Frequently Asked Questions
Cardif Pinnacle is a trading style of Pinnacle Insurance plc. Pinnacle Insurance plc (Pinnacle) is a recognised provider of guaranteed and stock market bonds in the UK. Pinnacle Insurance plc is part of Cardif S.A who is one of France's leading insurance providers. Cardif S.A are part of the BNP Paribas Group, which is one of the largest banking and financial groups worldwide.
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Flexible Asset Bond
Can I Withdraw Money When I want?
You can take money out of your Bond at anytime. The minimum withdrawal is £25,000 subject to a remaining balance of £50,000 in an individual fund.
You are entitled to 1 free withdrawal per Policy Year and all subsequent withdrawals attract a charge of £30 each.
The appropriate notice period will be required to make withdrawals from the notice funds.
Can I Switch My Investment Between Funds?
You can switch your investment between funds at anytime. The minimum switch is £25,000 subject to a minimum remaining balance in the fund of £50,000.
You are entitled to 3 free switches per Policy Year and all subsequent switches attract a charge of £20 each.
Can I Top-up My Investment?
You can top-up your investment whenever you want. The minimum top-up is £50,000. There is no maximum top-up although the maximum total investment of £10million applies.
If I need my money back can I surrender my Bond?
You can surrender your Bond at any time. The value you receive will be dependent on the Unit Price at that time and will be subject to a one-off surrender fee £30.00.
The Guaranteed Bond
What happens at the end of the Bond term?
Your capital is returned in full along with your accumulated growth payment or your final income payment.
If I need my money back can I cash in my Bond early?
You can surrender your Bond during your chosen investment period but the amount you receive back is not guaranteed and may be less than the amount you originally invested.
General
What are the charges?
Our charges for administering your Bond as well as any commission payable to Financial Advisers where applicable and allowances for tax are reflected in the Unit Price and Customer Rates offered. For our unit linked products specific charges for withdrawals and switches are detailed in the Key Features Document.
Are there any hidden charges?
No. What you see is what you get. Our charges for arranging and administering the Bond are accounted for within the rates we offer.
What tax is payable?
- The proceeds of the Bond are paid net of any liability to income tax at the savings rate, currently 20%. You will have no further tax liability if you pay tax at the basic rate.
- Any payments from the Bond are paid free of any personal liability to capital gains tax.
- Some additional tax may be payable if you pay income tax at the higher rate or the payments from your Bond take you into the higher rate tax band.
- Entitlements to Age Allowance may be affected by any taxable gains arising from regular, surrender or maturity payments.
- Tax cannot be reclaimed by lower rate or non-taxpayers.
- If you die before the end of the chosen investment term some tax may be payable.
Please consult your Independent Financial Adviser for any further information. Tax assumptions are those currently applicable and are subject to change at any time and are based upon Pinnacle's understanding of current UK tax levels, bases and relief. The value of tax relief will depend on individual circumstances.
Why can't I claim the tax back as a non-taxpayer?
The income is paid from an insurance fund and basic rate income tax and capital gains tax is deemed to have been paid and cannot be reclaimed from the fund.
