FAQs

Can I add an investment adviser/manager to my policy? How do I do this?

Yes, you can add one as long as the adviser/manager has permission from the relevant regulatory authority to act on that basis. There is an Investment Services Appointment Form that should be completed if you do want to appoint one.

Can I assign individual policies from my product?

We only allow individual policies to be assigned where they’re to be immediately cashed in by the new assignee.

If you’d like to assign individual policies and the new assignee is going to cash those policies in immediately, you should complete an appropriate Deed of Assignment. You can use our Deed of Assignment if you wish or your own bespoke Deed of Assignment. The assignee will also need to complete our Single withdrawal/cash in form.

How do I assign my policy?

If you are assigning the policy for gift purposes, you can use our generic Deed of Assignment.

How do I change a self-invested pension plan (SIPP) provider on my policy?

We need a bespoke deed of assignment from your current SIPP provider instructing the transfer to your new SIPP provider and confirming the SIPP’s new name.

It is important to note that we do not comment on the validity of instructions. It is the responsibility of the trustees to ensure their instructions are in line with the trust provisions.

How do I know if a fund is an acceptable asset?

You’ll find our acceptable assets criteria here. If you want to invest in a specific fund, please email the Fund Prospectus to [email protected].

How do I notify you of my change of address?

We will need written instructions to change your address. Please ensure the instruction is signed by all policyholder(s) and/or all trustees. We might ask you to send us evidence of your new address. If moving jurisdiction, please also complete our Tax Information Pack which you can download by clicking here.

How do I switch some or all of my investment in your internal funds?

You can find our Internal Funds Switch Instruction Form here. You should use this form if you wish to switch some, or all, of your investment in our internal funds. It can be used for any of the following products:

• Estate Planning Portfolio
• Flexible Investment Plan
• Investment Portfolio (Bond phase only)
• Wealth Management Portfolio (where you don’t have a portfolio cash account and are investing solely in our internal funds)

I have recently married and want to change my name on your records. What do you need from me?

We will need you to post us a letter of instruction confirming that you have changed your name. We will need specimen signatures for both your maiden and married names on this letter. We will also need a photocopy of your marriage certificate which has been certified, that is stamped to verify that it is a true copy of the original and dated within the last six months, by one of the below professionals.

• Authorised Independent Financial Adviser
• Solicitor
• Chartered Accountant & Certified Public Accountants
• Bank Manager or Director of a regulated financial or credit institution
• Notary Public
• Member of the Judiciary
• Commissioner for oath
• Police Officer
• Justice of the Peace
• Embassy/Consular Staff

I want to change my bank account details, what do you need?

Please write to us at Utmost PanEurope dac, Ashford House, Tara Street, Dublin 2, D02 VX67, Ireland and instruct us to update your bank account details. Please ensure the instruction is signed by all policyholder(s) and / or all trustees. You should also provide evidence of the new bank account e.g. copy of bank statement.

Is the value of my holdings in the Utmost PanEurope cash account guaranteed?

No. If one of the banks who we place cash account holdings with becomes insolvent then we may not be able to recover all of the money invested with them. In this situation the value of your cash account holding will reduce accordingly.

What deposits can I invest in?

For the latest information about deposits, contact our Client Relations team on +44 (0) 203 038 394.

What interest rate is being paid on the cash account?

For information on our cash account rates, please contact our Client Relations team on +44 (0) 203 038 394.

How do I get a quarterly/yearly statement?

We send your yearly statement in the first quarter after your policy anniversary. You can view and download your yearly and quarterly statements via our Online Client Service.

If you haven’t used our Online Client Service before, we will first need to register here.

Where can I find the current value of my policy?

The current value of your policy is available via our Online Client Service.

If you haven’t used our Online Client Service before, you will need to register here.

Where do I find a breakdown of my policy value by fund, units and price?

You can get a breakdown of the value of your policy via our Online Client Service.

If you haven’t used our Online Client Service before, you will need to register here.

Where do I find the cash-in value of my policy?

The cash-in value of your policy is available on our Online Client Service .

If you haven’t used our Online Client Service before, you will need to register here.

Will I have to pay tax on regular or one-off withdrawals?

You may have to pay tax on the withdrawal depending on the withdrawal amount, the withdrawal method and your personal tax circumstances. We highly recommend you discuss taking a withdrawal from your policy with your financial adviser. We can’t give you tax advice. The tax treatment depends on the individual circumstances of each client and may be subject to change in future. All references to taxation are based on our understanding of current taxation law and practice in the United Kingdom and Ireland, which may change.

Is there a charge for switching within your internal fund range?

No. Where you are switching between our internal fund range, we do not currently charge for this but reserve the right to do so in the future.

What are the change of custodianship charges?

Changing the custodian of your bond from or to Utmost PanEurope can only be carried out as a cash transfer. This means that your current assets will be sold and the proceeds transferred to your new custodian. A charge will apply. We call this charge a ‘Change in custodian charge’ in your policy conditions booklet. Please see the question regarding the change of custodianship charges as all charges are outlined there. These charges apply to Wealth Management Portfolio, Wealth Planning Account and Private Client Portfolio policies. We may vary these charges in the future.

For information on these charges please contact our Client Relations team.

What charges apply to wealth management portfolio?

The Wealth Management Portfolio was built with flexibility in mind so we set things up so you and your adviser could decide on the pricing structure that suited you both. Because of this, charges differ from policyholder to policyholder, and you’ll be able to find out your own specific charges by looking at your ‘Charges schedule’ that we sent you when you took out the bond. We set out details below of some of the charges that apply to all of our Wealth Management Portfolio policyholders. We may vary these charges in the future.

Annual management charge
The annual management charge is specific to the fund(s) you invest in. See our Fund prices and performance page for details of the charge that applies to our internal fund range. For other funds please speak to your financial adviser.

Change in custodian charge
You can only change the custodian of your bond from, or to Utmost PanEurope, by carrying out a cash transfer. This means that we’ll sell your current assets and transfer the proceeds to your new custodian. We call this charge a ‘Change in custodian charge’ in your policy conditions booklet. Please see the question: What are the change in custodian charges? for more information.

Cash account interest rates
If your bond has a cash account, there may be interest to pay if your account is overdrawn. For more information on these rates please contact our Client Relations team.

Dealing charges
We won’t charge you for any switches within our own internal range of funds.

We don’t apply dealing charges for selling or purchasing cash deposits or structured deposits. For all other investments you get 25 free deals each policy year, after which we’ll charge you. Replacing one asset with another is two deals i.e. one sale and one purchase. The current dealing charge is £23.25 but we review our charges each year. However, there are other charges made by our custodian and/or by another custodian/investment manager that could apply.

Valuation charges
We’ll send you four statements each year free of charge. There’s a £40 charge for any additional statements you request.

How do I add a new trustee?

We recommend that you discuss this with your financial adviser. The information below relates to products provided by Utmost PanEurope.

You can use our Deed of Appointment of Additional Trustees Form.

It is important to note that Utmost PanEurope does not comment on the validity of instructions. It is the responsibility of the trustees to ensure their instructions are in line with the trust provisions.

For trusts set up in Scotland, please use the Deed of Retirement Form.

How do I remove a trustee?

We recommend that you discuss this with your financial adviser. You can use our Deed of Retirement form which you can download by clicking here.

What trusts are available?

We have a range of trusts available. We recommend that you discuss these trust options, and which may be appropriate to your personal circumstances with your financial adviser. Trusts establish legal rights and entitlements and might have material financial and tax implications for the settlor, trustees and beneficiaries. Utmost PanEurope is not authorised to provide legal advice, so you should take your own legal advice before setting up a trust, to make sure that it meets your requirements. Our trusts have been drafted for use by UK domiciled individuals.

Am I covered by the UK Financial Services Compensation Scheme?

Please refer to our Investor Protection document on our website for further information.

What is a Legal Entity Identifier (LEI)?

Utmost PanEurope’s LEI number is 549300KWXY72RJWYSG13.

For further information on the LEI, please click here.

What is the Common Reporting Standard (CRS)?

The Common Reporting Standard for Automatic Exchange of Financial Account Information (CRS) is a global tax compliance measure designed by the Organisation for Economic Co-operation and Development (OECD) to combat tax evasion. The Irish Government has amended its laws to implement CRS. Since 1 January 2016, Utmost PanEurope has been obliged to report specific information to Irish Revenue about reportable persons who aren’t resident in Ireland for tax purposes. By reportable persons we mean:

• individual policyholders;
• trustees, settlors, beneficiaries and protectors for trusts, and
• beneficial owners for companies.

Irish Revenue will then, in turn, exchange this information with the relevant tax authorities. We’re required to submit an annual CRS report to Irish Revenue by 30 June every year.

Utmost PanEurope is obliged to determine jurisdictions of tax residence and taxpayer identification numbers for our policyholders. We share this information with Irish Revenue. In order for us to comply with our obligations, you must complete and return either our Tax Information Pack for Individuals  or Tax Information Pack for Entities.

What is the Foreign Account Tax Compliance Act (FATCA)?

FATCA is a United States (US) law designed to tackle tax evasion by US citizens living outside the US. FATCA now applies in Ireland. This means that Irish financial institutions (including Utmost PanEurope) are obliged to determine whether their customers have a US connection and report to the Irish Revenue Commissioners, on an annual basis, customers who are or who might be US citizens and / or US tax residents.

Utmost PanEurope’s Global Intermediary Identification Number is YU3RPS.00000.LE.372.

All references to taxation are based on our understanding of current taxation law and practice in the United Kingdom and Ireland, which may change.

What does this mean for existing policyholders?

For existing business, we’re required to carry out checks where we’ve reason to believe an existing policy has a possible U.S. connection. If a U.S. connection is confirmed to us, or if we don’t receive a response to checks we carry out, we’re obliged to include this policy in our annual report to the Irish Revenue Commissioners.

Need more information?

You can get more information on FATCA by contacting a financial adviser or alternatively, by visiting the website of the Irish Revenue Commissioners at www.revenue.ie