Please read and consider the following carefully. The details provided in this benefit application will form the basis on which Invinitive will rely. For your own benefit and protection, you should read this Declaration in full before agreeing to it by signing it.
I hereby request and consent to the payment of benefits as set out in this form.
To the best of my knowledge, that the information provided is correct and complete with no omissions.
I confirm that I have reviewed the amount of pension I require both now and in the future for myself and my dependants. When requesting an income payment, I acknowledge that the amount of cash I can continue to pay into my SIPP (where applicable) could be reduced in accordance with MPAA rules.
I acknowledge that Invinitive has confirmed on multiple occasions that it is in my best interests to seek Regulated Advice and / or consult Pension Wise to discuss my situation in full and ascertain the best options available to me. Where required I give Invinitive Financial UK Ltd my authority to check the details of any protection certificate which I supply that enhances my Lifetime Allowance or PCLS entitlement with HMRC and my tax code.
I agree that I will indemnify Invinitive Financial UK Ltd as the Administrator and the Trustees of the pension scheme against any liability to pay tax or any other charges which arise out of the provision of incorrect or misleading information.
As a consequence of the payment of any pension commencement lump sum, I confirm any contributions paid by me or on my behalf, to this or any other pension scheme will not be significantly greater than would otherwise have been. I acknowledge that such action may be deemed a recycling of funds which if so decided would result in benefits being classed as an unauthorised member payment and subject to additional tax charges.
I understand that Invinitive can only pay benefits out in accordance with HMRC rules, which are subject to change and cannot be guaranteed. I confirm it is my responsibility to contact HMRC if they have supplied me with an incorrect income tax code and a reclaim of overpaid tax is required. I agree to the deduction from my Invinitive SIPP of any fees and related costs as a result of the payment of benefits which may include an FX transaction.
I also confirm that I fully understand the following points:
• High income withdrawals may not be sustainable throughout retirement;
• By withdrawing larger amounts from the fund, I may reduce the amount remaining in drawdown pension and so reduce the potential for growth;
• That taking withdrawals may also erode the capital value of the fund, especially if investment returns are poor and a high level of income is being taken. This could result in a lower income if I decide in the future to purchase an annuity;
• Investment returns may be lower than those shown on any drawdown illustration that I may receive;
• Under current HMRC practice it is not normally possible to access your pension funds prior to the age of 55. This will increase to 57 from 2028;
• Past performance is no guarantee of future returns and the income from assets can vary;
• There are many facets to a drawdown pension, ongoing reviews should be considered;
• My personal circumstances are likely to alter over time.
• I will not be able to take pension benefits if there is insufficient cash in my Invinitive SIPP. I understand that I will ned to sell a position in order to free up this cash and I acknowledge that I may need to sell in a falling market which could have a detrimental impact on my pension or the amount of income I could receive.
Taking withdrawals may have implications for UK residents with debt or may be entitled to means tested benefits. I acknowledge that where this is applicable, Invinitive has informed me that I should contact a Regulated Adviser, Pension Wise / Money Helper, Citizens Advice or the Money Advice Service for further guidance.
Regarding Investment scams, if I am taking a cash lump sum in its entirety to invest elsewhere or plan to take income drawdown, I should be aware that scammers operate in these markets and that I should look for the signs detailed in the FCAs scamsmart website www.fca.org.uk/fca/scamsmart or on our page www.invinitive.co.uk/scamsmart/