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Retail Investments Summary

Core Content

This document provides a comprehensive glossary of terms related to retail investments, particularly in the context of pension and savings products. It outlines the definitions of various financial instruments and their classification under regulatory frameworks, focusing on the types of sales, investment structures, and reporting requirements.

Main Terms and Definitions

Advised/Non-Advised Sales

• Advised Sales: Occur when an adviser of a regulated firm provides personal recommendations based on the customer's needs and circumstances. This is individualized advice.
• Non-Advised Sales: Occur when no personal recommendation is made. Customers receive generic information. Includes execution-only and direct offer transactions.

AVC (Additional Voluntary Contributions)

• Additional contributions made by members to occupational pension schemes to secure extra benefits.
• Pension premiums are reported gross.

Distribution Bond

• A single premium investment policy with income dependent on investment performance.
• Classified as a distribution bond if over 50% of the fund is allocated to the distribution fund; otherwise, it is a unit-linked bond.

Endowment Savings Plan

• A plan with a fixed term, providing benefits upon death within the term or on maturity.

Executive Pension

• An occupational pension scheme where each premium is tied to an individual employee.
• Employer discretion exists regarding the pension arrangement and contribution levels.
• Each individual policy is reported separately.

FSAVC (Free-standing Additional Voluntary Contribution)

• A registered personal pension scheme for additional contributions outside of an occupational pension scheme.
• Rebate-only pension business is not reported.

Group Personal Pension

• A personal pension scheme available to employees of the same or related employers.
• Includes transfer plans for staggered annuity purchases; excludes deferred transfer plans.
• Each individual policy is reported separately.

Group Money Purchase

• An occupational pension scheme offering money-purchase benefits to employees of the same or related employers.

Guaranteed Income/Growth/Investment Bond

• Bonds with guarantees, paying a percentage of the movement of one or more index.

Income Drawdown/Income Withdrawal

• Payments from a drawdown pension fund, excluding annuities.
• Includes interim arrangements and transfer plans allowing income before annuity purchase.
• Applies to surviving spouse or dependents after the policyholder's death.

Individual Pension Transfer

• A transaction where an individual transfers deferred benefits from an occupational pension or a fixed/guaranteed benefit pension to a stakeholder or personal pension scheme or a deferred annuity policy.
• Benefits depend on investment performance up to retirement.

Investment Trust

• A UK or EEA-listed company with HMRC approval.
• Investments are made in shares of the quoted company, with prices determined by demand.

ISA (Individual Savings Account)

• A savings and investment account with tax advantages.
• Cash and insurance ISAs are not included in PSD reporting.

Life/Pension Annuity

• Arrangements where a life company pays a regular income in return for a lump sum.
• Includes deferred, immediate, compulsory purchase, home income plans, and other life annuities.

Long-term Care Insurance Contract

• Insurance contracts designed to help cover long-term care costs.
• Can be pre-funded or for immediate care.

Mortgage Endowment

• Low-cost endowments with regular premiums, including unitised with-profit endowments.

Pension Opt-out

• A transaction where an individual opts out of an occupational pension scheme in favor of a stakeholder or personal pension scheme.
• Can occur with or without advice.

Personal Pension

• A registered pension scheme for retirement savings, excluding occupational schemes.
• Set up under HMRC regulations.

Provider/Non-Provider

• Provider: Firms that manufacture retail investment products, regardless of whether they sell them directly.
• Non-Provider: Firms that do not manufacture products but sell those from provider firms.

SCARP (Structured Capital-At-Risk Product)

• A non-derivative product that provides agreed income or growth over a period.
• Customers are exposed to varying outcomes based on index or factor performance.
• Capital may be fully repaid or lost depending on performance.

SIPP (Self-Invested Personal Pension)

• A personal pension scheme allowing members to direct their investments.

SSAS (Small Self-Administered Scheme)

• An occupational pension scheme under the Financial Services and Markets Act 2000.
• Includes SSAS Trustee Investment Bonds.
• Not reported if only administration services are provided.

Section 32 Buy-Out/Group Section 32 Buy-Out

• Policies bought from insurance companies using funds from approved retirement schemes.
• Always classified as deferred annuity contracts.

Stakeholder Pension

• A registered personal pension scheme under the Welfare Reform and Pensions Act 1999.

Trustee Investment Bond

• A lump sum investment vehicle for pension scheme trustees.
• Includes SSAS and SIPP Trustee Investment Bonds.

Unit-linked Bond

• A contract where the premium is invested in selected funds through units.
• Value of the policyholder's fund is linked to the value of the units.

Unit Trust Scheme/OEIC

• Open-ended investment companies (Unit Trusts or OEICs) authorized by the FCA.
• Investors purchase units or shares representing their interests in underlying assets.

With-profit Bond

• Single premium policies where funds are invested in with-profit funds.
• Includes unitised with-profit bonds.

Key Information

• Reporting Requirements: Most pension products report premiums gross, with exceptions noted (e.g., FSAVC, SSAS).
• Classification: Products are classified based on investment structure, source (provider/non-provider), and type of pension scheme (occupational, personal, stakeholder).
• Advisory Context: Advised sales involve personalized recommendations, while non-advised sales rely on generic information.
• Risk Exposure: SCARP and other structured products expose customers to capital risk based on investment performance.
• Transfer and Opt-out: These processes allow individuals to move or exit pension schemes, often involving deferred annuities or alternative investment vehicles.

Structure

• The document is organized into a table with terms and their definitions.
• Each term includes relevant regulatory references and reporting guidelines.
• It serves as a reference for understanding and categorizing retail investment products, especially in the pension sector.