Although it's not possible to set up a new Family Suntrust scheme, you may still add new particpants, additional contributions, as well as transfer payments in your existing scheme. And you can expect flexibility with retirement income options.
If you're looking to get a guaranteed income for life, an annuity can be arranged through another provider.
Remember to ‘shop around’ if you want to access your money. Other products could be more appropriate for you and your
circumstances and you could get a higher retirement income from another
provider. The Money Advice Service offer a range of guides and tools to help you decide upon
the best option for you, including a comparison tool and also a useful ‘Your
money – it’s time to choose’ guide to retirement options.
Yes. The minimum contribution
or transfer payment is £1,000 gross, or £10,000 if transferring in drawdown.
Yes, as long as all existing participants
agree, they live in the UK and if under 18 years old, a parent or legal guardian is also a
participant to act on their behalf.
It is also possible for
dependants or other beneficiaries to join to receive benefits on the death of a
Any new participant must
appoint the scheme’s appointed adviser to provide advice on their benefits
within the scheme.
You can take your benefits
from the age of 55 as either a lump sum, or regular payments, or a combination
of both via flexi access drawdown. Find our how you can take benefits through our Pension Benefits Guide.
In Family Suntrust, all participants need to agree decisions unanimously - so you won't always be able to do things your way.
Also, like any investment, the value of the fund can go down as well as up. It is not guaranteed, which means you could get back less than you originally paid in. Tax and legislation are likely to change in the future, and the information above is only our interpretation of current law and HMRC rules. The value of any tax benefits will depend on your personal circumstances.
To understand all the risks that come with Family Suntrust, please take a look at our full Key Features guide.