Skandia International - FAQs - Skandia Life Ireland Limited

Please contact your financial adviser to discuss your investment options in the first instance. They can then provide you with the correct forms that you need to complete, as well as informing you about any other details that we may need. Please note that any additional investment or increase in premium payment will be subject to our acceptance.

2. How can I pay my premiums?

The premium payment must come from an account or approved transferred assets held in the name of the applicant/policyholder. The payment options for your premiums vary depending on the type of contract you are applying for or already own. By clicking on the contract names below you can see full details of the various options. Whichever method of payment you choose, please remember to enclose your cheque or copy of your electronic bank transfer/credit card payment with your application form and send it to:

Skandia Life Ireland Limited, Iveagh Court - Block D, 6-8 Harcourt Road, Dublin 2, Ireland.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

You can pay your premium either by:

cheque – please make your cheque payable to Skandia Life Ireland Ltd and enclose it with your application form. (NOTE: cheque payments in currencies other than pound sterling may take longer to clear and some non-UK banks may apply high charges).

electronic bank transfer - see What bank details should I use to make my payments? for full details. Please enclose a copy of the receipt of your electronic payment with your application form.

asset transfer – your financial adviser can provide you with the necessary details, please complete the transferring assets to your bond/account form.

Contract names: European Capital Account

You can pay your premium either by:

cheque/banker’s draft – please make your cheque/banker’s draft payable to Skandia Life Ireland Ltd and enclose it with your application form. (NOTE: cheque payments in currencies other than pound sterling may take longer to clear and some non-UK banks may apply high charges).

credit card* – please complete the credit card payment authority in the application form.

* payments by credit card are only available when you have chosen to pay regular premiums to your European Capital Account.

Contract names: European Savings Account / European Pension Account*

You can pay your premium either by:

direct debit - please complete the direct debit payment authority in the application form. Suitable for Euro payments only from existing clients resident in Spain,. Belgium and The Netherlands

credit card – please complete the credit card payment authority in the application form.

* please note that this product type is no longer available, this information is for existing policy holder only.

3. What bank details should I use to make my payments?

The bank details vary depending on the type of contract you are applying for or already own. By clicking on the contract names below you can see full banking details for your electronic bank transfer (such as a telegraphic transfer).

IMPORTANT:

Please make sure that the applicant’s/policyholder’s name and/or policy number (if reserved) is/are quoted in the payment field, referred to by the bank as SWIFT field 70, on the electronic bank transfer form to ensure that correct details are sent to Skandia Ireland.

When sending payments electronically spaces should be excluded from the IBAN numbers.

All bank charges, such as telegraphic transfer charges, are the responsibility of the applicant, not Skandia Ireland.

Applicable to: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond
Payments in pound sterling
*From UK Banks (Chaps payments)**	From non-UK banks (SWIFT payments)**
	SWIFT code: NWBKGB2LXXX
Sort code: 56-00-68	Sort code: 56-00-68
Bank: National Westminister Bank, Southampton	Bank: National Westminister Bank, Southampton
Beneficiary: Skandia Life Ireland Limited	Beneficiary: Skandia Life Ireland Limited
IBAN:* GB59 NWBK 560068 37519611	IBAN:* GB59 NWBK 560068 37519611
Payments in other currencies (SWIFT** payments)
SWIFT code: NWBKGB2LXXX Bank: National Westminster Bank, London Beneficiary: Skandia Life Ireland Limited IBAN:* (select as applicable, see below)
1. Euro IBAN – GB26 NWBK 607202 40501469	7. Japanese yen IBAN – GB87 NWBK 607301 66004128
2. US dollar IBAN – GB36 NWBK 607301 40501418	8. Norwegian krone IBAN – GB18 NWBK 607301 66004012
3. Australian dollar IBAN – GB24 NWBK 607301 66004195	9. Swedish krona IBAN – GB48 NWBK 607301 40501493
4. Canadian dollar IBAN – GB36 NWBK 607301 40524795	10. Swiss franc IBAN – GB74 NWBK 607301 66004071
5. Danish krone IBAN – GB43 NWBK 607301 66004047
6. Hong Kong dollar IBAN – GB21 NWBK 607301 66004152

Applicable to: European Capital Account
Payments in pound sterling
*From UK Banks (Chaps payments)**	From non-UK banks (SWIFT payments)**
	SWIFT code: NWBKGB2LXXX
Sort code: 56-00-68	Sort code: 56-00-68
Bank: National Westminister Bank, Southampton	Bank: National Westminister Bank, Southampton
Beneficiary: Skandia Life Ireland Limited	Beneficiary: Skandia Life Ireland Limited
IBAN:* GB84 NWBK 560068 37519646	IBAN:* GB84 NWBK 560068 37519646
Payments in other currencies (SWIFT** payments)
SWIFT code: NWBKGB2LXXX Bank: National Westminster Bank, London Beneficiary: Skandia Life Ireland Limited IBAN: (select as applicable, see below)
1. US dollar IBAN – GB48 NWBK 607301 40501396	2. Euro IBAN – GB76 NWBK 607202 40501442

* CHAPS is an electronic bank-to-bank same day value payment made in the UK in either pound sterling (£) or euro (€).

** SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunications.

*** IBAN stands for international bank account number and is always used with a bank identifier code (BIC).

4. Can I change the frequency of my regular premium payments?

Yes, you can change the frequency to another one available for your contract. Click on the contract name(s) below for available premium frequencies. This change will not become effective until the next anniversary date of your contract’s start date. For example, let’s assume you are paying your regular premiums on a quarterly basis and your contract’s anniversary date is 1 August each year. In April one year you decide that you no longer wish to pay your premiums on a quarterly basis and that you would prefer to pay them monthly. You send your request to Skandia Ireland and we amend your details on our systems. However, as any frequency change can only become effective on the anniversary date of your contract, your frequency change will not become effective until 1 August that year. From this date we will collect your premium payments each month instead of each quarter. If you want to change your premium frequency please send your request to:

Premium Collection Department

Skandia Life Ireland Limited, Iveagh Court - Block D, 6-8 Harcourt Road, Dublin 2, Ireland.

Contract name: European Capital Account

Premium frequency: monthly or quarterly.

Contract names: European Savings Account* / European Pension Account*

Premium frequency: monthly, quarterly, half-yearly or yearly.

* please note that this product type is no longer available, this information is for existing policy holder only.

5. Can I change the amount of my regular premium payments?

Yes, you can choose to either increase or decrease your regular premium payments whenever you wish. We recommend that you speak to your financial adviser before you change the amount of your regular premium payments. Increases and decreases can be requested at any time during the policy year, and once we have received the information we need, the change to your premium level will become effective from your next premium collection date. To change the amount of your premium payments you need to send us a request in writing, signed by all policyholders authorising us to amend the premium amount. If you are paying your premiums by direct debit or credit card we will amend these details for you..

Increasing your premium payments – if you would like to increase your premium payments the increase will be subject to the minimum amount for a premium increase for your contract. Click on the contract name(s) below for full details. Depending on the amount of your increase we may also need some further information from you relating to the origin of wealth as part of standard global efforts to prevent money laundering. All Dublin based companies have to collect additional information on origin of wealth for investments. This should not be viewed as questioning the quality of your investment. It is a safeguard that will benefit the industry as a whole and ultimately protect you as an investor. Please contact your financial adviser for more details on increasing your premium.

Decreasing your premium payments - if you would like to decrease your premium payments you can do this subject to the amount for minimum regular premium payments for your contract. Click on the contract name(s) below for full details.

Contribution servicing charge - if you have a European Savings Account or European Pension Account a contribution servicing charge will apply when you reduce the amount of your premium payments. The contribution servicing charge will start the month following the policy anniversary after you reduced or stopped your premium payments. Where a penalty-free allowance is available this may reduce or cancel the contribution servicing charge. Please contact your financial adviser, or contact us directly on telephone +353 (0)1479 3900, for more information about this if you are considering reducing your premium level.

Contract name: European Capital Account

Frequency	Amount of minimum regular premium payment			Amount of minimum regular premium increase
	€	£	US$	€	£	US$
Monthly	450	300	450	150	100	150
Quarterly	1350	900	1350	450	300	450

Contract names: European Savings Account* / European Pension Account*

Frequency	Amount of minimum regular premium payment			Amount of minimum regular premium increase
	€	£	US$	€	£	US$
Monthly	225	150	225	15	10	15
Quarterly	675	450	675	45	30	45
Half-yearly	1350	900	1350	90	60	90

* please note that this product type is no longer available, this information is for existing policy holder only

6. If I would like to stop paying my regular premiums for a while, what do I need to do?

We recommend that you speak to your financial adviser before you decide to stop paying your premiums. If your contract has an agreed payment term, then there will be a charge if you stop paying your premium during the agreed term. However, depending on when you decide to stop paying your premiums, there may be a Paid Up option available. For details on any charges that may apply please contact your financial adviser, or contact us directly on telephone +353 (0)1479 3900. If you have a European Capital Account you can stop paying the premium whenever you wish without a charge.

If you do decide to stop paying your premium, please send us your request in writing, signed by all the policyholders to:

Premium Collection Department
Skandia Life Ireland Limited, Iveagh Court - Block D, 6-8 Harcourt Road, Dublin 2, Ireland.

7. I’m paying regular premiums to my policy; can I get an overview of the premium payments I have made?

Yes, we can provide you with details of the premium payments you have made if you contact our servicing team on +353 (0)1479 3900.

8. I have been told that my policy has lapsed, what does this mean?

The European Savings Account and the European Pension Account both have an initial period (sometimes referred to as the ‘preliminary period’) which is mostly dependent on the length of the policy term. The initial period is the number of months equal to the number of complete years until the maturity date, subject to a maximum initial period of 24 months. Therefore, if your policy term is 10 years, then your initial period is 10 months. However, if your term is 30 years, then your initial period would be 24 months as this is the maximum.

If you miss three or more premium payments during this initial period your policy will end without value, this is also known as a lapsed policy. You can re-instate your policy providing we receive your request within three months of your last paid premium. To reinstate the policy you need to send us a written confirmation, signed by the policyholder, together with any missing premium payments to bring the policy back up-to-date as if no payments had been missed. If we receive your written confirmation and premium payments to reinstate the policy after this date, ie three months after your last premium payment, we will not be able to reinstate your policy and we will therefore return your premium payments to you. If this happens, your policy will end with no value.

9. I have been told that my policy has been paid up, what does this mean?

If you have a EuropeanSavings Account or a European Pension Account you would have agreed to pay your premiums for a specific term when you completed your application form at outset. If you miss three or more premium payments during the term of the contract, after the initial period (see I have been told that my policy has lapsed, what does this mean?), we will assume that your premium payments have stopped, this is also known as paid up status. Whilst a policy is paid up it can still be valued, units can still be switched into an alternative fund choice and we will continue to deduct the policy charges. We can reinstate a paid up policy if we receive any subsequent premium payments. However, if you would like your premiums to be backdated, we can only backdate premiums to the last anniversary date. For example, if you notify us on 20 October 2010 that you wish to reinstate a policy which became paid up on 10 June 2009, then if your policy anniversary is 15 November, we can only backdate your premium payments to 15 November 2009. If you pay in more money than we need to backdate your premiums, and you ask us to apply this before the anniversary date, then we will apply any excess amount as a single premium investment to your policy.

10. What currencies do you accept?

This depends on the type of contract you own. By clicking on the contract names below you can see full details of the currencies available.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

We accept the following currencies: euro, pound sterling, US dollar, Australian dollar, Canadian dollar, Danish krone, Hong Kong dollar, Japanese yen, Norwegian krone, Swedish krona and Swiss franc.

Contract names: European Capital Account / European Savings Account / European Pension Account

We accept the following currencies: euro, pound sterling and US dollar.

Contract names: European Capital Account / European Savings Account / European Pension Account

We accept the following currencies: euro, pound sterling and US dollar.

11. Can I change the currency of my premium payments?

This depends on the type of contract you own. By clicking on the contract names below you can see full details.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

Yes, with these contracts you can make your premium payments in any of the currencies listed in What currencies do you accept?. However, when you first apply for your policy you must choose which currency you wish your valuations to be shown in. This is known as the policy currency (sometimes also referred to as bond or account currency). This is also the currency in which the deduction of contract charges will be made, or charges applying to fund switches. The policy currency cannot be changed. Therefore, if you make your premium payments in a currency other than your policy currency, we will notionally convert your payment when we receive it into your policy currency. This means we will not physically convert the payment itself, just apply the converted amount to your contract. This currency conversion could expose you to exchange rate fluctuations. If you would like more information on currency conversions, please speak to your financial adviser.

Contract names: European Capital Account / European Savings Account / European Pension Account

No, your premium payments have to be made in the same currency as your contract is denominated in, which is also referred to as your policy currency. You select your policy currency when you apply for your contract. If you make your premium payments in a different currency, this means that your payment has to be converted to the policy currency before you send your payment.

12. I have new credit card details/expiry date, what should I do?

You need to complete the credit card payment form, with your amended details. Please send the completed form to:

Premium Collection Department

Skandia Life Ireland Limited, Iveagh Court - Block D, 6-8 Harcourt Road, Dublin 2, Ireland

We will amend our records on receipt of your instructions.

13. How do I find out how much my policy is worth?

We send out valuation statements by post on a regular basis to all policyholders, see information below. You are also able to see your latest valuation online by registering for, or logging on to, the Skandia Ireland Client Extranet: www.skandia.ie

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

If you have one of these contracts we will send you a valuation statement approximately six weeks after each quarterly valuation date. The valuation dates are the last working days of March, June, September and December. If you need a valuation statement in addition to your quarterly statement, please contact our valuation team on +353 (0)1479 3900. If you have registered for the Skandia Ireland Client Extranet you will also be able to get up-to-date valuation statements whenever you wish.

Contract names: European Capital Account / European Savings Account / European Pension Account

If you have one of these contracts we will send you a valuation statement once a year. The valuation date for your yearly valuation statement is the anniversary date of your contract’s start date. If you have registered for the Skandia Ireland Client Extranet you will also be able to get up-to-date valuation statements whenever you wish.

14. I have a policy with a cash account; can I get an overview of the transactions that have taken place?

Only some of our contracts have a separate cash account (also known as transaction accounts). By clicking on the contract names below you can see full details.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

You will be able to see the transactions that have taken place either on your latest quarterly valuation statement or by registering for, or logging on to, Skandia Ireland Client Extranet: www.skandia.ie . Our Client Extranet allows you to view all transactions that have taken place over the past three months. If you cannot find the transactions you are looking for please contact Skandia Ireland on +353 (0)1479 3900.

15. Can I get an overview of the transactions that have taken place on my policy?

If you would like to find out what activities or transactions that have taken place on your policy, such as premium payments you have made or changes to your fund selections, click on contract names below for contact details.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

Please contact our servicing team on +353 (0)1479 3900.

Contract names: European Capital Account / European Savings Account / European Pension Account

Please contact our servicing team on +353 (0)1479 3900.

16. How do I find out how much my policy is worth?

We send out valuation statements by post on a regular basis to all policyholders. By clicking on contract names below you can see full details. You are also able to see your latest valuation online by registering for, or logging on to, the Skandia Ireland Client Extranet.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

If you have one of these contracts we will send you a valuation statement shortly after each quarterly valuation date. The valuation dates are the last working days of March, June, September and December. If you need a valuation statement in addition to your quarterly statement, please contact Skandia Ireland on +353 (0)1479 3900. If you have registered for the Skandia Ireland Client Extranet you will also be able to get up-to-date valuation statements whenever you wish.

Contract names: European Capital Account / European Savings Account / European Pension Account

17. How do I withdraw money from my policy?

We recommend that you consult your financial adviser before withdrawing money from your policy. If you no longer have contact with your financial adviser or would like to find a new financial adviser but don’t know where to look, please see How do I find a financial adviser? It is important to realise that:

you may be liable to a tax charge if you withdraw money over certain levels

you may incur early withdrawal charges.

After considering the above, if you still want to make a one-off withdrawal or set up regular withdrawals from your policy please complete the surrender authority or regular withdrawal facility form. You should send the completed form to:

Skandia Life Ireland Limited, Iveagh Court - Block D, 6-8 Harcourt Road, Dublin 2, Ireland

Please note that we are unable to accept faxed or e-mailed versions.

18. How do I fully cash in my policy?

We recommend that you consult your financial adviser before making any decision to cash in your policy, and for advice on how your investments might better serve your needs today. If you no longer have contact with your financial adviser or would like to find a new financial adviser but don’t know where to look, please see How do I find a financial adviser? It is important to realise that:

you may be liable to a tax charge if you cash in your policy

you may incur early withdrawal charges

you may incur set up costs if you move your investments to a new provider.

A simple review of the funds you hold could give you the opportunity to achieve one or more of the following:

better performance

less risk

stable returns.

After considering the above, if you still want to cash in your policy please complete the request for withdrawal, surrender or maturity form. You should send the completed form along with your original policy schedules to:

Skandia Life Ireland Ltd

Iveagh Court, Block D

6-8 Harcourt Rd

Dublin 2

Ireland

Please note that we are unable to accept faxed or e-mailed versions.

To safeguard you as the policyholder and to comply with global efforts to prevent money laundering, we will need proof of your residential address if you have changed it within the last 12 months. In addition, if we don’t hold sufficient details about your identity on our files we will also need proof of your identity before we can send any payment to you. For details of what information we need as proof of identity and residential address, please see Why do you need confirmation of my identity and residential address? below.

If you have any questions please contact your financial adviser or call us +353 1 479 3900.

19. Is there a charge involved when I withdraw money/fully cash in my policy?

This will depend on the type of policy you have and how long you have held your investment. By clicking on the contract names below you can see full details.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

An early withdrawal charge may apply if you withdraw money or fully cash in your policy in the early years after making your initial premium payment. To find out if this charge applies to your policy please call or email our office: +353 1 479 3900, admin@skandia.ie.

Contract name: European Capital Account

An early withdrawal charge will apply if you withdraw money over your penalty-free allowance, or fully cash in your policy, within five years of paying your latest premium. The amount of the early withdrawal charge will vary depending on when you make the withdrawal, starting at 8% during the first year following your latest premium payment and reducing by 1.6% a year on each policy anniversary to nil after five years. A separate period and set of charges will apply following any additional premium payment. If you want to find out the amount of the charge which applies to your policy when you want to withdraw money or fully cash in your policy, please call or email our office : +353 1 479 3900, admin@skandia.ie.

Contract names: European Savings Account / European Pension Account

If you withdraw money or fully cash in your policy before your policy’s maturity date, then an early withdrawal charge will apply. The amount of the charge reduces on a sliding scale, which depends on the policy term and the number of complete years since your policy started. If you want to find out the amount of the charge which applies to your policy when you want to withdraw money or fully cash in your policy, please call or email our office: +353 1 479 3900, admin@skandia.ie. If you fully cash in your policy before the maturity date you will also lose any loyalty bonus which would be added to your policy at that time.

20. What is the procedure if one of the parties to the policy dies?

Please send us the original death certificate as soon as possible following the death so we can update our records. If you don’t want to send the original, we can also accept a copy certified by a solicitor. Any further requirements will depend on the type of contract; we will advise you of these on receipt of the original death certificate. Please be assured that we will return the original death certificate as soon as we have updated our records.

21. What funds or assets can I choose from?

The types of funds or assets you can hold depends on the type of contract you own. By clicking on the contract names below you can see full details. For definitions of some of the terminology used, please see the end of this question.

Contract names: European Collective Investment Bond

You can choose from an extensive choice of collective investment funds and assets, including:

Skandia Ireland’s own range of unit-linked funds, also known as mirror funds, managed by some of the world’s most prestigious fund management groups

any external collective investment funds, funds with UCITS status, SICAVs, FCPs or unit trusts agreed by us

bank deposits

Any Equity or Bond with a minimum rating of BBB

Skandia Ireland’s own range of unit-linked funds covers a wide spread of UK and overseas investments, including: shares, fixed interest securities (such as gilts, corporate bonds and eurobonds) and commercial property.

Contract names: European Executive Investment Bond

You can choose from an extensive choice of funds and assets, including:

Skandia Ireland’s own range of unit-linked funds, also known as mirror funds, managed by some of the world’s most prestigious fund management groups

any external collective investment funds, funds with UCITS status, SICAVs, FCPs or unit trusts agreed by us

external assets quoted on a recognised stock exchange acceptable to us

Bank deposits

Contract name: Spanish Collective Investment Bond

You can choose from an extensive choice of funds and assets, including:

Please click here for a full list of permissible funds

Contract names: European Capital Account / European Savings Account / European Pension Account

These contracts can invest in Skandia Ireland’s own range of unit-linked funds, also known as mirror funds, managed by some of the world’s most prestigious fund management groups. They cover a wide spread of UK and overseas investments, including: shares, government stocks, fixed interest securities (such as gilts, corporate bonds and eurobonds) and commercial property.

Depending on your country of residence, not all of Skandia’s fund range may be available to you. In particular, the following types of funds are not permitted within life assurance policies held by Spanish residents: Hedge funds and Property funds. Please check with your financial adviser.

The selected funds must be denominated in the same currency as the currency you make your premium payments in, see What currencies do you accept? and Can I change the currency of my premium payments?.

Definitions

Collective investment – are arrangements where investors pool their assets and have them professionally managed by an independent manager. Typical examples in the UK are authorised unit trusts and open-ended investment companies (OEICs), see definition below.

Exchange-traded commodities – are any goods traded on a stock exchange in bulk. Some examples include gold, oil and natural gas.

Fonds commun de placement (FCPs) – are open-ended investments similar to SICAVs, see definition below. They are typically issued in French-speaking countries in Europe.

Fund management groups – are investment management companies that employ the expertise of specialist fund managers to run their portfolio of funds on behalf of both private and institutional investors. Examples are Fidelity, HSBC, Invesco Perpetual, BlackRock and Schroders as well as many others.

Gilts, corporate bonds, eurobonds – are fixed-interest financial assets issued by governments, companies, banks, public utilities and other large entities. Bonds pay the owner a fixed rate of interest (also known as the coupon) at regular intervals and the capital is repaid at a future specified date (the maturity date).

Investment trusts – are companies quoted on a stock exchange which invest their stakeholders’ money in the shares of other companies. Investment trusts can only issue a fixed number of shares – which is why they are also referred to as ‘closed-ended funds’. The price of these shares is determined like other quoted shares, by supply and demand.

Open-ended investment companies (OEICs) – like unit trusts these are pooled investment opportunities, but unlike unit trusts they have a company structure rather than operating under trust law and deal in shares rather than units. An OEIC has a single price, both for selling and buying shares in the fund, unlike unit trusts which have dual ‘bid’ and ‘offer’ pricing (see definition below).

Shares – are part ownerships in a company and represent a claim on part of the company’s assets and earnings. These are also known as stocks or equities.

Société d’investissement à capital variable (SICAV) – are open-ended collective investments common in Western Europe, especially Luxembourg. These are increasingly sold under the UCITS Directive to allow wider marketing in the European Union.

Undertakings for collective investment in transferable securities (UCITS) – are collective investment schemes, which must comply with the European UCITS Directive, ie regulations and administrative provisions relating to undertakings for collective investments in transferable securities.

Unit-linked funds – are funds offered by life assurance companies as a way of making a range of investment opportunities available to their customers within their products. Royal Skandia’s unit-linked funds invest in a wide range of collective investment schemes such as UCITS and unit trust funds, and also directly into shares. Collective investment schemes allow a number of investors to pool their money and have it professionally managed by an independent manager. The pooled investments in turn can invest in a variety of assets, such as gilts, bonds, shares, property and so on. Risk is therefore spread as you are not relying on the performance of one asset. The assets that unit-linked funds invest in are known as ‘underlying funds’ or ‘underlying assets’. Some unit-linked funds restrict their underlying assets to a particular asset class, for example equities, whilst others will hold a range of asset classes to meet a specific objective.

Unit trusts – are pooled investments created under trust laws. Investors buy and sell units in the fund, based on the buying (‘offer’) and sale (‘bid’) prices set by the investment management firm

22. Where can I get information about the funds/assets I have invested in?

If you are going to invest or have invested in Skandia Ireland’s own range of internal funds, also known as mirror funds, then you can find this information on our web site www.skandia.ie. Here you can access fund factsheets as well as information about fund prices and fund performance. In addition to this there are links to the fund managers’ microsites where you can find supporting information and literature.

If your contract allows you to invest directly into funds not included in Skandia Ireland’s own range of internal funds, then you will need to go to the fund manager’s own web site to access fund factsheets, supporting information and literature.

If you are invested in the Spanish Collective Investment Bond, please click here for a full list of permissible funds.

Your financial adviser will be able to help you with information about which funds/assets you can invest in.

23. How do I change the funds/assets I am invested in?

You can change your choice of funds/assets whenever you wish. We recommend that you discuss any changes to your fund/asset choice with your financial adviser or fund adviser, if you have appointed one. The procedure for changing your fund/asset choice differs depending on the type of contract you have. By clicking on the contract names below you can see more details.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

If you have one of these contracts you will need to complete a dealing instruction form. Once you have completed and signed this form please fax it to our dealing team on +353 (0)1 475 1023 or return it by post to:

Skandia Life Ireland Ltd

Iveagh Court – Block D

6-8 Harcourt Rd

Dublin 2

Ireland

Contract names: European Capital Account / European Savings Account / European Pension Account

If you have one of these contracts you will need to complete a switch form. Once you have completed and signed this form please fax it to +353 (0)1 475 1020 or return it by post to:

Skandia Life Ireland Ltd

Iveagh Court – Block D

6-8 Harcourt Rd

Dublin 2

Ireland

24. Where can I find the fund identification number or security identifier that you request on your forms?

For Skandia Ireland’s own range of internal funds, also known as mirror funds, you can get the fund identification number from your financial adviser. Please remember to prefix the fund name with SK when you state your chosen fund.

If you are investing directly into a fund/asset not included in Skandia Ireland’s own range of internal funds, then please provide a recognised security identifier for all security/fund purchase requests, such as a SEDOL or ISIN number. Your financial adviser can provide you with the relevant security identifier. You can also find the details of this directly from the fund manager or via their web site.

25. Are there any charges for changing the funds/assets I am invested in?

This depends on the type of contract you own. By clicking on the contract names below you can see full details of the charges that apply.

Contract names: European Collective Investment Bond / European Executive Investment Bond / Spanish Collective Investment Bond

Most changes to funds/assets involve a dealing charge. If this is the case then the dealing charge applies to each sale and each purchase of a fund or asset. The dealing charge is currently €21 and it will be taken at the end of the calendar quarter in which the transaction takes place. The amount of this charge is subject to review each year.

In addition, the following charges may be taken by third parties when buying and/or selling external funds/assets:

If you invest in investment trusts these transactions are carried out by Skandia Ireland’s global custodian*, Bank of New York. Any fees incurred will be passed on by Skandia Ireland. Delivery charges** will be taken at the time of buying and/or selling funds/assets, and any regular management charges incurred by the global custodian will be deducted from your contract periodically, normally at the end of each calendar quarter. Full details of these charges are available on request from Skandia Ireland and they are also specified in the quarterly valuation statement which Skandia Ireland will send to you.

Telegraphic transfers when buying and/or selling funds/assets are charged at £12, US$25 or €20. The currency of the telegraphic transfer will depend on the fund’s base currency (the currency the fund is dealing in) as this determines the currency in which the dealing takes place. This charge is deducted when the deal is settled***.

If there are any charges that the individual fund manager applies for coming in or out of a fund/asset, you will find details about this in the fund manager’s prospectus.

* A financial institution responsible for safeguarding our assets, settling any purchases or sales of such assets, managing cash transactions, providing reports on any transactions etc. As Skandia Ireland operates in multiple jurisdictions around the world it is referred to as a global custodian.

** The delivery charge is the administrative charge for moving shares to and from a custodian.

**⁺A deal is settled on the date the proceeds are received from the sale or purchase of a fund from the fund manager in our global custodian bank account.

Contract names: European Capital Account / European Savings Account / European Pension Account

Changes to your fund choice are currently free of any administration charge.

26. I need to inform you of a change of adviser, how do I do this?

Please put the information in a letter ,sign and date and either email or fax to: admin@skandia.ie /+353 1 475 1020. Alternatively, you can send it to:

Skandia Life Ireland Ltd

Iveagh Court, Block D

6-8 Harcourt Rd

Dublin 2

Ireland

We will amend our records on receipt of your instructions.

27. How do I find a financial adviser?

If you live in the UK you can visit www.unbiased.co.uk to get a list of financial advisers local to you.

If you don’t live in the UK we suggest you contact our office for a list of advisers in your country of residence that have terms of business with Skandia Ireland.

28. Why do you need confirmation of my identity and residential address?

As part of global efforts to prevent money laundering, all Irish based companies have to verify the identity and address of all individuals party to a contract (for example applicant(s), trustees, power of attorney). This is a safeguard that will benefit the industry as a whole and ultimately protect you as an investor.

Identification documentation should be current and valid. Evidence of address should be the latest available, but no more than twelve months old. We need one document as proof of your identity and one as proof of your residency.

If you are unable to supply us with the proof of identity document as shown below, we will need the reason why you are unable to provide us with this. In this instance we can accept two formal documents showing the appropriate personal details and verifiable reference numbers from the list of proof of address documents.

All documents must be original or certified true copies of the original. For information about certifying please see what does certified true copy mean? below. The documents that the Central Bank of Ireland has set out as suitable identification documents are listed below.

Proof of identity (including document reference)

Passport

National identity card

Proof of address (these must be less than three months old)

A recent utility, rates or council tax bill (mobile/cell phone bills are not acceptable).

A recent mortgage statement, giving the residential address.

A state pension, benefit or other government produced document showing benefit entitlement (can be more than 12 months old).

A recent tax assessment document.

A recent account statement from bank or credit card, not reflecting a care of address (store cards not acceptable).

Proof of ownership or rental of the residential address (a ‘care of’ address is not acceptable).

A landline entry in a local telephone directory.

Current driving licence, showing your address.

Proof of payment for a PO Box service showing residential address where the PO box address is also shown as the correspondence address.

29. What does certified true copy mean?

Unless the documents provided are originals, they will need to be certified by a suitable certifier. A suitable certifier can be any of the following:

a regulated introducer, or authorised employee of a regulated introducer, that is based and regulated in a country with equivalent anti-money laundering and counter financing or terrorism requirements to Ireland and who is acceptable to us; or

a solicitor, lawyer or advocate;

notary public;

an authorised representative of an embassy or consulate of the country who issued the identification document.

When certifying a document the suitable certifier must include the following wording: ‘I hereby confirm that this document is a true copy of the original’.

The suitable certifier must also sign and print their name, state their company name, their position within the company and the date.

UK lasting powers of attorney and UK enduring powers of attorney can be certified by the settlor, a solicitor or a notary only.

30. I have moved, how do I inform you about my new address?

Please write a letter advising us of your new residential or correspondence address, signed by all policyholders. You should send the completed form or letter to:

Skandia Life Ireland Ltd

Iveagh Court, Block D

6-8 Harcourt Rd

Dublin 2

Ireland

We will amend our records on receipt of your instructions. Please note that if you intend to withdraw money from your policy, we can not pay out the proceeds until proof of residential address has been received. The proof of address should be the latest one available but no more than 12 months old. Example of proof of address is a recent utility bill or bank statement . The document you send us can be a certified true copy of the original, please see What does certified true copy mean?.

31. I have changed my name, what do I need to do?

Please send us the original change of name certificate (for example, marriage certificate, civil partnership certificate or deed poll) together with an example of your new signature to:

Skandia Life Ireland Ltd

Iveagh Court, Block D

6-8 Harcourt Rd

Dublin 2

Ireland

If you don’t want to send the original, we can also accept a copy certified by your broker or solicitor/notary public or commissioner of oaths. We would also recommend that you send us up-to-date revised photo identification (for example, a passport or national identity card) and revised proof of address (for example, a recent utility bill or bank statement which must be less than twelve months old) to avoid any potential delays when you wish to cash in your policy. Please be assured that we will return the original documentation as soon as we have updated our records.

32. I have lost my policy documents; can I get a new set?

Firstly, please make sure that you have carried out a thorough search for your policy documents, as well as checking with your bank, solicitor or accountant. If you cannot find your policy documents you need to complete a ‘Lost policy declaration and indemnity’ form, which we can send you if you contact us on +353 (0)1 479 3900 or admin@skandia.ie. This form needs to be signed by all policyholders/trustees and witnessed by either a registered solicitor, notary public or a commissioner for oath, carrying their official company stamp. Once we have accepted your declaration of loss we will send you a lost policy certificate to replace the original policy documents.

33. Can I change the currency of my policy?

No, the policy currency (sometimes also referred to as bond or account currency) cannot be changed once your application for the policy has been accepted by us. However, if you wish to make your premium payments in a different currency, please see Can I change the currency of my premium payments? above for more information.

34. Can I get an overview of the transactions that have taken place on my policy?

If you would like to find out what activities or transactions have taken place on your policy, such as premium payments you have made or changes to your fund selections, please contact us on:

Phone (Europe): +353 1 479 3900

Phone (Sweden): 08 788 4100

Email:admin@skandia.ie

Fax: +353 1 475 1020.

35. I have a policy with a fixed term, what happens when my policy reaches the end of the term (maturity date)?

A letter will be sent to you, the policyholder(s), two months before the maturity date. The flexibility and benefits of your policy can continue after the maturity date and you will be given full details of the options available to you in your letter. In summary these options are:

You can continue saving with Skandia Life Ireland for an additional ten years, in accordance with the terms of your policy, giving you the potential for further capital growth.

You can remain invested even if you stop making further premium payments. This will also give you the potential for further capital growth.

Keeping the policy with Skandia Life Ireland will incur no further charges. However, please be aware that the value of your investment may fall as well as rise.

You can withdraw part of your investment, which will provide you with access to some of your money while allowing the rest to remain invested.

You can receive the full maturity value.

We recommend that you discuss the options available to you with your financial adviser. If you decide to stay invested then you may want to consider switching your fund or asset choice, please see How do I change the funds/assets I am invested in? above.

36. Do you accept instructions via e-mail?

No, for your protection we will not normally accept instructions by electronic means, such as e-mail.

For your safety, most instructions we require in original. However we accept scanned/faxed letters for the following:, providing they are appropriately signed:

Switches, Change of address, Change of servicing broker, New expiry date on credit card, Telegraphic transfer form,

Skandia Life Ireland Limited FAQs

1. What do I need to do if I want to make an additional investment to my policy?

2. How can I pay my premiums?

3. What bank details should I use to make my payments?

4. Can I change the frequency of my regular premium payments?

5. Can I change the amount of my regular premium payments?

6. If I would like to stop paying my regular premiums for a while, what do I need to do?

7. I’m paying regular premiums to my policy; can I get an overview of the premium payments I have made?

8. I have been told that my policy has lapsed, what does this mean?

9. I have been told that my policy has been paid up, what does this mean?

10. What currencies do you accept?

11. Can I change the currency of my premium payments?

12. I have new credit card details/expiry date, what should I do?

13. How do I find out how much my policy is worth?

14. I have a policy with a cash account; can I get an overview of the transactions that have taken place?

15. Can I get an overview of the transactions that have taken place on my policy?

16. How do I find out how much my policy is worth?

17. How do I withdraw money from my policy?

18. How do I fully cash in my policy?

19. Is there a charge involved when I withdraw money/fully cash in my policy?

20. What is the procedure if one of the parties to the policy dies?

21. What funds or assets can I choose from?

22. Where can I get information about the funds/assets I have invested in?

23. How do I change the funds/assets I am invested in?

24. Where can I find the fund identification number or security identifier that you request on your forms?

25. Are there any charges for changing the funds/assets I am invested in?

26. I need to inform you of a change of adviser, how do I do this?

27. How do I find a financial adviser?

28. Why do you need confirmation of my identity and residential address?

29. What does certified true copy mean?

30. I have moved, how do I inform you about my new address?

31. I have changed my name, what do I need to do?

32. I have lost my policy documents; can I get a new set?

33. Can I change the currency of my policy?

34. Can I get an overview of the transactions that have taken place on my policy?

35. I have a policy with a fixed term, what happens when my policy reaches the end of the term (maturity date)?

36. Do you accept instructions via e-mail?