From 05 August 2016, it is not possible to quote new Family Suntrust schemes.
It is still possible to add new participants and top up investments within existing schemes.
As well as helping you plan for your retirement, Family Suntrust allows you to plan for those closest to you. By investing together with family members or business partners, and building up a bigger fund, you can access options that are usually only available to larger investments.
Family Suntrust is an individually registered self-invested personal pension. You and other scheme participants invest together to create the pooled fund.
The more money held in the pooled fund, the more choice you have about how to invest it. So, by pooling funds, you may be able to choose options such as investing in commercial property, or using a discretionary fund manager.
As with our other retirement products, you can decide how you'd like to take your benefits after the age of 55 - for instance, either as a lump sum, or regular payments, or a combination of both.
Yes. The minimum contribution
or transfer payment is £1,000 gross.
Yes, as long as all existing
participants agree, they are UK resident and if under 18 years old, a parent or
legal guardian is also a participant to act on their behalf.
It is also possible for
dependants or other beneficiaries to join to receive benefits on the death of a
Any new participant must appoint the scheme’s
appointed adviser to provide advice on their benefits within the scheme.
You can take your benefits
from the age of 55 as either a lump sum, or regular payments, or a combination
of both via flexi access drawdown.
Take a look at our key features document to better understand the benefits and risks of this product.
For more information on the different charges that may apply, read our Family Suntrust guide to fees.
In Family Suntrust, all participants need to agree decisions unanimously - so you won't always be able to do things your way.
Also, like any investment, the value of the fund can go down as well as up. It is not guaranteed, which means you could get back less than you originally paid in. Tax and legislation are likely to change in the future, and the information above is only our interpretation of current law and HMRC rules. The value of any tax benefits will depend on your personal circumstances.
To understand all the risks that come with Family Suntrust, please take a look at our full Key Features guide.