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A number of UK property fund providers have temporarily suspended dealing of shares in their funds. This means it’s no longer possible to buy or sell their shares.

These decisions have been taken due to the current turbulent market conditions, which has meant the fund’s independent valuers, have advised that they are unable to accurately value the properties within the funds. Under these circumstances, the funds' authorised corporate director or depositary believe it is in the best interests of investors to suspend dealing within the funds.

We'll update this information if more funds are suspended, or if there are changes to already suspended funds.

If you have a regular savings plan paying to any of these funds then we will continue to collect those payments but deposit them as cash in your account. Regular withdrawal plans will stop, and any income you receive from these funds will no longer be automatically re-invested but will be paid into your cash account instead.

If you require any further guidance or information, please contact your financial adviser.

Find out more about what happens when a fund is suspended.
 

Funds currently suspended:

Kames Capital plc, the depositary of Kames Property Income Fund and Kames Property Income Feeder funds, has suspended dealing of shares in them with effect from 16 March 2020.

Why has this happened?

The suspension is intended to protect investors in the fund. In the current market conditions the fund’s Standing Independent Valuer, CBRE, has advised that they are unable to accurately value the properties within these funds. Under these circumstances, they believe it is in the best interests of their investors to suspended dealing within these funds.

What will happen during the suspension

The value of your investment will continue to change every day to reflect changes in the prices of the funds' holdings. You can check their up-to-date values by logging in at fidelity.co.uk.

We are in frequent contact with Kame Capital plc and will update this page as soon as we have any more news about the suspension and when it is likely to be lifted. You can find full details of this announcement here.

M&G Securities Ltd, the Authorised Corporate Director of the M&G Property Portfolio Fund and the M&G Feeder of Property Portfolio Fund, has announced that as of 10 May 2021, these funds are no longer suspended. You can find full details of the initial announcement regarding the suspension here.

Why were the funds suspended?

The ACD suspended the fund to allow the fund managers to restore cash levels, which were low due to unusually high redemptions.

Update as of 30 November 2020

LF Equity Income Fund fourth payment details

Link Fund Solutions, the Authorised Corporate Director of LF Equity Income Fund, has announced that it plans to make the fourth capital distribution to investors on or around 11 December.

It should take a couple of business days to process this payment, and as with the previous distributions, the value will depend on the number of shares held by each investor. The amount will be calculated on this date.

We will be writing to all our customers invested in this fund to confirm when the payment has been made to their account.

If you require any further guidance or information, please contact your financial adviser, or you can read the official statement for full details of this announcement.

Update as of 30 September 2020

LF Equity Income Fund 

Link Fund Solutions, the Authorised Corporate Director of LF Equity Income Fund, has announced that it intends to make a fourth capital distribution to investors after 30 November 2020, and now expects to finish winding up the fund by mid to late 2021.

As of 1 September 2020, the fund’s remaining assets were valued at £288m, following the first three capital distributions to investors.

The ACD also disclosed the fees paid from the fund prior to - and following - the start of the winding-up period, which began on 17 January 2020. No annual management charges were applied to the fund after 18 January 2020, though other charges were applied to pay the companies that were engaged in relation to selling the assets.

If you require any further guidance or information, please contact your financial adviser, or you can read the official statement for full details of this announcement.

Update as of 20 August 2020

LF Equity Income Fund third payment details

Link Fund Solutions, the Authorised Corporate Director of LF Equity Income Fund, has announced the amount to be paid as part of the third capital distribution for this fund. The amount per share that will be paid to investors is shown in the table below, and will vary by share class. The payout should appear as cash in investors' accounts within a week of the distribution. When this happens, we'll be writing to all our customers invested in this fund to confirm when the payment has been made to their account. It's likely this will be toward the end of August.

You can find which share classes you hold and the number of shares in each by logging in and checking your account summary page.

Update as of 3rd August 2020

LF Equity Income Fund announces third payment

Link Fund Solutions, the Authorised Corporate Director of the LF Equity Income Fund, has announced that it plans to make a third capital distribution.

The total amount available for capital distribution will be announced on or around 19 August 2020. We will be writing to customers shortly after that with details of how much they will receive as their share of the total capital distribution, along with the payment date.

Following the distribution, investors will continue to hold the same number of shares in the fund, but the value of them will be correspondingly lower, and further payments will follow until all assets are realised.

If you require any further guidance or information, please contact your financial adviser, or you can read the official statement for full details of this announcement.

Update as of 23rd March 2020

LF Equity Income Fund second payment

Link Fund Solutions, the Authorised Corporate Director of LF Equity Income Fund, has announced the amount to be paid as part of the second capital distribution for this fund. The amount per share that will be paid to investors is shown in the table below, and will vary by share class. The payout should appear as cash in investors' accounts within a week of the distribution. When this happens, we will be writing to all our customers invested in this fund to confirm when the payment has been made to their account. Link has not yet announced when the payment will be made.

You can find which share classes you hold and the number of shares in each by logging in and checking your account summary page.

If you require any further guidance or information, please contact your financial adviser.

Update as of 13 March 2020

LF Equity Income Fund second payment

Link Fund Solutions, the Authorised Corporate Director of the LF Equity Income Fund, has announced that it plans to make the second capital distribution payment around 25 March 2020. 

It should take a couple of business days to process this payment, and as with the previous one, the value will depend on the number of shares held by each investor. The amount will be calculated on 18 March.

Following the distribution, investors will continue to hold the same number of shares in the fund, but the value of them will be correspondingly lower, and further payments will follow until all assets are realised.

We will be writing to all our customers invested in this fund to confirm when the payment has been made to their account.

You can read the official statement for full details of this announcement.

Update as of 13 February 2020

LF ASI Income Focus Fund re-opening date and fee waiver details

The LF ASI Income Focus Fund, formerly known as the LF Woodford Income Focus Fund, will re-open for trading purposes on 13 February 2020. The first valuation of the share price will be available once the fund has started trading at midday on 13 February.

To offset associated costs with the repositioning of the fund, the authorised corporate director of the fund, Link Fund Solutions, together with the fund manager Aberdeen Standard and the depositary Northern Trust, have all waived their fees from 20 Dec 2019 until 31 May 2020.

If you require any further guidance or information, please contact your financial adviser, or you can read the official statement for full details of this announcement.

Update as of 03 February 2020

LF Equity Income Fund first payment confirmation

Payments from the first capital distribution of the closure of the LF Equity Income Fund have now been made to our customers. If you hold shares in this fund with us then you can log in to fidelity.co.uk to see how much has been paid to you. The amount that has been paid per share is shown in the table below, and varies by share class.

If you require any further guidance or information, please contact your financial adviser.

Update as of 28 January 2020

LF Equity Income Fund first payment

Link Fund Solutions, the Authorised Corporate Director (ACD) of LF Equity Income Fund, has announced the amount to be paid as part of the first capital distribution for this fund. The amount per share that will be paid to investors is shown in the table below, and will vary by share class. The payout should appear as cash in investors' accounts within a week of the distribution, which is planned on or around 30 January. Starting next week, we will be writing to all our customers invested in this fund to confirm when the payment has been made to their account.

You can find which share classes you hold and the number of shares in each by logging in and checking your account summary page.

If you require any further guidance or information, please contact your financial adviser, or you can read the official statement  for full details of this announcement.

Update as of 10 Jan 2020

LF Equity Income Fund closure and dates

The date of the capital distribution for the LF Equity Income Fund has been moved back to the end of January by the fund's Authorised Corporate Director (ACD), Link Fund Solutions.  

This follows the approval by the Financial Conduct Authority in December for the ACD to close the fund, and means that the first capital distribution will be paid out on or around 30 January, instead of 20 January as originally planned.

The payout should appear as cash in investors' accounts about three working days after the distribution. As previously noted (below) the value of this capital distribution will depend on the number of shares held by each investor. Following the distribution, investors will continue to hold the same number of shares in the fund, but the value of them will be correspondingly lower.

You can read the official statement for full details of this announcement.

Update as of 20 December 2019

LF Woodford Income Focus Fund new management

Link Fund Solutions, the Authorised Corporate Director (ACD) of the LF Woodford Income Focus Fund, announced that it has appointed Aberdeen Standard Life Investments Ltd as the investment manager of this fund. Aberdeen will replace Woodford as the investment manager on 31 December 2019, and the fund will be renamed accordingly to the LF ASI Income Focus Fund.

Aberdeen intends to re-position the fund’s portfolio in a way it considers will best add value for investors, and will actively seek to grow the assets in the fund and to attract additional investments.

The ACD believes that based on assurances it has received from Aberdeen, the best interests of investors (those who wish to retain their holding and those who wish to redeem their holding) will be met by re-opening the fund. The ACD expects to provide an update on progress in January 2020, with a date for when it expects to resume dealing in the fund.

Aberdeen, the ACD and the depositary (Northern Trust Global Services SE) will waive their fees until 31 May 2020, though some additional portfolio transaction costs will be incurred as a result of selling and buying assets to re-position the fund.

You can read the official statement for full details of this announcement.

Update as of 13 December 2019

FCA approval of LF Woodford Equity Income Fund renaming and closure

Link Fund Solutions, the Authorised Corporate Director (ACD) of the LF Woodford Equity Income Fund, announced that the Financial Conduct Authority (FCA) has given approval for the name change and closing of the fund.

This means that the fund is now called the LF Equity Income Fund with immediate effect, and the winding up will begin on 18 January. Payment of the first capital distribution is anticipated around 20 January, and will be based on the number of shares held by each investor. Continued payments will follow until all assets are realised.

The ACD has not yet confirmed the payment amounts; we will inform our clients of these as soon as the ACD confirms them.

You can read the official statement for full details of this announcement.

Update as of 24 October 2019

Woodford Patient Capital Trust plc

The Board of Woodford Patient Capital Trust confirmed that Schroder Investment Management will take over the Woodford Patient Capital Trust by the end of the year.

The investment company will be renamed Schroder UK Public Private Trust plc. There will be no change to the company's existing investment objective and policy.

On appointment, Schroders will not take a management fee for three months. Further details to come following Schroders' formal appointment. You can read the official statement for full details of this announcement.

Update as of 16 October 2019

LF Woodford Income Focus Fund suspension

Link Fund Solutions, the Authorised Corporate Director (ACD) of the LF Woodford Income Focus Fund, has decided to suspend dealing in shares in this fund, with effect from 15 October 2019 and until further notice. This means you will no longer be able to buy or sell shares in this fund.

We restricted new investments in the Woodford Income Focus Fund in June, because we felt this was in the best interests of our customers. That restriction remains; you will now not be able to invest in this fund through other investment platforms either.

The ACD decided to suspend this fund following the resignation of the fund's manager, Woodford Investment Management. The ACD believes this resignation would result in it being unable to meet redemption requests without prejudicing the interests of both remaining and redeeming investors.

The ACD believes the suspension is in the best interests of investors and during the suspension will consider the options available, including the appointment of an alternative investment manager, a scheme of arrangement into another fund or a winding-up of the fund.

The suspension will cease as soon as the ACD determines the course of action that is in the best interests of investors. The ACD will formally review the suspension at least every 28 days and expects to provide an update within the next 14 days.

You can for full details of this announcement.

Update as of 15 October 2019

Woodford Patient Capital Trust plc management

Woodford Investment Management announced that it will cease its role as portfolio manager of the Woodford Patient Capital Trust in January 2020.

The trust remains open for buys, sells and switches. Any regular savings plans and regular withdrawal plans linked to the trust will continue as usual.

The trust's board is in advanced discussions relating to the ongoing management of the portfolio and expects to announce details of the new management shortly.

As an investment trust, this is a different type of investment from LF Woodford Equity Income and LF Woodford Income Focus. Its shares are traded between investors on a secondary exchange. This means the fund manager does not have to dispose of holdings because an investor has decided to sell shares.

LF Woodford Equity Income Fund closure

Link Fund Solutions, the ACD of the LF Woodford Equity Income Fund, announced that it intends to close the Woodford Equity Income Fund by selling the assets and returning the proceeds to investors.

The decision is subject to approval by the Financial Conduct Authority (FCA). Pending that approval, Link expects to start winding up the fund on 17 January 2020.

Proceeds will then be placed into cash in clients’ existing accounts as interim payments, which will then be available for reinvestment.

Link expects to start winding up the fund on 17 January 2020.

Link made the decision after a careful review of the fund and its holdings indicated that the repositioning of the portfolio did not provide reasonable certainty as to when the fund could be re-opened.

Woodford Investment Management will cease to be the investment manager of the fund, effective immediately. The fund will also be renamed as the LF Equity Income Fund.

You can read the official Q&A for full details of this announcement..

If you require any further guidance or information, please contact your financial adviser.

How do I register for online access to my FundsNetwork account?
To sign up for online access, visit our registration page. All you’ll need is your Customer Reference Number (CRN) and one of your FundsNetwork account numbers.

I’ve forgotten my log-in details. What should I do?
If you can’t remember your password, visit the log-in page and click on the ‘Forgotten your password?’ link. You'll need to have your Customer Reference Number (CRN) ready. If you’re still having trouble, give us a call on 0800 358 4060.

Is the FundsNetwork website compatible with my device?
The FundsNetwork website is best viewed with the most recent versions of Microsoft Internet Explorer, Google Chrome, Mozilla Firefox and Apple Safari. If your device has an older version, you’ll need to update it in order to use all the features of our site.

My online account information isn’t what I expected. What should I do?
If you have any questions about your online account, please get in touch with your adviser or call us on 0800 358 4060.

Where do I find my Customer Reference Number (CRN)?
Your Customer Reference Number (CRN) can be found at the top of your original welcome letter or on any of your statements. It is ten digits long, starting ‘100’.

Where do I find my account number?
You can find your account number on any letter we have sent you confirming an investment or another type of transaction.

Can I check my account over the telephone?
You can check your account using our automated service on 0800 41 41 24 at any time of the day or night. The first time you call, you’ll be asked to set up a PIN. You’ll need your ten-digit Customer Reference Number (CRN) starting with ‘100’ and your FundsNetwork account numbers.

Can I set up a savings plan and pay by Direct Debit?
Yes. You can make Direct Debit payments monthly, quarterly, every six months or annually. This is known as a regular savings plan. You can either set it up yourself online or your adviser will be able to arrange it for you.

How do I add cash to my account?
Your adviser will be able to do this for you. Or, if you have registered for online access, you can do it yourself at fidelity.co.uk.

Can I pay into someone else’s account?
Yes. You just need to complete a Deed of Gift form. Your adviser will be able to help you with this.

Can I move money from my Investment Account into my ISA?
Yes, as long as you haven’t used all of your ISA allowance for the current tax year. If the money is held in investments, the move involves selling them and then moving the cash into your ISA, where you and your adviser can decide how to invest it. You’ll be out of the market for up to three business days while the move takes place. Your adviser will be able to place the deal for you.

Can I move money from my Investment Account to my pension?
Yes. You can do this by selling assets from your Investment Account and then investing it in your pension. Your adviser will be able to arrange this for you.

Can I change the date of my regular savings plan?
Yes. Just send us a secure message or call us on 0800 358 4060. For ISAs and Investment Accounts you can choose the 1st, 10th, 17th, or 25th of the month. For the FundsNetwork Pension you can choose the 10th or 25th.

Can I change the funds I’ve invested in?
Yes. Please speak to your adviser about selecting new funds. They will also be able to place the necessary deals for you. Alternatively, you can buy, sell or switch investments yourself through your online account.

Can I take a regular income from my investments?
Yes. You can set up a regular withdrawal plan to receive money from your accounts monthly, quarterly, every six months or annually. Payments can be on the 1^st, 10^th, 17^th or 25^th of the month. Your income can simply be any dividends or interest your investments generate. Or you can specify an amount you would like to receive on a regular basis – this could mean we have to sell some of your investments, so you should bear in mind that it is likely to erode your capital over time. You and your adviser can select the investments you would like to withdraw from. Your adviser will be able to give you more information about withdrawal plans and set one up for you.

How do I close my account?
Before you close your account, make sure that it’s the right move for you. If it’s market volatility you’re worried about, we offer other options that you might be interested in, such as moving your investments into cash, or switching to different investments. Your adviser will be able to tell you more about these options. If you still want to close your account, your adviser can do it for you, or you can send us a letter with your specific instructions. Please include your Customer Reference Number (CRN), the relevant account number and your full bank account details. Even if you decide to close your account, we’re legally obliged to keep your records for a period of time. As we provide statements every three months, you may receive a statement some time after your account is closed. You may also receive dividends or interest relating to the time before you close your account.

How do I withdraw money?
Before you withdraw money from your account, you should be sure it’s the right move for you. We offer a number of alternatives that might suit your needs. These include:

Setting up a withdrawal plan that would give you a regular income.
Switching into cash, or a different investment, if you’re worried about market volatility.
Your adviser will help you make the right decision, and handle the withdrawal for you. Alternatively, you can do it yourself online, over the phone (0800 358 4060) or by letter – we’ll need specific instructions, along with your Customer Reference Number (CRN), the relevant account number and your full bank account details.

Can I move an ISA or other investments to FundsNetwork from other companies?
Yes. All we need is the name of the company you are moving the investments from and your account number with them, and we’ll do the rest. Your adviser can arrange this for you.

Can I transfer my pension to or from FundsNetwork?
Yes. Your adviser can arrange this for you.

When I move my investments to FundsNetwork, will my savings plan be transferred as well?
No. You’ll need to cancel your regular savings with your current company and start a new regular savings plan with us. This is also the case if you’re transferring investments away from FundsNetwork to another company.

Can I transfer my investments from FundsNetwork to another company?
If you’re looking to transfer your accounts away from FundsNetwork, you should contact the company you’re moving to and they will pass your instructions on to us. There’s no need for you to tell us you are leaving. Your adviser will help you decide if this is the right thing for you to do and tell you more about how it works.

Can I add more money to my account during the transfer process?
Yes. There is no need to wait for your investments to arrive from the other company. You can pay money into your account either as a lump sum or through a regular savings plan.

Which investments can I transfer my money to?
Your adviser will give you information on our range of investments and help you decide what the best options are for you.

Are there any charges for moving my investments to FundsNetwork?
No. We don’t charge you for moving your investments to FundsNetwork, but you should check whether your current company charges an exit fee. If you change your investment choices as part of the transfer, you should remember that some fund managers have charges for buying or selling their funds. Your adviser will give you all the information you need.

Are there any exit fees if I move from FundsNetwork?
No. We don’t charge you for moving your investments away from FundsNetwork.

How long does it take you to transfer my investments?
Once you’ve submitted your application, transfers can take up to eight weeks. Sometimes it can take less than this, but it can also take longer – it all depends on the company you are moving from.

Can I transfer my accounts to another person?
Yes. Your adviser will be able to help.

Can I transfer some of my accounts to another company?
The company you’re thinking of moving to will tell you more about the investments they will accept. From FundsNetwork’s point of view, the only thing to note is that you cannot transfer part of an ISA away from us – it must be the whole account.

Will my ISA keep its tax advantages if I transfer it to or from FundsNetwork?
Yes, as long as you use the correct transfer process, which involves asking your new company to request the transfer from your current company. The transfer has no impact on your ISA allowance for the current year. Your adviser can make sure you follow the correct procedure.

For more information, you can read our guide to transferring your investments to an alternative beneficiary.

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And if you need the forms:

For transferring OEICS and Unit Trusts
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For transferring SICAVs
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What is Capital Gains Tax?
Capital Gains Tax (CGT) is a tax on profits from the sale of investments or assets. It is only triggered when an asset is sold, not while it’s held in your account. You are allowed to make a certain amount of profit before you pay CGT. ISAs and pensions are exempt from CGT. If you have questions about whether you may have to pay CGT, you should speak to your adviser, a tax specialist or HM Revenue & Customs.

Will transferring my investments make me liable for Capital Gains Tax?
You won’t be liable for Capital Gains Tax (CGT) if you transfer your ISA or pension to us. However, you might be liable for CGT if you transfer investments from other types of account, but this depends on a number of different things. In some cases, if you are transferring an investment that we don’t offer on our platform, you will have to sell it first and use the cash to invest in different investments within a FundsNetwork account. The selling part of this process could make you liable for CGT, so it is important for you to speak to your adviser or a tax specialist before you make any decisions on transferring.

Will you give me details of any tax I pay on my investments?
Yes. If you receive any income from your funds, we’ll provide you with an annual tax voucher showing the income you’ve received and any taxes we deducted from it. We produce tax vouchers every April and you’ll either receive it online or by post, depending on your mailing preference. Your adviser can also generate reports for you using our Income Tax and Capital Gains Tax reporting tools.

Does FundsNetwork need to know my tax code?
We only need your tax code if you have a pension with us. HM Revenue & Customs will tell us what it is – you don’t need to give it to us yourself.

Do I pay tax on an ISA or a pension?
No. You don’t have to pay Income Tax or Capital Gains Tax on your ISAs or pension investments, and you don’t need to declare your ISA on your tax return. But remember that you may have to pay tax on the income you receive from your pension.

Do I pay tax on an Investment Account?
This will depend on your circumstances. You may need to declare income or capital gains from your Investment Account on your tax return. If you have sold any investments or switched between different investments, this could trigger a Capital Gains Tax liability. For more information you should speak to your adviser, a tax specialist or HM Revenue & Customs.

Are beneficiaries subject to Capital Gains Tax?
In most cases, transferring investments after a death simply involves changing the name on the account, rather than selling investments, so it doesn’t result in a Capital Gains Tax (CGT) liability. However, if investments aren’t available for transfer and the beneficiary chooses different ones, there may be a CGT liability. We’d suggest that executors or beneficiaries speak to a tax specialist or to HM Revenue & Customs.

How can I use the Inheritance ISA allowance?
If your spouse or civil partner dies, you can now inherit the tax benefits of their ISA. The way this works is that you receive an extra ISA allowance, in addition to your standard ISA allowance. This is known officially as an additional permitted subscription, and it is equal to the value of your spouse or civil partner’s ISA on the date of their death. Your adviser will give you the right forms to fill in.

How much can I invest?

If you have a regular savings plan, the minimum payment is £50 in total, with a minimum of £25 for each investment. There is no maximum investment other than the annual allowance for an ISA, pension, Junior ISA or Junior SIPP.

What do I need to open an account?
You must be a UK resident to open an account with us and at least 18 years of age. Your adviser will open your account for you and we will need to verify your identity.

Can I take an income from my investments?
Yes. There are several ways to do this:

• With a withdrawal plan, you can take a fixed amount every month, quarter, six months or year. Your payments can be on the 1st, 10th, 17th or 25th of the month. We’ll take your regular payments from the cash in your account, or if you don’t have enough cash available, we will sell some of your investments to cover the payment. You should remember that this is likely to erode your capital over time.
• Alternatively, you can have the dividends or income produced by an investment paid directly to you. The amount of these payments will depend on investment performance and how often the fund pays out.
• Finally, if you have a pension, and you are 55 or over, you have the option of drawdown.

Your adviser will help you decide which of these options suits you best and will set it up for you.

When will I get my income?
There are four days of the month to choose from and your income can be monthly, quarterly, six monthly or annual.

The frequency with which funds pay dividends or interest can range from monthly to annually. So you will only receive a payment on your chosen date if the investment has paid out since your last payment.

What payment methods can I use when I invest?
We can take payment by debit card or cheque and your adviser can also set up a Direct Debit if you want to invest regularly.

Can I invest for my children?
Yes. We offer a Junior ISA and a Junior SIPP. Your adviser will give you more information on these products and help you open an account. It is also possible to set up a trust as a way of investing on behalf of a child. An important point to remember is that all these options involve what are known as ‘irrevocable gifts’. In other words, you cannot take the money back if you change your mind. In the case of a Junior ISA or a Junior SIPP, the money belongs to the child, who will be able to withdraw it when they are 18 or 55 respectively. If you would prefer to have complete control over the money you are investing for the child, you might prefer simply to set up an Investment Account in your own name and add the child’s name as an account designation. Your adviser will help you decide which is the right option for you and the child.

When I sell an investment, how long does it take for the money to arrive in my bank account?
We usually make payments within seven working days. You can sell unit trusts and OEICs and have the money paid into your bank account. However, with most other investments, such as company shares, investment trusts and exchange traded funds (ETFs), you need to sell them first and then withdraw the cash when it arrives in your FundsNetwork account, which can take up to five working days.

How do I open a FundsNetwork Pension?
Please speak to your adviser, who will be able to help you with this.

Can I switch funds within my pension?
Yes. Your adviser can do this for you.

What happens to the money in my pension if I die?
If you die before you are 75, and before you have taken any benefits, such as tax-free cash, from your pension, the money will usually be paid out as a lump sum to your nominated beneficiaries. Alternatively, the money can be used to provide a tax-free income for them, either as drawdown or as an annuity.

If you have used the money in your pension to buy an annuity before you die, you’ll only be able to pass on guaranteed benefits to your beneficiaries. For example, some annuities guarantee to pay your surviving spouse 50% of the income you were receiving.

If you are 75 or over when you die, the same benefits are available, but death benefit payments will not be tax-free.

Pension rules are complex, and we recommend that you speak to an adviser who will help you make the right decision for your circumstances.

What tax relief do I get on my pension?
We’ll claim tax relief at the basic rate of 20% on your contributions. If you pay higher or additional rate tax, you need to claim the rest of your tax relief from HM Revenue & Customs yourself – this may mean you have to complete a tax return. You should remember that there is a limit, known as the annual allowance, on the amount of pension contributions you can receive tax relief for within a single tax year. Your adviser will be able to give you more information.

What charges do I pay on my account?
FundsNetwork charges two fees for looking after your accounts – an annual Investor Fee of £45 and a Service Fee, which is 0.25% a year of the value of your investments. There will also be investment charges from the companies who manage your funds. For more information, download our pricing guide or speak to your adviser.

How much is the Service Fee?
Our Service Fee is 0.25% of the value of your investments each year. For example, if you have investments worth £50,000 with us, you will pay an annual Service Fee of £125. We automatically deduct the Service Fee from your account so there is no need for you to make a separate payment. We calculate the fee every month and deduct it in 12 instalments. If you have enough cash in your account, that is where we collect the Service Fee from. Otherwise, we will sell some of an investment that you and your adviser have nominated. When no investment is nominated, we normally take the fee from your largest investment by value within each account you have with us.

How much is the Investor Fee?
This is a flat annual charge of £45, which we take in monthly instalments of £3.75. We automatically deduct this fee so there is no need for you to make a separate payment. If you have enough cash in your account, that is where we collect the Investor Fee from. Otherwise, we will sell some of an investment that you and your adviser have nominated. When no investment is nominated, we normally take the fee from your largest investment by value in your largest account. However, we will only take it from an ISA or pension if you do not have any other accounts with us. You will pay one Investor Fee for all accounts in your sole name, no matter how many there are. You will also pay the Investor Fee for each unique set of names that you have a joint account in.

What fees will I pay to my adviser?
Your adviser will explain the fees they charge for their time and expertise and agree them with you before they give you any advice. There are three types of fee you may pay your adviser – initial, ongoing and one-off. FundsNetwork can deduct these fees from your account and pass them on to your adviser for you. We will do this on instruction from your adviser. Our terms state that the adviser must have obtained your prior permission, and may be asked to supply evidence of this. We also write to you to confirm the details whenever your adviser sets up or amends a fee.

What charges are set by the company managing my funds?
You can read more about these on the factsheet or key information document for each specific investment, but as a general guide to fund charges:

• Ongoing fund charges vary significantly depending on how the fund is managed. You can find details of ongoing charges on the fund factsheet.
• Some funds are dual-priced, which means they have a bid-offer spread, which is the difference between the sell price and the buy price of the fund. Typically the buy (bid) price will be higher than the offer (sell) price.
• Funds may have a performance fee which is charged by a fund manager based on how the fund performs. You can find information around performance in the fund’s key information document.
• Some fund managers levy charges (known as Fund Manager’s Buy Charge and Fund Manager’s Sell Charge) for buying into the investment and/or selling out of the investment. These charges are typically to protect existing investors from the trading costs of other investors.

What are the charges for share dealing?
For share dealing (including ETFs and investment trusts) — there is a charge made for each buy and sell transaction you place (including switches and dividend reinvestments).

This will be deducted from the amount invested or raised through a sale and will vary depending on whether it is an online or phone deal. There may be other related charges added, and charges on deals placed through your adviser will be cheaper.

• For deals you place online there is a charge of £10.00*
• This charge is reduced to £1.50 for deals as part of regular savings plans, phased instructions, regular withdrawal plans or automated income reinvestments.
• For deals you place on the phone there is a charge of £30.00
• A stamp duty of 0.5% applies to purchases of some equities and investment trusts

*Please note, if your adviser deals on your behalf the charges are lower. For a more in depth explanation, please read Pricing at a glance [PDF]

What do I need to do when someone passes away?
Please visit our help and support section for our guidance to support executors, administrators and beneficiaries.

Or, if you are working with an adviser, please contact them directly and they will be able to manage this process for you.

When will you carry out my instruction?
If you wish to buy or sell your units or shares, then for most products we will carry out your instructions on the day we receive them if we receive your instructions online or by phone, as long as they arrive before the dealing cut-off time (for further details, see ‘How are funds priced’ below).

If you make your instruction by post it may be processed the following business day.

How are funds priced?
Most funds are priced at 12 noon and the dealing cut-off is 11am, however, there are some exceptions. For fund specific details, please contact our customer services team.

Fund prices are set on a forward-pricing basis which means the price is determined at the next valuation point and you will not know in advance the exact price you will pay / receive. Depending upon the fund's dealing cycle, in some cases the Transaction Date noted on the deal confirmation you receive may differ from the price date publicly quoted. As the value of the fund can move up or down this affects the price of each unit or share. The price may also take into account trading costs. Please note that in the event of a fund pricing more frequently than once a day, we will only use the provider’s main valuation point. Deals received after the relevant cut-off point will get the next available price.

We may apply an early cut-off time on certain public holidays or days on which markets close early such as Christmas Eve and New Year's Eve, where this is imposed by fund managers or the brokers we use for trading. Any deals received after a revised cut-off will receive the price achieved at the next available daily dealing point.

Offshore funds are not priced on a UK Bank Holiday. However online dealing of Fidelity offshore funds, as long as the instruction to deal is in good order, will be priced and placed on a UK Bank Holiday. All other deals will be placed on the next working day. Additional public holidays in a fund’s country of registration may affect your ability to place deals on those days.

Please note that if your adviser is using our automated bulk dealing or rebalancing service, or Unit Trust/OEIC to ISA switching facility, different dealing cut-off times will apply. Please contact your adviser for more information.

More information about how to register Power of Attorney with us.

We are in the process of moving all our clients’ accounts to a new administration system which will provide you and your adviser with enhanced capabilities such as cash management and extended share dealing. However, only investments that are held in a nominee structure can be moved to our new system.

We contacted all our clients in 2015 asking for consent - if you haven’t yet given consent, you can still do so by either speaking to your adviser or filling in this Consent form.

Once we have your consent we will be able to move your account to our new system.

When making investment decisions it's important that you have all the relevant information in order to make the correct choice for your circumstances.

Here you can find the full range of our essential documents. If you have any further questions, please speak to your adviser or intermediary.

Visit Fidelity.co.uk/importantinfo for more details