I am glad I did a watch strap was fitted by Mark who kindly adjusted the battery which had moved. Excellent service. I have been using the Phoenix Watch Company for a few years. They have changed straps on watches, replaced batteries, rebuild my damaged TAG and recently fixed a minor fault with my second hand at no cost. This shop is a Jewel ran by a really experienced team. I have recommended the shop to friends and family. Absolutely amazing service.
Guys in the shop were extremely friendly. These guys assessed the fault quickly and fixed the clasp for peanuts. Thank you! Amazing service. Would highly recommend.
Had a small issue with my tag watch. Phoenix did it whilst I waited at a fraction of the cost. Watch now works perfectly and no longer loosing time. Will definitely be getting Steven to look after my watches going forward. Thanks for a great job. Top quality and fast service. They sorted out my watch for a good price. Told my mates to go here and they had the same great experience.
Great service and very reasonable prices. Went to get a replacement strap and see if anything could be done about some condensation in the watch and only got charged for the strap even though they fixed the other problem too. Managed to drop it off and pick up in the same afternoon. Twice I have visited with a valuable watch requiring what I expected to cost in the region of several hundred pounds. On both occasions the staff have cheerfully fixed it whilst I was in the shop and given useful advice and tips.
The recent visit involved the removal of the back, locating the fault - an unseated screw and resealing There is no catch, these people deserve the very highest praise - Thank you! Called into Phoenix watch repairs yesterday. Received excellent, friendly service. My husbands watch was fixed within a couple of minutes. Would definitely recommend and use again in the future.
Fantastic service from Phoenix. Visited in the hope they could maybe help me out renewing a watch strap that no other company could do and i was not disappointed. So much so, that I recommended them straight away to a friend, who has already called in and had their watch fixed. Took no time at all. Friendly, affordable and would not hesitate to recommend to anyone who needs their services. Went to have links removed on my day old watch as o was directed to their store by a proper jewellers.
As I got there I was greeted by a man who was more than happy to reduce my watch size. After reluctantly giving them my watch I heard loud tapping noises and what sounded like a hammer and they returned my watch and links and it fitted better than before. Upon inspection pins had not been replaced properly and numerous fine scratches had appeared around the clasp area of the watch where links had been removed. As a family we have 30 watches and have been using Pheonix for service and repair for many years, first class service.
Great service. Professional and trustworthy staff. Delighted with my husbands watch which was repaired and serviced in time for Christmas. Thank you. Steven is a knowledgeable man who is talented and extremely helpful. Has helped me several times with my watches.
Great shop with excellent staff who know what theyre doing and have great prices! Lovely people and always rely on great service would definitely recommend coming here for any horological help. The service was really fast and the staff very kind and helpful. I just walked in and asked and they helped me free of charge my second hand had fallen out of place. Would recommend strongly. Absolutely wonderful service. Was over quoted in other stores but these guys fixed my watch at a tenth of the price.
Really friendly guys, I recommend everyone use these for their watch repairs! I was delighted with the service I received today. The people that work there were so friendly and helpful. Apparently my watch had only a very small issue which they were kind enough to fix for free. Will definitely be back when any of my watches need attention or batteries. Ive had it for twenty years. I havent been able to wear it recently because two stones fell from the face.
It was too obvious and noticeable. I thought Id never be able to wear it again. They did my watch within the hour and I walked out with it on my wrist.
The prices are really reasonable and the service is fantastic. The staff are all very experienced, so if you have a treasured watch that needs a repair clean or just a battery take it to Phoenix.
They will defiantly be able to help you. They are watch specialists. Im so happy I found this place. Very good and competitively priced watch battery replacements and resealing service, highly recommended. My wife and I have used the Phoenix Watch Company over a number of years for replacement batteries, repairs, servicing my Omega Seamaster De Ville and more recently they sourced a replacement Genuine Omega buckle for my watch watch.
They are a pleasure to deal with. Have to say I was completely blown away by the outstanding service and cheery nature of the gentlemen at Phoenix! So had remained unused but not unloved in my bedroom drawer for quite some time.
These lovely guys at Phoenix were beyond fabulous, asked if I could wait whilst Mark had a look. Thank you Phoenix. Would highly recommend you. Customers are at the heart of what we do. We aim to provide a responsible, fair and helpful service to our customers. If something goes wrong, we want to rectify it as quickly as possible, keeping our customer informed as we do. Your feedback is important and can be given at any time by e-mailing our Group Chief Executive; Andy Briggs.
To request an employment reference or make another employment enquiry, please contact our Employee Lifecycle team. Some of our with-profits funds do not invest in company shares or property. For more information on our with-profits investment approaches, see the information leaflets and guides in the with-profits section. If you have any questions about our investment approach, please contact us. If you have a mortgage endowment policy with us, we will send you regular updates to let you know if your endowment is on track to repay your mortgage or if we anticipate there may be a shortfall.
It is important that you check how your policy is performing each time you receive an update. Investments will do better in some years than others, so the situation can change from one update to the next. We can provide updates for you at any time. Please contact us if you would like one.
More information on mortgage endowments is available from the FCA website. It is commonly used to assist with the repayment of mortgage loans, particularly where you make monthly interest-only payments to the mortgage lender. The aim of a low cost endowment is to provide a lump sum, either when the policy matures, or upon the death of the life, or one of the lives, assured.
The lump sum is used to repay part, or all, of your outstanding mortgage loan, dependent on the balance outstanding on the mortgage loan when the policy matures, or earlier, if the life, or the other lives, assured die during the term.
Are payments guaranteed? It does not guarantee to repay your mortgage either at maturity or in the event of a death claim. With a with-profits low cost endowment, the sum insured under the term insurance element goes down each year and, alongside this, the endowment element has the potential to increase through the addition of such annual bonuses as are declared, in relation to the policy, throughout its term. If the life assured, or one of the lives assured, dies during the term of the policy, a guaranteed minimum death benefit is paid that can be used to repay part, or all, of the outstanding mortgage loan, dependent on the balance then outstanding and due.
When it matures, the policy pays out the endowment sum assured and any declared annual, and final, bonuses, which can be used to repay part, or all, of the outstanding mortgage loan, dependent on the balance outstanding at that time. If investment returns have been sufficiently high, throughout the term, as to enable bonuses to be declared, there is the potential to produce an additional amount, on top of the originally identified target maturity value.
However, if investment returns have not been sufficiently high, it is possible that no bonuses will have been declared, meaning that there would be no additional amount payable. Low investment returns could also lead to a shortfall when your policy matures and you may need to find another means of paying off your mortgage loan.
I have been advised there may be a shortfall on my policy and that it may not meet the target maturity value identified when I took out this policy. Why is this? Unfortunately, in recent years, the bonuses that have been declared on policies have been lower than was previously the case and, even if a final terminal bonus is included, the maturity value is now often less than the target maturity value, if any, identified when the policy was taken out.
This is mainly due to lower levels of investment returns in recent years, compared with the past when the UK had much higher levels of inflation and interest rates. This has led to actual and predicted shortfalls against many target maturity values. For the same reasons, most life companies are predicting some shortfalls on these types of policy, maturing now or in the future.
The same economic factors that have caused the shortfalls are also partly responsible for the increases in domestic property values over the term of the policy.
So, while there is a risk that the maturity value of your policy will be less than the target maturity value identified when you took the policy out, the shortfall is likely to be lower than the increase in the value of the property over the same period of time. A low cost endowment is so called because the sum assured, and as a consequence the monthly premiums, are lower than for a full endowment which has a sum assured equal to the target maturity value identified when the policy was taken out, and which guarantees to pay the target value at maturity.
A non-profit endowment guarantees to pay the sum assured only. A with-profits endowment guarantees to pay the sum assured plus any additional, and final, bonuses declared over the term. This section gives our with-profits policyholders a general explanation of how bonuses work. For most with-profits funds and products we may add two types of bonus. These are an annual bonus and a final bonus. For other products, we may add only annual bonuses, or bonuses in the form of declared returns or rates of interest.
However, because one policy can differ from another, please take a look at your latest annual statement for more specific information. This came into force from 25th May and replaced the Data Protection Act General insurance can include home, contents, motor, travel, unemployment and accident and sickness cover. Gilts are bonds that are issued by the British government, and they are generally considered low-risk investments.
The name originates from the original certificates, issued by the British government, which had gilded edges. The yield income on Gilts is one of the factors used to set the basis amount for capped drawdown pensions. When reviewing a capped drawdown pension, one of the factors used in calculating the maximum pension allowable is extracted from a set of tables calculated by GAD. If it does, and you can choose to take a guaranteed income for life an annuity , you are entitled to the guaranteed rate.
It is important to check whether you have a GAO and how it operates as this may give you a higher income than you can get from another provider. If it does, and you choose to take a guaranteed income for life an annuity from your pension policy, you are entitled to the guaranteed rate.
It is important to check whether you have a GAR and how it operates as this may give you a higher income than you can get from another provider. Once a bonus has been added to a with-profits policy it is guaranteed to be paid at the end of the policy, so long as all the premiums due under the policy are paid. It also refers to where bonus rates are guaranteed to be fixed or at least a minimum amount. The minimum amount to be paid when a policyholder with a with-profits policy retires or dies, so long as all the premiums due under the policy are paid.
A hybrid product that combines a guaranteed income for life with the features of a flexible retirement income product. A policy where you can invest a lump sum for a fixed term typically 3 to 5 years usually with a guaranteed minimum return. A policy where you can invest a lump sum for a fixed term typically 3 to 5 years usually with a guaranteed income of a specified amount for the length of the term.
A fixed term stock market linked investment with a built-in guarantee to return at least the original investment if held to maturity. This offers investors the chance to share in stock market growth potential without risking their original investment. The minimum amount a policy will pay out if the policyholder dies during the term of the policy, as long as they make all the payments due. These are exclusive funds with a high minimum investment level and are generally not open to the general public.
They are unregulated and exempt from many of the rules surrounding a collective investment. This allows them to follow aggressive investment strategies that are unavailable to Financial Conduct Authority authorised funds. While some hedge funds operate a conservative strategy, others take risky positions on market and share movement. Visit the HMRC website. Products that combine features of a guaranteed income and a flexible retirement income product to provide a retirement income.
The amount you actually get back may be higher or lower than the illustration, depending on the investment returns and the period invested. If you smoke, have high blood pressure, are on prescribed medication or have a medical condition, you may be eligible for an 'enhanced' guaranteed income also known as an 'enhanced', 'lifestyle' or 'underwritten' annuity.
This type of insurance policy pays out if you're unable to work because of injury or illness. It will usually pay out until your retirement, death or your return to work.
Full details are given in the policy terms and conditions. The tax you pay on your income each tax year. The amount of tax you pay depends on the amount of money you earn and receive from your investments and savings and on your individual tax allowances.
The only type of financial adviser who can choose from all the products available on the whole of the market. An investment fund that follows a selected market index, for example the FTSE index. The value of the investment will go up and down in line with the index that it is based on. There are no guarantees. An increase to annuity payments, pension benefits or premiums you pay, linked to a government index typically the Consumer Price Index or Retail Prices Index.
The purpose of index-linking is to attempt to protect you against rising costs as a result of inflation. You will not lose Individual Protection by making further savings in to your pension scheme, but any pension savings in excess of your protected lifetime allowance will be subject to a lifetime allowance charge. ISAs are tax-efficient savings and investment accounts. You do not pay income tax on the interest or dividends you receive from an ISA and any profits from investments are free of Capital Gains Tax.
There are limits on the amount you can invest in ISAs in each tax year. The increase in the general level of prices of goods and services meaning that the same amount of money will buy less in the future than it does today. Also known as Capital Units.
Initial units have extra charges to cover the selling and set-up costs for the policy. A financial intermediary is someone, such as an independent financial adviser, who arranges or organises a financial product or service for you. A life assurance product that provides life cover for more than one person and pays benefits either on the first or second death. A record of the registered owner of land and of whether there are any mortgages or other restrictions affecting it. The record is held by the Land Registry.
The policy will normally have some cash in value. Full details of what happens when policyholders stop paying premiums are given in the policy terms and conditions. The simplest type of life assurance. If you die during the time you are covered, it pays out a specified sum of money. The premiums stay the same throughout the term. There is normally no cash surrender value. If you have a policy that provides life cover, the policy will pay out a sum of money if the life assured on the policy dies.
The total amount you can save into pensions in your lifetime while still getting tax relief. If you go over the allowance you will pay a tax charge on the excess when you draw out your savings as cash or pension. If taking it as income you will also pay tax on it at your usual Income Tax rate.
If you die leaving untouched pension savings that exceed the Lifetime allowance — and they have not already been assessed against it — then your nominated beneficiary will be liable for the extra tax charges on the amount that exceeds the Lifetime allowance. This applies whether you die before or after age Pots can normally pass tax-free to nominated beneficiaries if you die before age A retirement income product that guarantees a regular income for the rest of your life.
The income may stay level, be linked to inflation or rise gradually at set rates, depending on which features you choose. Includes the option to provide for a dependant for life after you die in return for a lower income.
This is a pricing index used when calculating increases to certain pensions either in payment or deferment. A savings product that always includes life assurance. It pays out a fixed amount, known as the sum assured, plus any bonuses at the end of a fixed term. It is designed to help pay off the capital of an interest only mortgage but doesn't guarantee to do so. The amount payable if you die during the term is normally sufficient to pay off the mortgage covered. For unitised with-profits policies, we may apply a market value adjustment MVA if you decide to cash-in your policy or start taking pension benefits early, transfer it to another company or switch it from the unitised with-profits fund into another investment fund.
Full details of when an MVA may apply are given in your policy terms and conditions. The MVA is the amount by which the cash-in value is less than the fund value. It is used to help ensure that policyholders who cash in some or all of their with-profits investments before the end of their policy term do not disadvantage the policyholders remaining in the fund.
MVAs are not normally applied when the policy is due to end, if you retire at your chosen retirement date or if you die during the term. For unitised with-profits bonds, there may also be guaranteed dates where we guarantee not to apply a MVA if you cash-in your policy.
For unitised with-profits policies, we may apply a market value reduction MVR if you decide to cash-in your policy or start taking pension benefits early, transfer it to another company or switch it from the unitised with-profits fund into another investment fund.
Full details of when an MVR may apply are given in your policy terms and conditions. The MVR is the amount by which the cash-in value is less than the fund value. MVRs are not normally applied when the policy is due to end, if you retire at your chosen retirement date or if you die during the term. For unitised with-profits bonds, there may also be guaranteed dates where we guarantee not to apply a MVR if you cash-in your policy. This is when the policy has reached the set number of years originally agreed.
For pension policies, the maturity date is usually called the selected retirement date. This is sometimes known as an annual, final or terminal bonus. Also known as 'defined contribution' pension schemes.
The maximum amount that can be paid in one year to your defined contribution pension savings and still get tax relief if you have already taken money out of any pension pot as cash in one go or as smaller lump sums , or once you have started taking income from a flexible retirement income product or from a lifetime annuity which could decrease such as an investment-linked annuity.
It does not apply if you have only used some or all of your pension pot to buy a lifetime annuity. The MPAA is also triggered for payments from a pre-April capped drawdown plan that exceeds the cap and in certain other limited circumstances. If you exceed the MPAA a tax charge is made which claws back any tax relief that was given at source. The MPAA limit does not apply to other pension savings. The legal document you sign giving the lender the legal right to use your property as security for a mortgage.
A type of endowment policy usually linked to an interest only mortgage. The benefits are used to pay off some or all of the mortgage at the end of the term. You pay National Insurance contributions to qualify for certain benefits and the State Pension. You pay National Insurance if you are 16 or over and earn, or make a profit if you are self-employed, over a minimum amount.
Before April , if you contracted out of the State Second Pension S2P into a money purchase appropriate personal pension plan, part of the national insurance contributions paid by you and your employer to fund S2P was refunded and paid into your pension plan. Since April , individuals in these plans have been contracted back in and accumulated S2P up to April Contracting out through a defined benefit scheme ceased in April This includes looking after the value of any unclaimed life assurance policies.
For more information, visit www. This is called the Personal Savings Allowance. Your next of kin is your closest relative, usually a spouse or registered civil partner, but if no such person exists, may be a blood relative i. A person, named by a policyholder, as someone they would like to receive benefits from a policy following their death.
There may be an additional cost to maintaining a policy in this way, and it may only be able to continue for a limited time or while there is still a surrender value. Sometimes the unpaid premiums are expressed as a 'loaned' amount.
The benefits built up in a money purchase pension scheme from contributions made by the policyholder or their employer. As a result a chargeable event will normally arise when the proceeds are paid.
This is the assumed retirement date we use when we set up a pension policy for an occupational pension scheme this will be set in the scheme rules. An individual who is authorised to swear oaths, certify the execution of deeds and who can authenticate signatures, documents and facts with such authentication being relied upon. A pension scheme set up by an employer for its employees. It usually provides life insurance as well as pension benefits.
The pension it pays out can be based on a proportion of the employee's final salary , or on the amount paid in, together with investment growth see money purchase. An ombudsman is an independent person or organisation that can help settle some disputes between an organisation and their customers. If you purchased your policy in the Republic of Ireland, our useful ombudsman selection tool will help you identify the right ombudsman to contact. A collective investment vehicle in company form.
They provide a way for individual investors to pool their money and invest in a broad selection of shares from a range of other companies, with the aim of reducing the risks of investing in individual shares.
Whatever you decide to do with your pension pot you don't have to stay with your current pension provider. You can use the 'open market option' to shop around for the best product to suit you. However, if you used to make weekly payments to a collector, you have an 'Industrial Branch' policy.
As a result two annuities may be paid until the end of the guaranteed period. For some types of policy such as endowment policies and pensions , if you stop paying your regular premiums, the policy may have a reduced value that will be paid either when you die or at the end of the policy term, whichever is earlier.
The amount of tax-free lump sum available to you when you start taking your pension benefits at your selected retirement date. When the liabilities of an occupational pension scheme are greater than the assets. The actual, or deemed, amount of pension savings made in a pension input period. For a money purchase pension scheme , it is the total of the contributions paid.
For many pension schemes, the PIP was aligned with the tax year, so it ran from each 6 April to the following 5 April. From April all arrangements have a pension input period aligned with the tax year. Pensions lifestyling is when pension savings are gradually moved out of higher risk funds investing in assets such as shares into lower risk funds such as cash. The aim is to reduce the impact of short term falls in the value of pension savings in the run up to the chosen pension date.
A type of Money purchase pension scheme which offers a tax efficient way to save for retirement. The legal owner of a plan or policy. The legal owner of a policy. A person who has the authority to make decisions surrounding assets or property on behalf of another party. An option to help protect pension rights built up before 6 April , from the lifetime allowance charge.
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