Existing ISA - New Money Top Up With No Changes Suitability Report

Private & Confidential Name Address

Dear Name

As part of your review / During our discussions, we identified that you wanted to discuss making a further payment to your current Openwork / Zurich …..enter name of existing platform account.

We discussed whether there had been any changes to your personal or financial circumstances and objectives since our last insert – review / meeting / discussions etc. You confirmed there haven’t been any changes.

Attitude to Risk

You agreed that enter ATR was an appropriate description, considering the level of risk you are willing and able to take. For more information on the Openwork risk categories, please refer to ‘Making More of your Money’ booklet.

INCLUDE IF REPLACEMENT Why move your existing investment(s)

I carefully considered your existing select product(s) in particular whether they meet your current investment objectives and at what cost. Taking this into account, together with any benefits you may lose, alternatives available and any costs of moving, I recommended that you should move your existing arrangements. The outcome of my analysis can be found in more detail in appendix B.

INCLUDE IF PENSION LAT / REPLACEMENT, CLIENT IS UNDER AGE 55 AND EXIT PENALTY IS GREATER THAN 1% Maximum pension exit penalty cap From 31 March 2017, the Financial Conduct Authority (FCA) and DWP have limited the early exit charges you pay to 1% when moving your pension fund to another provider. This means that if you had waited until age 55 to transfer your pension funds, the exit penalty would be £…enter amount instead of £…enter amount.

Existing Platform Account Top Up no change with or without Initial Advice fee v1.3 6 April 2017 1 of 8 You understand the difference and are happy to accept the higher exit penalty because….. give details to support why the client is willing to proceed now – e.g. it’s a negligible difference with no material impact or specify the other reasons etc To help meet your aims and objectives, I recommended that you invest further into the following:

Total to be invested Zurich / Openwork Platform £

New contributions INCLUDE IF NEW MONEY CONTRIBUTIONS RECOMMENDED

Platform account Regular Frequency Lump sum £ £ ADD ROW(S) TO TABLE WHERE MULTIPLE ACCOUNTS BEING RECOMMENDED

New Employer contributions INCLUDE IF EMPLOYER CONTRIBUTIONS TO PENSION

Platform account Regular Frequency Lump sum Retirement / Pension Account £ £

Assets to be transferred to Platform

Platform account Previous provider Product Lump sum £ ADD ROW(S) TO TABLE WHERE MULTIPLE PLANS BEING TRANSFERRED

Investment solution

As there has been no change in your attitude to risk, we agreed that you would continue to invest in the fund(s) I previously recommended / you chose to meet your investment strategy and objectives. This is / These are…enter the name of fund(s) previously selected

ALWAYS INCLUDE You should refer to the fund information previously provided for details of the investment objectives and associated risks.

We reviewed the continuing risks associated with your enter name of existing platform account(s) as well as the benefits. You are fully aware of all of the risks and the ongoing charges, as well as the fees you are paying for the service you receive. For full details of my original Openwork / Zurich enter name of existing platform account(s) recommendation, the benefits and associated risk, please refer my Suitability Report dated enter date of original report.

Other important considerations

As part of our discussions, we also considered and agreed the following:

INCLUDE IF ISA ALLOWANCE HAS NOT BEEN FULLY USED

Individual Savings Account (ISA) Allowance

An Individual Savings Account is one of the most tax efficient investments available for you to invest in. You have not used your full ISA allowance for this year and £enter amount can still be used. Any unused ISA Allowance cannot be carried forward to the next tax year if it’s not fully utilised.

Taxation and Legislation changes

I explained the taxation implications of my recommendation and confirmed that this area will be reviewed as part of my ongoing advice service. Nothing in this letter should be construed as the provision of specific tax advice. Information contained in this letter concerning taxation and related matters are based on Openwork’s understanding of the present law. UK Government reserves the right to amend the preferential treatment of any investment, pension or trust arrangement in the future.

INCLUDE IF CHARGING NEW INITIAL FEE My service & remuneration

We agreed that you would pay an initial fee of £ enter total initial fee for the new amount you’re investing with an ongoing fee of £ enter fixed yearly amount or total amount for 1st years of ongoing fees for the top up a year.

INCLUDE IF LAT / REPLACEMENT It’s important to note that where my advice includes moving an existing investment, the initial fee amount will vary based on the actual amount of funds received.

INCLUDE IF % ONGOING SERVICE AGREED The ongoing fee will vary each year and could increase if the fund grows in value. The actual amount deducted will depend on the performance and value of the underlying funds you are investing in.

You understand that …..insert one of the following:

INCLUDE IF ONGOING SERVICE FEE AGREED….my ongoing service commitment will continue to help ensure your investments remain in line with your objectives both now and in the future.

INCLUDE IF NO ONGOING SERVICE FEE AGREED…any future advice you receive will have to be paid for on an ad-hoc basis.

Openwork’s commitment

Existing Platform Account Top Up no change with or without Initial Advice fee v1.3 6 April 2017 3 of 8 It is important to reiterate that Openwork is committed to providing financial advice which is suitable for your needs based on the information that you have given. Openwork guarantees to act in accordance with all consumer rights in the event of any dispute. We intend to deliver high- quality, suitable advice and if we don’t, we’ll put it right.

ALWAYS INCLUDE Important documents

As part of my recommendation, I reviewed the following important documents with you as well as those shown in the covering letter:

 Illustrations for recommended investments / Charges information  Include name of any additional documents given to the client

INCLUDE IF APPROPRIATE As you selected to access some of the documentation electronically, I would confirm that these can be found at:  Openwork.uk.com/wrap

INCLUDE IF ZURICH PLATFORM I also explained that you will have full online access to the important Zurich documents now that your Zurich Intermediary Platform has been set up.

Insert closing paragraph

Yours sincerely

Adviser Name + Role INCLUDE IF LAT / REPLACEMENT Appendix B - Understanding your existing investments & pensions savings

As outlined above, I recommended that you move existing investments as part of my advice. There are some important considerations which you need to be aware of and so I have outlined below the reasons for my advice and what this means for you.

INCLUDE IF LAT ONLY Please read this section in conjunction with any Client Report and fund assessment reports I gave you.

Reason for my recommendation to move your existing investment(s) SELECT AS APPROPRIATE OR SUMMARISE THE OVERALL REASONS FOR YOUR RECOMMENDATION TO MOVE  This investment no longer meets your objectives because ...explain why including what options were considered and why amending the existing investment is no longer appropriate INCLUDE IF PENSION DEATH BENEFITS…you wanted to benefit from pension savings that can be:  passed down family generations under a pension tax wrapper – sometimes known as ‘Family Pensions’  retained in a taxed advantaged environment until such time they’re needed  passed down to the next generation on the nominee’s or successor’s death if not needed in their lifetime  used to provide flexible income as and when needed, paid tax free if the predecessor dies before age 75 INCLUDE IF PENSION LIFESTYLE FUND…you wanted to benefit from investing your pension savings in a portfolio / fund / blend of funds that can offer greater investment growth potential. As you do not intend to buy an annuity or seek a guaranteed income in the future, remaining in a pension fund that gradually moves the investment to cash to offset the risk ahead of your retirement age will not offer the investment growth you are looking for. You did consider the possibilities of moving to a suitable alternative fund within the existing pension but confirmed that you did not want to be responsible for making your own investment decisions.  The level of risk is no longer appropriate for your financial plans because... explain product/fund risk mis-match and what options were considered/discounted with current plan  The investment is no longer suitable for your tax position because..explain why an existing investment is no longer appropriate and headline benefits of new recommendation  You can achieve your investment objectives in a more cost-effective way by moving this investment because...explain cost differential  You want to consolidate your existing investments in order to achieve cost-effective access to the most suitable investment wrappers. You want to be able to agree an overall

Existing Platform Account Top Up no change with or without Initial Advice fee v1.3 6 April 2017 5 of 8 investment approach for all of your investments and have the ability to change and diversify your investments as your circumstances or market conditions change. Cannot be used in isolation for a more expensive solution or where only one investment is moved CLIENT AGED 53 OR OVER  Help you manage your future spending / access strategy...demonstrate and justify why moving to platform and the future options available, along with the service they’ll receive, will be of benefit to the client

Existing plan considerations REPEAT THIS TABLE FOR ALL PLANS BEING MOVED Charges Provider / Product Charges are an important factor as ultimately the costs associated with an investment will affect the amount you get back. IF LAT - The enclosed Client Report confirms that the new plan has lower / higher similar charges IF NON LAT – I compared the costs of your existing investment versus the new solution and you can find details in the comparison below: Provider/Product Existing investment New investment initial charges / allocation rates / initial charges / allocation rates / Running costs annual charges / admin fees etc annual charges / admin fees etc Fund initial fund charges / bid offer initial fund charges / bid offer spread / annual charges / fund spread / annual charges / fund management rebates / other expenses etc rebates / other expenses etc costs

IF HIGHER CHARGES (LAT AND NON LAT) Although the charges will be higher going forward I recommended that you continue with the new investment because…explain why additional charges are justified/what features/benefits of the new investment outweigh the additional cost and are not available from the existing investment INCLUDE IF HIGHER CHARGES & PENSION DEATH BENEFITS ONLY…the way the pension benefits can be paid on death, in addition to any potential future income requirements, is your main priority and feel that having all available options definitely outweighs the additional costs you now have to pay. INCLUDE IF HIGHER CHARGES & PENSION LIFESTYLE FUNDS ONLY…the way the pension lifestyle fund works, and how you intend to access your pension savings in the future, no longer suits your investment strategy and objectives. You feel that having funds fully invested and not moving to cash the closer you get to taking your pension benefits definitely outweighs the additional costs you now have to pay.

Existing plan considerations SELECT AS APPROPRIATE Provider / Product Quality / Performance  The fund(s) you are leaving behind are performing well against the sector average. However, I recommended that you continue with the new investment because…explain what features/benefits of the new investment outweigh the decision to stay with well performing funds which are not available from the existing investment.  The performance of the investment has been poor. This can be shown by Penalties /Lost benefits/guarantees  You will incur a penalty of £amount as a result of moving your

Existing Platform Account Top Up no change with or without Initial Advice fee v1.3 6 April 2017 7 of 8 investment. However, I recommended that you continue with the new investment because…explain why it’s still appropriate for the client to move their investment despite the charge  You will lose insert all lost benefits/guarantees as a result of moving this investment. However, I recommended that you continue with the new investment because explain why it’s still appropriate for the client to move their investment despite the loss of benefits/guarantees

Pension Earmarking Order I identified that an earmarking order applies to this pension which will transfer to your new investment. However, I recommended that you continue with the new investment because give details of your discussions with the client about how this will impact their pension planning both now and in the future. Transferring a pension whilst in ill health You have confirmed that you are in ill health and we discussed that HMRC take the view that if you (knowing you are in ill health), make a pension transfer and die within 2 years of the transfer, a chargeable lifetime transfer can arise. This means that the whole transfer value could be deemed as reducing the value of your estate and potentially be liable to IHT. However, I recommended that you continue with the new investment because….. give details of your discussions with the client about any potential IHT liability as a result of transferring their pension, what this will mean to them and how they feel.

Impact on taxation, allowances or any other means tested benefits INCLUDE IF TAXATION IMPLICATIONS Whilst I cannot provide specific tax advice, based on the calculations we discussed, you are likely to incur a tax liability of £amount as a result of moving your investment. However, I recommend that you continue with my recommendations because…explain why it’s still appropriate for the client to move their investment despite the tax liability INCLUDE IF ALLOWANCES AFFECTED My recommendation is likely to impact on your select allowances affected. However, I recommended that you continue with the new investment because…explain the extent of the impact and why it’s still appropriate for the client to move their investment despite the impact INCLUDE IF MEANS TESTED BENEFITS AFFECTED As a result of my recommendations…explain any impact on means tested benefits, or risks such as bond moving to another tax wrapper which will be assessed for any means tested benefits