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Skandia Investment Solutions Collective Retirement Account (CRA)

When Skandia created the UK’s first fund supermarket, we pioneered an appealing and innovative way for investors to buy and sell collective investment funds from a wide range of fund managers.

Now Skandia Investment Solutions, our market-leading investment platform, brings an even greater level of convenience and simplicity. Our platform enables you to hold and manage all your fund-based investments within a single, consolidated portfolio. It provides an environment where you and your financial adviser can better control your investments; where you can review them, ensure that your investments match your attitude to risk, and take advantage of switching; free of any Skandia charge.

The Collective Retirement Account provides you with access to a tax-efficient way of saving for your retirement. It gives you access to more than 900 funds and if the funds you hold in any existing pension investments are available on our platform you can transfer them to our platform, so you can hold all your investments in one place, giving you more control over them.

The Collective Retirement Account is provided by Skandia MultiFUNDS Assurance Limited.

Useful literature and information

Benefits

  • The Collective Retirement Account offers you the chance to invest in a choice of over 900 funds all under one roof.
  • You can invest in up to 50 funds per application, allowing you to spread your investments as you wish, to create a fully diversified portfolio. You can switch between funds, free of any administration charge, allowing you to react quickly to changes in the market.
  • You will receive basic income tax relief on personal contributions immediately. For example, if you invest £80, we will invest a further £20 for you and claim this money back from HM Revenue & Customs. If you are a higher rate taxpayer you can claim any further tax relief through your self-assessment.
  • Your employer can make contributions into your pension. You can even have multiple direct debits going into your pension, for example one from your bank account and one from your employer's bank account.
  • You can transfer your existing pension(s) into the Collective Retirement Account to keep all your retirement savings in one place.
  • When you reach retirement you can decide to take all your benefits at the same time, or take only some of the benefits, allowing you greater flexibility.
  • Normally 25% of your fund can be taken as a tax-free cash sum on retirement.
  • The funds you invest in are free from capital gains tax and generally free from income tax. With less tax paid, more goes towards the growth of your funds.
  • You can also access your investments online through our secure client extranet site.

Risks

  • Tax rules can change at any time, which may affect your investment.
  • The value of the units within your investment can go down as well as up, and investment growth cannot be guaranteed.
  • There may be risks involved in the way you decide to take benefits from your pension, and you should always take independent financial advice when making these choices.

Who is eligible?

  • Any UK resident aged up to 74. A guardian is required to sign on behalf of an investor under the age of 18.

Minimum subscriptions

  • Minimum lump sum: £3,600 (gross)
  • Minimum direct debit: £99 (gross) per month or £3,600 each year
The maximum amount before income tax you can contribute to your pension and receive tax relief on is either £3,600 each year or 100% of your earnings, whichever is higher. The Annual Allowance is the maximum amount that you can accrue each year in all registered pension schemes. If your earnings are greater than the Annual Allowance you may still contribute 100% of your earnings and receive full tax relief; however, any contributions exceeding the Annual Allowance will be subject to a tax charge.

The Annual Allowance has been set for the tax years shown as follows:

2009/10 – £245,000
2010/16 – £255,000

If the total amount accrued in all of your registered pension schemes exceeds the Annual Allowance you will be personally liable to a tax charge of 40% on the excess amount.

Term

  • You cannot normally take the benefits out of the Collective Retirement Account before age 50 (55 from 6 April 2010), and no later than 75.
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