S T. J A M E S ’ S P L AC E
I S A D E TA I L S A N D K E Y F E AT U R E S
C O N T E N T S
Investment choice
2
What is the historic performance?
2
For what type of investor are the funds suitable?
2
What are the Objectives and the Investment Policies of the Funds?
3
Your investment
3
What are the risks?
3
What is the St. James's Place ISA?
5
What is a unit trust?
6
How do I buy units?
6
What are the charges?
6
Where can I find the price of my units in the unit trust ISA?
7
When can I encash my unit trust ISA investment?
7
What happens if I die?
7
How are my investments taxed?
7
Can I switch between different units and unit trusts and what are the charges for doing so?
8
How will charges and expenses affect my investment –
8
new lump sum investments?
How much will the advice cost – new lump sum investments?
9
How will charges and expenses affect my investment
9
– monthly investments?
How much will the advice cost – monthly investments?
10
How do I apply?
10
Queries and complaints
11
Financial Services Compensation Scheme
11
Money Laundering Prevention
12
The St. James’s Place Partnership
13
Our Guarantee
13
Further information on St. James’s Place Unit Trusts
14
ISA Terms and Conditions
15
I N V E S T M E N T C H O I C E
•
U K H I G H I N C O M E U N I T T RU S T
•
E Q U I T Y I N C O M E U N I T T RU S T
•
C O R P O R AT E B O N D U N I T T RU S T
•
U K & G E N E R A L P R O G R E S S I V E U N I T T RU S T
•
G R E AT E R E U R O P E A N P R O G R E S S I V E U N I T T RU S T
•
I N T E R N AT I O N A L U N I T T RU S T
•
N O RT H A M E R I C A N U N I T T RU S T
•
R E C OV E RY U N I T T RU S T
•
F A R E A S T U N I T T RU S T
•
E T H I C A L U N I T T RU S T
•
T R AC K E R U N I T T RU S T
Full details of the St. James’s Place range of funds can be found in the Fund Profile booklet, which must
be read in conjunction with this document.
W H AT I S T H E H I S T O R I C P E R F O R M A N C E ?
Full details of each fund’s historic performance can be found in the Fund Profile booklet, which
must be read in conjunction with this document.
F O R W H AT T Y P E O F I N V E S T O R A R E T H E F U N D S
S U I TA B L E ?
The range of St. James’s Place unit trusts are all designed to be marketable to individual investors,
primarily as a result of advice given by St. James’s Place Partners. The choice of specific fund(s)
should be determined by the attitude to risk, the wish for income and/or growth, and the intended
length of time for investment.
W H AT A R E T H E O B J E C T I V E S A N D T H E I N V E S T M E N T
P O L I C I E S O F T H E F U N D S ?
Full details of each fund’s Objectives and Policies can be found in the Fund Profile booklet,
which must be read in conjunction with this document.
YO U R I N V E S T M E N T
You invest a capital sum with us, in which case you have no further commitment.
You can also invest by means of a regular monthly contribution; minimum and maximum limits
are set out on pages 5 and 6. There is no minimum term for which your contribution must be
maintained and there are no penalties for stopping your contributions.
You may invest by transferring the proceeds of an existing Mini or Maxi stocks and shares ISA
from your current ISA Manager.
When transferring an ISA relating to the current tax year, you may make further contributions
if you have not already contributed the maximum allowable.
W H AT A R E T H E R I S K S ?
The value of investments, and the income generated from them, can go down as well as up and
you could get back less than you invested.
Investment performance, future tax treatment, or our charges may be different from that
assumed. In any of these events, this could lead to lower growth than illustrated.
If you decide to withdraw from the investment within the 14 day cancellation period and there
has been a fall in investment values in the meantime, the amount you get back will be less than
you contributed by the amount of that fall in value.
If you invest in a unit trust to meet a target benefit in the future, there is a risk, if payments are
not maintained or if markets underperform expectations, that the target benefit will not
be achieved.
Inflation may reduce buying power over time.
Rises and falls in the markets in which the schemes invest can affect performance. It can also
be influenced by other factors, including stock selection, asset allocation and sudden large
withdrawals.
Where a unit trust invests in unquoted stocks, or on smaller stock markets, there will
potentially be a greater risk than when investing in stocks and shares quoted on larger or more
established stock markets.
Where a unit trust invests in securities denominated in a currency other than sterling, there is
a risk of currency fluctuations affecting investment performance.
St. James’s Place Unit Trust Group’s unit trusts currently invest in derivatives for the purposes
of reducing risk, reducing cost and to hedge currency risk.
The Tracker Unit Trust may use derivatives to replicate the FTSE All-Share Index
TM, thereby
The Corporate Bond Unit Trust invests in a range of Government and Corporate Bonds. The
average credit quality is A - (Standard & Poor’s); no ‘junk’ bonds are held. Information on the
fund’s duration may be found in the Fund Profile booklet which forms part of this document.
The policies for managing the investment risks arising from market price changes, foreign
currency fluctuations, interest rate changes and liquidity are set out in the full Prospectus, and
in the Report and Accounts for each unit trust; both are available on request from the Manager.
W H AT I S T H E S T. J A M E S ’ S P L AC E I S A ?
An ISA is a tax-efficient savings plan which offers you a wide choice of possible investment options
from which to choose. It is managed in accordance with ISA regulations by the ISA Manager under
terms and conditions agreed by the ISA Manager and the investor (see pages 15-16).
A current ISA may consist of either of the following investment types:
Stocks and Shares (including unit trusts)
Cash
An ISA can be either a Mini or a Maxi ISA. A Mini ISA is made up of only one of the two
components listed above. If you subscribe to a Mini ISA, you may not also subscribe to a Maxi
ISA in that tax year. You may, however, subscribe to another Mini ISA containing the other
category of investment. If you subscribe to a Maxi ISA, that is the only ISA you may subscribe
to in that tax year. If you use the Feeder Facility, you will subscribe to a Maxi ISA.
Whether or not you subscribe to a Mini or Maxi ISA, you will be permitted to subscribe to a
TESSA-only ISA.
A Maxi ISA must include the stocks and shares component, with or without other components.
The subscription limit for the Maxi ISA is £7,000 per tax year.
The subscription limit for a Mini stocks and shares ISA is £4,000 per tax year.
ISA stocks and shares investments can only be made by an individual aged 18 or over, who is
resident and ordinarily resident in the UK. 16 and 17 year olds are permitted to invest up to
£3,000 in either a cash Mini ISA or the cash component of a Maxi ISA.
The investor must be the beneficial owner of the ISA.
You may transfer the proceeds of an existing ISA to a new ISA Manager. Subscriptions made in
the current tax year must be transferred in full, whereas subscriptions made in a previous tax
year may be transferred in full or in part.
ISA transfers may only be effected between ISA components of the same type, although the
designation of Maxi or Mini is only important when transferring subscriptions made in the
current tax year. For example, current year subscriptions, into the stocks and shares component
of a Maxi ISA, may only be transferred to another stocks and shares Maxi ISA. Subscriptions
made in previous tax years into a stocks and shares ISA may be transferred to the stocks and
shares component of a Maxi or a Mini ISA.
St. James’s Place Unit Trust Group Limited offers both a Mini and Maxi ISA comprising only the
stocks and shares component.
Contributions can be a capital sum (minimum £1,500), annual investments (minimum £1,500),
or regular monthly amounts (minimum £100).
Investors can transfer the current year’s ISA subscriptions in whole, and/or previous years’ ISA
contributions in whole or in part to another ISA Manager.Transfers may only be made between
ISA components of the same type.
Investors can transfer, in full or in part, subscriptions made in previous tax years from another
ISA Manager, subject to a minimum of £1,500.
St. James’s Place Unit Trust Group Limited can only accept a transfer in respect of the current
tax year, subject to a minimum of £1,500, if you have not made contributions to the insurance
and/or cash component in the current year. Regular contributions will be accepted following the
transfer of a current year ISA, subject to a minimum of £1,500 per annum or £100 per month.
Following a transfer, St. James’s Place Unit Trust Group Limited will not accept payments of less
than £100 from your former ISA Manager. We will instruct your former ISA Manager to repay
amounts of less than £100 to you.
W H AT I S A U N I T T RU S T ?
A unit trust is a pool of assets, typically shares and bonds, held by an independent trustee on
behalf of investors. Each investor holds units in the unit trust and each unit of the same class is
of equal value to all the other units. The price of the units is linked to the value of the assets in
the unit trust and total number of units in issue.
By pooling the capital of many investors, an individual investor can benefit from a wider spread
of different investments than could usually be achieved by investors acting on their own. This
wider spread helps to reduce the short-term risk normally associated with equity investments.
You may elect to receive income payments in the form of dividend and interest distributions or
these can be reinvested automatically on your behalf to provide enhanced returns.
The Investment Manager of each of the individual unit trusts will make investments throughout
the world, depending upon the investment aims of each individual unit trust.
Income generated from the stocks and shares held within the unit trust is accumulated by the Unit
Trust Manager. In the case of Income Units (not available within the Tracker Unit Trust), income is
paid out to unit holders periodically, whilst in the case of Accumulation Units the income generated
is retained within the unit trust and is reflected in an increase in the unit price.The distribution dates
for each unit trust are shown in the Prospectus, which is available from the ISA Manager.
The value of the individual units of a particular unit trust is dependent upon the value of the
underlying assets in that unit trust. Hence the value of units will fluctuate in line with the
value of these assets.
H OW D O I B U Y U N I T S ?
You can select from a range of unit trusts managed by different investment management companies.
You can invest in the form of a capital sum, minimum £1,500 per unit trust, or as regular savings,
minimum £1,500 annually per unit trust or £100 monthly.
Regular investments can be invested initially in Accumulation Units only.
100% of each investment is allocated to units.
Applications submitted on paper will be dealt at the next Valuation Point (12 noon) after receipt at
the Administration Centre.
Applications submitted electronically via a St. James’s Place Partner and using a Debit Card are
receivable immediately and will be dealt at the next Valuation Point.
W H AT A R E T H E C H A R G E S ?
When you buy units, the maximum price that you pay is based on the notional cost of acquiring
the capital assets of the unit trust, divided by the number of units in issue to which the Manager
adds an initial charge. The Offer price is the price per unit at which you would acquire those
capital assets and the Bid price is the price per unit at which the underlying assets could be
realised. The difference between the Bid price and the Offer price, known as the spread, is
normally 5.0% (3.9% for the Corporate Bond Unit Trust and the Tracker Unit Trust) and
incorporates the initial charge.
Initial transfers into the Corporate Bond Unit Trust and Tracker Unit Trust, which have lower
initial charges than our other unit trusts, will attract an initial charge of 1.25% if subsequently
switched to one of these other unit trusts.
Full details of charges can be found in the Fund Profile booklet, which must be read in
W H E R E C A N I F I N D T H E P R I C E O F M Y U N I T S I N T H E
U N I T T RU S T I S A ?
The price of the units is published daily in the Financial Times and is also available to view on
www.sjp.co.uk/fund.
Alternatively, you can get an up-to-date valuation at any time, by contacting your St. James’s
Place Partner.
W H E N C A N I E N C A S H M Y U N I T T RU S T I S A I N V E S T M E N T ?
You can encash all, or part, of your unit holding in your ISA at any time for the full Bid price of
the units, provided that your residual investment does not fall below the minimum of £500, in
which case the total holding must be encashed.
W H AT H A P P E N S I F I D I E ?
On death, the unit trusts held within the ISA no longer qualify for special ISA tax treatment and
the investment will be held in the unit trust account.
We will await instructions from your Executors or Administrators as to whom the ownership of
the units should be transferred, or if the units should be sold.We will require Grant of Probate
or Letters of Administration prior to effecting their instructions.
H OW A R E M Y I N V E S T M E N T S TA X E D ?
Please refer to the points below for how your investments are taxed.
W H I L E I N V E S T E D
The funds grow free of capital gains tax (CGT). Any dividends received from UK shares will be
subject to income tax of 10%, which is not reclaimable. Interest received from fixed interest
investments is received free of income tax. Investment in overseas stock may be subject to
certain local taxes that cannot be reclaimed.
I N C O M E D I S T R I B U T I O N S
Non Taxpayer
You will have no further liability to income tax. The 10% income tax paid by the fund on UK
dividend cannot be reclaimed.
Basic Rate Taxpayer
You will have no further liability to income tax. Income payments from ISAs are disregarded
when assessing eligibility to age allowance.
High Rate Taxpayer
You will have no further liability to income tax.
O N D I S P O S A L
Any capital gains are free from CGT, however, if your ISA is disposed of after a loss, any fall in
value cannot be offset against future capital gains.
S TA M P D U T Y R E S E RV E TA X
A Stamp Duty Reserve Tax (SDRT) charge of up to 0.5% is payable on the value of those units
which are redeemed by investors but which are not sold on to new investors. This cost is
currently met from the property of the fund.
C A N I S W I T C H B E T W E E N D I F F E R E N T U N I T S A N D U N I T
T RU S T S A N D W H AT A R E T H E C H A R G E S F O R D O I N G S O ?
Switching between Income Units and Accumulation Units within the same unit trust does not
incur a charge.
Additional flexibility is provided by the ability to switch between unit trusts with a discount
equivalent to the initial charge. This means that you can usually switch at no cost between our
unit trusts (1.25% if the switch is from the Corporate Bond Unit Trust or Tracker Unit Trusts
to any of the others or 0.15% if the switch is to the Corporate Bond Unit Trust or Tracker Unit
Trusts from any of the others).
The switching and other charges are explained fully in the Prospectus (available on request from
the ISA Manager).
H OW W I L L C H A R G E S A N D E X P E N S E S A F F E C T M Y
I N V E S T M E N T – N E W L U M P S U M I N V E S T M E N T S ?
The effect on an investment of £5,000, assuming growth of 7% a year, is set out below.The growth rate
is not guaranteed. It is purely used for the purposes of demonstrating the effect of charges and expenses
on an investment of £5,000. Please note that the figure of £5,000 has been used for illustration only.
T H I S TA B L E R E F E R S T O ‘ I N C O M E U N I T S ’
O N T H E C O R P O R AT E B O N D U N I T T RU S T
AT E N D I N V E S T M E N T E F F E C T O F I N C O M E W H AT YO U O F Y E A R T O D E D U C T I O N S T O M I G H T G E T
D AT E T O D AT E D AT E B AC K
£
£
£
£
1
£5,000
282
228
4,830
3
£5,000
478
688
4,900
5
£5,000
705
1,150
4,970
10
£5,000
1,430
2,350
5,150
The last line in the table shows that over 10 years the effect of the total charges and expenses could
amount to £1,430. Putting it another way, this would have the same effect as bringing the illustrated
investment growth from 7% a year down to 4.9%. For the UK High Income Unit Trust the
investment growth would reduce from 7% a year down to 4.5% and for the Equity Income Unit
Trust the investment growth would reduce from 7% a year down to 4.5%.
T H I S TA B L E R E F E R S T O ‘ AC C U M U L AT I O N U N I T S ’
O N T H E U K & G E N E R A L P R O G R E S S I V E U N I T T RU S T
AT E N D I N V E S T M E N T E F F E C T O F W H AT YO U O F Y E A R T O D E D U C T I O N S M I G H T G E T
D AT E T O D AT E B AC K
£
£
£
1
£5,000
355
4,990
3
£5,000
604
5,520
5
£5,000
909
6,100
The last line in the table shows that over 10 years the effect of the total charges and expenses could
amount to £1,990. Putting it another way, this would have the same effect as bringing the illustrated
investment growth from 7% a year down to 4.6%. For all other unit trusts, please see the table below.
H OW M U C H W I L L T H E A DV I C E C O S T –
N E W L U M P S U M I N V E S T M E N T S ?
For arranging this plan and providing ongoing service throughout its term, we will provide our
adviser’s practice with direct remuneration and administrative services.These have been valued at
£252.00 in the first year. An additional variable amount applies depending on the value of your
fund, for example, based on a projected fund value at the end of the first year of £4,990 the amount
would be £12.48. These amounts are paid out of the deductions shown and are included in the
illustrations on the previous page.They depend on the size of your investment.
H OW W I L L C H A R G E S A N D E X P E N S E S A F F E C T M Y
I N V E S T M E N T – M O N T H LY I N V E S T M E N T S ?
The effect on a regular monthly contribution of £100, assuming growth of 7% a year, is set out
below. The growth rate is not guaranteed. It is purely used for the purposes of demonstrating the
effect of charges and expenses on a contribution of £100 to the St. James’s Place ISA and has been
used for illustration only.
T H I S TA B L E R E F E R S T O R E G U L A R S AV I N G S
O N T H E U K & G E N E R A L P R O G R E S S I V E U N I T T RU S T
AT E N D I N V E S T M E N T E F F E C T O F W H AT YO U O F Y E A R T O D E D U C T I O N S M I G H T G E T
D AT E T O D AT E B AC K
£
£
£
1
1,200
73
1,170
3
3,600
304
3,690
5
6,000
668
6,490
10
12,000
2,360
14,800
The last line in the table shows that over 10 years the effect of the total charges and expenses could
amount to £2,360. Putting it another way, this would have the same effect as bringing the illustrated
investment growth from 7% a year down to 4.2%. For all other unit trusts, please see the table below.
U N I T T RU S T R E D U C E D Y I E L D
Greater European Progressive Unit Trust 4.6%
Recovery Unit Trust 4.0%
UK High Income Unit Trust 4.6%
Corporate Bond Unit Trust 5.0%
Equity Income Unit Trust 4.6%
U N I T T RU S T R E D U C E D Y I E L D
Ethical Unit Trust 4.7%
Tracker Unit Trust 5.0%
North American Unit Trust 4.8%
International Unit Trust 4.7%
Far East Unit Trust 4.8%
U N I T T RU S T R E D U C E D Y I E L D
Greater European Progressive Unit Trust 4.2%
Recovery Unit Trust 3.6%
UK High Income Unit Trust 4.2%
Corporate Bond Unit Trust 4.7%
Equity Income Unit Trust 4.2%
U N I T T RU S T R E D U C E D Y I E L D
Ethical Unit Trust 4.2%
Tracker Unit Trust 4.7%
North American Unit Trust 4.3%
International Unit Trust 4.2%
H OW M U C H W I L L T H E A DV I C E C O S T –
M O N T H LY I N V E S T M E N T S ?
For arranging this plan and providing ongoing service throughout its term, we will provide our
adviser’s practice with direct remuneration and administrative services.These have been valued at
£302.40 in the first year and £18.00 each year from year 6 onwards (£201.60 in the first year and
£12.00 each year from year 6 onwards for the Tracker Unit Trust and Corporate Bond Unit Trust).
An additional variable amount applies depending on the value of your fund. For example, based
on a projected fund value at the end of the first year of £1,170 the amount would be £2.93. These
amounts are paid out of the deductions shown and are included in the illustrations on the previous
page. They depend on the size of your investment.
H OW D O I A P P LY ?
You can apply to open an ISA with the St. James’s Place Unit Trust Group Limited by completing
and returning the ISA application form. There is a separate application for ISA Transfers
incorporating a Form of Authority for us to send to your existing ISA Manager to effect a transfer
to the St. James’s Place ISA. Please complete a separate Form of Authority for each existing ISA
Manager. If you wish to make further subscriptions to a current year ISA after it is transferred,
you will need to complete an ISA Application Form as well as the ISA Transfer Form.
You can invest a capital sum with us, in which case you have no further commitment.
You can also invest by means of a regular monthly contribution, minimum £100 and a maximum
depending on the type of ISA chosen. Each tax year, you may make a maximum monthly
contribution of £583.33 to a St. James’s Place Maxi ISA or a maximum monthly contribution of
£333.33 to a St. James’s Place Mini ISA.There is no minimum term for which your contribution
must be maintained and there are no penalties for stopping your regular contributions.
Investments in the St. James’s Place ISA can only be made by an individual aged 18 or over and who
is resident and ordinarily resident in the UK for tax purposes. There are concessions applying to
certain crown employees serving overseas and their spouses (see ISA Application Form). 16 and 17
year olds are permitted to subscribe up to £3,000 a year in a cash Mini ISA or the cash component
of a Maxi ISA, but these are not currently offered by St. James’s Place Unit Trust Group.
You cannot apply to transfer a current year Maxi ISA if you have subscribed to a
Q U E R I E S A N D C O M P L A I N T S
For further information, or if you wish to complain about any aspect of the service that you have
received, please contact St. James’s Place Unit Trust Group Ltd at its Administration Centre at
P.O. Box 9034, Chelmsford, Essex CM99 2XA, Freephone 0800 0271031 for a copy of our
internal complaints brochure. Complaints that we cannot settle through that procedure may be
referred by you to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall,
London, E14 9SR, Telephone No 0845 080 1800.
F I N A N C I A L S E RV I C E S C O M P E N S AT I O N S C H E M E
The Financial Services Compensation Scheme Limited (‘the Scheme’) is established under the
Financial Services and Markets Act 2000 as a ‘Rescue Fund’ for clients of authorised investment firms
that have gone out of business. St. James’s Place Unit Trust Group Ltd will supply you with further
details of the Scheme on written request to its Administration Centre at the address given above.
Alternatively, you can visit the Scheme’s website at www.fscs.org.uk, or write to the Scheme at
7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN or telephone them on 020 7892 7300.
M O N E Y L AU N D E R I N G P R E V E N T I O N
In line with the FSA’s requirements in relation to the Money Laundering prevention requirements,
the St. James’s Place Unit Trust Group must satisfy certain checks when applications are submitted
for Unit Trusts, ISAs and ISA or PEP Transfers.The following notes outline the types of information
we may require to help us do so.
A P P L I C AT I O N S M A D E T H R O U G H S T. J A M E S ’ S P L AC E PA RT N E R S H I P :
Members of the St. James’s Place Partnership carry out client identification for money laundering
prevention purposes before applications are submitted to our Administration Centre and will advise
you of the specific requirements in each case. If you have been unable to supply your Partner with any
identification documents requested (such as those shown in Sections A and B below), we will process
your application at the next valuation point following receipt at the Administration Centre, but you will
be unable to effect any redemption of the units until client identification checks have been completed.
O T H E R A P P L I C AT I O N S :
Applications for Unit Trusts, ISAs and ISA and PEP Transfers for values below £50,000 that are
submitted direct to our Administration Centre will require no further identification documents
provided that they are accompanied by a personal cheque drawn on a UK or EU bank from an
account bearing your name. Failing this (including PEP and ISA transfers where the funds are
remitted from the existing provider) an application must be accompanied by original identification
documents. These will consist of a copy of a document from Section A, certified, under signature,
and dated as ‘a true copy of the original’ by a lawyer, banker, accountant, or regulated individual,
and an original document from Section B. Contact details must be provided.We will not be able
to complete the registration of the units purchased until client identification checks have been
completed, which means that you will be unable to effect any redemption of the units.
S E C T I O N A – P E R S O N A L I D E N T I T Y:
S E C T I O N B – E V I D E N C E O F A D D R E S S :
• Current UK/EEA signed passport
• Utility bill*
• Current UK/EEA photo card driving licence • Local authority tax bill**
or blue disabled driver’s pass
• Current UK photo card driving licence
• Current UK driving licence, old style
• Systems generated documentation from a
• Benefit book
regulated financial sector firm indicating an
• Inland Revenue Tax Notification
existing relationship and containing
(not P45 or P60)
the address*
• Shotgun or Firearms Certificate
• Recent mortgage statement**
* Within last three months
** Within last twelve months
T H E S T. J A M E S ’ S P L AC E PA RT N E R S H I P
The St. James’s Place Partnership is an elite group, made up of many of the most experienced, able
and highly-regarded professionals working in financial services today.
The Partners – so called because of their common purpose and shared values – work from a
network of offices across the UK. On average, they have 16 years’ experience in financial services:
only a small proportion of financial advisers can meet our selection criteria.
O U R G U A R A N T E E
The St. James’s Place Group stands behind and guarantees the advice given by members of the
St. James’s Place Partnership when recommending any of the products or services provided by
companies within the St. James’s Place Group.
FURTHER INFORMATION ON ST. JAMES’S PLACE UNIT TRUSTS
P U R C H A S E A N D S A L E O F U N I T S
The Manager deals in units at a forward price, which means that the price for each type of unit is calculated at the valuation point immediately following the receipt of valid instructions at the Administration Centre. The valuation point, ie when the units are priced, is at 12 noon. Instructions received after that time are dealt with on the following business day. Units are bought and sold on any business day between 09.00 and 17.00 hours.
Valid instructions for investments in Units comprise a completed application form and payment in the form of a current dated cheque, made payable to SJPUTG Limited. Arrangements can be made with the Manager for payment by telegraphic transfer and unit allocation will take place at the next valuation point following identification by the Manager of receipt of funds. Applications can also be submitted electronically via those St. James’s Place Partners with the necessary access; these applications, together with payment by debit card, are receivable immediately at the Administration Centre, and will be dealt at the next Valuation Point. Regular investments in unit trusts through the ISA Monthly Investment Plan are payable under a direct debit mandate and unit allocation takes place on the due date (except weekends or bank holidays). Direct debits which are returned by banks unpaid for reason ‘Refer to Drawer’ are not represented, and units are not allocated to the account in respect of that month. The direct debit will be submitted in the next two following months. If, after three consecutive months, the payment request has been returned each time for the same reason, the Manager will suspend the direct debit authority and no further payments will be requested. At each stage, the Manager will advise the client of the action taken. If the payment request was returned marked ‘Mandate Cancelled’, the Manager will seek no further payments. Whilst no further payments are sought under direct debit mandates once cancellation has been notified direct to us, there may be collection requests which have already been dispatched to the bank for investment. Provided the instruction to cancel is received before the due date, the amount collected will be returned in full.
Units will be registered once full registration details have been received and settlement completed. Registration may be delayed if client identification documents required for money laundering prevention purposes have not been received. Certificates are not issued for unit trust, ISA or PEP holdings. All clients will receive statements of holdings at six-monthly intervals as at 31 December and 30 June.
Payment will be issued in respect of the redemption (sale) of units by the close of the fourth business day after encashment of the units, or, if later, the time the Manager has all duly executed instruments and authorisations to effect transfer of title of the units. Redemption instructions must be signed by the unit holder and, in the case of joint accounts, by all of the holders, and can be given by letter or by completion of our standard Encashment Form, which will be issued on request. The Manager will accept encashment instructions by facsimile but reserves the right to validate those instructions prior to the release of the encashment proceeds. The Manager will be unable to pay redemption proceeds to any third party. Clients may opt to have redemption monies paid to them by telegraphic transfer, but the extra cost of providing this service will be passed on.
Further information about telephone dealing is given below. C A N C E L L AT I O N R I G H T S
You have the right to cancel this Plan. Should you wish to exercise this right you may either write to us at ‘St. James’s Place Unit Trust Group Ltd, P.O. Box 9034, Chelmsford, Essex CM99 2XA’ or once the application has been accepted complete and return the cancellation notice provided. You will have 14 days in which to change your mind.
C H A R G E S
The trust deeds governing each of the unit trusts permit a maximum initial charge of 7% (5% in the case of the St. James’s Place International Unit Trust, St. James’s Place Greater European Progressive Unit Trust and St. James’s Place UK & General Progressive Unit Trust) and a maximum permitted annual management charge of 1.5% (2% in the case of the St. James’s Place Equity Income Unit Trust, St. James’s Place North American Unit Trust, St. James’s Place Ethical Unit Trust, St. James’s Place Tracker Unit Trust and St. James’s Place Recovery Unit Trust). At present the initial charge on all the unit trusts is 5% (3.75% on the St. James’s Place Corporate Bond Unit Trust and the St. James’s Place Tracker Unit Trust) and the annual management charge on all the unit trusts is 1.5% (2% on the St. James's Place Recovery Unit Trust and 1.25% on the St. James’s Place Corporate Bond Unit Trust and the St. James’s Place Tracker Unit Trust). The percentage difference between the Bid and Offer prices (including the initial charge) is currently 5% (3.9% on the St. James’s Place Corporate Bond Unit Trust and the St. James’s Place Tracker Unit Trust).
F U RT H E R I N V E S T M E N T S
Additional investments in St. James’s Place unit trusts and ISAs require the completion of the relevant application form. T E L E P H O N E C A L L S
Instructions to switch holdings from one St. James’s Place Unit Trust to another St. James’s Place Unit Trust may be made by phone. Instructions to redeem units will be accepted by phone, for processing at the next valuation point, and are subject to, in the case of sales, receipt of funds and, in the case of redemptions, valid written instructions, which may be given by letter or by completion of our Encashment Form. In each case, the Manager must be satisfied that any client identification procedures have been satisfied prior to completion of the transaction.
For your protection, telephone calls to St. James’s Place Unit Trust Group (0800 027 1031) are recorded. C L I E N T M O N E Y R E G U L AT I O N S
The Manager does not pay interest on balances held in client money accounts. T E R M S A N D C O N D I T I O N S
The full terms and conditions applicable to your unit trust contract with the Manager are contained in the Prospectus. This is updated on a regular basis and a copy is available from Partners or the Administration Centre.The annual and half yearly accounts for each unit trust issued by the Manager also contain information about the unit trusts and are also available from Partners or the Administration Centre. There are separate terms and conditions that apply in addition to ISA, ISA Transfer and PEP Transfer transactions, within the relevant Key Features. L AW
The Law of England and Wales will apply to your contract with the Manager and the Courts of England and Wales shall have exclusive jurisdiction. Nothing in any Key Features brochure,Terms and Conditions, or in the Prospectus creates any rights enforceable by any person other than the applicant or St. James’s Place Unit Trust Group Limited. It should be noted that the law and Inland Revenue practice including current tax reliefs may be subject to changes in the future which cannot be foreseen.
R E L E VA N T A D D R E S S E S
St. James’s Place Unit Trust Group Limited is a company incorporated under the Companies Acts 1948–1967 and is a company limited by shares. Head Office is St. James’s Place House, Dollar Street, Cirencester, Gloucestershire GL7 2AQ, United Kingdom,Tel 01285 640302. The address of its Administration Centre is P.O. Box 9034, Chelmsford, Essex CM99 2XA and complaints should be sent to that address. The Manager may also be contacted at the Head Office address. The Trustee of all the St. James’s Place Unit Trusts is The Bank of New York Trust and Depository Company Limited, whose usual place of business is One Canada Square, London E14 5AL.
F T S E A L L - S H A R E I N D E X
The Schemes of the St. James’s Place Unit Trust Group are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (FTSE) or by the London Stock Exchange Plc (the Exchange) or by The Financial Times Limited (FT) and neither FTSE nor Exchange nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE All-Share Index (the Index) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE or Exchange or FT shall be under any obligation to advise any person of any error therein. ‘FTSE™’, ‘FT-SE®’ and ‘Footsie®’ are trade marks of The London Stock Exchange and The Financial Times Limited and are used by FTSE International Limited under licence. ‘All-Share’ is a trade mark of FTSE International Limited.
R E G U L AT O R
St. James’s Place Unit Trust Group Limited is authorised and regulated by the Financial Services Authority of 25, The North Colonnade, Canary Wharf, London E14 5HS.
I S A T E R M S A N D C O N D I T I O N S
The ISA Manager will manage your Individual Savings Account (ISA) on the terms and conditions set out in this Agreement (which includes the brochure and your application form). This Agreement will come into force as soon as practicable after the date on which the ISA Manager receives both your completed application form and payment at its Administration Centre. Payment will be recognised either on receipt of a valid cheque or on the date the first payment is due under a direct debit mandate or on identification of receipt of funds by telegraphic transfer. The ISA Manager reserves the right not to accept applications.
All sections of this Agreement apply to all ISAs managed by the ISA Manager.
S E C T I O N 1 – G E N E R A L
1. The following definitions apply for the purpose of this Agreement:
ISA Manager St. James’s Place Unit Trust Group Limited
Unit Trust Manager St. James’s Place Unit Trust Group Limited
Unit Trust An authorised Unit Trust which is managed by the Unit Trust Manager.
ISA Regulations The Individual Savings Account Regulations 1998 (as amended, replaced or supplemented from time to time)
FSA The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS
Connected Company St. James’s Place Capital plc and any of its subsidiaries from time to time
Tax Year 6 April to 5 April in the next calendar year
2. You have the right to cancel this Agreement. Should you wish to exercise this right you may either write to us at ‘St. James’s Place Unit Trust Group Ltd, P.O. Box 9034, Chelmsford, Essex CM99 2XA’ or once the application has been accepted complete and return the cancellation notice provided. You will have 14 days in which to change your mind.
If you take out a St. James’s Place stocks and shares ISA (Mini or Maxi) and then change your mind within the 14 day period, you may exercise your right to cancel the whole contract. In this case you will be free to re-subscribe to any ISA within the same tax year. Alternatively, if you have chosen more than one fund in your ISA, you may cancel one or more fund holdings only. Subscriptions cancelled in this way may be re-subscribed in the same tax year, but only to your St. James’s Place ISA.
3. Your units in your ISA will be held for your beneficial ownership by the ISA Manager. Legal title to your investments will be held jointly in your name and in the name of the ISA Manager. No certificates are issued by the ISA Manager or the Unit Trust Manager. The ISA investments must, and will remain, in the beneficial ownership of the ISA investors and must not be lent to third parties or used as security for a loan.
4. The ISA Manager will send you a copy of the half yearly reports and the annual reports and accounts of the unit trusts included in your ISA, and any other information issued generally to unit holders, and you will also receive a twice yearly statement of the units in your ISA and their valuation. Those statements will be prepared as at 30 June and 31 December. The ISA Manager will also, on your request in writing, arrange for you to attend and vote at unit holders’ meetings. The ISA Manager will arrange for distributions of income from the units included in your ISA to be paid to you on the distribution payment dates or reinvested for the purchase of further accumulation units depending on how you elect between income and accumulation units.
5. All contributions to your ISA must be made by cheque, telegraphic transfer or direct debit mandate. Investments cannot be transferred into your ISA. Subscriptions to your ISA will be invested in units at the forward offer price applicable to the contract.The ISA Manager will operate the direct debit mandate for regular savers.
Corporate Bond Unit Trust only
6. The ISA Manager will make, on your behalf, all claims for tax relief in respect of your unit trust investments. An amount representing the tax credit due on Income Units will be sent to you with your income distribution. The ISA Manager will be reimbursed for the relevant amounts representing the tax credits when these are subsequently received from the Inland Revenue. Tax credits on Accumulation Units will be automatically reinvested in additional units on your behalf. The ISA Manager will make claims, conduct appeals and agree on your behalf liabilities for, and reliefs from, tax in respect of your ISA.
7. The ISA Manager may employ agents in connection with the services it is to provide and may delegate all or any of its powers or duties to any delegate or delegates of its choice. The ISA Manager will ensure that any person to whom duties under this Agreement are delegated, is competent to carry out those duties as far as practicable. The ISA Manager shall not be liable for the negligence or misconduct of any such agent or delegates except where it has been negligent in its choice of such agent or delegate provided that this clause shall not exclude or restrict any liability towards you to which the ISA Manager may be subject under the ISA Regulations, the Financial Services and Markets Act 2000 or the FSA Rules.
8. This Agreement may be amended by the ISA Manager by written notice to you in order to comply with changes in the ISA Regulations or to satisfy any other legal or regulatory requirements. The ISA Manager will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your ISA has or will become void.
9. This Agreement may be terminated by you upon giving written notice to the ISA Manager. The ISA Manager may terminate this Agreement upon giving you one month’s written notice or immediately upon giving you written notice where the ISA Manager has a valid reason, for example, any failure to satisfy the ISA Regulations, the units in the ISA will be transferred to a unit trust account in your name, pending your further instructions.
10. The ISA ceases to be exempt from tax with effect from the date of death of an ISA investor and the ISA will therefore be terminated immediately upon receipt of written notification of the death.Any tax reclaimed after the death will be repayable to the Inland Revenue. The ISA investments will be transferred, outside the ISA, to the order of an ISA investor’s personal representatives pending receipt of their further instructions. Notwithstanding the termination of the ISA status, the ISA Manager’s rights and powers under these Terms and Conditions shall continue and shall bind the ISA investor’s personal representatives.
11. You will indemnify the ISA Manager against any expense (including any amount representing tax credits which has been credited to your ISA and for which the ISA Manager has not been reimbursed in accordance with this Agreement) or liability incurred pursuant to this Agreement unless due to the ISA Manager’s negligence.
12. In the event of any failure, interruption or delay in the performance of our obligations resulting from acts, events or circumstances not reasonably within our control, including, but not limited to, industrial disputes, acts or regulations of any governmental or regulatory authority or breakdown, failure or malfunction of any telecommunications or computer service or systems, we shall not be liable or have any responsibility of any kind for any loss or damage thereby incurred or suffered by you but shall attempt to overcome such circumstances as quickly as possible.
13. Subject to the Financial Services and Markets Act 2000, the ISA Manager shall not be liable to you for any losses arising from the depreciation in the value of the ISA investments (including, without limitation, depreciation resulting from capital loss or taxation liability) or for the acts or omissions of any third party whether or not such third party is acting as the ISA Manager’s agent except in so far as the same arises as a result of the ISA Manager’s fraud, wilful default or negligence.The ISA Manager shall not be liable for any default by any nominee appointed by it in connection with the ISA to be the registered holder or custodian of ISA investments, except where the ISA Manager has been negligent in its choice of such nominee or is in breach of the FSA Rules.
14. The ISA Manager is regulated by the FSA in the conduct of its investment business. In the event of any complaint requiring to be made, please contact the ISA Manager at its Administration Centre at P.O. Box 9034, Chelmsford, Essex CM99 2XA, Freephone 0800 0271031 for a copy of the internal complaints procedure. Details of complaints procedures and the Financial Services Ombudsman Scheme are given on Page 11. The ISA Manager is covered by the Financial Services Compensation Scheme, details of which are provided on Page 11.
15. All communications to the ISA Manager should be sent in writing to St. James’s Place Unit Trust Group Limited, P.O. Box 9034, Chelmsford, Essex CM99 2XA. Please include your ISA reference number or National Insurance number in all communications. All communications to you will be sent to the address notified by you to the ISA Manager.
16. This Agreement is governed by the law of England and Wales and is subject to the ISA Regulations and other applicable laws and rules. In the event of conflict between this Agreement and any such laws, regulations and rules, the latter shall prevail.
17. The Courts of England and Wales shall have exclusive jurisdiction in relation to this Agreement.
18. Nothing in any Key Features document, Prospectus or these ISA Terms and Conditions, creates any rights enforceable by any person other than the applicant and the ISA Manager.
19. To obtain the proceeds of your ISA, you should write to the ISA Manager or complete an Encashment Form. The ISA Manager will encash the units in your ISA on receipt of those instructions at the applicable bid price and issue a cheque for the proceeds within 4 business days after the date of the encashment or, if later, of the date the ISA Manager has all duly executed instruments and authorisations to effect the transaction. The ISA Manager will accept encashment instructions by facsimile but reserves the right to validate those instructions prior to the release of the encashment proceeds. A sale instruction which would leave the balance of the holding in a particular unit trust below the minimum level of £500 will result in the encashment of the entire holding in that unit trust. On your written request your ISA, with all the rights and obligations attaching to it, may be transferred to another ISA Manager. Transfers out will be effected within 7 days of receipt of written instructions. You can choose to transfer current year subscription in whole, and/or previous years’ subscriptions in whole or in part to another ISA Manager at any time within timescales to be agreed. In order to effect a transfer out of part of your ISA, you must specify the name of the unit trust(s) and the number of units to be sold. Failure to specify this information may lead to a delay in effecting the partial transfer out. A partial transfer out instruction which would leave the balance of the holding in a particular unit trust below the minimum level of £500 will result in the transfer out of the entire holding in that unit trust. 20. Your attention is drawn to the fact that the Unit Trust Manager is the same as the ISA Manager and accordingly that ISA investments
comprise of units in a unit trust managed by the Unit Trust Manager and in respect of which the Unit Trust Manager will receive payment. The Unit Trust Manager receives a initial charge when units are acquired for your ISA and periodic charges are also made on the unit trust. Details of these charges are in the Prospectus and on Pages 8-10 of this brochure. The ISA Manager and its connected companies receive no remuneration in connection with your ISA.
S E C T I O N 2 – I S A T R A N S F E R S I N
1. Funds representing your existing subscriptions must be sent to us by cheque by your former ISA Manager. Units will be purchased in the unit trusts which you have selected for your ISA at the price calculated at the valuation point immediately following receipt of funds at our Administration Centre.Arrangements may be made for payment by telegraphic transfer and unit allocation will take place on identification of receipt of funds.
2. Payments made to us by a previous ISA Manager in respect of dividends received in the period following transfer, to which you are entitled, will only be accepted if in excess of £100. Your former ISA Manager will be instructed to return all payments of less than £100 to you.
S E C T I O N 3 – U N I T T RU S T I N V E S T M E N T S
1. You may invest up to £7,000 in unit trusts through a Maxi ISA in any tax year; alternatively you may invest up to £4,000 in unit trusts through a Mini ISA in any tax year.The minimum initial capital sum investment is £1,500 and any additional investment(s) must be for amount(s) not less than £500. You may invest in a maximum of four of the Managers’ Unit Trusts at any time.
2. You may also invest by regular contributions of at least £100 per month. Any additions to regular contributions must be for amounts not less than £30. Investments into more than one unit trust are only allowed with a minimum monthly contribution of £100 per unit trust. 3. Units will be acquired for your ISA as soon as practicable after receipt of your cheque at the Administration Centre or, alternatively, after payment is due under a direct debit mandate, at the noon price on the appropriate day. Arrangements can be made with the ISA Manager for payment by telegraphic transfer and unit allocation will take place at the valuation point next following identification by the ISA Manager of receipt of funds. A Confirmation Notice will be sent to you as acknowledgement of your investment. No such acknowledgement will be issued for subsequent investment under a direct debit mandate. Instead all such transactions will be confirmed to you on your half yearly statement.
4. You may withdraw units from your ISA or sell units, in accordance with the rules of the unit trust as summarised in the unit trust Prospectus. You may discontinue regular contributions to your ISA either temporarily or permanently without penalty or without prejudice to the continuation of the ISA, provided a minimum of £500 has already been subscribed. For contributions less than this minimum you will be requested to redeem your total holding of units at the ruling bid price and the ISA Manager will forward the proceeds to you.
5. Your attention is drawn to the fact that the Unit Trust Manager is the same as the ISA Manager and accordingly that ISA investments comprise units in a unit trust managed or advised by the Unit Trust Manager and in respect of which the Unit Trust Manager may receive payment.The Unit Trust Manager receives a initial charge when units in its unit trusts are acquired for your ISA and periodic charges are also made on the unit trusts. Details of these charges are included in the unit trust Prospectus (and summarised in paragraph 6 below).The ISA Manager and its Connected Companies receive no remuneration in connection with your ISA.The Unit Trust Manager pays commission in respect of your investment in the unit trusts at a rate of 3% (2% on the St. James’s Place Corporate Bond Unit Trust and the St. James’s Place Tracker Unit Trust) if made through an appointed representative. The ISA Manager does not pay commission on ISA Transfers.
6. The trust deeds governing each of the unit trusts permit a maximum initial charge of 7% (5% in the case of the St. James’s Place International Unit Trust, St. James’s Place Greater European Progressive Unit Trust and St. James’s Place UK & General Progressive Unit Trust) and a maximum permitted annual management charge of 1.5% (2% in the case of the St. James’s Place Equity Income Unit Trust, St. James’s Place North American Unit Trust, St. James’s Place Ethical Unit Trust, St. James’s Place Tracker Unit Trust and St. James’s Place Recovery Unit Trust). At present the actual initial charge on all the unit trusts is 5% (3.75% on the St. James’s Place Corporate Bond Unit Trust and the St. James’s Place Tracker Unit Trust) and the actual annual management charge on all the unit trusts is 1.5% (2% on the St. James's Place Recovery Unit Trust and 1.25% on the St. James’s Place Corporate Bond Unit Trust and the St. James’s Place Tracker Unit Trust).The percentage difference between the Bid and Offer prices (including the initial charge) is currently 5% (3.9% on the St. James’s Place Corporate Bond Unit Trust and the St. James’s Place Tracker Unit Trust). Units are bought and sold on any business day between 09.00 and 17.00 hours. Unit prices are calculated at 12.00 hours on normal business days.
7. Copies of the Prospectus for the unit trusts are regularly updated and are available from the Unit Trust Manager on request. 8. The Trustee for the unit trusts is The Bank of New York Trust and Depository Company Limited, a company incorporated in England
and Wales under the Companies Act 1985. The Trustee’s registered office and its usual place of business is at One Canada Square, London E14 5AL. The ultimate parent company of the Trustee is Bank of New York, a company incorporated in New York, USA. The Auditor of the Trusts is KPMG Audit PLC, of Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG.
9. The unit trusts available are the St. James’s Place UK High Income Unit Trust, the St. James’s Place Equity Income Unit Trust, the St. James’s Place Corporate Bond Unit Trust, the St. James’s Place UK & General Progressive Unit Trust, the St. James’s Place Greater European Progressive Unit Trust, the St. James’s Place Recovery Unit Trust, the St. James’s Place International Unit Trust, the St. James’s Place North American Unit Trust, the St. James’s Place Far East Unit Trust, the St. James’s Place Ethical Unit Trust and the St. James’s Place Tracker Unit Trust.
The St. James’s Place Group provides wealth management services.
Members of the St. James’s Place Group are authorised and regulated by the Financial Services Authority.
The St. James’s Place Partnership and the title ‘Partner’ are the marketing terms used to describe the representatives of the St. James’s Place Group. St. James’s Place Unit Trust Group Limited: Registered Office St. James’s Place House, Dollar Street, Cirencester, Gloucestershire, GL7 2AQ, United Kingdom
Registered in England Number 947644
