms withthe products, infrastructure and support they need to help them workmore efficiently, save time and reduce costs.TransactTransact is a platform designed for use by financial advisers for theirclients. They provide an array of tools for advisers to better managetheir clients’ assets.NoviaNovia is an advised platform which aims to use its experience andmodern technology to deliver a comprehensive, quality wealthmanagement service for investment advisers and their clients.NucleusNucleus is an advised platform created, in 2006. They created a newmodel, which would put the adviser in charge enabling the creation oftax-efficient, low cost investment solutions for each and every client.AscentricThe Ascentric wrap platform is dedicated to empowering advisers tomanage wealth. It enables advisers to view, hold and trade theirclients’ investments online.ElevateThe Elevate platform is now a Standard Life proposition. It enablesadvisers to view and manage all of a client’s investments, online, in oneplace.Old Mutual WealthOld Mutual Wealth is an advised investment platform. It providesvarious services including life assurance, asset management, bankingand general insurance.7IMThe 7IM platform is at the core of 7IM’s business offering financialintermediaries the widest possible choice of ways to deliver investmentpropositions to their clients.

ParmenionParmenion helps achieve the right balance of operating efficiency andflexibility, to deliver great investment outcomes for clients.PraemiumPraemium’s client portal is available anywhere with an Internetconnection and on any device, and can now provide 24/7 access forclients to view all their assets across all accounts.Alliance Trust AdvisersAlliance Trust Advisers is their adviser platform offering which combinesflexible flat fee charging with support tools and process efficiencies.Raymond JamesRaymond James’ platform services are delivered in an open architectureenvironment, offering unprecedented access to a broad range of assetsand tax wrappers.Succession Investment PlatformSuccession is an advisor platform which allows access to a huge range ofinvestment types covering all asset classes. It enables advisers to createand manage solutions to best manage the wealth of their clients.AmberAmber launched in 2012 and partnered with SEI Investments (Europe)Limited whose world class technology underpins the Amber Platform. SEIis a leading global provider of investment processing and investmentoperations for institutional and private wealth management clients.True PotentialThe True Potential Wealth platform was launched in 2011 and is part ofTrue potential’s vertically integrated proposition, which means that itoffers everything from advice to product.

If your preferred platform is not listed above, please contact us and we will be happy to explore whether a link to your preferred platform is possible.

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The Select Retirement Account - the IM Optimum PortfoliosThere are five risk rated model portfolios that all benefit from internal discretionary management from Quilter Cheviot and go throughthe risk reward spectrum from Defensive, Cautious, Balanced, Dynamic and Adventurous.IM Optimum DefensiveThis portfolio aims to put capital preservation at the forefront whilst seeking low risk investment returns over and above inflation inorder to maintain real capital values over the long term. The investment manager therefore uses a well diversified portfolio of assets,predominantly gilts, fixed interest, index linked bonds with a small exposure to equities. This portfolio can therefore be ideal for peoplewanting a higher potential return than for cash and who are prepared to take our lowest level of investment risk. Returns can providegrowth, be taken as income or a combination.IM Optimum CautiousThis portfolio aims to provide investment returns from a cautiously managed portfolio of gilts, UK equities, property, bonds and cash,whilst also providing a small exposure to overseas equity (principally the US). The investment manager runs this portfolio with the aim ofpreserving capital values whilst achieving investment returns in line with a cautious mandate from a well diversified portfolio of gilts,bonds, equities, property and cash. This portfolio can therefore be ideal for cautious investors seeking an investment approach that sitsbetween defensive and balanced, with returns used to provide growth, income or a combination.IM Optimum BalancedThis portfolio aims to deliver investment returns that can be used for growth or income from a well diversified portfolio run on a trulybalanced basis. Taking the best characteristics of both our cautious and dynamic portfolios, the investment manager blends these tocreate a balanced investment approach forming a portfolio comprising of global equities (predominately UK but with US, European and asmaller level of Japan, Far East and Emerging Market exposure) combined with property and fixed interest holdings. This creates theoptimum balanced investment portfolio for generating returns for growth, income or a combination of the two.IM Optimum DynamicThis portfolio aims to deliver potentially higher returns than a balanced portfolio, but without the full level of risk and volatilityassociated with an adventurous portfolio. The investment manager seeks to achieve this by taking the best of our balanced andadventurous portfolios and blend these to produce a portfolio of global assets, predominantly weighted to the UK that sits directlybetween the balanced and adventurous approaches. This portfolio bridges the gap for investors who seek more dynamic returns (forincome or growth) than those associated with a balanced portfolio and are therefore prepared to take more risk, but not to the level ofan adventurous portfolio.IM Optimum AdventurousThis portfolio aims to produce the highest returns available by taking an adventurous, but always responsible and never speculative,approach to risk management. The investment manager runs a fully global approach currently weighted to UK and then US equities butwith slightly higher exposure to Europe, Japan, the Far East and Emerging Markets than with our balanced portfolio. This is combinedwith a smaller property holding and minimal fixed interest. This portfolio can therefore be ideal for investors with a longer investmenthorizon who want to maximise returns which can be left for growth, taken for income, or a combination.

About Intelligent MoneyIntelligent Money are the Trustee and the Operator of the Select Retirement Account, our registered SIPP. With nearly a decade ofSIPP administration experience, they are the largest intermediary only SIPP provider in the UK and have been awarded a SIPP FiveStar rating by Defaqto, the highest rating possible. Intelligent Money are an FCA authorised and regulated Investment ManagementFirm whose current sole business activity is that of a SIPP and Personal Pension Provider, Operator and Trustee.

Brief company background and historyThe company was established in 2002 under the Pension Wise brand and re-branded and launched under the Intelligent Moneybrand in 2003. In 2006 they made their first SIPP acquisition. In the intervening years they have established a growing new book ofSIPP business by offering a low cost alternative to the large SIPP providers backed by a first class administration team.

In March 2012 they were selected to take over the SIPP book of BNP Paribas. Their core products are available through a widechoice of platforms and discretionary fund managers. Examples of providers they are established on and working with includeAscentric, Elevate, Cofunds, ICON, Fundsnetwork, Novia, Parmenion, Seven IM, Succession, Towergate Wealth Platform and TruePotential.

Intelligent Money is headed by Julian Penniston-Hill their CEO and major shareholder. There are in addition 4 other directors whohead up the following departments or functions:

Marcus Waldram - OperationsChris Sutton - Managing DirectorIan Stewart - ComplianceJeff Penniston - Finance

Corporate governance is overseen by the board of five directors who have between them nearly 100 years of industry experience.The Directors meet daily and work directly with their SIPP administrators. They also have weekly meetings of the ManagementCommittee in which all Directors and the department managers are included. This enables them to react very rapidly to any changes incircumstances, personnel or regulation.

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About Intelligent Money - Financial and Regulatory InformationRegistration numbers with regulatory bodies:The Financial Conduct Authority – 219473.HM Revenue and Customs – 00777126RN.VAT – 898186355.Details of professional indemnity insurance:Insurer – Dual Corporate Risks LimitedLimit of Indemnity £1,750,000 each Claim or Loss, Excess £7,500.Any FCA actions taken against the company or any of its employees/agentsNoneScope of Regulatory PermissionsAuthorised to establish, operate and wind up pension schemes and to be able to hold client money in respect of those schemes.All Clients are treated as Retail.Regulatory Capital requirement and how this requirement is metCapital Adequacy Requirement is appropriate to that of an Investment Management Firm, which is significantly more onerousthan that of adviser firms. Intelligent Money retain capital adequacy levels equal to 13/52ths (one quarter) of their fixedoutgoings. These are reported to the FCA via the Gabriel system on a quarterly basis.Client Money PolicyAll client money is held in individually ring-fenced accounts. Not only are the client money bank accounts completely segregatedfrom their own bank accounts – with statements from their bankers of such – but each individual client money account issegregated from the others. Reconciliation of client monies is therefore done at an individual client level and each client’s cash bankholding is reconciled in its own sub account within a ring-fenced client money account which Intelligent Money are authorised bythe FCA to hold on behalf of clients. This approach is the most efficient way of ensuring compliance with CASS rules and differsdramatically with the policies of other SIPP administrators.

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About our institutional panel - Metro BankMetro Bank is Britain’s first new High Street bank in over 100 years. They offer banking focused on the customer throughunparalleled levels of service and convenience. On 10 March 2016, Metro Bank successfully publicly listed on the London StockExchange. Metro Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority andthe Prudential Regulation Authority.

Financial highlights for the six months ending 30 June 2017 included:

• Customer deposits £9,805m

• Customer loans £7,750m

• Total assets were £13,094m

• Common Equity Tier 1 ratio (the standard measure of capital strength) at 13.5%.

• 48 stores and 1,045,000 customer accounts

Are your deposits protected?

Metro Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors ifMetro Bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - arecovered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates tothe combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not toeach separate account.

About our institutional panel - National Savings and InvestmentsNS&I (National Savings and Investments) has been looking after the nation’s finances for over 150 years.

In 1861, the Palmerston government set up the Post Office Savings Bank – a simple savings scheme aiming to encourage ordinarywage earners to “provide for themselves against adversity and ill health”. It separated from the Post Office in 1969, becomingNational Savings. In 1996, it became an Executive Agency of the Chancellor of the Exchequer.

NS&I is now one of the largest savings organisations in the UK, with over 25 million customers and more than £123 billioninvested. They are best known for Premium Bonds, but also offer a range of other savings and investments, including DirectSaver and Children’s Bonds. All products offer 100% security, because NS&I is backed by HM Treasury.

The money invested in NS&I products is used by HM Treasury to cost-effectively manage the national debt by contributing to thegovernment’s financing needs.

In 2014, NS&I gained Contact Centre Association (CCA) Global Standard© V5 accreditation, a respected independent customerservice standard, widely used by other organisations with a large contact centre operation. Accreditation was maintained in 2015.

NS&I offer a range of savings and investments to suit different people at different stages of their life. Included in the productrange are a number of tax-free products, some of which can be held in trust and in SIPPs or SSASs.

Are you deposits protected?National Savings and Investments (NS&I) is an Executive Agency of the Chancellor of the Exchequer and any money invested withthem will be 100% secure as they are backed by HM Treasury, with no overall limit on how much is guaranteed.

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About our institutional panel - Cater Allen Private BankCater Allen Private Bank was founded in 1815 and is based in London. It operates as a wholly owned subsidiary of Santander UKPlc which is part of the Santander Group, one of the 10 largest banks in the world.

Cater Allen Private Bank has its own banking licence and is one of the leading specialist banks for intermediaries in the UK with alegacy of working closely with professional advisers and financial intermediaries.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PrudentialRegulation Authority.Highlights for the 6 months to 30 June 2017 (Santander UK Plc) include:●  Pre‐tax profit of £1,063m●  Customer Deposits of £174.4bn●  Customer loans of £200.3bn● Common Equity tier 1 ratio 12.1%

As at 30�� June 2017, Santander UK Plc has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: A

Moody’s Credit Ratings, Long Term Rating: Aa3

Standard and Poors, Long Term Rating: A

Are your deposits protected?Cater Allen Private Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation todepositors if Cater Allen Private Bank is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account,and not to each separate account. 16

About our institutional panel - State Bank of IndiaState Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, branches, customers and employees.The Government of India itself is the largest shareholder of this Fortune 500 company, with 58.6% ownership.

Authorised and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the Financial ConductAuthority (FCA) and limited regulation by the Prudential Regulation Authority.

In 1806, the Bank of Calcutta (later the Bank of Bengal) was founded and, in 1921, it merged with the banks of Madras and Bombayto form the Imperial Bank of India. In 1955, SBI was created by an act of Parliament in India to succeed the Imperial Bank of India.

As at 19�� May 2017, the group has 17,170 domestic branches and 195 offices in 36 countries across the world with group assets of USD419.5 billion, deposits of USD 317 billion and capital & reserves in excess of USD 29.19 billion. The bank’s non-banking subsidiaries andjoint ventures are market-leaders in key sectors, such as life insurance, merchant banking, mutual funds, credit cards, factoring services,security trading and primary dealership.

As at 19�� May 2017, State Bank of India has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: BBB-

Moody’s Credit Ratings, Long Term Rating: Baa2

Standard and Poors, Long Term Rating: BBB-

Are your deposits protected?State Bank of India is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors ifState Bank of India is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - arecovered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates to thecombined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not to eachseparate account.

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About our institutional panel - Punjab National BankPunjab National Bank (International) Limited is the wholly owned UK subsidiary of Punjab National Bank, India’s third largest bankfounded in 1891 and having more than 78 million customers and a network of over 6,600 branches. Punjab National Bank is basedin New Delhi, India and also has branches in Hong Kong, Dubai and Kabul and representative offices in Shanghai, Oslo and Sydney.

Punjab National Bank (International) is authorised by the Prudential Regulation Authority and regulated by the Financial ConductAuthority and the Prudential Regulation Authority.

Punjab National Bank has more than 62,000 employees. The Government of India is the bank’s largest shareholder with a holdingof 59.86% as at 30 June 2017.

As at 30 June 2017, Punjab National Bank has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: BBB-

Moody’s Credit Ratings, Long Term Rating: Baa3

Standard and Poors, Long Term Rating: BBB

Are your deposits protected?Punjab National Bank (International) is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can paycompensation to depositors if the bank is unable to meet its financial obligations. Most depositors - including most individuals andsmall businesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The£85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of anyjoint account, and not to each separate account.

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About our institutional panel - Bank of Baroda

Bank of Baroda were founded in 1908 and are India’s leading Public Sector Bank with over 52,000 employees, a network of over5,480 branches and a global presence of 96 overseas branches spanning 25 countries that includes the UK, where they have beenserving customers since 1957.

The Government of India is the bank’s largest shareholder with 57% ownership.

Authorised and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the FinancialConduct Authority (FCA) and limited regulation by the Prudential Regulation Authority.

As at 30 June 2017, Bank of Baroda has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: BBB-

Moody’s Credit Ratings, Long Term Rating: Baa3

Capital Intelligence, Long Term Rating: BBB-

Are your deposits protected?Bank of Baroda is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors ifBank of Baroda is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - arecovered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relatesto the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and notto each separate account.

About our institutional panel - Close Brothers TreasuryClose Brothers Treasury is a trading style of Close Brothers Limited, a subsidiary of Close Brothers Group Plc. Close BrothersLimited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PrudentialRegulation Authority.

Close Brothers is a leading merchant banking group, providing lending, deposit taking, wealth management services, and securitiestrading. They employ 2,900 people, principally in the UK, and are listed on the London Stock Exchange and a member of the FTSE250.

Financial highlights for the year ending 31 July 2017 include:

Customer Deposits £5.1bnCommon equity tier 1 ratio 12.60%Total lending to small businesses and individuals £6.9bnTotal assets £9.285bn

As at 31 July 2017, Close Brothers Limited has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: A

Moody’s Credit Ratings, Long Term Rating: Aa3

Are your deposits protected?Close Brothers Limited is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositorsif Close Brothers Limited is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses- are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account,and not to each separate account.

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About our institutional panel - Hodge BankIn banking terms, Hodge Bank is a young institution having obtained authorised status under the Banking Act as recently as 1987.But that event belies the group's pedigree in that it was nurtured from the same stable that created Chartered Trust plc and Bankof Wales plc.

All three institutions were founded by Sir Julian Hodge whose activities since the 1950's are widely acknowledged as having been thecatalyst behind the development of the dynamic financial services sector that now exists in South Wales. The two earlier banks setup by Sir Julian are now owned by major public companies, but Hodge Bank remains an independent family controlled companyand therein lies the key to its culture and philosophy that sets it apart from many other financial institutions.

Prior to the formation of the bank itself, the group which had traded since the 1970's under the Carlyle name had successfullydeveloped a number of financial services companies which have been brought together under the umbrella of Hodge Bank. Thegroup has, since those early days, pursued a policy of cautious and controlled development, always with a view to the long-termand without the need to adopt short-term strategies often associated with public companies.

Financial highlights for the year ending 31 October 2016 include:

●  Pre­tax profit £22.80m● Total assets £1316.80m● Common equity tier 1 ratio 19.1%● Loans and advances to customers £706.90m● Customer deposits £991.70m

Julian Hodge Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority andthe Prudential Regulation Authority.

Are your deposits protected?Hodge Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositorsif Hodge Bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses- arecovered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates tothe combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not toeach separate account.

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About our institutional panel - Investec Bank plc

Investec (comprising Investec Limited and Investec plc) is an international, specialist bank and asset manager which provides adiverse range of financial products and services to a niche client base in three principal markets – the UK and Europe, South Africaand Asia/Australia as well as certain other countries. Investec Bank plc is the main banking subsidiary of Investec plc. Investec Bankplc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PrudentialRegulation Authority.

Investec is organised as a network of three business divisions: Asset Management, Wealth & Investment and Specialist Banking.

Financial highlights for Investec Bank plc for the 12 months ending 31 March 2017 include:

● Operating profit on ordinary activities before taxation £161.1m● Total assets £18,381m● Common equity tier 1 ratio 10.00%● Cash and near cash balances £4,853m

As at 30 June 2017, Investec Bank plc has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: BBB+

Moody’s Credit Ratings, Long Term Rating: A2

Are your deposits protected?Investec Bank plc is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositorsif Investec Bank plc is unable to meet its financial obligations. Most depositors - including most individuals and small businesses-are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relatesto the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, andnot to each separate account. 22

About our institutional panel - Aldermore Bank plc

Aldermore is a specialist bank and member of the FTSE 250, offering straightforward products to Small and Medium-sizedEnterprises (SMEs), homeowners, landlords and savers, who we believe are often poorly, or under-served, by the wider market.

Established in 2009, the Bank has grown significantly and now has 900 employees and over 220,000 customers. As at 31 December2016, loans to customers stood at £7.5bn (FY 2015: £6.1bn), customer deposits totalled £6.7bn (FY 2015: £5.7bn) and the totalcapital ratio was 15.6%.

Financial highlights for Aldermore Group plc for the 12 months ending 31 December 2016 include:

● Underlying profit before tax up 34% to £133m (2015: £99m)

● Reported profit before tax increased by 36% to £129m (2015: £95m)

● Underlying cost/income ratio further improved to 45% (2015: 51%) demonstrating scale benefits and cost control

● Underlying return on equity of 18.0% (2015: 20.6%)

● Loan growth of 22% to £7.5bn (31 December 2015: £6.1bn)

● Strong net interest margin at 3.5% (2015: 3.6%)

The Bank maintains a strong capital position, with a total capital ratio of 15.6% and CET 1 capital ratio of 11.5% as at 31December 2016. Aldermore’s leverage ratio remains strong at 7.0%.

Are your deposits protected?Aldermore Bank plc is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation todepositors if Aldermore Bank plc is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses- are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any jointaccount, and not to each separate account.

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About our institutional panel - United Trust Bank

United Trust Bank is an established, specialist lender providing a wide range of secured funding facilities for individuals andbusinesses and competitive deposit accounts for individuals, businesses and charities. United Trust Bank was founded in 1955 andthe management team has a long history of working together. They employ highly experienced people throughout the bank, and aflat management structure minimises bureaucracy, encourages flexibility and enables quick decision making.

As at 31 December 2016, loans to customers stood at £617m (FY 2015: £434m), customer deposits totalled £665m (FY 2015:£476m) and the Operating profit was £22.5m (FY 2015: £16.8m).

Financial highlights for United Trust Bank for the 12 months ending 31 December 2016 include:

● Operating profit up 34% to £22.5m (2015: £16.8m)

● Operating income increased by 29.1% to £40.8m (2015: £31.6m)

● Underlying cost/income ratio further improved to 44.8% (2015: 46.9%) demonstrating scale benefits and cost control

● Underlying return on equity of 28.8% (2015: 32.0%)

● Loan growth of 42.2% to £617m (31 December 2015: £434m)

The Bank maintains a strong capital position, with a total capital ratio of 14.1% and CET 1 capital ratio of 10.3% as at 31December 2016.

Are your deposits protected?United Trust Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation todepositors if the bank is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses- are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any jointaccount, and not to each separate account.

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Additional information - The Financial Services Compensation SchemeIf one or more of the financial institutions on our panel are unable to meet their financial obligations, compensation may be availablefrom the Financial Services Compensation Scheme (FSCS).

The FSCS can pay compensation if a firm is unable to meet its financial obligations.

In respect of deposits, the maximum amount that may be claimed is £85,000. The £85,000 limit relates to the combined amount ofall eligible deposits, per investor, per authorised firm.

The deposit limit is set in line with Deposit Guarantee Schemes Directive, which sets the FSCS coverage limit at the sterlingequivalent of €100,000. The Prudential Regulatory Authority is required to review the deposit protection limit every five years. Thenext review is likely to be July 2020 and come into effect from 01 January 2021.

The Cash element of the Select Retirement Account is arranged and managed so that individual members are the beneficialowners of the deposit accounts held within their accounts. Intelligent Money Trustees, as Trustee of the Select RetirementAccount ensure that each individual investment is designated in the name of each individual member.

In the event that any of the institutions on our panel failed, then Intelligent Money Trustees, as Trustee and of the Select RetirementAccount, would submit a claim to the FSCS on behalf of all affected individual beneficial owners.

Please be aware that the limits above are the maximum payable for each individual, with a single financial institution. This meansthat money invested within a Select Retirement Account, would be added to any money held directly by the same individual in afailed institution and for deposits, no more than £85,000 would be paid in compensation to the individual concerned.

National Savings & Investments (NS&I) is not a member of the Financial Services Compensation Scheme (FSCS) but NS&I is an ExecutiveAgency of the Chancellor of the Exchequer and any money invested with NS&I will be 100% secure as they are backed by HM Treasurywith no overall limit on how much is guaranteed.

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Contact details

Assured Retirement Limited

Web: www.assuredretirement.co.uk

Tel: 0117 284 4013

Email: enquiries@assuredretirement.co.uk

Address: Redland House, 157 Redland Road, Bristol, BS6 6YE

Assured Retirement Limited is authorised and regulated by the Financial Conduct Authority.

Registered under Financial Services Firm Registration Number 651421.

Registered and incorporated in England and Wales, Companies House registration number 09265346.

Registered office is 23 Westfield Park, Redland, Bristol, BS6 6LT.

Important Note.

You should not take, or refrain from taking, any action based on the enclosed information. This information is not advice and if you are unsure aboutthe suitability of an investment, you should seek Independent Financial Advice.

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