Old Mutual Wealth's platform Collective Retirement Account ('CRA')
Old Mutual Wealth's platform ('OMW') Collective Retirement Account ('CRA') is a Personal Pension. You can invest in over 1,250 funds (Unit Trusts and OEICs (Open Ended Investment Companies)) on Old Mutual Wealth's platform. Included below are the relevant forms and information to invest in the OMW CRA. Investment restrictions may apply to any Structured Products that may become available on OMW.
Existing Clubfinance clients with an Old Mutual Wealth's platform account opened before 18 December 2012 on Charge Basis 1 or 2 who want to make further investments or changes need to contact us to get appropriate documentation and check whether they can remain on their current Charge Basis. This page covers Charge Basis 3, which is now the only Charge Structure available for new accounts through Clubfinance.
Regulatory requirement mean that platforms (including fund supermarkets) and intermediaries using them must charge investors separate fees for their services (often known as an 'unbundled' charging structure). There is therefore a separate tiered Old Mutual Wealth's platform Product Charge, which has been reduced for Clubfinance clients. Clubfinance therefore does not receive any commission, so instead Clubfinance charges a 0.05% additional annual fee ('Servicing Fee'). Any trail commission and additional platform payments negotiated by Old Mutual Wealth are rebated back in full to your account as additional units. Some accounts can be linked for the purposes of calculating Old Mutual Wealth's platform Product Charge, which can reduce your overall charges. See Client Linking on our main Old Mutual Wealth's platform page for details.
Fund Initial Charges
Clubfinance customers can access a 0% initial charge on over 1,200 funds on Old Mutual Wealth's platform. There are a minority of funds that do have an initial charge on the platform, so please check the OMW fund list before investing.
Clubfinance takes no initial commission or upfront charge on any funds held on the platform. The stated initial charges (0% in the vast majority of cases) also apply for switches on the platform. There is no charge to transfer funds on or off Old Mutual Wealth's platform.
Please see below for the forms and information applicable to the OMW Collective Retirement Account (CRA).
(Click to open)
|New investment||Employer contribution*||Switch||Pension transfer||Complete & send in?|
|Key Features of the Collective Retirement Account (CRA)|
|Terms and Conditions of the Collective Retirement Account (CRA) (Charge Basis 3)|
|OMW charges information|
|OMW Fund List|
|Fund Key Investor Information Documents / Simplified Prospectuses|
|Clubfinance OMW Fee Statement|
|Application for the Collective Retirement Account (CRA)|
|Employer Payer Form|
|Clubfinance Keyfacts about our service|
|Clubfinance Pension Transfer Risk Warnings|
|Clubfinance Terms of Business|
|Clubfinance Client Declaration|
|Clubfinance Additional Terms of Business for Pension Products||When first opening an OMW CRA using Clubfinance|
- It is important to read, understand and retain copies of these documents and if the 'Complete and send in?' column is ticked, please send a completed copy to Clubfinance with your application. Please contact us if there is anything you don't understand.
* - Where there are employer contributions, please note that we may need to request identification documents in respect of the employer.
How to invest
Make sure you have the latest versions of the relevant Clubfinance documentation, OMW Key Features and Terms & Conditions documents, OMW charges information, OMW fund list, and the Key Investor Information Documents or Simplified Prospectuses for the individual funds in which you want to invest. Make sure you have read, understood, and kept copies of the documents indicated in the table above. For those documents relevant to your transaction, with a tick in the 'Complete and send in?' column, please print off a copy to complete and send in. If you are opening an OMW Collective Retirement Account please also include a signed copy of Clubfinance's Additional Terms of Business for Pension Products. For new to Clubfinance clients, we will carry out an electronic identity verification check, but as this is not always successful, you may want to include paper documents to reduce the chances of delay close to a deadline for example (see Clubfinance Identification Requirements for details).
Please remember that you must send all documents, including a Clubfinance Client Declaration, to Clubfinance Ltd and not direct to Old Mutual Wealth, in order to benefit from our service. Click here for full details of the process.
Our postal address is:
Pension Transfers - Important Points
WARNING. Pension Transfers are often an area where advice is needed. If you have any doubts over your ability to compare the costs and benefits of the old and new schemes, the costs and consequences of transferring, or whether the new scheme is suitable for your needs, or you need advice or a personal recommendation, you should get advice from a suitably authorised financial adviser.
Please be aware that there are some types of pension from which we are unable to arrange a transfer. We are unable to arrange transfers from Occupational Pension Schemes. However, we may at our discretion, arrange transfers to the OMW CRA from Personal Pensions (including Group Personal Pensions and SIPPs).
Please refer to both Clubfinance's Additional Terms of Business for Pension Products, and Clubfinance's Pension Transfer Risk Warnings.
If you decide to request a Pension Transfer, you will also need to obtain a Transfer Valuation and Discharge Form from your current pension provider and include this with your application.
Please note that it is not currently possible to re-register the underlying funds from an existing pension onto the OMW CRA (in specie transfer). The transfer will therefore be a cash transfer.
|Change to name &/or address||Use to change name and/or address details.|
|Direct Debit amendment||Use this form to change the amount, frequency or collection date for an existing direct debit.|
|Switch/redirection request||See table above under switch. This form can also be used to restructure your portfolio and/or redirect future direct debits into different funds.|
|Third party payer form||Use this form if funds come from someone other than the account holder, or employer. The third party will also need to provide identification documents and a Clubfinance Client Declaration. Note: there is a separate Employer Payer Form in the main table above.|
|Benefit Crystallisation Event Request for Income Drawdown||Use this form to draw benefits as a drawdown pension.
You should also refer to Old Mutual Wealth's "A comprehensive guide to tax and pension withdrawals":
A comprehensive guide to tax and pension withdrawals
If you are taking flexible drawdown, you will also need to complete a flexible drawdown declaration:
Flexible Drawdown Explanatory Guide & Declaration
|Benefit Crystallisation Event Request - applying for an annuity with another provider||This form enables you to apply for an annuity with another provider.
You should also refer to Old Mutual Wealth's "A comprehensive guide to tax and pension withdrawals":
A comprehensive guide to tax and pension withdrawals.
|Triviality Payment Request Form||Use this form to request payment of benefits under the Trivial Pension rules.|
|Expression of Wish||Use this form to nominate a beneficiary or beneficiaries in the event of your death.|
This is only a guide. Full details will be contained in the Key Features and Terms & Conditions for the fund supermarket.
Clubfinance makes no charges other than our 0.05% annual fee for new investments (Old Mutual Wealth's platform product charges and fund charges apply).
The minimum investment to open a new account is £3,600 for lump sum and transfer investments. There is currently no minimum for additional investment into an existing account.
The minimum regular investment is £99 per month.
For pension transfers, Clubfinance makes no charges other than our 0.05% annual fee (Old Mutual Wealth's platform charges and fund charges apply). The minimum lump sum investment to open a new account is £3,600.
Note that your existing pension provider may make a charge or exit fee, so please check this with them first.
If you would like to know the charges and commissions on particular funds, please see the OMW fund list:
Funds are bought and sold, so could also have a difference between the buying and the selling price, or a dilution levy may be applied.
If you already have an account with Old Mutual Wealth's platform (formerly Skandia Investment Solutions), and are interested in appointing Clubfinance as your agent to benefit from our commission rebates, please see Change of Agent.
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