Select from the list below for more information:
_________________________________________________________________________________________
125% Ruling - Tax Effective products only
Clients can contribute up to 125% of the previous investment year's contributions and retain the same 10-year tax advantages from the original start date of the investment. An 'investment year' is each 12-month period from the original start date.
If clients make an additional contribution in excess of the 125% limit, the 10-year period will start again for the entire Bond - recommencing at the start of the investment year in which the excess contribution is made. Alternatively, if clients wish to invest more than 125% of the previous investment year's contribution they can commence a new Bond with the excess contributions.
In the first year of the investment clients may invest as much as they wish. They can continue to take advantage of the 125% opportunity after the 10th year, in which case each additional contribution receives immediate tax paid status.
Clients wishing to add funds to an investment can use the Additional Deposit or Direct Debit forms that can be downloaded from the Customer Forms page.
^ Return to top
_________________________________________________________________________________________
Access to Funds
Access to funds is easy, whenever a withdrawal is required all we need is the relevant withdrawal form to be completed advising us of the client's name and policy number and stating the details of the nominated account to which the funds are to be credited. The request can be posted or faxed (only with prior fax agreement). Withdrawal proceeds will normally be paid within 7 business days of receiving a completed withdrawal request (except for FlexiGrowth High Yield Option where funds are available within 25 business days).
To arrange for a withdrawal of funds the withdrawal form that is available on the Forms page should be completed.
^ Return to top
_________________________________________________________________________________________
Estate Planning
Friendly Society Investment Bonds have an important feature which allows clients to nominate one or more beneficiaries, who will automatically receive the proceeds of an investment upon death. If a beneficiary is nominated under a tax paid investment the owner must also be the Life Assured. For joint applications, all joint investors must be the Lives Assured and this feature only applies upon the death of the last surviving joint investor. A beneficiary cannot be nominated under a Family Bond.
The proceeds of the investment will be paid to the nominated beneficiary or beneficiaries when Lifeplan receives official notification of the death of the last surviving Life Assured. Nominating one or more beneficiaries can avoid delays commonly associated with obtaining probate on an estate. The nominated beneficiaries will receive the proceeds of your investment in the proportions you have advised. Proceeds are tax free in the hands of the beneficiaries.
Clients must be at least 16 years of age before they can nominate a beneficiary, who can be a natural person of any age, a company or a trust. The nomination of a natural person as a beneficiary is revoked automatically upon the death of that person. To nominate one or more beneficiaries, the Nomination of Beneficiaries section on the application should be completed.
To add or alter Nomination of Beneficiary details, go to the Customer Forms page.
^ Return to top
_________________________________________________________________________________________
Investing for small children
There are 3 options available for investing on behalf of children under 16 years of age.
Option 1 - Investment Bond
If the child (or children) is aged between 10 and under 16, you can arrange for the child to invest in an Investment Bond, which is under the name of the child. The child is the owner and Life Assured under the Investment Bond. A parent's or guardian's signature is required for all deposits and withdrawals while the child remains under 16 years of age. The child attains full and sole ownership, control, and signatory rights at 16 years of age.
Option 2 - Family Bond
The second option is to invest on behalf of a child through our Family Bond. To invest through a Family bond, the child must be under the age of 16 when the Family Bond commences. The Family Bond is particularly relevant for children under the age of 10, who are excluded from owning an Investment Bond (and many other investments) in their own right.
Option 3 - Education Savings Plan
The third option is an Education Savings Plan. This investment is a specially designed investment product with tax smart features. Parents/Grandparents open the investment for a nominated child to fund education expenses. After a child is born, there is no age restrictions for this product.
^ Return to top
_________________________________________________________________________________________
Regular Withdrawal Facility
Please note that this option is not available for any Funeral Bond products.
Regular withdrawals of $100 or more per fund can be automatically paid into a nominated financial institution account either monthly, quarterly, half yearly or annually. The regular withdrawal facility is ideal for investors who require regular amounts to meet living expenses. Payments will be made on the first business day of the payment period selected. For investors who wish to take advantage of the regular withdrawal facility, a minimum balance of $15,000 will need to be maintained.
To commence the Regular Withdrawal facility please complete the forms that are available from the Customer Forms page.
Please note the completed form must reach Lifeplan 10 business days prior to the first payment day.
^ Return to top
_________________________________________________________________________________________
Switching between funds
This option is available on the Lifeplan Education Investment Fund, Lifeplan NextGen Investments, Lifeplan TaxSmart Investments, Tax Minimiser, CBA ESP, Lifeplan FlexiGrowth Investment and Wealth Builder. Clients can elect to switch between investment funds subject to the limits set out below, please refer to the Product Disclosure Statement for further information. The minimum switch per fund is $500.
A switch is treated as a transfer of money from one fund to another and is done by exchanging all or part of the units held in existing fund(s) for units in the new fund(s). The 2 transactions are processed on the same business day at the prevailing unit prices of the selected funds.
Client's may request to switch a specified number of units or a dollar amount (in which case Lifeplan will switch the appropriate number of units represented by that amount). Switching will not affect the ongoing tax treatment of the investment.
For switching between funds, please complete the Switch Form that is relevant to your client's investment that is available from our Customer Forms page.
^ Return to top
Important Information
The information on this site does not take into account the financial objectives, situation or needs of any particular person. You should consider whether or not a product is appropriate for you. In deciding whether to acquire an investment or savings product please consider the current relevant Product Disclosure Statement, Terms and Conditions or Disclosure Document which are available from the product issuer, Lifeplan on 1300 1300 38. Some of these documents can be downloaded from this web site. Click here for more important information. Lifeplan also recommends that you read our Financial Services Guide. Lifeplan's contact details are provided only for inquiries by individuals or organisations about the products and services it provides. It does not give permission for them to be used for unsolicited marketing. Products referred to on this site are only available in Australia. Click here for Prudential Information for Lifeplan Australia Building Society Ltd.