Wealthtime Personal Investment Portfolio. Questions and Answers.

PIP.

What are the Aims of the Personal Investment Portfolio?

The Personal Investment Portfolio:

  • Lets you invest in a wide range of collective funds through the Wealthtime Funds List.
  • Allows you to make regular or one off withdrawals, if required, as you continue to invest.

What is your Commitment?

  • There is no set term, and you can invest for as long as you wish.
  • You can invest regular and/or single lump sums.
  • You can stop or change your regular payments at any time.
  • Your payments will buy units in the ‘Permitted Investments’ of your choice. ‘Permitted Investments’ are assets which can be bought in accordance with the Terms & Conditions and Permitted Investments List applying to your Personal Investment Portfolio.
  • You should regularly review your investments with your Financial Adviser.

What are the Risk Factors?

  • Past performance is not a guide to future returns. What you get back is going to depend on the performance of the investments you have chosen, and will vary from day to day.
  • The value of your Personal Investment Portfolio and any income from it can fall as well as rise, and is not guaranteed at any time. It could also fall below the amount you originally invested, particularly in the early years. Stocks that promise high returns could be at an increased risk of default.
  • Our fees may change in the future, and this could reduce the value of your investment.
  • If you withdraw money from your Personal Investment Portfolio, this will affect the amount of any income and capital growth you receive, and you may not get back your original capital.
  • Any foreign investments will be affected by fluctuations in currency exchange rates.
  • Any change in general interest rates could affect the value of your investment.
  • If an investment is highly geared this will affect its future value.

What is the Personal Investment Portfolio?

Within the Wealthtime Private Client Service, the Personal Investment Portfolio is where you can hold a wide range of investments which do not normally attract the benefit of favourable tax treatment.

We will:

  • Where applicable settle trades on your behalf
  • Keep up-to-date records of your transactions
  • Provide you with half yearly valuations.

Who can have a Personal Investment Portfolio?

Anyone who is aged 18 or over and is resident in the UK for tax purposes can open a Wealthtime Personal Investment Portfolio. It cannot be opened on behalf of anyone else.

How much money do I need to open one?

There is no minimum amount required to set up a Wealthtime Personal Investment Portfolio. When you open a Wealthtime Personal Investment Portfolio, we will set up a Designated Personal Investment Portfolio Bank Account in your name, provided by Barclays. You can pay money into your Personal Investment Portfolio by cheque or electronic bank transfer. We will place all deposits in your Designated Personal Investment Portfolio Bank Account. This Designated Personal Investment Portfolio Bank Account is not designed for general banking transactions, so you will not receive a cheque book or a cash card and you will not be able to pay in or withdraw money at a Barclays branch.

How much can I save?

You can choose to save as much as you wish. There are no minimum or maximum limits.

Will I receive interest on cash?

Yes. Interest is calculated daily, using your balance at that time. Barclays will pay the interest into your account every quarter, in arrears. All interest received on your Designated Personal Investment Portfolio Bank Account is credited to this Account in full. No margins are retained by Wealthtime. The gross interest rate is currently 0.25% below base rate. From 6th April 2016 interest will be paid gross. Interest rates can change. Speak to your Financial Adviser for details of Barclays current rates or contact us.

Can I make further deposits?

Yes. You can add to the Personal Investment Portfolio at any time. There is no limit to the number, or amount, of further deposits you can make.

How do I make further deposits?

By cheque or electronic bank transfer at any time. This money can then be used to buy your chosen investments. Please contact your Financial Adviser if you want to make any further deposits or contact us.

What are the permitted investment options?

Please refer to the Permitted Investments List. Wealthtime does have the final say on whether any specific investment may be made by your Personal Investment Portfolio.

Is Wealthtime regulated to give advice?

Wealthtime is not regulated to provide investment advice to you, and you and your Financial Adviser are responsible for ensuring any investments made are in accordance with the rules.

Do you have a Funds List facility?

As part of your investment choice Wealthtime offers your financial adviser access to a fund list facility known as the Wealthtime Funds List. This facility provides access to a range of collective funds from many leading fund managers at discounted rates.

The funds are a range of mostly retail unit trusts and OEICs.

What is the investment process?

When you open the Personal Investment Portfolio, Wealthtime opens an interest bearing account designated in your name to receive and pay monies as required. This is known as the Designated Personal Investment Portfolio Bank Account. Please note Wealthtime receives no payment from Barclays in respect of this account and takes no margin on the interest. Wealthtime Trustees Limited, as Nominee, will be the sole authorised signatory on the account. Monies will start to earn interest as soon as they are cleared in your designated account. Any other income, such as dividends, are also paid into this account. Monies will be applied in accordance with your instructions or those of your authorised agent. All monies received will be held on deposit in your Designated Personal Investment Portfolio Bank Account until investment instructions are received.

How will I receive confirmation of investment transactions?

If your Financial Adviser is using the Wealthtime Funds List facility then confirmation of trades will be displayed on the Wealthtime Online Service within your Secure Online Document Store.

Can I switch funds within my Personal Investment Portfolio?

Yes. You can decide how your money is invested and switch funds within your Personal Investment Portfolio at any time. Each investment provider has their own limits for switching and how much must remain within a particular investment and they, or your Financial Adviser should be able to give you more information. If you switch from one fund manager to another then there may be a delay in purchasing units until the sale proceeds have been received by the new fund manager which may affect the number of units that can be purchased.

What could I get back?

You will get back the value of your investments held in your Personal Investment Portfolio at the time the investments are sold. There is no guaranteed amount.

The amount you receive will depend on the following factors:

  • How much you invested
  • The fund performance
  • Any fees
  • Any income or withdrawals you have taken
  • The Terms and Conditions of the investment.

What fees can I expect?

The fees that take place in respect of your Personal Investment Portfolio and the operation of your Designated Personal Investment Portfolio Bank Account are described in the Personal Investment Portfolio Fees Schedule. Please refer to this schedule for further information.

Are there any additional charges?

The following is a summary of additional charges which may be incurred:

Bank Charges:

  • There are currently no Barclays Bank charges for operating the Designated Product Bank Account other than CHAPS or Foreign Payment charges.

Financial Adviser:

  • Adviser Charges.

Fund Manager:

  • Fund Manager charges.

Please note that if in the future, additional services are offered, or additional forms of investment are permitted, the relevant fees may not be reflected in the Personal Investment Portfolio Fees Schedule applicable when opening your Personal Investment Portfolio. Please always refer to the latest Personal Investment Portfolio Fees Schedule for up to date information.

Where are the fees deducted from?

All fees will normally be payable from your Designated Personal Investment Portfolio Bank Account. It is therefore necessary to ensure that sufficient cleared funds are available in your account to meet any prospective fees.In this respect, Wealthtime reserves the right to realise investments held within your Personal Investment Portfolio to pay outstanding fees if insufficient funds are available.

How do fees and charges affect my Personal Investment Portfolio?

There is an annual transaction fee for administering your Wealthtime Personal Investment Portfolio.There may also be transaction fees when you buy, sell or switch investments or transfer them ‘in specie’.

There will also be an amount to cover the Adviser Charges that you have agreed with your Financial Adviser. These fees and expenses will be taken from your Personal Investment Portfolio. Please refer to the Personal Investment Portfolio Fees Schedule for more information.

Will I pay tax on my Personal Investment Portfolio?

The Personal Investment Portfolio is not a tax-exempt product. The tax you pay will depend on the type of assets that you hold and your personal circumstances. At the end of each tax year we will provide you with information that you will need to include in your self-assessment tax return. For further information, please speak to your Financial Adviser or Tax Adviser.

How will I know what my Personal Investment Portfolio is worth?

This can be accessed through the Wealthtime Online Service. Every six months, we will issue a statement to your online document store showing the value of your Personal Investment Portfolio.

How do I withdraw my money?

You can withdraw any amount from the Personal Investment Portfolio at any time.

There could be a charge from third party product providers. For example, some life assurance bonds may have an exit charge. Your Financial Adviser will be able to give you information on this.

You can make withdrawals from your Personal Investment Portfolio on a regular basis, or as a single lump sum. If you want to arrange any withdrawals, you can write to us or ask your Financial Adviser to arrange this for you:

  • If you would like to make withdrawals on a regular basis, we will send money to you by BACS into a bank account in your name
  • If you would like to take out a single lump sum, we will send you a cheque or pay it by BACS into a bank account in your name.
  • If you would like to make withdrawals on a regular basis, you will need to write to us at least 14 business days before the end of the month, prior to the date the first payment has to be made. We will send the money to you by BACS into a bank account in your name, nominated by you on the Regular Withdrawals Request Form. This payment will be made on, or around, the first business day of the month.

Can I close my Personal Investment Portfolio at any time?

Yes. You must give us one month’s notice by writing to the Wealthtime Private Client Services Team.

We will make no charge to close your Wealthtime Personal Investment Portfolio although we will charge transaction fees on any investments sold or transferred in-specie. You should also remember that each investment provider has their own Terms and Conditions, so please check with your Financial Adviser.

What happens if I die?

If you die, your personal representatives must close the Personal Investment Portfolio. On receiving appropriate proof of title, we will pay them the balance together with any interest earned up to the date we close the Personal Investment Portfolio, or if requested, we will transfer the Personal Investment Portfolio’s investments to them. The balance will take into account any gain or loss in the value of your investment.

The proceeds from your Personal Investment Portfolio will form part of your estate for inheritance tax purposes.

Can I change my mind?

Yes. When we have accepted your application for a Personal Investment Portfolio, you will be sent a cancellation form. You will have 14 days, starting from the date this notice is issued, during which you have the right to change your mind. In order to exercise your right to cancel the Personal Investment Portfolio, you must send signed confirmation to the Wealthtime Private Client Services Team. If you cancel, this will have the effect of closing your Wealthtime Personal Investment Portfolio and you will get a refund of any monies paid into the Bank Account, less any amounts used to purchase individual investments. Your right to cancel will remain unaffected if any event beyond your control makes it impractical to communicate the wish to cancel. All decisions regarding your investments should be taken with your Financial Adviser.

What if I have a complaint?

If your complaint is about the service you have received from us, please write to Mr Colin McCarthy at the address shown in the Contact Us section of the website.

You can ask us for a copy of our complaints procedure at any time.

If you are not satisfied with the way we deal with your complaint or if we have not dealt with it in eight weeks, you can contact:

The Financial Ombudsman Service
Exchange Tower
London, E14 9SR
Telephone: 0800 023 4 567

Any complaint regarding the advice given to you by your Financial Adviser should be referred to them for review under their own complaints process, details of which should already have been provided by them.

If you have a complaint regarding an individual investment, this should be directed to the individual fund manager concerned and again, details should be provided by your Financial Adviser.

Making a complaint will not affect your legal rights. For more information you will find our Complaints Leaflet in the Literature Library.

Can I claim compensation?

If you make a valid claim against us in respect of your investments and we are unable to meet our liabilities in full, you may be entitled to redress from the Financial Services Compensation Scheme (FSCS) by which we are covered and which enables an individual and small business to claim for 100% of any loss up to £50,000. We will send you details of the cover provided by the Scheme on request.

The individual Product Providers for your underlying investments may themselves offer protection under the FSCS in respect of their products held within your individual Products. Please enquire of your Financial Adviser or the product providers for further information.

In respect of the Bank Account(s) these are held with Barclays which is covered separately by the FSCS. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors including individuals and small businesses are covered by the scheme and an eligible depositor is entitled to claim up to £85,000, from 30th January 2017. The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with Barclays including their share of any joint account and not to each separate account. For further information about the scheme including the amounts covered and eligibility to claim please refer to the FSCS website at www.fscs.org.uk.

Where can I see your Terms and Conditions?

Your rights as the holder of investments in the Personal Investment Portfolio are set out in the Personal Investment Portfolio Terms and Conditions and may be subject to change in the future. You can find the Personal Investment Portfolio Terms and Conditions in the Literature Library.

The Wealthtime Private Client Service is administered by Wealthtime Limited, which is authorised and regulated by the Financial Conduct Authority.
Wealthtime recommends that before making a decision regarding this service and the investments you should contact your Financial Adviser.

Wealthtime Limited, The Oak House, Barford Lane, Downton, Salisbury, Wiltshire SP5 3QA T: 01725 512925 E: admin@wealthtime.co.uk

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