Cash Retirement Account

Due Diligence Support PackJune 2017

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About this due diligence support pack

This Information pack has been designed for advisers, along with those who conduct research orcompliance within an Advisory firm, who require further details about Assured Retirement, ourCash Retirement Account and the arrangements and financial backing that support our products.

This information could be used as part of a Due Diligence process or to provide additional peace ofmind to consumers about an Assured Retirement product.

Where information has been included on third party organisations, this has been checked foraccuracy at the time of publication but this will be subject to change.

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ContentsAbout Assured Retirement

4 Company background and history5 Experience and background of the Directors6 Financial and Regulatory information

About our products7 The benefits8 The risks9 How your cash is protected

About Intelligent Money10 Company background and history11 Financial and Regulatory information

About our Institutional Panel12 Metro Bank13 Scottish Widows Bank14 National Savings and Investments15 Cater Allen Private Bank16 State Bank of India17 Punjab National Bank18 Bank of Baroda19 Close Brothers Treasury20 Hodge Bank21 Investec Bank22 United Trust Bank23 Aldermore Bank Plc

Further Information24 The Financial Services Compensation Scheme25 Contact Details

About Assured Retirement Limited

Assured Retirement Limited is an FCA authorised and regulated Firm whose current sole business activity is that of providing arange of simplified pension products designed for those who wish to access their pension savings in a flexible and low cost manner.

Our low risk products offer a solution for those who wish to take an income and/or lump sums from their pension as an alternativeto purchasing a lifetime annuity.

Our products have been developed in line with the principles of the Retail Distribution Review and Treating Customers Fairly is at theheart of our business:

● Simplicity - our products have a single charge that covers every element of the account’s set up, administration and operation.● Transparency - we disclose our charge as a reduction in yield on every Personal Quotation.● Flexibility - we offer the broadest possible range of options within our products.

Brief company background and history

The company was established in 2014 and there are four shareholder Directors who head up the following departments orfunctions:

John Hiew - Chief ExecutiveTim Ashfield - Managing DirectorBob Pandya - Business Development DirectorKeith McGeoch - Actuarial Director

Corporate governance is overseen by the board of four Directors who have between them over 150 years of industry experience. Inaddition to their Board responsibilities, John Hiew is the Compliance Officer (CF10), Tim Ashfield is the Money LaunderingReporting Officer (CF11), Bob Pandya manages day to day responsibilities for Data Protection and Keith McGeoch manages day today responsibilities for Treating Customers Fairly (TCF).

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Assured Retirement - Experience and background of the Directors

John Hiew - Chief ExecutivePrior to founding the business, John was Managing Director at a specialist Financial Services Consultancy. From 2001 to 2006, Johnwas Managing Director of Clerical Medical and was also a Director of Clerical Medical International, Clerical Medical ManagedFunds and CMI Insurance Company. Between 1986 and 2000, John held a variety of roles with Clerical Medical Investment Groupincluding Assistant General Manager Business Development and National Account Manager. John has served as a Non-ExecutiveDirector of IFA Promotion Ltd (IFAP), is a member of the Chartered Insurance Institute and holds an MBA from the University ofManchester and a BA (Hons) in Business Studies.Tim Ashfield - Managing Director

Prior to co-founding the business, Tim was Account Director at a specialist Financial Services Consultancy. From 2003 to 2008, Timwas Director of Employee Benefits at Clerical Medical where he had overall responsibility for sales and implementation ofEmployee Benefit Solutions in the UK. Between 1989 and 2003, Tim held a variety of roles with Clerical Medical Investment Groupincluding Head of Pension Sales, National Accounts Manager and Pensions Sales Manager. Tim started his career with Standard Lifeas a Broker Consultant and has worked for the UK Provident Institution and as an IFA. Tim is a member of the Personal FinanceSociety and holds the CII FPC, G60 Pensions, G30 Corporate Financial Planning and CF9 Pension Simplification qualifications.

Bob Pandya - Business Development Director

Prior to co-founding the business, Bob was Marketing Director at a specialist Financial Services Consultancy. From 1997 to 2012,Bob held a variety of roles with Clerical Medical, Scottish Widows and Lloyds Banking Group including Product Research andDevelopment Manager and Business Development Manager. Bob started his career in the Actuarial Department at London Life andsubsequently worked in a variety of Product Development, Research and Marketing roles with London Life until leaving in 1995 tobecome Product Research Manager at Countrywide Network. Bob has a B.Sc.(Hons) degree in Mathematics from Sir John CassCollege, University of London.

Keith McGeoch - Actuarial DirectorPrior to co-founding the business, Keith was Director at a specialist Actuarial Services Consultancy. From 1991 to 2009, Keith wasGroup Actuary for Marlborough Stirling where he was responsible for the calculation components of all systems developed in themortgage and life & pensions markets and managed changing compliance requirements, including product disclosure at point ofsale and in force pension projections. Keith started his career in the Actuarial Department at Equity and Law and subsequentlyworked in a variety of Actuarial roles covering Individual Pensions, Group Pensions and Reinsurance with Equity and Law andCrown Life where he led the Pensions Actuarial Department. Keith is a Fellow of the Institute of Actuaries (FIA) and aMathematics graduate from Balliol College, Oxford. 5

Assured Retirement - Financial and Regulatory Information

We are authorised and regulated by the Financial Conduct Authority – Firm Reference Number 651421;FCA actions taken against the company or any of its employees - None.

At no time will Assured Retirement handle client money. All payments into and out of a Cash Retirement Account with AssuredRetirement are handled by Intelligent Money Limited, the trustee and operator of our Cash Retirement Account SIPP.

Assured Retirement are registered in England - Company Registration Number - 09265346.Our registered office address is- 23 Westfield Park, Redland, Bristol, BS6 6LT.

We are registered with the Information Commissioner’s Office as a Data controller under the Data Protection Act 1998. OurRegistration Reference is ZA081740.

Our professional indemnity insurer – Beazley Solutions Limited.

Period of Insurance – 16.12.2016 to 15.12.2017, Ref 12738062.

Limit of Indemnity £1,000,000 each Claim or Loss, Excess £5,000.

We adhere to the statutory and regulatory requirements governing personal data and client privacy and we comply withthe anti-corruption legislation as defined in the Bribery Act 2010.

Accountants - Oatens Chartered Accountants, Westfield Park, Redland, Bristol, BS6 6LT.

Bankers - HSBC, Milsom Street, Bath, BA1 1DU.

Legal Advisers - Gregg Latchams, Queen Square, Bristol, BS1 4JE.

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The Cash Retirement Account - Benefits

It offers you the ability to specify an amount to be invested in an instant access account- this may be helpful if you need flexibility in addition to a regular income or have a specific financial commitment in mind but

are unsure when the money will be needed. Any cash held in an instant access account is available for withdrawal at any timeupon request by you.

It enables you to tailor the income you receive- you can specify at outset any level of income each year, it must be at least our minimum of £600 per year/£50 per month.It enables you to specify one or more future lump sum payments- these can be paid as income when available or deferred for future use.It enables you to defer taking income or take no income at all- you may specify at outset to take no income or start an income during the later part of your chosen account term.It can be set up for any investment term from 1 year to 5 years, in whole months- you choose a term that suits your needs and have complete freedom on what to do with your money at maturity.It offers the facility for you, or your employer to make additional pension contributions- you can normally contribute up to £300 per month including tax relief, even if you are no longer working.It enables you de-risk an existing drawdown portfolio- because our account only uses cash deposits, it helps to mitigate sequence of returns risk and allows your remaining

drawdown fund to be invested for growth.It only invests with financial institutions that are participants in the FSCS or with NS&I who are backed by HM Treasury- investments are arranged so that all investments are designated in the name of the individual member.It limits your exposure to any single financial institution to the current FSCS maximum, including future interest- your money is therefore always protected by the Financial Services Compensation Scheme (FSCS).It offers access to a range of financial institutions via an extensive panel that is regularly reviewed- this helps to ensure that the interest rates available are competitive and that new institutions can be added as needed.It has a low charge that is fully disclosed within every Personal Quotation- this charge covers every element of the account, we have no hidden charges.

IMPORTANT NOTEThis summary is intended to highlight some distinctive features of the Cash Retirement Account. It is not intended to be a comprehensivedescription of the product and should be read in conjunction with the Customer Guide and Key Features of the Cash Retirement Account. Youshould not take, or refrain from taking, any action based on this information. This information is not advice and if you are unsure about thesuitability of an investment, you should seek Independent Financial Advice.

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The Cash Retirement Account - Risks

Inflation- inflation will reduce what you can buy with your income in the future.Income- once your account has started and you have chosen your income requirements, you cannot increase the amounts you receive.

You can however request at any time that your income be retained within your account rather than paid out.Lower annuity and interest rates- your Protected Maturity Amount is fixed at outset, but the income that it could buy at the maturity date is not guaranteed.High levels of income- taking high levels of income may erode the capital value of your account.Taxation and legislation- tax treatment depends upon individual circumstances and future changes in taxation and legislation could affect your benefits.Market changes prior to your investment date- a material decrease in available interest rates before your account is set up may mean the benefits shown in your personal

quotation are no longer available.Early encashment- our account is designed to be held until the end of your selected term and you can’t change your mind outside of the 30 day

cancellation period.Financial Services Compensation Scheme- any reduction in the FSCS limits after the set up of your account may mean that your savings are not 100% covered in the

future.

IMPORTANT NOTE

This summary is intended to highlight the key risks of the Cash Retirement Account. It is not intended to be a comprehensivedescription of the product and should be read in conjunction with the Customer Guide and Key Features of the Cash RetirementAccount. You should not take, or refrain from taking, any action based on this information. This information is not advice and ifyou are unsure about the suitability of an investment, you should seek Independent Financial Advice. 8

The Cash Retirement Account - Why you can trust Assured Retirement and how is your cashprotected

- The four Directors of Assured Retirement have only ever worked in Financial Services and collectively, have more than 150 yearsFinancial Services experience.

- Assured Retirement do not handle client money - all payments into and out of the Cash Retirement Account are handled byIntelligent money Trustees Ltd, a non-trading trustee company who is the Trustee of the Cash Retirement Account SIPP andwhose assets are ring-fenced from the assets of both Intelligent Money and Assured Retirement.

- Assured Retirement has no external debt or external shareholders. The business is owned by it’s management and has beendeveloped and launched using capital supplied solely by the four Directors. We believe this shows real commitment to themarket.

- Assured Retirement is an unlisted company and has no financial institutional shareholders. As such, it is truly independent.

- Assured Retirement have developed the product, processes, website, quote engine and on-line application specifically for thenew pension freedom era without the constraints of any legacy considerations. We believe this means that we can operate muchmore efficiently than larger established providers.

- Intelligent Money have been successfully operating SIPPs for over a decade and have a SIPP 5 star rating from Defaqto.

- Intelligent Money are FCA regulated and all client money accounts are operated on the basis of a separate account for eachindividual client that is also ring-fenced from all other individual clients.

- Your money is only invested in cash deposits so you know at outset exactly what benefits will be provided.

- All investments within the Cash Retirement Account are designated in the name of the individual member.

- The product ensures a maximum exposure up to current FSCS limits, including future interest to be earned, with any singlefinancial institution. In this way, both the original investment as well as interest to be earned, is always protected by the FSCS.

- Our institutional panel only includes institutions who are participants in UK Financial Services Compensation Scheme. We haveexcluded any institutions that rely on the Jersey, Guernsey, Isle of Man or European Union protection schemes on the basis that,in a worst case scenario, if an institution were to default, these schemes would be less robust than the UK FSCS.

- The exception to this is National Savings and Investments (NS&I) who operate outside of the FSCS protection arrangements.NS&I is an Executive Agency of the Chancellor of the Exchequer and any money invested with them will be 100% secure asthey are backed by HM Treasury, with no overall limit on how much is guaranteed.

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About Intelligent MoneyIntelligent Money are the Trustee and the Operator of the Cash Retirement Account, our registered SIPP. With nearly a decade ofSIPP administration experience, they are the largest intermediary only SIPP provider in the UK and have been awarded a SIPP FiveStar rating by Defaqto, the highest rating possible. Intelligent Money are an FCA authorised and regulated Investment ManagementFirm whose current sole business activity is that of a SIPP and Personal Pension Provider, Operator and Trustee.

Brief company background and historyThe company was established in 2002 under the Pension Wise brand and re-branded and launched under the Intelligent Moneybrand in 2003. In 2006 they made their first SIPP acquisition. In the intervening years they have established a growing new book ofSIPP business by offering a low cost alternative to the large SIPP providers backed by a first class administration team.

In March 2012 they were selected to take over the SIPP book of BNP Paribas. Their core products are available through a widechoice of platforms and discretionary fund managers. Examples of providers they are established on and working with includeAscentric, Elevate, Cofunds, ICON, Fundsnetwork, Novia, Parmenion, Seven IM, Succession, Towergate Wealth Platform and TruePotential.

Intelligent Money is headed by Julian Penniston-Hill their CEO and major shareholder. There are in addition 4 other directors whohead up the following departments or functions:

Marcus Waldram - OperationsChris Sutton - Managing DirectorIan Stewart - ComplianceJeff Penniston - Finance

Corporate governance is overseen by the board of five directors who have between them nearly 100 years of industry experience.The Directors meet daily and work directly with their SIPP administrators. They also have weekly meetings of the ManagementCommittee in which all Directors and the department managers are included. This enables them to react very rapidly to any changes incircumstances, personnel or regulation.

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About Intelligent Money - Financial and Regulatory InformationRegistration numbers with regulatory bodies:The Financial Conduct Authority – 219473.HM Revenue and Customs – 00777126RN.VAT – 898186355.Details of professional indemnity insurance:Insurer – Dual Corporate Risks LimitedPeriod of Insurance – 23.07.2016 to 24.07.2017.Limit of Indemnity £1,750,000 each Claim or Loss, Excess £7,500.Any FCA actions taken against the company or any of its employees/agentsNoneScope of Regulatory PermissionsAuthorised to establish, operate and wind up pension schemes and to be able to hold client money in respect of those schemes.All Clients are treated as Retail.Regulatory Capital requirement and how this requirement is metCapital Adequacy Requirement is appropriate to that of an Investment Management Firm, which is significantly more onerousthan that of adviser firms. Intelligent Money retain capital adequacy levels equal to 13/52ths (one quarter) of their fixedoutgoings. These are reported to the FCA via the Gabriel system on a quarterly basis.Client Money PolicyAll client money is held in individually ring-fenced accounts. Not only are the client money bank accounts completely segregatedfrom their own bank accounts – with statements from their bankers of such – but each individual client money account issegregated from the others. Reconciliation of client monies is therefore done at an individual client level and each client’s cash bankholdings is reconciled in its own sub account within a ring-fenced client money account which Intelligent Money are authorised bythe FCA to hold on behalf of clients. This approach is the most efficient way of ensuring compliance with CASS rules and differsdramatically with the policies of other SIPP administrators.

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About our institutional panel - Metro BankMetro Bank is Britain’s first new High Street bank in over 100 years. They offer banking focused on the customer throughunparalleled levels of service and convenience. On 10 March 2016, Metro Bank successfully publicly listed on the London StockExchange. Metro Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority andthe Prudential Regulation Authority.

Financial highlights for the year ending 31 December 2016 included:

• Total deposits grew 56% to £7,951 million.

• Lending to business and personal customers grew 66% to £5,865 million.

• Total assets were £6,151 million, up from £3,663 million at 31 December 2014; an increase of 68% year on year.

• Common Equity Tier 1 ratio (the standard measure of capital strength) at 18.1%.

• Loan to deposit ratio increased to 74%.

Are your deposits protected?

Metro Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors ifMetro Bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - arecovered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates tothe combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not toeach separate account.

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About our institutional panel - Scottish Widows Bank Plc

Scottish Widows Bank Plc is a UK-based banking provider, incorporated in 1994 and headquartered in Edinburgh. It provides range ofdeposit accounts and mortgages to personal and professional customers and operates as a wholly owned subsidiary of Lloyds BankingGroup.

The bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PrudentialRegulation Authority.

Financial highlights for the year ending 31 December 2016 (Lloyds Banking Group) include:

●  Underlying profit  £7,900m

●  Statutory profit before tax  £4,200m

●  Common Equity tier 1 ratio  13.8%

●  Leverage ratio  5.0%

As at 1 January 2017, the Lloyds Banking Group has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: A+

Moody’s Credit Ratings, Long Term Rating: Baa1

Standard and Poors, Long Term Rating: BBB+

Are your deposits protected?Scottish Widows Bank Plc is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation todepositors if Scottish Widows Bank Plc is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limitrelates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, andnot to each separate account. 13

About our institutional panel - National Savings and InvestmentsNS&I (National Savings and Investments) has been looking after the nation’s finances for over 150 years.

In 1861, the Palmerston government set up the Post Office Savings Bank – a simple savings scheme aiming to encourage ordinarywage earners to “provide for themselves against adversity and ill health”. It separated from the Post Office in 1969, becomingNational Savings. In 1996, it became an Executive Agency of the Chancellor of the Exchequer.

NS&I is now one of the largest savings organisations in the UK, with over 25 million customers and more than £123 billioninvested. They are best known for Premium Bonds, but also offer a range of other savings and investments, including DirectSaver and Children’s Bonds. All products offer 100% security, because NS&I is backed by HM Treasury.

The money invested in NS&I products is used by HM Treasury to cost-effectively manage the national debt by contributing to thegovernment’s financing needs.

In 2014, NS&I gained Contact Centre Association (CCA) Global Standard© V5 accreditation, a respected independent customerservice standard, widely used by other organisations with a large contact centre operation. Accreditation was maintained in 2015.

NS&I offer a range of savings and investments to suit different people at different stages of their life. Included in the productrange are a number of tax-free products, some of which can be held in trust and in SIPPs or SSASs.

Are you deposits protected?National Savings and Investments (NS&I) is an Executive Agency of the Chancellor of the Exchequer and any money invested withthem will be 100% secure as they are backed by HM Treasury, with no overall limit on how much is guaranteed.

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About our institutional panel - Cater Allen Private BankCater Allen Private Bank was founded in 1815 and is based in London. It operates as a wholly owned subsidiary of Santander UKPlc which is part of the Santander Group, one of the 10 largest banks in the world.

Cater Allen Private Bank has its own banking licence and is one of the leading specialist banks for intermediaries in the UK with alegacy of working closely with professional advisers and financial intermediaries.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PrudentialRegulation Authority.Highlights for the year ending 31 December 2016 (Santander UK Plc) include:●  Pre‐tax profit rose by 43% to  £1,914m●  14m active customers●  New gross mortgage lending £25,800m●  Lending to UK companies £27,400m● Common Equity tier 1 ratio 11.6%

As at 31 December 2016, Santander UK Plc has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: A

Moody’s Credit Ratings, Long Term Rating: Aa3

Standard and Poors, Long Term Rating: A

Are your deposits protected?Cater Allen Private Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation todepositors if Cater Allen Private Bank is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account,and not to each separate account. 15

About our institutional panel - State Bank of IndiaState Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees.The Government of India itself is the largest shareholder of this Fortune 500 company, with 58.6% ownership, and SBI was ranked 152 Inthe Forbes list of Global 2000 firms in May 2015.

Authorised and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the Financial ConductAuthority (FCA) and limited regulation by the Prudential Regulation Authority.

In 1806, the Bank of Calcutta (later the Bank of Bengal) was founded and, in 1921, it merged with the banks of Madras and Bombay toform the Imperial Bank of India. In 1955, SBI was created by an act of Parliament in India to succeed the Imperial Bank of India.

The group has 191 offices in 36 countries across the world. As of 31 March 2015, the group had assets worth USD 432 billion, deposits ofUSD 328 billion and capital & reserves in excess of USD 25.82 billion. The group commands over 22% share of the domestic Indian bankingmarket. The bank’s non-banking subsidiaries and joint ventures are market-leaders in key sectors, such as life insurance, merchantbanking, mutual funds, credit cards, factoring services, security trading and primary dealership.

As at 31 March 2016, State Bank of India has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: BBB-

Moody’s Credit Ratings, Long Term Rating: Baa3

Capital Intelligence, Long Term Rating: BBB-

Standard and Poors, Long Term Rating: BBB-

Are your deposits protected?State Bank of India is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors ifState Bank of India is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - arecovered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates to thecombined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not to eachseparate account.

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About our institutional panel - Punjab National BankPunjab National Bank (International) Limited is the wholly owned UK subsidiary of Punjab National Bank, India’s third largest bankfounded in 1891 and having more than 78 million customers and a network of over 6,600 branches. Punjab National Bank is basedin New Delhi, India and also has branches in Hong Kong, Dubai and Kabul and representative offices in Shanghai, Oslo and Sydney.

Punjab National Bank (International) is authorised by the Prudential Regulation Authority and regulated by the Financial ConductAuthority and the Prudential Regulation Authority.

Punjab National Bank has more than 62,000 employees. The Government of India is the bank’s largest shareholder with a holdingof 59.86% as at 31 December 2015.

As at 31 March 2016, Punjab National Bank has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: BBB-

Moody’s Credit Ratings, Long Term Rating: Baa3

Capital Intelligence, Long Term Rating: BBB-

Are your deposits protected?Punjab National Bank (International) is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can paycompensation to depositors if the bank is unable to meet its financial obligations. Most depositors - including most individuals andsmall businesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The£85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of anyjoint account, and not to each separate account.

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About our institutional panel - Bank of Baroda

Bank of Baroda were founded in 1908 and are India’s leading Public Sector Bank with a network of over 5,270 branches and aglobal presence of 96 overseas branches spanning 25 countries that includes the UK, where they have been serving customerssince 1957.

The Government of India is the bank’s largest shareholder with 57% ownership.

Authorised and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the Financial ConductAuthority (FCA) and limited regulation by the Prudential Regulation Authority.

As at 31 March 2016, Bank of Baroda has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: BBB-

Moody’s Credit Ratings, Long Term Rating: Baa3

Capital Intelligence, Long Term Rating: BBB-

Are your deposits protected?Bank of Baroda is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors ifBank of Baroda is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - arecovered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relatesto the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and notto each separate account.

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About our institutional panel - Close Brothers TreasuryClose Brothers Treasury is a trading style of Close Brothers Limited, a subsidiary of Close Brothers Group Plc. Close BrothersLimited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PrudentialRegulation Authority.

Close Brothers is a leading merchant banking group, providing lending, deposit taking, wealth management services, and securitiestrading. They employ 2,900 people, principally in the UK, and are listed on the London Stock Exchange and a member of the FTSE250.

Financial highlights for the year ending 31 July 2016 include:

Operating profit before tax from continuing operations £233.6mCommon equity tier 1 ratio 13.50%Total lending to small businesses and individuals £6.4bnTotal assets £9.9bn

As at 31 July 2016, Close Brothers Limited has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: A

Moody’s Credit Ratings, Long Term Rating: Aa3

Are your deposits protected?Close Brothers Limited is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositorsif Close Brothers Limited is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses- are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account,and not to each separate account.

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About our institutional panel - Hodge BankIn banking terms, Hodge Bank is a young institution having obtained authorised status under the Banking Act as recently as 1987.But that event belies the group's pedigree in that it was nurtured from the same stable that created Chartered Trust plc and Bankof Wales plc.

All three institutions were founded by Sir Julian Hodge whose activities since the 1950's are widely acknowledged as having been thecatalyst behind the development of the dynamic financial services sector that now exists in South Wales. The two earlier banks setup by Sir Julian are now owned by major public companies, but Hodge Bank remains an independent family controlled companyand therein lies the key to its culture and philosophy that sets it apart from many other financial institutions.

Prior to the formation of the bank itself, the group which had traded since the 1970's under the Carlyle name had successfullydeveloped a number of financial services companies which have been brought together under the umbrella of Hodge Bank. Thegroup has, since those early days, pursued a policy of cautious and controlled development, always with a view to the long-termand without the need to adopt short-term strategies often associated with public companies.

Financial highlights for the year ending 31 October 2016 include:

●  Pre­tax profit £22.80m● Total assets £1316.80m● Common equity tier 1 ratio 19.1%● Loans and advances to customers £706.90m● Customer deposits £991.70m

Julian Hodge Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority andthe Prudential Regulation Authority.

Are your deposits protected?Hodge Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositorsif Hodge Bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses- arecovered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates tothe combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not toeach separate account.

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About our institutional panel - Investec Bank plc

Investec (comprising Investec Limited and Investec plc) is an international, specialist bank and asset manager which provides adiverse range of financial products and services to a niche client base in three principal markets – the UK and Europe, South Africaand Asia/Australia as well as certain other countries. Investec Bank plc is the main banking subsidiary of Investec plc. Investec Bankplc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PrudentialRegulation Authority.

Investec is organised as a network of three business divisions: Asset Management, Wealth & Investment andSpecialist Banking.

Financial highlights for Investec Bank plc for the 12 months ending 31 March 2016 include:

● Operating profit on ordinary activities before taxation £230.6m● Total assets £18,335m● Common equity tier 1 ratio 11.90%● Cash and near cash balances £5,046m● Third party assets under management £30,104m

As at 31 December 2016, Investec Bank plc has independent credit ratings of:

Fitch Ratings Ltd, Long Term Rating: BBB

Moody’s Credit Ratings, Long Term Rating: A2

Are your deposits protected?Investec Bank plc is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositorsif Investec Bank plc is unable to meet its financial obligations. Most depositors - including most individuals and small businesses-are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relatesto the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, andnot to each separate account. 21

About our institutional panel - United Trust Bank

United Trust Bank is an established, specialist lender providing a wide range of secured funding facilities for individuals andbusinesses and competitive deposit accounts for individuals, businesses and charities. United Trust Bank was founded in 1955 andthe management team has a long history of working together. They employ highly experienced people throughout the bank, and aflat management structure minimises bureaucracy, encourages flexibility and enables quick decision making.

As at 31 December 2016, loans to customers stood at £617m (FY 2015: £434m), customer deposits totalled £665m (FY 2015:£476m) and the Operating profit was £22.5m (FY 2015: £16.8m).

Financial highlights for United Trust Bank for the 12 months ending 31 December 2016 include:

● Operating profit up 34% to £22.5m (2015: £16.8m)

● Operating income increased by 29.1% to £40.8m (2015: £31.6m)

● Underlying cost/income ratio further improved to 44.8% (2015: 46.9%) demonstrating scale benefits and cost control

● Underlying return on equity of 28.8% (2015: 32.0%)

● Loan growth of 42.2% to £617m (31 December 2015: £434m)

The Bank maintains a strong capital position, with a total capital ratio of 14.1% and CET 1 capital ratio of 10.3% as at 31December 2016.

Are your deposits protected?United Trust Bank is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation todepositors if the bank is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses- are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any jointaccount, and not to each separate account.

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About our institutional panel - Aldermore Bank plc

Aldermore is a specialist bank and member of the FTSE 250, offering straightforward products to Small and Medium-sizedEnterprises (SMEs), homeowners, landlords and savers, who we believe are often poorly, or under-served, by the wider market.

Established in 2009, the Bank has grown significantly and now has 900 employees and over 220,000 customers. As at 31 December2016, loans to customers stood at £7.5bn (FY 2015: £6.1bn), customer deposits totalled £6.7bn (FY 2015: £5.7bn) and the totalcapital ratio was 15.6%.

Financial highlights for Aldermore Group plc for the 12 months ending 31 December 2016 include:

● Underlying profit before tax up 34% to £133m (2015: £99m)

● Reported profit before tax increased by 36% to £129m (2015: £95m)

● Underlying cost/income ratio further improved to 45% (2015: 51%) demonstrating scale benefits and cost control

● Underlying return on equity of 18.0% (2015: 20.6%)

● Loan growth of 22% to £7.5bn (31 December 2015: £6.1bn)

● Strong net interest margin at 3.5% (2015: 3.6%)

The Bank maintains a strong capital position, with a total capital ratio of 15.6% and CET 1 capital ratio of 11.5% as at 31December 2016. Aldermore’s leverage ratio remains strong at 7.0%.

Are your deposits protected?Aldermore Bank plc is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation todepositors if Aldermore Bank plc is unable to meet its financial obligations. Most depositors - including most individuals and smallbusinesses- are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any jointaccount, and not to each separate account.

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Additional information - The Financial Services Compensation SchemeIf one or more of the financial institutions on our panel are unable to meet their financial obligations, compensation may be availablefrom the Financial Services Compensation Scheme (FSCS).

The FSCS can pay compensation if a firm is unable to meet its financial obligations.

In respect of deposits, the maximum amount that may be claimed is £85,000. The £85,000 limit relates to the combined amount ofall eligible deposits, per investor, per authorised firm.

The deposit limit is set in line with Deposit Guarantee Schemes Directive, which sets the FSCS coverage limit at the sterlingequivalent of €100,000. The Prudential Regulatory Authority is required to review the deposit protection limit every five years. Thenext review is likely to be July 2020 and come into effect from 01 January 2021.

The Cash Retirement Account is arranged and managed so that individual members are the beneficial owners of the depositaccounts held within their accounts. Intelligent Money Trustees, as Trustee of the Cash Retirement Account SIPP ensure thateach individual investment is designated in the name of each individual member.

In the event that any of the institutions on our panel failed, then Intelligent Money Trustees, as Trustee and of the Cash RetirementAccount, would submit a claim to the FSCS on behalf of all affected individual beneficial owners.

Please be aware that the limits above are the maximum payable for each individual, with a single financial institution. This meansthat money invested within a Cash Retirement Account, would be added to any money held directly by the same individual in afailed institution and no more than £85,000 for deposits would be paid in compensation to the individual concerned.

National Savings & Investments (NS&I) is not a member of the Financial Services Compensation Scheme (FSCS) but NS&I is an ExecutiveAgency of the Chancellor of the Exchequer and any money invested with NS&I will be 100% secure as they are backed by HM Treasurywith no overall limit on how much is guaranteed.

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Contact details

Assured Retirement Limited

Web: www.assuredretirement.co.uk

Tel: 0117 284 4013

Email: enquiries@assuredretirement.co.uk

Address: Redland House, 157 Redland Road, Bristol, BS6 6YE

Assured Retirement Limited is authorised and regulated by the Financial Conduct Authority.

Registered under Financial Services Firm Registration Number 651421.

Registered and incorporated in England and Wales, Companies House registration number 09265346.

Registered office is 23 Westfield Park, Redland, Bristol, BS6 6LT.

Important Note.

You should not take, or refrain from taking, any action based on the enclosed information. This information is not advice and if you are unsure aboutthe suitability of an investment, you should seek Independent Financial Advice.

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