Pension Client TermsOctober 2018

FundsNetworkTM

ContentsSection 1: Terms that apply to everyoneGetting up and running 1Our role 1.1Communicating with you 1.2The role of your adviser 1.3Opening your account 1.4Making payments in 1.5Moving existing Investments 1.6If you change your mind 1.7Holding your Investments 2Looking after your money 2.1Looking after your Investments 2.2Income from your Investments 2.3Investment statements 2.4Changing your Investments 3Your right to make changes 3.1Making payments out 3.2Moving Investments out 3.3Corporate Actions 4Charges 5Closing your account(s) 6Your right to close your account(s) 6.1Our right to close your account(s) 6.2Responsibilities 7Our responsibilities to you 7.1Your responsibilities to us 7.2Your personal information 8Why we collect your data 8.1What we collect and how 8.2Who we share your personal data with 8.3Transferring your personal data toother countries 8.4Security of your personal data 8.5Your rights 8.6How long do we keep your personal data? 8.7How to complain 8.8Complaints and compensation 9Changing or ending these Terms 10Disputes and governing law 11

Section 2: Terms for the PensionOpening your Pension 12Scheme Administrator and Trustee 12.1Payments into your account(s) 12.2Managing your Pension 13Investments 13.1Cash Within Your Account 13.2Tax relief 13.3Reporting 13.4Taking Benefits from your Pension 14Benefits at Pension Date 14.1Tax-free cash (pension commencement lump sum) 14.2Pension drawdown 14.3Uncrystallised Withdrawals 14.4Buying an annuity 14.5Reaching age 75 14.6Serious ill-health lump sum 14.7Small pension pots 14.8Death Benefits 14.9Transferring out to other schemes 15Changes to the Scheme 16Winding up or amendment of the Scheme 16.1Changing provider, Trustee orScheme Administrator 16.2

Section 3: Terms for Open Ended FundsDealing 17

Section 4: Terms for Exchange Traded ProductsDealing 18Corporate Actions 19

Section 5: Terms for Shares, Gilts andCorporate BondsDealing 20Corporate Actions, investor information 21

Appendix 1: Defined terms and their meanings

Appendix 2: Charges

Appendix 3: Our Order Execution Policy

About this document

This document (the Terms), together with your Application, is a legal agreement between you and Fidelityand details your rights and responsibilities. It contains important information to help you decide whetherthe FundsNetwork Pension is right for you. Please read it carefully and keep it somewhere safe forfuture reference.

These Terms will apply to the relationship between you and one or more Fidelity companies, as set out inthe definition of Fidelity in Appendix 1. Which of the Fidelity entities you are contracting with depends onthe Investments you wish to make and the services you require.

If you find it difficult to read this document, we can provide alternative formats, including large print,Braille, audiotape and CD. Please contact us to request an alternative format or if you have any queriesor require further information, using the contact details set out below.

How to read this document

This document is divided into five sections. You must read all sections that apply to the Investments youwish to make and the services you require.

• Section 1 applies to everyone

• Section 2 applies only if you invest through a Pension

• Section 3 applies only if you invest in Open Ended Funds

• Section 4 applies only if you invest in Exchange Traded Products

• Section 5 applies only if you invest in Shares, Gilts or Corporate Bonds

Words and phrases that begin with capital letters are defined terms and have particular meanings.You will find these meanings in Appendix 1.

Other important documents

You must read this document along with:

• The FundsNetwork Pension Key Features Document

• The key information documents for each Investment (for those Investments that provide these).

In these Terms, we describe these documents as the Essential Documents. You can ask your adviser forcopies or find them either on your intermediary’s website or at fidelity.co.uk/importantinfo.

Your client category

Our regulator, the Financial Conduct Authority (FCA), has different rules for the protection of differentcategories of investor. Unless we tell you otherwise, we will treat you as a retail client under the FCA Rules.This means you get the highest level of protection available under those Rules. You may request to becategorised differently. If we agree to do this, you will be afforded a lower level of client protection (forexample, you may not have the right to take any complaints to the Financial Ombudsman (as definedbelow) or be eligible for compensation under the Financial Services Compensation Scheme (as definedbelow)) and you may be asked to enter into new terms and conditions in respect of any services weprovide to you.

If you have questions

If, after reading these Terms, you find there is anything you don’t understand, please ask your adviser orintermediary for an explanation in the first instance or contact us (see Clause 1.2(c)). We will do our bestto help you but we are not able to give you financial advice.

Section 1: Terms thatapply to everyone

1. Getting up andrunning

1.1 Our role

(a) In all of our dealings withyou we will comply with theseTerms, the rules of our regulator(the FCA) and with any otherrules, regulations or lawsthat apply.

(b) These Terms includeimportant information about ourOrder Execution Policy (seeAppendix 3), which describesthe steps we take to get thebest possible results whendealing in Investments on yourbehalf. By giving us instructionsto buy, sell or SwitchInvestments, you consent to usfollowing this policy.

(c) Our Conflicts of InterestPolicy sets out the types ofactual or potential conflicts ofinterest which affect ourbusiness and provides detailsof how these are identified andprevented or managed. We willendeavour always to act in thebest interests of you our client.However, circumstances canarise where we or one of ourother clients may have someform of interest in businessbeing transacted for you. If thishappens or we become awarethat our interests or those ofone of our other clients conflictwith your interests, we will writeto you and obtain your consentbefore we carry out yourinstructions, and detail the stepswe will take to ensure fairtreatment. Further informationon the current policy, explainingsome of the key internalpolicies and procedures we useto prevent and manageconflicts that may arise in our

business and to ensure the fairtreatment of our clients, isavailable by contacting us.

(d) We offer accounts whichallow you to invest inInvestments but we do notprovide advice and, therefore,we are not required to assessthe suitability or appropriatenessfor you of:

• The Investments that youchoose, and that we mayhold for you

• The other services weprovide to you through ourplatform

(e) This means that you do notbenefit from the protection ofthe FCA Rules on assessingsuitability or appropriateness. Ifyou are in any doubt about thesuitability or appropriateness ofany particular Investment orservice, we recommend that youspeak with an authorisedfinancial adviser.

1.2 Communicating with you

(a) All of our documents andcommunications with you will bein English. Where you are jointholders, we will send allcommunications to the primaryaccount holder. Our service isprimarily an online service forwhich you will need to register.If you do so, we will senddocuments to your secure onlinemailbox. We will alsocommunicate with you by post,email and/or SMS. If you do notchoose to use our onlineservice, we reserve the right tocharge you a small fee forpaper communication (wherewe provide a paper-basedalternative).

(b) Where we communicate withyou by post, email or SMS, wewill communicate with you usingthe most recent contact details

provided to us. We won’t beresponsible if you haven’t told usabout a change to your contactdetails. If communications wesend to you are returned to us,we may put restrictions on youraccount and stop makingpayments out to you.

(c) You can communicatewith us:

• Through your adviser orintermediary

• By registering for andusing our online services atfidelity.co.uk

• In writing, to FundsNetwork,Oakhill House, 130 TonbridgeRoad, Hildenborough,Tonbridge, Kent TN11 9DX

In all cases we will need yourCustomer Reference Numberfor identification and securitypurposes. You will receivethis when we write to you toconfirm that your account hasbeen opened.

(d) If you register for our onlineservice, we may still ask youto confirm some informationin writing.

(e) The Key Features Documentsets out detailed information onhow you and your adviser cangive us instructions to buy, selland Switch Investments withinyour account(s). Please readthis document carefully.

1.3 The role of your adviser

(a) If you have an adviser, theyare responsible for thesuitability of any investmentadvice they give you.

(b) You authorise your adviserto give us instructions on yourbehalf. Whenever we talk aboutyour giving us instructions inthese Terms, we also mean anyinstructions given on your behalfby your adviser.

1.4 Opening your account

(a) You can open a PensionAccount if you are a UK residentor are in overseas Crownemployment or married to or incivil partnership with a Crownservant. We can also acceptapplications on behalf of UKresidents under the age of 18made by their legal guardian.

(b) Where applicable, you musthave received advice from anauthorised financial adviserwho has the relevantpermissions to give advice onpensions and, if necessary,Pension Transfers.

(c) We can accept contributionsinto your Pension Account if youare:

• Under the age of 75

• UK resident for tax purposesor in overseas Crownemployment or married to orin civil partnership with aCrown servant

(d) Opening an account meansyou accept these Terms.

(e) The products and servicesdescribed in these Terms areonly available to UK residentsor those in overseas Crownemployment or married to or incivil partnership with a Crownservant. They will be restrictedor may be withdrawn if you stopbeing resident in the UK. Thismeans if you cease to be a UKresident, you will not be able tomake new Investments (althoughyou may be able to participatein Corporate Actions on yourexisting Investments) and wewill only provide administrativeand recordkeeping services inreturn for the applicablePlatform Fees.

(f) The products and servicesare not being offered to USpersons and some Investmentshave restrictions that prohibitUS persons from havingholdings in them. Although thisisn’t an exhaustive description,a US person is:

• Any citizen of the UnitedStates of America

• Any person holding a USpassport, regardless ofresidency or domicile

• Any company having aregistered office in the US

• Anyone who has anobligation to pay tax to theUS tax authorities on theirworldwide income

We may sell your Investmentsand place restrictions on youraccount if you are or become aUS person and we may alsoinform the relevant authoritiesabout your holdings andtransactions.

(g) To open an account youmust complete an Applicationor your adviser must complete iton your behalf. Depending onthe product, this can be done:

• Online

• Using a printed applicationform in certain circumstances

Where an individual is underthe age of 18:

• Their legal guardian andtheir adviser, or their adviseralone, must complete anApplication on their behalf,and

• The legal guardian must beresponsible for the contractas if they were the accountholder, until the individualreaches 18, including makingsure that HMRC contributionlimits are not exceeded

(h) These Terms come into forcewhen we accept yourApplication. This is normally onthe Business Day we receive it.At our discretion, we may refuseany Application or otherinstruction, without providing areason for doing so.

(i) We can’t accept yourApplication unless we canconfirm and verify your identityunder applicable moneylaundering regulations.

(j) Under the money launderingregulations, we have to verifythe identity of all investors,beneficial owners and anyonecontrolling or paying forInvestments. At any time duringour relationship with you, wecan ask you for evidence ofidentification and/or run checksusing an online agency, whichwill make a record that wehave done this.

(k) Until we have confirmed andverified your identity inaccordance with Clause 1.4(i),we will place restrictions on allyour accounts, refuse any furtherpayments from you and preventany payments out to you.

(l) We will confirm when we’veaccepted your Application andacknowledge the details of anyInvestments you’ve asked us tobuy in your Application.

1.5 Making payments in

(a) You can make one-off (lumpsum) or regular (regular savingsplan) payments to your account.Minimum amounts apply forpayments into your account andfor regular savings plans. Youremployer or a third party (suchas a parent) can alsocontribute. See the Key FeaturesDocument for details.

Method Payments

Maestro, Mastercard Debit or Visa Debit For personal contributions only - online for initiallump sum payments and online or, in certaincircumstances, over the phone for lump sum top uppayments.

Cheque For the full amount of any lump sum payment (bypost with a cheque payment slip, which we provideonline only for you or your adviser to print)

Direct Debit For regular savings plan payments online only

Bank Transfer Online for initial lump sum payments into the pension.Online or, in certain circumstances, over the phonefor lump sum top up payments.

Cheque payments may take upto five Business Days to clear.However, where possible, thevalue may be investedaccording to your instructions inthe meantime.

(c) If you set up a regularsavings plan:

• We will confirm the date onwhich we will collect yourscheduled payments

• We will hold your paymentfor up to two Business Daysto allow for clearance priorto making an Investment

(d) With a regular savings plan,you can ask us to increase(where permitted), reduce orstop your payments (temporarilyor permanently) at any time.We will continue to collect yourregular savings plan paymentsuntil you tell us to stop. Youmust tell us at least 12 BusinessDays before the next scheduledpayment date if you want thechange to take effect from then.

(e) We can stop your regularsavings plan by giving you aminimum of one month’s noticein writing, although we willalways try to give more noticewhere reasonably practicable.

Where we have given you suchnotice, we will assist you toRe-register your Investmentswith another provider withoutcharging you a fee if you wouldlike to do so.

(f) Where regular contributionsare being made into a PensionAccount by an employer or thirdparty, we will need confirmationfrom the employer/third party inorder to vary the contributions,although we will accept yourinstruction to stop thecontributions or to change theInvestments.

1.6 Moving existingInvestments

(a) If you have Investmentselsewhere, you can request thatthey are moved to your accountwith us without having to sellthem. This is known asRe-registration. We can onlyRe-register Investments if thisservice is offered by yourexisting provider and theInvestments are available onour platform and eligible forRe-registration. We, or yourexisting provider, may chargeyou for Re-registration. We donot Re-register fractions ofInvestments traded on an

exchange – that is, less thanone Share or unit.

(b) If your Investments can beRe-registered, we will arrangefor them to be registered in thename of our Nominee, whichwill hold them for you (seeClause 2.2 for more informationabout our Nominee). PensionInvestments that cannot beRe-registered will be sold andthe proceeds will be transferredas cash.

(c) After the Re-registration orTransfer of any Investment, if wereceive an income payment,dividend or other cash amountfrom your former provider, wewill place it in Cash WithinYour Account.

(d) Re-registration will usuallytake up to 10 weeks tocomplete but in some cases itmay take longer.

1.7 If you change your mind

(a) You have 30 calendar daysto cancel your Application if youchange your mind. See KeyFeatures Document for furtherdetails of your cancellationrights. That document also setsout your right to change your

(b) You can make payments using:

mind in relation to Transfers-inof Benefits, which are separatefrom the right to cancel youraccount at outset.

(b) If you cancel yourInvestments, you may not getback the full amount youinvested. We will refund themoney paid to us, less anyAdviser Fees we have alreadypaid on your behalf (seeAppendix 2 for moreinformation), any fund managerbuy or sell charges or otherdealing charges or feesincurred when you bought thoseInvestments or when we soldthem and any amount by whichthe value of your Investmentshas fallen. For someInvestments this could besubstantial. If you cancel yourInvestments, you must pay usback any amounts we havepaid to you in respect of thecancelled Investment – forexample, any distributions paidduring the period or, if youcancel a pension drawdownApplication, any tax-free cashand/or income.

(c) We can refund money froma cancellation:

• To the debit card or accountfrom which you first paid us

• By sending you a cheque

If you sent us the money bybank transfer, we will normallyreturn it to the same bankaccount.

If you cancel a Transfer-in, thenyou will need to contact theprevious provider to checkwhether they will receive theTransfer back. Otherwise, youwill need to Transfer out to adifferent provider.

2. Holding yourInvestments

2.1 Looking after your money

(a) Cash received by FASL, asScheme Administrator, will beheld as client money, if requiredunder the FCA Rules. Moneydestined for your PensionAccount will be transferred toFSTL as Trustee once it hascleared.

(b) We will deposit any moneyyou pay us in one or more trustaccounts with authorised banks.For details see fidelity.co.uk/cashprotect. It will be pooledtogether with the money ofother investors. It will be held inFidelity’s name (or in the nameof its Nominee), but will beseparate from any account usedto hold Fidelity’s own money.

(c) Cash Within Your Accountmay be placed in accounts withnotice periods, or on depositfor fixed terms, as permitted bythe FCA. Amounts held in noticeor fixed term accounts may notbe immediately available fordistribution to you in the eventof an exceptional level ofwithdrawal requests.

(d) We will not be responsiblefor any acts or omissions of thebanks.

(e) If a bank becomes insolvent,we will be a creditor and willclaim against them on yourbehalf. If the bank can’t repayall of its creditors, you mayhave to share any loss. Youmay be covered for part or allof such loss under the FinancialServices Compensation Scheme.See Clause 9 for moreinformation.

(f) When payable, interest oncash held will be credited toyour account at rates set outat fidelity.co.uk/cashprotect.

The interest is earned daily andpaid into your account after theend of each month, less anyapplicable withholding tax. Wereserve the right to retain apercentage of the interestreceived from the bank(s) wedeposit your money with. Fordetails see fidelity.co.uk/cashprotect

(g) When you contract withFidelity Investment ServicesLimited in its role as authorisedfund manager:

• We will hold money on yourbehalf to buy Fund Units. Wewill segregate this money asclient money, provided wehave received it more thanone Business Day in advanceof the settlement date of yourpurchase. It may take up toone Business Day for us tosegregate your money in thisway, if it is received oneBusiness Day in advance ofsettlement of your purchase.When money is received onthe date of settlement, it willnot be segregated as clientmoney because it will beimmediately payable to us.

• We will hold proceeds of thesale of your Fund Units. Wewill segregate this money asclient money or pay it to youon the settlement date ofyour sale.

(h) If you instruct us to acquireor sell Fund Units in atransaction with a fundmanager or its distributor,between the times of our givinga fund manager or itsdistributor your money (inexchange for Fund Units), or ourgiving them back Fund Units (inexchange for money that will bedue to you) there may be timeswhen the fund manager ordistributor involved in thetransaction is not required (by

law or regulation) to protectyour money or Fund Units.During this period your receiptof the relevant Fund Units ormoney will be dependent onthe fund manager or distributorremaining solvent and meetingits obligations.

(i) If we execute yourinstructions or settle or holdyour Investments via aninvestment exchange,commercial settlement systemor clearing house, we mayallow it to hold client money onyour behalf, in which case if itbecomes insolvent, you mayhave to share any loss.

(j) Where you instruct us to buyor sell Investments listed on aninvestment exchange, any cashwhich we use to settle a buytransaction, or which we receiveon your behalf from a saletransaction, will not be treatedas client money for up to threeBusiness Days from the date itenters the relevant commercialsettlement system. By giving usinstructions to buy or sell suchInvestments, you consent to ourholding your cash in this way.

(k) In certain circumstances wemay, pending receipt of assets,hold cash of equivalent valueon your behalf. This cash will beheld in a trust account,separate from our money. In theevent of the insolvency of FASL/FSTL, you may have a claim tothis cash, in addition to anyother assets we safeguard onyour behalf.

(l) There are two ways in whichwe may hold your cash andmake it available for use:

• In Cash Within Your Account,which you can use to makeInvestments or pay charges,or to simply hold while youdecide which Investments toinvest in. Within the Pensionthis may be called PensionProduct Cash or the PensionCash Account

• In a Cash ManagementAccount, if you have yet todecide which account youwant to use the cash in, oryou want to use it to payfees and charges for yourother accounts

Please see the Key FeaturesDocument for more informationon these options.

2.2 Looking after yourInvestments

(a) Your Investments will beregistered in the name of theNominee appointed by FSTL,currently FASL.

(b) FASL is responsible for thesafeguarding andadministration of all Investmentsregistered in the name of theNominee and is alsoresponsible for the actions andomissions of the Nominee.

(c) Investments registered in thename of the Nominee are heldin an account with those ofothers, on your behalf. Thismeans you are still thebeneficial owner of yourInvestments and you will have aclaim over them even if theNominee or FASL becomesinsolvent.

(d) If you hold any Investments(or specific classes thereof) thatwe stop offering, we will giveyou notice and request yourinstructions as to whether youwish to reinvest in alternativeInvestments or have yourInvestments sold and the

proceeds placed in Cash WithinYour Account. If you do notprovide your instructions withinthe time specified in the notice,we may Switch you into asimilar Investment with chargesthat are similar or lower or sellyour Investments and place theproceeds in Cash Within YourAccount. You can reinvest inalternative Investments fromthere.

(e) Where you have fractionalholdings (that is, less than oneShare) in Investments traded onan exchange, we may sell therelevant fractions and place theproceeds in Cash Within YourAccount if it is not possible, oris disproportionately expensive,for us to continue to administerthem.

(f) There may be instances (forexample, a Re-registration orpost-trade allocation) whereyour holdings in Investments arerounded down to two or moredecimal places. Any roundingmay result in a small,unrecoverable loss to yourholding, which will always beless than 0.01 of a Fund Unit ofthe relevant Investment. In rarecases, if the Fund Units receivedcannot be shared exactlybetween clients, this may meanclients who have made anidentical purchase areallocated a different number ofFund Units, though there willnever more than 0.01 of a FundUnit’s difference.

2.3 Income from yourInvestments

(a) Income received fromInvestments may be placed inCash Within Your Account. If youdo not want income fromInvestments placed in CashWithin Your Account, in somecircumstances you may give usinstructions to automaticallyreinvest it in the sameInvestments that generated theincome.

(b) Where you have instructedus to reinvest the income fromyour Investments and:

• In the case of ExchangeTraded Products, Shares,Gilts and Corporate Bonds,the income is less than £10in value or less than theamount required to buy onewhole Fund Unit of therelevant Investment and payapplicable dealing fees, ifmore than £10;

• When you receive theincome you have alreadysold or Reregistered thewhole of your holding inthe Investments whichgenerated it;

• In any other circumstanceswhere we are unable toreinvest your income; we maynot reinvest the income andwill place it in Cash WithinYour Account.

(c) If income from an Investmentis payable in a currency otherthan sterling, we may ask theissuer or its agent to convert theincome into sterling at suchexchange rate as they makeavailable to us. Alternatively, wemay convert the income intosterling at such exchange ratewe or another Fidelity Groupcompany obtain from a bank orother market counterparty. Anycosts or charges imposed by

the relevant third party will bepassed on to you.

2.4 Investment statements

We will send you a statementquarterly to show you asummary of all your Investmentsheld through our platform. Onceyou have registered for ouronline service, you will be ableto see an up-to-date summaryat any time.

Unless you have otherwisedirected us in writing, we willprovide you with confirmationsof transactions as soon aspossible, but in any event, nolater than the first business dayfollowing execution of thetransaction or, if the transactionis executed through a thirdparty, no later than the firstbusiness day following receiptof confirmation of thetransaction from that third party.Regular Investments into fundsmay not generate individualconfirmation of transactions andthese investments will bereported to you in the quarterlystatements and valuationsalthough you will receiveconfirmation of transaction intoinvestments traded on anexchange. We won’t provideindividual confirmations for feedeductions and withdrawals.You will be able to see thedetails of regular transactions,withdrawals and fee deductionsonline and on your quarterlystatement.

We will also provide you withall such reporting as may berequired from time to time.

3. Changing yourInvestments

3.1 Your right to makechanges

At any time you can ask us to:

• Sell Investments and placethe proceeds in Cash WithinYour Account, buyInvestments using moneyfrom Cash Within YourAccount or Switch yourmoney from one Investmentto another

• Move your Investments toanother provider

Further details can be found inSections 3, 4 and 5 below.

3.2 Making payments out

You can normally only takewithdrawals from your PensionAccount when you havereached the age of 55. SeeSection 3 below and the KeyFeatures Document forinformation on how to do this.

3.3 Moving Investments out

(a) If you wish to Re-register orTransfer your Investments toanother provider, we will do soif your new provider agrees. Weor they may charge you for this.

(b) If you ask to Re-register anInvestment, this will normally bearranged through your newprovider. We will Re-register thewhole of your holding in thatInvestment.

(c) We cannot Re-registerfractional holdings ofInvestments traded on anexchange. Where we facilitatefractional holdings, we will sellthese and pay the money toyour new provider.

(d) After you instruct aRe-registration of all yourInvestments to another provider,

if we receive an incomepayment, a dividend or othercash amount relating to them,we will pay it to your newprovider, as long as they willaccept it.

(f) If you tell us that you want toTransfer or Re-register all ofyour Investments within anaccount, we will suspend thataccount so that no newInvestments can be made. Onceany outstanding deals arecomplete, we will then moveyour Investments to your newprovider and your account willbe closed in line with Clause6.3.

(g) Re-registration will usuallytake up to 10 weeks tocomplete but in some cases itmay take longer. Contact us forthe details.

4. Corporate Actions(a) We will endeavour to offeryou the opportunity toparticipate in Corporate Actionsaffecting Investments which youhold through our Nominee. Wereserve the right, however, toevaluate each Corporate Actionand in certain circumstances,such as when we are notnotified with sufficient time – forexample, by the issuer, theregistrar, CREST or any third-party provider – or if you wouldbe required to pass anappropriateness test, we maynot be able to offer you theopportunity to participate. Theavailability of an opportunity toparticipate may be dependenton your submitting a validelection by the deadlinespecified by us and/or returningany other required forms. It willalso be dependent on yourholding sufficient cleared fundsin Cash Within Your Account inthe relevant account(s) to fund

the applicable Outturn for thewhole of your holding in theaffected Investment.

(b) In the case of mandatoryCorporate Actions – that is,those where you cannot choosethe Outturn – the notificationmay be provided to you afterany Outturn has been creditedto your account.

(c) You must submit a validelection in respect of anyCorporate Action (other than amandatory Corporate Action)by the deadline specified by us.This will usually be some timebefore the deadline set by theissuer’s registrar. If you fail todo so, we may choose thedefault option provided by theissuer’s registrar or such otheroption as we considerappropriate.

(d) We will endeavour toprovide you with an opportunityto sell or exercise any shares,warrants or other receivablesyou may receive as Outturns.This opportunity may only bemade available for a limitedperiod, in which case we willnotify you of the applicabledeadline.

(e) How we notify you of aCorporate Action or enable youto participate will depend onthe type of Investmentconcerned, as will the chargesand costs which may apply. SeeSections 3, 4 and 5 for details.We will not notify you at thetime you place instructions tobuy or sell an Investmentwhether there are forthcomingCorporate Actions for thatInvestment. It is your soleresponsibility to identify them inthese circumstances.

(f) Where a Corporate Actionresults in your receiving anyfractional holdings, we may sell

those fractional holdings andplace the proceeds in CashWithin Your Account. The cashvalue may be more or less thanthat announced to the marketfor the relevant Outturn.Similarly, if a Corporate Actionresults in your holding anInvestment which we do notpermit to be held on ourplatform, we will sell theInvestment and place theproceeds in Cash Within YourAccount. We will notify you ifthis occurs.

(g) The Outturns available maybe affected by the fact thatyour Investments are held in apooled account together withthose of other clients, and thispooled holding may be treatedas a single holding forCorporate Action purposes. Inthe event of a Corporate Actionwhich affects only someInvestments held in a pooledaccount, we will take suchaction as we considerappropriate so that customersare treated fairly. We alsoreserve the right not to offerany option to you (in the caseof a voluntary Corporate Action)where the circumstances requirean election to be made inrespect of an entire Nomineeholding, including Investmentsheld for other clients.

(h) Where Investments or cashare due to you as a result of aCorporate Action, these will becredited to your account assoon as practicable after wereceive them. You will not beable to sell or use them untilthey are credited to youraccount. In the case of CRESTDepository Interests (CDIs) orany non-sterling-denominatedInvestment, this may takeseveral days and can onoccasion exceed the stated

time period. Any cash proceedsthat we receive in a foreigncurrency will be converted intosterling at the exchange rateprevailing at the time of receipt,to which a spread (anadditional charge) may beadded by our appointedDealing Partner or any otherthird party responsible for theconversion. The costs of this willbe passed on to you.

(i) If we are paid a taxadjustment in respect of adividend on an Investment, wewill place it in Cash WithinYour Account, with the payment,subject to a reasonable chargefor administration. We may notpass on payments which do notexceed £1 or the applicableadministration charge. For moredetails please refer to fidelity.co.uk/importantinfo

(j) There may be instanceswhere you will not be eligibleto participate in CorporateActions – for example, whenrestrictions are imposed by theissuer or the jurisdiction wherethe issuer is situated. It is yourresponsibility to assess youreligibility.

(k) Where a Corporate Actiontakes place we may, in certaincircumstances, be required tocancel any open orders to buyor sell the affected Investment.You will subsequently be ableto place a new order, takingaccount of any adjustment inthe price of the Investment.

(l) For any Corporate Actionsconcerning a US Investment,unless you have a valid W-8BENform in place, we reserve theright to choose any Outturn onyour behalf which we deemnecessary to comply withapplicable laws.

(m) We will not notify you of, or

facilitate any involvement with,any Class Actions orshareholder action groups.

5. Charges(a) It is your responsibility tofamiliarise yourself with anycharges which apply to yourInvestments. You can find thedetails in Appendix 2 of theseTerms, in the Key FeaturesDocument and in the otherEssential Documents.

(b) Charges may change overtime. They may change for anyof the reasons outlined inClause 10(b).

(c) Charges may be deductedby:

• Us

• The relevant fund manager(s)for your Investment(s)

• Third-party service providers,including our appointedDealing Partners and themarket makers which ourappointed Dealing Partnersuse

(d) You authorise the deductionand retention of all charges,applicable tax and reasonableexpenses. All charges areexclusive of Value Added Tax,unless stated otherwise. Youagree that if we sell Investmentsto pay charges, we may roundthe charges up to 0.01 of aFund Unit when we deduct thecharge from the relevantInvestment.

(e) We may pay transactiontaxes in relation to transactionsif we consider this necessary ormore efficient for administrativereasons, but this does not meanthat we will do so again in thefuture. We may also convert anytransaction tax to sterling atsuch exchange rate as wereasonably expect to obtain

(based on the rates currentlyoffered to us) and charge youthis amount. This may be moreor less than the exchange ratewhich we actually obtain.

(f) If we make a mistakecollecting charges, we willcorrect it as soon as possible,but we may not correct amistake if it entails anadjustment to your account ofless than £1.

(g) Charges can be taken inany or a combination of thefollowing ways:

• From money which we holdfor you

• Directly from your Investmentsin Funds (by the fundmanager)

• By selling Investments (orfrom the proceeds of a saleyou have asked us to make)

The details of how each type ofcharge is collected arecontained in Appendix 2.

(h) Charges will usually betaken in accordance with yourinstructions. However, wheremoney is due and payable tous, we reserve the right tocollect that money as we deemfit from any money we hold onyour behalf and/or to sell anyof your Investments to raiseadditional money for thispurpose, in which case theusual charges for the relevantsale, such as a dealing fee, willalso apply.

6. Closing youraccount(s)

6.1 Your right to close youraccount(s)

You can close account(s) at anytime by requesting a Transfer toanother appropriate pensionarrangement or, if you are 55 or

over, by purchasing an annuityor taking Benefits, in the form ofa full withdrawal. We will alsoclose your account(s) if you die.

Your account(s) will remainopen until such time as allappropriate payments andBenefits have been completedand charges for your account(s)will continue to fall due duringthis time.

When your account(s) areclosed, we will take reasonablesteps to distribute all investmentsto you, in accordance with strictrequirements set out in the FCARules. If we are unsuccessful incontacting you and distributingyour investments to you, we maybe entitled to distributeinvestments within the schemeor to charity as permitted.

6.2 Our right to close youraccount(s)

(a) We may close youraccount(s) by giving you atleast three months’ writtennotice and require you totransfer your Investments andcash to another suitablescheme. If you do not makearrangements for a Transferwithin this time, we may deemthat you have instructed us tosell all of your investments andTransfer the proceeds toanother appropriate schemethat we, in our discretion, maychoose, and you authorise us tocomplete any documentation onyour behalf to facilitate sucharrangements.

(b) We may, in exceptionalcircumstances or because of aLegal Requirement, close orsuspend your account(s) orsuspend the provision ofservices to you without givingyou advanced notice. Anexample would be if yourpension had lost, or was going

to lose, its tax-exempt status, orif we considered that yourbehaviour towards staff hadbeen abusive.

7. Responsibilities

7.1 Our responsibilities to you

(a) If we are negligent,knowingly Default, actfraudulently or breach theseTerms or the FCA Rules, thenwe are legally responsible toyou for the direct results of ouractions.

(b) If we make a mistake actingon your instructions to buy,Switch or sell your Investments,we will correct it as soon aspossible, and reimburse you forany loss that is a direct result ofour error, provided the errorand/or loss is greater than aspecified minimum amountdetermined by us, which willnever be more than £5. If wemake a mistake in calculating afee payment or a fund rebatewhich is not more than £25, wewill place the correction in CashWithin Your Account.

(c) We will not be legallyresponsible to you:

• If you suffer a loss becausethe value of your Investmentfalls. This includes lossesresulting from any delays incarrying out your instructionsbecause you have breacheda Legal Requirement or weare checking your identity asrequired by the moneylaundering regulations. SeeClauses 1.4(i) and 1.4(j) formore information.

• If you suffer an indirect,special or consequential loss– in other words, a loss thatis not specifically related toyour Investments – or the lossof an investment opportunity.

• If you suffer a loss as a resultof any action we take, orrefrain from taking, in orderto ensure that we complywith any Legal Requirement.

• If you suffer any loss as aresult of any External Event oras a result of any steps wereasonably take in responseto an External Event.

• For any deals made on youraccount without your authorityby your adviser, appointedpower of attorney or anyother person you haveauthorised or enabled todeal on your account.

• For the performance of anythird party involved inproviding you with productsor services. This includes theissuer or provider of anyInvestment which is not aFidelity Product and anybroker, Dealing Partner,market maker or othercounterparty used to executea transaction.

• If we delay or do not executea transaction becausemarket conditions mean wemay not be able to do so inaccordance with our OrderExecution Policy or regulatoryobligations, or because thereare insufficient opportunitiesto buy or sell the relevantInvestment.

• If you suffer a loss becauseyou are unable to place anyinstructions as a result of ouronline and/or phone servicesbeing unavailable formaintenance or upgrade. Wemay not always be able togive you notice of when suchmaintenance and upgradeswill take place.

• If you suffer a loss becausewe are unable to carry outyour instructions after wehave accepted them for any

reason other thannegligence, fraud ordeliberate Default.

• If you are a corporatecustomer and you suffer aloss because anunauthorised person hasfraudulently transacted onyour account.

• For any profits that we, orany of our agents,legitimately make or receivein relation to yourInvestments. However, wherewe would make a profit bycorrecting an error we havemade on your account, wewill allow you to retain theprofit, although we may notdo this for amounts under £5.

• If you suffer a loss in anyother circumstances where itwould be unreasonable forus to be held responsible.This includes acts oromissions which areultimately for your protectionor benefit.

(d) We take responsibility forcarrying out your Investmentinstructions only when clearedfunds are received by us. Weare not responsible for any lossor delay in the payment orTransfer of money to us. If wedo not receive your paymentwithin seven Business Days ofaccepting your instructions, wemay cancel any Investmenttransaction in Fund Units whichwe have already carried out, inwhich case you agree tocompensate us for any resultingliabilities.

(e) We cannot guarantee thataccess to, or use of, youraccount(s) online, by phone orpost will be available at alltimes or without delay. We may,at our absolute discretion,suspend the operation of ouronline and/or phone services

where we consider it necessary.This may be as a result of anExternal Event, LegalRequirement or for any otherreason which we considermakes the suspensionnecessary for our protection oryour protection or benefit.

(f) Where we are unable toexecute your instructionsbecause of any External Eventor Legal Requirement, wereserve the right to defer yourinstructions or cancel them andplace the relevant funds inCash Within Your Account. Incertain circumstances, this maynegatively impact the price atwhich your trade is ultimatelyexecuted.

7.2 Your responsibilities to us

(a) You will provide us with allinformation we reasonablyrequire. Failure to do so mayresult in a delay to yourinstructions being processed.We reserve the right not toprocess your instructions beforeyou have sufficient cleared cashin your account to pay for therelevant transaction.

(b) You agree to compensate usfor any liabilities suffered by usin connection with yourInvestments and accounts,unless they are caused directlyby our negligence, Default,fraud or a breach of theseTerms, HMRC rules or FCARules.

(c) Our service is intended forcustomers who wish to holdInvestments for the medium orlong term. We will activelymonitor trading levels and mayrefuse at our discretion toaccept Investment instructionbecause of your trading historyor because we believe yourrequest may be disruptive. Wediscourage short-term or

excessively frequent trading inthe Investments we makeavailable as this can harmperformance and increasecosts.

(d) You must not use youraccount(s) for any activity whichamounts to Market Abuse. If wereasonably suspect you ofdoing so, we reserve the rightto delay or refuse to act on anyinstructions we receive from youor your adviser. We may alsowithdraw other services in suchcircumstances.

(e) Before purchasing any USInvestment – for example, a CDIfor Shares with an issuer in theUS – you will be required tocomplete a W-8BEN form or anyother form required by law. Avalid W-8BEN form may alsoallow us to claim a reduction inUS withholding tax applicableto your US Investments.

8. Your personalinformation

8.1 Why we collect your data

We are committed to protectingyour personal data. Thisstatement explains how we dothat. It sets out what we do withyour personal data, how weprotect it, and explains yourpertinent privacy rights. Wecollect and use your personaldata to enable us to conductour business with you and tocomply with the law. The basiswe rely upon for lawfullycollecting and using yourpersonal data will depend onthe purposes for which we areprocessing your personal data.These are detailed below:

(a) Performing our contract withyou

When we do business with you,we do so under these Terms.

For us to meet our obligationsto you under these Terms wemust process your personaldata. We will only process yourpersonal data in line with theseTerms.

When you provide personaldata to us, we will use thatpersonal data so we can:

• provide our services to you inthe provision, administrationand servicing of your account

• enable the conduct ofsecurity operations, such asusing your IP address to helpidentify you when you log onto your account online

• identifying you when youcontact us

• send you information aboutour products and serviceswhere appropriate

We will only process that datafor the purposes for which itwas collected or to meet ourlegal obligations.

(b) Our Legitimate Interests

We process your information forthe following reasons, which wedefine as our legitimateinterests:

• developing new services andproducts

• internal research andanalysis

• to help us to run ourbusiness; this includesfinancial management, riskmanagement, planning,corporate governance, auditand research

(c) Our Legal Obligations

In some circumstances, we havea legal obligation to processand share your personal data.We must provide a wide rangeof data to regulators or otherentities in order to prevent or

detect crime. Sometimes thisinvolves personal data. We willnever transfer more personaldata than is necessary todischarge our legal obligations.

(d) Your Consent

We will ask you for yourpreferences in terms of how youwould like us to communicatewith you and what informationyou would like to receive fromus. You can always adjust yourcommunications preferences,and can opt not to receiveinformation from us unless weare obliged to provide it.

8.2 What we collect and how

The personal data you provideto us will include combinationsof any of the following: Yourname, email address,telephone number, address,identification numbers such asNational Insurance number,banking account details, dateof birth, voice biometrics &voice recordings, locationinformation, employmentinformation, gender, IP address,language, and marital status,dependants and beneficiariesand shareholders.

This information is typicallyprovided to us by your adviseror by you through the course ofyour relationship with us. Wehold your personal informationrelating to your account onpaper and on computersystems.

8.3 Who we share yourpersonal data with

Like most businesses, we usethird parties, including otherentities in the Fidelity Group, tohelp deliver our services. Thiswill often involve a third partyprocessing your personal databut that will only be in line withthe purposes set out above. We

operate a regular and strictregime of third party checks onhow your personal data isprotected.

Your personal data will be heldin confidence by us but may bepassed to other companies asdetailed below:

• Fidelity Group companies,their agents or any thirdparties we appoint for theadministration and servicingof your account, which mayinclude the transfer of yourinformation outside theEuropean Economic Area(EEA). Where we send thedata of your dependants,beneficiaries or shareholdersto such third parties youagree to inform and gainconsent from the relevantpersons;

• We, or other Fidelity Groupcompanies, are providedwith updated address detailsor other information by eitheryou or your employer, inwhich case we will updatethe information kept for anyother schemes of which youare a member and for whichwe hold records on ourdatabase;

• Your adviser or intermediary-this would include any otherparty to the businessrelationship with your adviseror intermediary that you havetold us about.

• HMRC, the Financial ConductAuthority and other statutorybodies (such as the FinancialOmbudsman) – we can befined and subject to otheraction if we fail to providecertain information to theseauthorities;

• The Unclaimed AssetsRegister to help you with therecovery (for example) of

unclaimed distributionpayments;

• Companies who facilitatepayments to you, for exampletracing agents, and to allowregulatory money launderingchecks to be made andBACS and Western Unionpayments to be made;

• Other organisations to takeaction if we consider yourlevels of trading to be short-term, excessive or disruptive

• Fraud prevention and lawenforcement agencies if falseor inaccurate information isprovided and fraud isidentified. Fidelity Groupcompanies and otherorganisations may alsoaccess and use thisinformation to prevent fraudand money laundering, forexample, when: checkingdetails on applications forcredit and credit related orother facilities; managingcredit and credit relatedaccounts or facilities;recovering debt; checkingdetails on proposals andclaims for all types ofinsurance; and checkingdetails of job applicants andemployees. Please contact usif you wish to receive detailsof the relevant fraudprevention agencies. We andother organisations mayaccess and use from othercountries the informationrecorded by fraud preventionagencies;

• Our affiliated and associatedcompanies for marketingpurposes where you haveprovided your specificconsent;

• Other Fidelity Groupcompanies in order toprovide improved servicingof the accounts you hold with

Fidelity Group, includingreporting to you. This is atyour request only.

• Any transfer of informationwill usually be by electronicmeans, including the internet.

8.4 Transferring your personaldata to other countries

As part of delivery of ourservice to you it is necessary totransfer your personal dataacross national borders. Thesetransfers may involve at leastone of Fidelity’s Group entitiesoperating in the EEA and assuch will apply the Europeanstandard of protections to thepersonal data we process. Inpractice, this means that all theentities in the Fidelity Groupagree to process your personaldata in line with high globalstandards. Where your personaldata is transferred within theFidelity Group but outside ofthe EEA, that data subsequentlyreceives the same degree ofprotection as it would in the EEA.

Where it is necessary to transferpersonal data to a third party,stringent reviews of those withwhom we share the data arecarried out and that data willonly be transferred in line withthe purpose for which it wascollected. The third parties towhom we transfer your data arelocated in the followingcountries: UK, The Netherlands,Germany, Ireland and India.

In some circumstances wetransfer your personal data tocompanies for whom it isnecessary to provide theirservices from a multitude ofcountries across the globe. Thedetails of these transfers maybe found on the websites ofthose companies, they are:

1. Barclaycard - As our paymentprovider, we transfer your

personal data to Barclaycardso that you may completeyour transactions. TheBarclaycard PrivacyStatement can be found atwww.barclaycard.co.uk/personal/privacy-policy;

2. Experian Limited - To complywith our Anti-MoneyLaundering obligations wemay transfer your personaldata to Experian Limited aspart of the backgroundchecks we are obligated toconduct. The Experian PrivacyStatement may be found atwww.experian.co.uk/legal/privacy-statement.html; and

3. GB Group - To comply withour Anti-Money Launderingobligations we may transferyour personal data to GBGroup as part of thebackground checks we areobligated to conduct. The GBGroup Privacy Statement maybe found at https://www.gbgplc.com/privacy-policy/.

8.5 Security of Your PersonalData

Ensuring the confidentiality,integrity and availability of yourpersonal data defines ourapproach to informationsecurity. We ensure that thesecurity risks to your personaldata are managed in a waythat makes sure we meet ourlegal and regulatoryobligations. We produce,maintain and regularly test ourbusiness continuity plans. Weutilise the internationallyrecognised information securitybest practices, ISO27001 andPCI-DSS. Our InformationSecurity Policy & Standards areregularly reviewed, adhered toand tested for compliance.Information Security training ismandatory for all staff and

breaches of information security,actual or suspected, arereported and investigated.

8.6 Your Rights

The law places robustobligations on entities in theprotection of personal data.The way we protect yourpersonal data reflects our legalobligations. A number of rightsin relation to the use of yourpersonal information empowersyou to make certain requests ofus, detailed as follows:

(a) Requesting a copy of yourpersonal data

You can access the personaldata we hold about you andexercise your right to have acopy provided to you, orsomeone else on your behalf, ina digital format by emailing orwriting to us using the contactdetails set out in clause 1.2 (c).Information will generally beprovided to you free of charge,although we can charge areasonable fee in certaincircumstances.

(b) Letting us know if yourpersonal data is incorrect

If you think any of the personaldata we hold about you iswrong please let us know bycontacting us. We will checkthe accuracy of the informationand take steps to correct it ifnecessary.

(c) Asking us to stop using or toerase your personal data

You have the right to object toour use of your personal data.You can ask us to delete it, torestrict its use, or to object toour use of your personal datafor certain purposes such asmarketing. If you would like usto stop using your data in anyway, please get in touch. If we

are still providing services toyou we will need to continueusing your information to deliverthose services. In somecircumstances we are obligatedto keep processing yourinformation for a set period oftime or indefinitely.

8.7 How long do we keep yourpersonal data?

We keep all personal data safeand only hold it for as long asnecessary. To meet therequirements of both UK taxand pensions law, we mustkeep certain personalinformation for a minimum of 6years. However, given thenature of pension schemes, weneed to keep some of yourpersonal information for the restof your life.

8.8 How to complain

If you are unhappy with how wehave used your personal datayou can complain by contactingus or the UK Data ProtectionOfficer, Fidelity International,Beech Gate, Millfield Lane,Surrey KT20 6RP.

Finally, you also have the rightto complain to your nationaldata protection authority:Information Commissioner’sOffice whose helpline numberis: 0303 123 1113.

9. Complaints andcompensation(a) If you have a complaint,please contact us in one of theways shown in Clause 1.2(c).We can give you full details ofthe procedure we have set upfor dealing with complaints. Ifyou are not satisfied with ourresponse, you can refer yourcomplaint to the FinancialOmbudsman Service (FOS) atExchange Tower, London E14

9SR. Phone: 0800 023 4567 or0300 123 9123. Furtherinformation can be found atfinancial-ombudsman.org.uk

For Complaints about theadministration of a pension youmay also be able to refer yourcomplaint to The PensionsOmbudsman. For furtherinformation, see the KeyFeatures Document.

(b) If your complaint is about aservice or product boughtonline, you can submit thecomplaint using the OnlineDispute Resolution platform atec.europa.eu/consumers/odrThe platform facilitates theresolution of complaints ratherthan actually resolving them.Complaints submitted to theplatform will be dealt with byapproved dispute resolutionproviders, which in our casewould be the FOS.

(c) We are covered by theFinancial ServicesCompensation Scheme (FSCS)and if we cannot meet ourobligations to you, you may beentitled to compensation fromthe FSCS. The details dependon the type of Investment andthe circumstances of your claim.

(d) In the event of our Default,a claim relating to theadministration of your accountsmay be covered by the FSCS,up to a maximum of £50,000.(before 1st April 2019) and amaximum of £85,000 (on orafter 1st April 2019).

(e) In the event of the Default ofa provider of Investments youhold, you may also be coveredby the FSCS, if the provider isbased in the UK, has made apayment to be part of the FSCS,or is the management companyfor the type of investment fundknown as a UCITS. The

maximum amount of thisprotection is £50,000 before 1stApril 2019 and £85,000 after 1stApril 2019. Another country’scompensation scheme may alsoapply if the provider is based inanother country in the EuropeanEconomic Area.

(f) For the administration of youraccounts, we hold cashbalances, including Cash WithinYour Account and any cash inyour Cash ManagementAccount, in one or moreUK-based bank accounts.Deposits held in UK-based bankaccounts are covered by theFSCS up to a maximum of£85,000 for each bank in theevent of the deposit taker’sDefault. However, any otherdeposits you hold with therelevant bank will also counttowards this limit.

(g) For more information abouthow the FSCS might apply toyour Investments and money,please speak to your adviser orintermediary, contact us or visitfscs.org.uk

10. Changing or endingthese Terms(a) You agree to us assigningall or any of our benefits andobligations under these Termsto any appropriate FidelityGroup company or any thirdparty which is appropriatelyregulated and authorised bythe FCA. If we do this, we willnotify you.

(b) We may change theseTerms to:

• Comply with any change inLegal Requirements

• Correct any inaccuracies,omissions, errors orambiguities

• Take account of anyreorganisation of the FidelityGroup of companies, or ofany transfer of rights underClause 10(a)

• Reflect any changes to theservices, products orInvestments we offer underthese Terms, or changes toour systems, our processesand procedures, marketpractice or customerrequirements

• Reflect any changes to thecosts that we or third partiesincur, which may result in anincrease to the charges youpay in accordance withAppendix 2

• Reflect any withdrawal byHMRC of the Scheme’sregistration

• Reflect a change in the rateor basis of taxation or leviesthat affects the Scheme

• Make any other changes thatwe believe, in good faith, arereasonable, provided thatyou are not materiallydisadvantaged by suchchanges

(c) If we make any changes tothe Terms, we will notify you,giving a minimum of onemonth’s notice of the proposedchange, although we willalways try to give more noticewhere reasonably practicable.Incidental changes, such asclarifications and drafting ortypographical amendments,may be made immediately andwill be available on ourwebsite.

(d) If you are not happy withany change we plan to make tothe Terms, you can close youraccount(s) in accordance withClause 6.1, or we will assist youto Re-register or Transfer yourInvestments to another providerin accordance with Clause 3.3.

We will not charge you a feefor this.

11. Disputes andgoverning lawThese Terms will be governedby and construed in accordancewith English law. You andFidelity submit to the exclusivejurisdiction of the English courtsto settle any disputes arisingunder these Terms. NeitherFidelity nor you intend anyprovision of these Terms to beenforceable by any personother than Fidelity or you, or ouror your respective permittedsuccessors or assignees.

Section 2: Terms forthe Pension

12. Opening yourPension

12.1 Scheme Administratorand Trustee.

(a) The Scheme Administrator,currently FASL, will administerthe Scheme in accordance withthe Rules. By becoming anaccount holder you agree to bebound by the Rules, which areavailable on written request. Ifthere are any conflicts betweenthese Terms and the Rules, theRules will prevail.

(b) The Trustee, currently FSTL, isthe legal owner of all cash andassets within the Scheme,holding them on behalf of theaccount holders. The assets areheld separately from any otherassets of companies within theFidelity Group by the Trustee or,on the Trustee’s behalf, by aNominee or custodian, inaccordance with the Trust Deedand Rules. The Trustee willnormally exercise any votingrights in respect of any of yourinvestments.

12.2 Payments into youraccount(s)

(a) You will usually have onePension Savings Account, intowhich all regular or singlepayments you choose to makewill be paid. Depending on theBenefits you decide to take andwhen you wish them to be paid,you may also have more thanone Pension DrawdownAccount. We’ll issue aconfirmation to you eachtime that we create a newaccount for you.

(b) Initial payment -You can become an accountholder with:

• A personal contribution,single or regular, either fromyourself or a third party

• A contribution from youremployer

• A Permitted Transfer – seeClause 12.2 (d)

• Any combination of theabove

(c) Tax relief and overpayments -You are wholly responsible forensuring that all contributionsare within allowable limits fortax relief, in particular theAnnual Allowance and theMoney Purchase AnnualAllowance. We will repay anyoverpaid tax relief and intereston the overpayment, ondemand by HMRC, from youraccount(s) without your furtherauthority. We shall determinerequests for the return ofcontributions entirely at ourdiscretion, other than in caseswhere the request is within thecancellation period – seeClause 1.7. Any amountrefunded may be less than thatpaid, because of charges,investment performance ortax and/or interest appliedby HMRC.

(d) Permitted Transfers -Before we can accept aPermitted Transfer we willrequire certain information fromyou and the TransferringScheme. If we don’t receivecomplete and accurateinformation, we won’t be ableto accept the Permitted Transferand we’ll return to theTransferring Scheme any moneyor Investment that we havealready received for thatPermitted Transfer. We willnotify you if we do this.

We can accept PermittedTransfers in cash or asRe-registrations, or as acombination of the two.However, for a Re-Registration,we must be able to registerand hold such investments onour platform. If we cannotaccept an Investment, it willneed to be sold and the saleproceeds transferred to theScheme.

(e) Minimum and maximumpayments -We set a minimum on the sizeof any payment that we’llaccept into a Pension SavingsAccount. Where more than oneTransfer Payment is being madeat the same time, the minimumapplies to the total of all thoseTransfer Payments. We alsoapply a limit on the minimumamount by which any regularcontributions can be varied.While we do not place arestriction on the maximumamount you can pay into aPension Savings Account, if youmake payments in excess of theHMRC limits, you may be liableto tax and/or penalty charges.

(f) Failed payments -If a cheque payment made byyou is returned unpaid(bounced) or your Direct Debitinstruction fails, we will inform

you of this. In the unlikely eventof your cheque being returnedunpaid or Direct Debit failingafter we have used it to buyInvestments, and your PensionSavings Account doesn’t havesufficient money available tocover the purchase, we will sellthose Investments or exerciseany right to cancel theirpurchase. You may be chargedany reasonably incurred costsor expenses we incur in doingso. If the value we receive forselling or cancelling thepurchase of an Investment isless than the price we paid forit, we will deduct the differencefrom the value of your assets.

We can decide that we will nolonger accept any furtherpayments into your account(s),provided that we havereasonable reasons for doingso and we notify you of ourreasons.

(g) Tax relief on personalcontributions -We will reclaim basic rate taxrelief from HMRC on yourbehalf. If you are a higher oradditional rate taxpayer, youmay be eligible to reclaimfurther tax relief through yourSelf-Assessment tax return.Scottish residents who pay taxat a rate above basic rate butwho don’t normally complete atax return should contact HMRC.

If you are employed and youremployer is making contributions,these are paid gross.

It can take between six andeight weeks from the end of themonth in which you make thecontribution to receive tax reliefon your personal contributionsfrom HMRC.

(h) Tax charges -You should be aware of theAnnual Allowance tax chargeand Lifetime Allowance taxcharge, which can be imposedin prescribed circumstances.You may elect to use thestatutory option to notify us inwriting that you want the AnnualAllowance tax charge to bededucted from your account(s).We will comply with any suchnotice.

13. Managing yourpension

13.1 Investments

(a) You may invest in OpenEnded Funds and ExchangeTraded Products through ourplatform. Exchange tradedinvestments, such as Shares,Gilts and Corporate Bonds mayalso be available. TheseInvestments are provided by anumber of different underlyingproviders and may be subjectto Corporate Actions, such asfund mergers or splits. There isno limit on the number ofInvestments which are on ourplatform that can be held inyour account(s), although aminimum investment amountmay apply to the Investments.In addition, you may leave allor part of your account(s) in theform of cash.

The Trustee has absolutediscretion as to whether anInvestment is allowed to beheld in your account(s). TheTrustee also reserves the rightto sell any Investment from youraccount(s) at any time if, in the

Trustee’s opinion, the continuedholding of that Investmentprejudices the Scheme’s statusas a Registered PensionScheme.

The Trustee may, from time totime and at its absolutediscretion, consider allowingother types of Investment, inaddition to those identifiedabove, as permitted.

(b) Changing your Investments -You can Switch, whereavailable, or sell Investments inyour account(s) at any time andhold the proceeds of sales asCash Within Your Account.

(c) If you hold an Investmentwith us (or a specific shareclass) and we stop offering it,we will give you notice andseek your instructions as towhether you would like us toSwitch your Investment orencash it and place theproceeds in Cash Within YourAccount. If we do not receiveyour instructions within thetimeframe provided for in thenotice, we may Switch you intoa similar Investment withcharges that are similar orlower or sell the Investment andplace the proceeds in CashWithin Your Account until you tellus where to invest it.

13.2 Cash Within Your Account

You can use Cash Within YourAccount to hold money whileyou decide which Investments toinvest in. All uninvested moneyin your account(s) will be heldas Cash Within Your Accountand, provided it has cleared,will be available for investmentat any time.

13.3 Tax relief

(a) Where we have reclaimedtax relief on your behalf, thiswill normally be invested in the

investment that you purchasedwith the tax relievablecontribution. This may be thecase even if you havecompletely switched out of thatInvestment. Where we cannotinvest the tax relief in the sameInvestment – for example,where an investment is nowclosed – we will place the taxrelief in Cash Within YourAccount.

It may take between six andeight weeks from the end of themonth in which you make thecontribution for us to receive thetax relief on it from HMRC.

b) Tax reclaimed ondistributions -We will reclaim any taxdeducted from a distribution inrespect of your Investments byprocessing the appropriate taxvouchers with HMRC. Fundsreceived from HMRC in respectof such a tax reclaim will beplaced in Cash Within YourAccount.

13.4 Reporting

a) Regular reports on youraccount(s) will be madeavailable as outlined in Section2.4. In addition, statements andother reports may also beissued upon request on an adhoc basis, although we reservethe right to charge anadditional fee for this. We willnotify you of the charge whenthe ad hoc documentation isrequested.

14. Taking Benefits fromyour Pension

14.1 Benefits at Pension Date

(a) Value of Benefits -Your Benefits are notguaranteed. The amountavailable to provide Benefits atany date will be the market

value of the investments heldwithin your account(s), whichwill depend on:

• The contributions made intoyour account(s)

• The returns from theInvestments

• The charges deducted

The value of your Benefits mayalso be affected by the cost ofconverting your Investments intoan income. This cost varies overtime.

Benefits will only be paid insterling to a UK-based bankaccount that is either in yourname or you are a jointsignatory on.

(b) Choice of Benefits -On your Pension Date you may,subject to the conditions set outin the rest of this section,choose from the followingBenefits:

• Tax-free cash (officiallyknown as a pensioncommencement lump sum)

• Pension drawdown (aflexible retirement income)

• A lump sum taken directlyfrom your Pension SavingsAccount (known as anUncrystallised Withdrawal)

• An annuity (a guaranteedincome for life)

• A combination of the optionsabove

14.2 Tax-free cash (pensioncommencement lump sum)

You will normally be eligible totake a portion of your PensionSavings Account(s) as tax-freecash at your Pension Date.Currently this is 25% of the totalvalue of the relevant PensionSavings Account. A differentpercentage may be available ifyou have Transitional Rights.

Payments of tax-free cash willnormally be made by BACS toyour bank account.

14.3 Pension drawdown

(a) You can take income in theform of pension drawdown froma Pension Drawdown Accountcreated at a Pension Dateprovided:

• Your Adviser has confirmedthat pension drawdown issuitable for you

• You meet the minimumrequirements set out in thepension regulations in force

• The value of your PensionSavings Account is above thelimit given in the Key FeaturesDocument. This only appliesthe first time you take incomefrom the account. When youare taking pensiondrawdown you may also optto receive tax-free cash.

If you make a Transfer Paymentfrom a Registered PensionScheme from which you arealready taking pensiondrawdown, we create aseparate Pension DrawdownAccount from which your incomewill be paid.

You may take income from yourPension Drawdown Account(s):

• As a one-off payment

• Monthly

• Quarterly

• Six-monthly

• Yearly

You may choose on which ofthe available regular paymentdates you wish to receive yourincome.

(b) Types of drawdown -There are two types of pensiondrawdown – flexi-access andcapped.

i) Flexi-access drawdown -With this option you can use allor part of your Pension SavingsAccount to set-up flexi-accessdrawdown. You can take up to25% of the value tax-free andany further withdrawals takenwill be taxed at your marginalrate of Income Tax, inaccordance with the tax codewe receive from HMRC for you.There is no upper or lower limitto how much income you cantake from the flexi-accessPension Drawdown Account.

When you take pensiondrawdown from your PensionSavings Account for the firsttime, a new Pension DrawdownAccount will be created in orderto separate the part of yourpension that is in drawdownfrom the part that has not yetbeen used to providedrawdown.

If you have only moved part ofyour Pension Savings Accountinto drawdown, you may movefurther money into pensiondrawdown by requesting us tomove additional money fromyour Pension Savings Accountinto your existing PensionDrawdown Account.

ii) Capped drawdown -This option is only available ifyou had set up a cappedPension Drawdown Accountbefore 6 April 2015. This optionenables you to have access toan income subject to themaximum levels prescribed byHMRC, in accordance withtables produced by theGovernment Actuary’sDepartment.

You may remain in a cappedPension Drawdown Accountprovided you do not exceed themaximum income limit. You maymove additional money from

your Pension Savings Account toan existing capped PensionDrawdown Account, at whichpoint the maximum incomelevel will be recalculated.

Capped drawdown reviewsThe maximum income you cantake through capped drawdownwill generally be reviewedevery three years until age 75and annually thereafter, basedon the rates set by theGovernment Actuary’sDepartment for an individual ofthe same age at the time ofeach review.

The following events could alsotrigger a review outside of thethree-year review cycle:

• You buy an annuity

• A transfer value is deductedpursuant to a pensionsharing order

• You or your adviser requestan ad hoc review – this willbe entirely at our discretionand may be subject to theapplication of a charge

• You move more money intoan existing capped PensionDrawdown Account

You can increase, decrease,stop and restart your income,provided that your incomedoesn’t exceed the maximumincome. If you want to changethe level of your income, youmust tell us at least 10 BusinessDays before the next paymentdate.

Following a review, themaximum annual income youmay take from your cappedpension Drawdown Accountmay reduce below the level ofincome you have requested.Unless we have a revisedincome instruction, we maycontinue paying out income atthe requested level until

maximum annual income hasbeen paid out, and then stoppaying out income. In certaincircumstances we may reducethe level of regular income toreflect the new maximumannual income. We will let youknow which approach isapplicable to you as part of thecapped drawdown review.

14.4 UncrystallisedWithdrawals

An Uncrystallised Withdrawal isthe option to take an ad hocwithdrawal from your PensionSavings Account without theneed to set up a PensionDrawdown Account. 25% of thetotal withdrawal amount will betax-free and the rest will betaxable at your marginal rate ofIncome Tax. This option doesnot allow you to set up aregular pension withdrawalinstruction.

14.5 Buying an annuity

You can use some or all of youraccount(s) to buy an annuity atPension Date from an annuityprovider before, after, as wellas or instead of taking pensiondrawdown. If you intend to useyour Account(s) to buy anannuity we will deduct anyoutstanding charges from theannuity purchase price.

14.6 Reaching age 75

When you reach age 75, we, inour capacity as the SchemeAdministrator, are required bylaw to conduct a LifetimeAllowance test on youraccount(s). In the event of aLifetime Allowance tax chargebeing payable, we will deductthis amount from your account(s)and remit it to HMRC.

14.7 Serious ill-health lumpsum

If we receive evidence from a

registered medical practitionerthat you’re expected to live forless than one year, you mayhave the option of taking themoney from your account(s) asa lump sum. The lump sum mustsatisfy the conditions set out inthe Rules.

14.8 Small pension pots

Under the small pot rules, youmay take all your pensionBenefits in the form of a one-offlump sum, provided certainstatutory and regulatoryconditions are met. For moreinformation on these conditions,see the Key Features Document.

14.9 Death Benefits

(a) Death Benefits from PensionSavings Account(s) and PensionDrawdown Account(s) if you diebefore the age of 75

The following Benefits may bepayable:

• Lump sum death Benefit

• Pension

• A combination of the above

Lump sum death BenefitSubject to Legal Requirements,we will pay out the total valueof your Pension SavingsAccount(s) and, if applicable,Pension Drawdown Account(s)as a lump sum under theDiscretionary Trust, unless theperson to whom this Benefit willbe paid elects to receive partor all of it as a pension instead.

PensionThe person to whom we wouldpay the lump sum death Benefitunder the Discretionary Trustmay use all or part of yourPension Savings Account(s) and,if applicable, PensionDrawdown Account(s) toprovide a pension by asking us:

• To purchase an annuity froman annuity provider

• To pay an income to them inthe form of flexi-accessdrawdown, in which case therelevant provisions of Clause14.2 on pension drawdownwill apply, as appropriate

(b) Death benefits from PensionSavings Account(s) and PensionDrawdown Account(s) if you dieafter the age of 75The same lump sum or pensionbenefits are available to yourbeneficiaries, subject to anylump sum death benefits beingtaxed and any benefits paidout through a PensionDrawdown Account being taxedat each beneficiary’s marginalrate of Income Tax.

(c) Conditions relating topension drawdownA person will be unable to takepension drawdown under theseTerms unless they have:

• Received financial advice

• Reached age 55, or earlier ifthey have a ProtectedPension Age or the Ill HealthCondition has been met

• Agreed to be bound by theseTerms

(d) InvestmentsIn the event of your death, anyInvestments will continue to beheld until any payments aremade to beneficiaries under theDiscretionary Trust. During thistime, however long it may be,the value of Investments mayfluctuate and we will not beliable for any loss in the valueof your account(s) due to a fallin the value of the Investmentsbetween the date of your deathand the date of a payment.

(e) Taxation of benefitsYou should be aware of the taxcharges which may apply to

benefits payable on your death,details of which are set out inthe Key Features Document.

15 Transferring out to otherschemes

(a) Subject to regulations, youcan ask us to Transfer all orpart of your account(s) toanother UK Registered PensionScheme or a QualifyingRecognised Overseas PensionScheme.

(b) If you ask us to Transfer onlypart of your account(s), we maynot agree to the Transfer if, inour reasonable opinion, itwouldn’t be cost-effective for usto process the Transfer or toadminister the part of youraccount(s) that is left behind.

(c) If the Transfer is to aQualifying RecognisedOverseas Pension Scheme, wewill deduct any LifetimeAllowance tax charge thatmight apply.

(d) If you ask us to Transfer partof your account(s), you must tellus which Investments we shouldsell to make the TransferPayment.

(e) If you ask us to Transfer yourentire account(s), we will sell allof the Investments held for youin the account(s), unless youwish to make a Re-registration,in which case you must tell uswhich investments we shouldRe-register.

(f) We will need time to makesure that we comply with therequirements on Transfers in theRules and we will be unable tomake a Transfer until we’ve soldthe Investments that we need tosell to provide the TransferPayment.

16. Changes to theScheme

16.1 Winding up oramendment of the Scheme

The provider of the Scheme(currently FASL) may wind upthe Scheme or amend the TrustDeed and the Rules at anytime. In the event of winding up,Benefits provided bycontributions already paid willbe dealt with in accordancewith the Rules. You will benotified of the effect on you ofany winding up or amendment.

16.2 Changing provider,Trustee or SchemeAdministrator

The provider of the Scheme,currently FASL, can replace theTrustee and the SchemeAdministrator. The provider canalso appoint another party toact as provider in its place.

Section 3: Terms forOpen Ended Funds

17. Dealing(a) We will act as your agent inall dealings with other fundmanagers. We will transmit yourinstructions to buy and sell FundUnits in Open Ended Funds tothe appropriate fund manager.The price at which your FundUnits are bought or sold will bethe price at the time yourtransaction is confirmed by thefund manager.

(b) Following the sale of FundUnits, we will place theproceeds in Cash Within YourAccount. In the case of OpenEnded Funds managed by aFidelity Group Company, we willusually place the expectedproceeds in Cash Within YourAccount before we actually

receive them from the provider.We may also do this, at oursole discretion, in the case ofother Open Ended Funds. In allcases, we reserve the right toonly place proceeds in CashWithin Your Account once wehave received them as clearedfunds from the provider.

(c) We will process yourinstructions as soon as we can,which may be before we are inreceipt of cleared funds fromyou. As soon as we place yourorder(s), you are liable to us forthe cost of them. If we don’tthen receive cleared fundswithin seven Business Days topay for your order(s), Clause7.1(d) will apply.

(d) If you ask us to buy, Switchor sell some or all of your FundUnits, we will initiate this assoon as we can after receivingyour instructions. If we receiveyour instruction online or byphone before the relevantintraday cut-off time, we willnormally process this instructionon the same Business Day. Ifyou send us an instruction bypost, it may be processed onthe Business Day following thereceipt of the instruction. Incertain circumstances, yourinstructions to buy, Switch or sellmay take longer to process,–for example, if your advisersubmits them through the bulkswitching and rebalancingservice. Please see fidelity.co.uk/importantinfo for moreinformation.

(e) Minimum investment limitsmay apply when you buy Fundsor Switch into Funds. Please seethe Key Features Document formore details.

(f) If we make the expectedproceeds of a sale of FundUnits available to you and we

are then unable to recover theactual proceeds from theprovider, you agree that you willpay back the money which wehave paid to you.

(g) We will not Switch or sell anInvestment if you have asked usto make some other change toit and that transaction is not yetcomplete.

(h) We will send you a singletransaction confirmation forboth the sell and buy parts of aSwitch once they arecompleted.

(i) Where we, in good faith,consider it necessary, we mayarrange for your Investments tobe converted or Switched intoInvestments of a different classor to be Switched into a similarInvestment with charges thatare similar or lower. Suchcircumstances may arise, forexample, where we stopoffering a certain Investmentshare class.

If you ask us to Re-register anInvestment onto our platformand we do not offer thatInvestment, we will ask yourcurrent provider to sell theInvestment and transfer theproceeds to us as cash, whichwe will place in Cash WithinYour Account.

Section 4: Terms forExchange TradedProducts

18. Dealing(a) For Exchange TradedProducts, we executeinstructions as Market Orders oron an At Best basis at leastonce each Business Day,provided that it is a trading dayon the relevant market. We usea Dealing Partner to execute

these instructions. Where ourDealing Partner executesinstructions at a fixed time eachBusiness Day, which we refer toas a Dealing Point, yourinstructions will only beexecuted on the day we receivethem if we receive and processthem by a cut-off time shortlybefore the Dealing Point.Please visit fidelity.co.uk/importantinfo for moreinformation.

(b) Your At Best instructions maybe aggregated with those ofour other clients at the sameDealing Point. We will only dothis where we reasonablybelieve that this will not operateto your disadvantage.However, it is possible that thismay sometimes be to yourdisadvantage – for example,where there is limited liquidityin the relevant Investment andthe size of the order affects theprice which we can achieve orrequires it to be executed overa period of time. Please refer tothe information on our OrderExecution Policy at Appendix 3for further details in this regard.

(c) Your adviser can give us asingle Switch instruction to sellone of your Investments andmove the proceeds to another.We will always execute Switcheson an At Best basis.

(d) We may also offer toexecute instructions on a LimitOrder basis. Where applicable,this option may be availableonline and/or over the phoneonly. However, we reserve theright to change the medium inwhich we require instructions tobe given. We will give youadvance notice if we make sucha change. You hereby give usyour express instructions andconsent that, when dealing witha Limit Order that is not

immediately executable, wemay exercise discretion not topublish the order.

(e) We will not aggregate yourMarket Order or Limit Orderinstructions with instructionsfrom our other clients.

(f) If we are unable to executea Limit Order or Market Orderin full for any reason at therelevant time, we will not seekto execute it subsequentlyunless you give us newinstructions. If we are unable toexecute an At Best order in fullat the relevant time or DealingPoint, we may seek to execute ituntil the close of business at theend of the relevant week, inaccordance with our OrderExecution Policy.

(g) If we are unable to buy thefull number or value ofInvestments which you and ourother clients ask us to buy onan At Best basis, we may, atour discretion, acquire only partof your order. At our discretion,we may also, but will notnecessarily, allocate fractions ofFund Units to you if this occurs.

(h) Once you have placedinstructions, they cannot usuallybe cancelled. We may,however, cancel or delayexecution of a trade on our owninitiative for any of the reasonsset out in our Order ExecutionPolicy.

(i) As soon as we place anorder for you, you are liable forthe cost of it. We will usuallyrequire you to hold sufficientfunds as cleared Cash WithinYour Account in the relevantaccount ahead of placing yourorder. In the event that we, atour discretion, do not requirethis and we don’t then receivecleared funds within sevenBusiness Days to pay for your

order(s), Clause 7.1(d) willapply.

(j) Our charges for dealing inExchange Traded Products areset out in Appendix 2. We willinform you or your adviser ofthe applicable dealing charges,and any transaction taxes weare aware of, when yourinstructions are submitted.

(k) Where we, in good faith,consider it necessary, we mayarrange for your Investments tobe converted or Switched intoInvestments of a different classor to be Switched into similarInvestments with charges thatare similar or lower. Suchcircumstances may arise, forexample, where we stopoffering a certain Investmentshare class. If you ask toRe-register an investment ontoour platform and we do notoffer that Investment, we willask your current provider to sellthe Investment and Transfer theproceeds to us as cash whichwe will place into Cash WithinYour Account.

19. Corporate ActionsWhere we support a CorporateAction, we reserve the right toaccept instructions in aprescribed manner – forexample, online only or fromyou directly, as opposed tothrough an adviser. You will,however, be notified if we makeany change. The Key FeaturesDocument describes how wecurrently notify you of CorporateActions and accept yourinstructions.

Section 5: Terms forShares, Gilts andCorporate Bonds

20. Dealing(a) For Shares, Gilts andCorporate Bonds we offer threetypes of dealing: At Best,Market Order and Limit Order.Some of these options may onlybe available online and/or overthe phone. However, we reservethe right to change the mediumin which we require instructionsto be given. We will give youadvance notice if we make sucha change. You hereby give usyour express instructions andconsent that, when dealing witha Limit Order that is notimmediately executable, wemay exercise discretion not topublish the order .

(b) Where your adviser gives usinstructions to deal At Best, ourDealing Partner will endeavourto execute them at a time whichit has set on each Business Day,which we refer to as a DealingPoint, provided that theinstructions are received by thecut-off time shortly before.Please visit fidelity.co.uk/importantinfo or moreinformation on cut-off times.

If you give us instructionsdirectly, our Dealing Partner willendeavour to execute themimmediately. Your instructionswill generally be executed byour Dealing Partner with amarket maker or on the relevantexchange. However, if youinstruct us to subscribe forShares, Gilts or CorporateBonds as part of a new issue,we will acquire these on yourbehalf directly from the issuer.

(c) If we are unable to executea Limit Order or Market Order

in full for any reason at therelevant time, we will not seekto execute it subsequentlyunless you give us newinstructions. If we are unable toexecute an At Best order in fullat the relevant time or DealingPoint, we may seek to execute ituntil the close of business at theend of the relevant week, inaccordance with our OrderExecution Policy.

(d) At Best instructions may beaggregated with those of ourother clients and placed at thesame Dealing Point. We willonly do this where wereasonably believe that this willnot operate to yourdisadvantage . However, it ispossible that this maysometimes be to yourdisadvantage – for example,where there is limited liquidityin the relevant Investment andthe size of the order affects theprice which we can achieve orrequires it to be executed overa period of time. Please refer tothe information on our OrderExecution Policy at Appendix 3for further details in this regard.

(e) We do not aggregateMarket Order or Limit Orderinstructions with instructionsfrom our other clients.

(f) If we are unable to buy thefull number or value ofInvestments which you and ourother clients ask us to buy onan At Best basis, we will, at ourdiscretion, acquire part of yourorder. We will not acquirefractions of Shares, Gilts orCorporate Bonds for you.

(g) We accept onlineinstructions and may also, atour discretion, but usually onlyin exceptional circumstances,accept instructions over thephone. Once you have placed

instructions, they cannot usuallybe cancelled. The terms of yourinstructions will be set out in theconfirmation we provide to youonline or when we repeat yourinstructions to you over thephone. You must tell usimmediately if these areincorrect. We may cancel ordelay execution of a trade onour own initiative for any of thereasons set out in our OrderExecution Policy.

(h) We may only process yourinstructions once we are inreceipt of cleared funds. If wedo so before we are in receiptof cleared funds, you willimmediately be liable to us forthe cost of your transaction.

(i) Our charges for dealing inShares, Gilts and CorporateBonds are set out in Appendix 2.We will inform you or youradviser of the applicabledealing charges, and anytransaction taxes we are awareof, when your instructions aresubmitted.

21. Corporate Actions(a) We endeavour to supportall types of Corporate Actionsfor Shares, Gilts and CorporateBonds. However, for theseInvestments this service will onlybe available online and anyinstructions must come directlyfrom you, and not from youradviser or intermediary.

(b) We will not notify you of, ortake any action in respect of,Corporate Actions until yourInvestments have beenregistered in the name of ourNominee.

(c) If you purchase a CorporateBond issued without a maturitydate and we are subsequentlynotified of a maturity date bythe issuer or the relevant

investment exchange, we willendeavour to notify you of thematurity date within areasonable timescale.

Appendix 1: Definedterms and theirmeaning

When we use any of theseterms in the plural, theirmeaning is the same as it is inthe singular.

Annual Allowance – the mostyou can save in all yourregistered pensions in a givenPension Input Period (PIP) withthe benefit of tax relief. Yourpension savings are the total ofyour own contributions and anythat are paid by someone else– for example, your partner oryour employer.

Annual Allowance Tax Charge– the tax penalty you’ll pay oncontributions to your pensionplans that exceed your AnnualAllowance. See the KeyFeatures Document for details.

Application – your accountopening or Re-registration form.You may complete the formonline or by phone, or incertain circumstances on paper.

At Best – a dealing instructionmeaning that we and ourDealing Partner will try toobtain the best possible priceat the time your instructions arecarried out. There is noguarantee a particular pricewill be obtained.

Benefit –• A pension commencement

lump sum (tax-free cash)

• A pension drawdownwithdrawal that you arrangein accordance with the termsset out in section 14.2

• An uncrystallised withdrawal

from your Pension SavingsAccount, small pot paymentor ill health lump sum

• An annuity

Benefits may also be paid toyour beneficiaries if you die.

Best Execution – the manner inwhich we will carry out yourInvestment instructions, takingall reasonable steps to obtainthe best possible result for youat the relevant time, inaccordance with the executionfactors specified in the FCARules.

Business Day – Monday toFriday, excluding UK publicholidays. For CDIs, any day therelevant financial market isopen for trading is a BusinessDay.

Cash Within Your Account –cash held within a particularaccount that it is available tobuy Investments. Within thePension Account, there are twotypes of cash available –Pension Product Cash and thePension Cash Account. Youradviser will be able to tell youwhich type you have. All cash isheld is a UK bank account inthe name of the Trustee. Allaccount holders’ cash isconsolidated in that account.Further information on cash,including any interest that ispaid and details of theFinancial ServicesCompensation Scheme (FSCS)are set out in the Key FeaturesDocument.

Cash Management Account –an account that you can holdcash in before you transfer it toanother account, or for holdingcash to pay fees and chargeswhere permitted.

CDI – CREST DepositoryInterests. These are UK

securities representing a stocktraded on a non-UK exchange.CDIs offer a straightforward,cost-effective way to trade in anumber of overseas stocks andto pay for them and receivedividends in sterling. We willupdate the list of available CDIswe offer from time to time.

Class Action – litigation orother contentious actionconducted on behalf of anumber of investors.

Corporate Action – any actionby an issuer or fund managerthat may affect an Investment,such as a call payment,capitalisation, consolidation,conversion, open offer, exerciseof warrants, takeover or rightsissue.

Corporate Bond – a debtsecurity issued by a company orother corporation.

Dealing Partner – a broker weappoint to carry out instructionsfrom account holders. Thedealing partners we currentlyuse are Platform Securities LLPand J.P. Morgan Securities Ltd.

Default – a situation in whichthe Financial ServicesCompensation Scheme deemsthat a bank or other financialservices provider is unable tomeet its obligations to clients,usually because it is insolvent.

Dilution Levy (or DilutionCharge/Adjustment) – a chargeby the fund manager of a singlepriced fund which is added to/deducted from the price toallocate the additional dealingcosts of buying/selling assets tothe investors trading the fund.This may only apply to dealsover a certain size or at times ofparticular market activity. Detailsof when it may apply arenormally within the prospectus.

Discretionary Trust – the basisunder which we pay lump sumdeath benefits. We will decidewho should receive such a lumpsum, and how much it shouldbe, from the list of beneficiariesset out in the Rules. You canhelp us make this decision bytelling us in writing who you’dlike to receive the lump sumdeath benefit. This can includethe trustees of any trust thatyou’ve set up. We’ll take yourrequests into consideration butwe’re not obliged to followthem.

Essential Documents – theseTerms and the other documentswe refer to in the ‘Otherimportant documents’ section.

Exchange Traded Products –Investment Trusts (including RealEstate Investment Trusts),exchange traded funds andexchange traded commoditiesthat are traded on the LondonStock Exchange.

External Event – any event (ornon-occurrence) that is outsideour reasonable control, such asa telecommunications or ITfailure, a strike or industrialaction, a market disruption, thefailure of an exchange, clearinghouse, dealing partner or otherthird party to perform itsobligations or comply with lawspreventing money laundering,fraud or terrorist financing orany other circumstances that areoutside our reasonable control.

FASL – Financial AdministrationServices Limited.

FCA – the Financial ConductAuthority, 12 Endeavour Square,London E20 1JN, or any otherregulator that succeeds it.

FCA Rules – the FCA Handbookof rules and guidance, asamended from time to time.

Fidelity – either FASL or FSTL,depending on which managesor offers the particularInvestment you hold or theservice you use, as set out inthe table towards the end ofthis Appendix. These are bothFidelity Group Companies.Fidelity may also refer to anycompany we might transfer ourrights and responsibilities tounder these Terms in future –see Clause 10(a).

Fidelity Group Company –Fidelity, any subsidiary ofFidelity, any parent company ofFidelity and any subsidiary ofsuch a parent company.

Fidelity Product – anInvestment Trust, Open EndedFund, Recognised Fund or UnitTrust managed or operated bya Fidelity Group Company.

FSCS – the Financial ServicesCompensation Scheme in theUK.

FSTL – FIL SIPP Trustee (UK)Limited, a Fidelity GroupCompany that is currentlyTrustee of the scheme.

Fund – an Open Ended Fund orExchange Traded Product.

Fund Units – units or shares inan Open Ended Fund orExchange Traded Product.

FundsNetwork – the UKinvestment services platformprovided and operated byFASL.

FundsNetwork Pension – a self-invested personal pensionavailable under the Scheme toprospective account holdersthrough an adviser orintermediary.

General Data ProtectionRegulation (GDPR) – an EUlaw that has replaced the DataProtection Act (1998).

Gilt – a debt security issued bythe UK government.

Investment – an Open EndedFund, Exchange Traded Product,Share, Gilt, Corporate Bond orother retail investment product.

Investment Trust – a closedended fund, structured as apublic limited company andtraded on a stock exchange.

Ill Health Condition – aphysical or mental impairmentthat, in the opinion of theScheme Administrator, havingreviewed medical evidence,renders an account holder whohas had to leave theiroccupation incapable ofreturning to it.

Key Investor InformationDocument (KIID) – a documentcontaining key informationabout a Fund, including asummary of its objectives, risksand charges. Most Funds havea KIID. A Fund that doesn’t mayhave a Key InformationDocument instead.

Key Information Document(KID) – a document containingkey information about a Fund,including a summary of itsobjectives, risks and charges.KIDs are issue by certain Fundsthat do not need to produce aKIID.

Legal Requirement – a law, aregulation, a rule made by theFCA or other regulatory body, adecision by a court,ombudsmanor similar body, or any industryguidance or code of practice.

Lifetime Allowance – the mostyou are allowed to hold in yourpensions with the benefit of taxrelief. See the Key FeaturesDocument for details.

Lifetime Allowance Excess TaxCharge – the tax penalty on

your pension savings thatexceed the Lifetime Allowance.See the Key Features Documentfor details.

Limit Order – a type ofinstruction that enables you toset a price for a transaction.We will only carry out thetransaction if we can obtainthat price or better by the endof the same trading day on therelevant market. If you instructus on a day that is not atrading day, this will be the endof the next trading day. Whenyou give us a Limit Order, youagree that we and/or ourDealing Partner will not discloseit to the relevant market beforeit is carried out. We will not tryto obtain a better price for youthan the price you set in yourLimit Order.

Market Abuse – behaviour thatunfairly disadvantages otherinvestors, such as insiderdealing or market manipulation.

Market Order – a type ofinstruction that allows you tosee a live market price anddecide whether or not to dealat it. If the price becomesunavailable immediately afteryou place your instructions, weor our Dealing Partner will notcarry them out. We will not seekto obtain a better price for youthan the live market price weshow you.

Money Purchase AnnualAllowance (MPAA) – thereduced Annual Allowance thatapplies to members of moneypurchase (defined contribution)pension schemes who havetaken flexible Benefits from theirsavings. Taking tax-free cashdoes not itself trigger theMPAA. See the Key FeaturesDocument for details.

Open Ended Fund – a fund,such as an OEIC or Unit Trust,which creates and redeemsFund Units to meet investordemand and which is not listedon an investment exchange.

Open Ended InvestmentCompany (OEIC) – a UK-basedfund that is structured as acompany. An OEIC may be anumbrella Fund containing anumber of sub-funds, and theterm may also be used for eachof the sub-funds.

Order Execution Policy – theinternal policy we follow toensure we give our investorsBest Execution.

Outturn – a share, warrant,cash or other benefit that youreceive as a result of aCorporate Action.

Pension Account – YourFundsNetwork PensionAccount(s).

Pension Date – the date westart paying you a Benefit fromyour account. Your Pension Datecannot be earlier than your 55thbirthday, unless:

• You have a ProtectedPension Age in relation tobenefits you have transferredto the Scheme on a non-voluntary basis and yourPension Date relates to all ofthe assets in the Account setup for that transfer

• You meet the Ill HealthCondition

There is no maximum PensionDate but if you die on or afteryour 75th birthday, any lumpsum death benefit paid will betaxed at the beneficiariesmarginal tax rate.

Pension Drawdown Account –an account you have movedmoney into so that you are able

to withdraw it, eitherimmediately or in the future.

Pension Savings Account (alsoknown as an uncrystallisedaccount) – an accountcontaining savings that havenot yet been used to generateBenefits.

Permitted Transfer – a transferthat we will accept into theScheme. It may be a TransferPayment or a Re-Registration.We will only accept a TransferPayment from a final salarypension scheme, or any otheroccupational pension schemethat gives safeguarded rights ifit meets the minimum legaland regulatory requirementsand satisfies any other termswe may impose.

Protected Pension Age – aright to take pension Benefitsbefore the age of 55. TheProtected Pension Age will havebeen put in place on or before5 April 2006.

Qualifying RecognisedOverseas Pension Scheme – apension scheme based outsidethe UK to which a UKRegistered Pension Scheme isallowed to transfer money orassets. In certain circumstances,a tax charge may apply to sucha transfer.

Recognised Fund – an offshorefund recognised in the UKunder the relevant regulations.

Re-register/Re-registration – aprocess that allows Investmentsto be moved between fundmanagers or investment serviceproviders without being sold.

Registered Pension Scheme –a pension scheme registered byHMRC.

Rules – the rules of the Scheme.Please contact us if you wouldlike a copy.

Scheme – the Fidelity RetailPension Scheme, a RegisteredPension Scheme, as defined inChapter 2 of Part 4 of theFinance Act 2004.

Scheme Administrator – thecompany or person or group ofindividuals appointed toadminister the Scheme inaccordance with the Rules. Thecurrent Scheme Administrator isFASL.

Shares – either UK equities ornon-UK equities held in the formof CDIs.

Switch – related transactions inwhich an Investment is sold andthe proceeds are then used tobuy another Investment, orother Investments.

Terms – the FundsNetworkTM

Pension Client Terms (thisdocument), as amended fromtime to time.

Transferring Scheme – apension scheme (or otherarrangement or policy) fromwhich you want to transfer someor all of your Investments.

Transitional Rights – themechanism set up by HMRC toprotect rights that pensionscheme members may havebuilt up before the pensions taxregime was simplified on 6April 2006.

Trust Deed – the arrangementdated 4 February 2013 underwhich the trust was set up andthe Scheme established.

Trustee – the Trustee of theScheme, currently FSTL.

UCITS – a category of fund thatcan be marketed to retailinvestors throughout the

European Economic Area.

Uncrystallised Withdrawal – a withdrawal from your Pension Savings Account, under the UncrystallisedFunds Pension Lump Sum (UFPLS) rules set out in the Taxation of Pensions Act 2014.

Unit Trust – an authorised type of Fund based in the UK.

UK – the United Kingdom of Great Britain and Northern Ireland, excluding the Isle of Man and theChannel Islands.

We, our or us – the relevant Fidelity company, as set out in the following table.

You, your or yourself – the person who does business with us under these Terms, including your personalor authorised representatives or agents and the registered contact for an investor under the age of 18.

Company When you contract with them

FIL SIPP Trustee (UK) Limited (FSTL) • When you become a member of the FundsNetworkPension

Financial Administration

Services Limited (FASL)

For all instructions you give and services you receive,including:

• When you invest through a Pension Account

• When you invest in any Fidelity Product managed,distributed or offered by FASL, or use any of itsplatform services

• When you invest in any of Fidelity’s Luxembourgbased SICAV funds

• When you ask for the facilitation of the payment ofAdviser or Discretionary Fund Manager Fees (seeAppendix 2)

• When you make an investment by cheque, debitcard or direct debit, the payment transaction iswith FASL

• When your adviser places deals for you, using theFundsNetwork bulk Switching and rebalancingservices

Appendix 2: Charges

This appendix lists all of thecharges that could apply. Youcan find out more about thesecharges in the Key FeaturesDocument.

The charges you pay willdepend on your particularInvestments and the servicesyou use.

1. Investment chargesThe table below lists the main

charges levied by fundmanagers or the equivalent.The current charges can befound in the EssentialDocuments – these areavailable at fidelity.co.uk/importantinfo, on yourintermediary’s website or fromyour adviser.

Any rebates we receive for youfrom the fund manager (such asrebates of the OCF explainedbelow) will be:

• Reinvested in the fund thatthe rebate relates to, or

• Reinvested in your largestfund holding, if this is how youraccount has been set up, or

• (If the above options are notpossible) placed in CashWithin Your Account

Rebates will be reinvested on aquarterly basis. Rebates of lessthan £1 may not be reinvested,in which case they will beplaced in Cash Within YourAccount. For the purposes ofFCA client money rules, rebatesbecome due and payable toyou at the point we settle thereinvested Fund Units or when

the rebate is paid into the relevant account, which will be no later than 45 Business Days following theend of the period. In certain circumstances, such as if you instruct us to close your account before thisrebate is paid, we will not pay you any rebate for the previous quarter.

Name of charge How and when taken

Ongoing Charge Figure (OCF) andportfolio transaction costs

Pension Account – Fund UnitsThe OCF represents the charges you pay the fundmanager for holding an Investment on an ongoingbasis. The charges are taken directly from yourholding in the Investment, usually on a daily basis.They are shown as an annual percentage of thevalue of your holding in the relevant Investment.These charges may vary from year to year.

The transaction costs that the manager incurs whendealing within the fund are not included in the OCFand will be disclosed separately.

Performance Fee Pension Account – Fund Units

Some Investments impose an extra fee when theyexceed their performance targets. This fee will betaken directly from your holding in the Investment.For Investments that quote an OCF and have a keyinformation document, any Performance Fee will beshown separately from the OCF. In some cases thePerformance Fee may be negative.

Fund Manager’s Buy Charge Pension Account – Fund UnitsThis is charged and deducted by the fund manageron certain occasions that they will determine whenyou buy Fund Units. It is most commonly taken asa Dilution Levy as explained in the Key FeaturesDocument. Not all Investments incur a FundManager’s Buy Charge.

Fund Manager’sSell Charge

Pension Account – Fund UnitsThis is charged and deducted by the fund manageron certain occasions that they will determine whenyou sell Fund Units. It is most commonly taken asa dilution levy as explained in the Key FeaturesDocument. Not all investments incur a FundManager’s Sell Charge.

CDI Charge Pension Account – CDIsTransactions in CDIs may be subject to additionalcharges to cover the market maker’s margin andcosts, as well as any foreign exchange conversionand settlement fees. Foreign exchange conversioncosts are calculated at a rate based on theprevailing interbank exchange rate, to which anadditional spread may be added by the marketmaker.

UK Stamp DutyReserve Tax

Pension Account – UK SharesA tax levied when you purchase some UK Shares. It iscurrently 0.5% of the transaction value.

Irish Stamp Duty Reserve Tax Pension Account – Irish SharesA tax levied when you purchase Irish Shares. It iscurrently 1% of the transaction value.

Name of charge How and when taken

UK Panel of Takeoversand Mergers Levy

Pension Account – UK SharesThis is a flat rate charge of £1 on all purchases orsales of UK Shares with a transaction value of over£10,000. It is used to finance the Panel on Takeoversand Mergers.

Irish TakeoverPanel Levy

Pension Account – Irish SharesThis is a flat rate charge of €1.25* on all purchasesor sales of Irish Shares with a transaction value ofover €12,500*. It is used to finance the Irish TakeoverPanel.*In the sterling equivalent.

2. Platform and dealing feesYou can find the current platform fees and dealing fee rates in the Key Features Document and atfidelity.co.uk/importantinfo. This document also provides more detail on the options available to youradviser to select cash or Investments from which Platform Fees are paid.

Name of charge How and when taken

Platform fees Pension AccountThese are charged for the services thatFundsNetwork provides as a platform, such asmaintaining your accounts, producing reports andstatements, operating our online services, nominee,administration and asset safeguarding services,providing a call centre for advisers and investors andother administrative and support activities associatedwith your Investments.

Platform Fees are made up of a fixed cash amountand a percentage of the value of your Investments.The fixed cash amount is the Investor Fee and thepercentage charge is the Service Fee. These aredescribed in more detail below. We may, at ourdiscretion, decide to discount or waive these fees. Ifyou add or remove an adviser from your account, therates you pay may change.

If we can’t collect any fees due for a period, we maykeep trying to collect until the balance has beenpaid.

For the purposes of the FCA rules on client money,the Platform Fees will become due and payable tous no later than five Business Days after Investmentshave been sold to collect them.

Name of charge How and when taken

If we sell some of your holding in an Exchange TradedProduct to pay a charge, we may have to sell wholeFund Units. If there is any cash left over after we havetaken the charge, we will place it in Cash Within YourAccount.

The Investor Fee is an annual fee for each differentcombination of named account holders and ischarged six-monthly in advance. The Investor Fee istaken from your Cash Management Account, or fromcash or by selling Investments in your other accounts.It will only be taken from your Pension Account if itcannot be paid from any other account.

The Service Fee is an annual fee and is payablemonthly in arrears. It is taken from Cash within YourAccount or by selling some of your Investments – thismay depend on an option selected by your adviser.The Service Fee is calculated as a percentage of thevalue of your investments, except for any PensionProduct Cash or the Cash Management Account, butincluding cash held in the Pension Cash Account.

Dealing fee for all Shares, Gilts andCorporate Bonds

Pension Account – Shares, Gilts and CorporateBondsA fixed cash amount charged when Shares, Gilts orCorporate Bonds are traded through our DealingPartner. The rate will depend on the type of trade(buy, sell, Switch, regular savings or withdrawals,rebalancing or dividend reinvestment), whether thetrade is a Market Order, Limit Order or aggregatedtrade, and whether it is made online, by phone or bypaper (if that is available). It is taken by the DealingPartner at the time of the transaction, via the cost ofyour Investment or from the sale proceeds. We will tellyou or your adviser in advance how much the fee is.

Dealing fee for Exchange TradedProducts (also known as the ETPDealing Fee)

Pension Account – Exchange Traded ProductsThis charge is a percentage of the value of FundUnits that are traded, or a fixed fee, dependingon the Dealing Partner used. It is taken from yourInvestment by the Dealing Partner at the time of thetransaction. If you give us instructions directly ratherthan through your adviser, we will tell you in advancehow much the fee is.

Early depletion charge Pension AccountIf the total value of any Pension Savings Accountsand Pension Drawdown Accounts within yourPension Account falls below £25,000 in the first twoyears after your account is opened, as a result ofwithdrawing Benefits through flexi-access drawdownor Uncrystallised Withdrawals, we may deduct aone-off depletion charge. This will be a reasonableamount and we will tell you in advance how much itis going to be.

3. Adviser, intermediaryand Discretionary FundManager chargesThe charges shown in thefollowing table and the specificrates you pay are agreedbetween you and your adviseror intermediary. We facilitateyour payments to them. If youhave agreed to pay a chargefor a Discretionary FundManagement service, youradviser will forward it to them.

If an Investment has to be soldto pay any of these charges, wemay have to sell whole units ofthe Investment. If there is anycash left over after we havetaken the charge, we will placeit in Cash Within Your Account.

When we arrange the paymentof these charges for you, we act

as the agent of your adviser orintermediary, and our paymentto them meets your legalresponsibility to pay thecharges that you agreed for therelevant service or transaction.In the time between taking themoney from your account andpaying it to your adviser orintermediary, we will hold it in aFidelity corporate account asagent for your adviser orintermediary.

We can only arrange forcharges to be paid to oneadviser or intermediary foreach account.

We’ll rely on your adviser orintermediary to gives us detailsof the charges you have agreedwith them. If they don’t provideall the necessary information, orthe information they give us is

wrong, we will not be legallyresponsible for any delays,losses or costs.

If you want us to stop arrangingthe payment of charges to youradviser or intermediary youshould write and tell us – youcan do this at any time.

If you cancel an Investment (seeClause 1.7), any charges wehave already arranged to payto your adviser won’t be paidback as part of thecancellation. If you agreed withyour adviser that these feeswould be paid back oncancellation, you will have tospeak to them directly toarrange a refund.

Name of charge How and when taken

Adviser Initial Fee This is paid when you make an Investment orgive instructions for a cash transfer. It can be apercentage or a fixed cash amount, and it comesout of the amount you pay, before your investmentis made. For the Pension Account an Adviser InitialFee can also be paid when you exercise pensiondrawdown options, in which case it will be appliedafter any pension commencement lump sum (tax-freecash) is paid out.

Adviser Ongoing Fee This is calculated at the end of each month andis a percentage of your daily account value forthat month, or a fixed cash amount. If the AdviserOngoing Fee percentage or amount is changed, thenew rate or amount will be applied for the entiremonth in which the change is made. Your adviser canchoose which Investments should be sold, or cashused, to pay this fee, from several options we offer.If the whole fee due can’t be collected in this way,we may keep trying to collect until the balance hasbeen paid.

Adviser Specified Fee This is a one-off payment. Your adviser can chooseto sell Investments to pay it, or it can be taken fromCash Within Your Account.

Discretionary Fund Manager OngoingFee

This calculated at the end of each month and isa percentage of your daily account value for thatmonth, or a fixed cash amount. If the DiscretionaryFund Manager Ongoing Fee percentage or amountis changed, the new rate or amount will be appliedfor the entire month in which the change is made.

Appendix 3: OurOrder ExecutionPolicy DisclosureStatement Overview

This document providesimportant information on ourOrder Execution Policy, which isthe policy we follow to ensurethat we deliver Best Executionof your orders.

How we approach BestExecution is based on the typeof dealing instructions you giveus and the Investments youinstruct us to buy, sell or Switch.

The service we provide to you isdesigned to facilitate trading ina number of markets and withmany different fund providers.

By accepting these Terms youconsent to us:

• following our Order ExecutionPolicy when we execute yourorders; and

• executing your orders outsideof a Regulated Market orMultilateral Trading Facilitywhere we consider thisappropriate to deliver BestExecution.

This will be the case where, forexample, we place your orderdirectly with a fund manager.Execution outside of aRegulated Market orMultilateral Trading Facility mayinvolve certain risks, including

greater counterparty risk.

The terms in bold are definedin the Glossary at the end ofthis document.

Achieving Best Execution –When executing orders on yourbehalf, we will take all sufficientsteps to obtain the bestpossible result for you takinginto account the followingexecution factors:

• the price of the investment;

• the costs related to execution;

• the speed of execution;

• the likelihood of executionand settlement

• the size of the order;

• the nature of the order; and

• any other considerationrelevant to the execution ofthe order.

If you have been classified as aretail client, we will always givethe highest degree ofimportance to achieving thebest possible overall price foryour order, taking into accountany associated costs andcharges.

We will take all sufficient stepsbased on the resourcesavailable to us to satisfyourselves that we haveprocesses in place to enable usto deliver Best Execution whenexecuting your orders.

However, you should note thatthis may not necessarily equate

to achieving the best possibleoverall price for your order inevery case.

We undertake comprehensivemonitoring of our tradingperformance to ensure that theinstances where this is notachieved are minimal.

In some circumstances, forsome clients, orders,investments or markets, we maydetermine that other executionfactors are more important thanthe overall price in obtainingthe best possible executionresult.

In determining the relevantimportance of the executionfactors we consider thecharacteristics of:

• the client (including thecategorisation of the client asretail or professional)

• the client order

• the investments that are thesubject of that order

• the execution venues to whichthat order can be directed.

If we consider that we are, ormay be, unable to comply withour regulatory obligations inrelation to Best Execution forany reason (e.g. marketdisruption or technologyfailure), we may delayexecution of your instructions. Insuch circumstances, we mayalso request that you resubmityour instructions if you wish

to proceed. These Terms alsodescribe other circumstances inwhich we may be unable toaccept or execute yourinstructions.

How your UK orders inExchange Traded Securitiesare routed -

We currently use two DealingPartners when we executeorders in Exchange TradedSecurities listed in the UK.

The Dealing Partner which weuse for any order will dependon the arrangements we havein place with you.

The relevant Dealing Partnermay execute your order in anumber of ways, including byrouting it to one of our selectedRetail Service Providers (RSPs)or to another execution venue,or by buying or selling therelevant securities itself withoutinvolving an RSP or otherexecution venue.

We have chosen the RSPsbased on their ability toprovide competitive pricing andsuitable stock coverage,together with their financialstability and overall settlementperformance record.

We offer At Best execution forall types of security.

We may also be able to offerMarket Order and Limit Orderexecution for the securities youwish to trade in, as explainedin the Terms.

For Market Orders, the relevantDealing Partner will alwaysobtain quotes from one or moreof our RSPs and route yourorder to one of them. In theevent that a Market Ordercannot be executedimmediately we will at the nextavailable opportunity give you

the option to deal instead onan At Best basis, either onlineor over the phone via our callcentre. The next availableopportunity may however be onthe next business day on whichthe relevant market is open.

Every trading day, the LSEoperates a pre, post, andintraday auction. During theauction it might not be possibleto obtain real-time quotes forLSE listed securities, in whichcase we will not offer MarketOrder execution for thosesecurities.

At Best and Limit Orderexecution should be unaffectedby these auction periods.

How your international ordersare routed -

We obtain exposure tointernational securities on yourbehalf through CRESTDepository Interests (CDIs).International orders are routedin the same manner as UKorders with the exception thatwe only route orders to RSPswho specialise in CDI trading.

This may reduce the number ofRSPs from which we can obtainquotes, however we will stilltake sufficient steps to achievethe best possible price for theorder.

The times during which we areable to accept your instructionsor execute your order maydiffer to those for ExchangeTraded Securities listed in theUK.

How we treat specificinstructions, including those forMarket Orders and LimitOrders -

When you give us instructions toexecute on a Market Orderbasis we will seek to then

execute your order at the pricewe have quoted and you haveagreed in your instructions.

We will not seek to obtain abetter price than the price wehave quoted.

We obtain the price we quotefor Market Order execution byrequesting quotes from some orall of our RSPs.

The number of RSPs from whichwe can obtain quotes may bereduced by factors such asextreme market conditions orloss of means ofcommunication.

When you give us instructions toexecute a Limit Order, we willexecute your instructions at thefirst opportunity we have toobtain the minimum ormaximum price you havespecified for the whole of yourorder, but we will not seek toexecute your instructions at abetter price than this.

Apart from permitting you tospecify the price you wish toachieve if you instruct us on aMarket Order or Limit Orderbasis, we will not acceptspecific instructions from youregarding the execution of yourorder.

We do not guarantee that wewill be able to execute MarketOrder or Limit Order instructionsat the price we have quotedand/or you have specified inyour instructions.

If your adviser is giving us AtBest instructions on your behalf,we may permit such instructionsto be given in such a way thatthey specify the value of theInvestments to be bought orsold or the intendedcomposition of the portfolio ofInvestments in your account.

In such cases, we may roundthe instructions up or down sothat we acquire whole numbersof the relevant Investments(rather than, for example, afraction of one Share).

Where we execute your order(execution venues) ForExchange Traded Securities, theavailable execution venues mayinclude one or more RegulatedMarkets, Multilateral TradingFacilities (MTFs), MarketMakers, liquidity providers orother entities that perform asimilar function.

At the date of this policy, thevenues we are most likely touse to execute retail clientorders for listed securities arethe Main Market of the LondonStock Exchange (LSE) and AIM,and these trades will be dealtin accordance with the LSE’srules.

We also regularly use thefollowing Regulated Marketsand MTFs for such orders asthis helps us to consistentlyachieve Best Execution:

• Turquoise

• Bats Europe.

For CDIs and certain investmenttrusts, exchange traded fundsand exchange tradedcommodities, your instructionsmay also be executed outsideof a Regulated Market or MTF.

By accepting these Terms, youhave consented to us placingyour orders for executionoutside of a Regulated Marketor a MTF when we consider thisappropriate to achieve BestExecution.

We have negotiated what webelieve are competitive fees forthe dealing servicesprovided,and we will continue

to monitor these costs.

We will also monitor the pricesthe Dealing Partners achieve ona regular basis to satisfyourselves that they, in turn, meettheir execution obligations.

We will monitor thesearrangements and considerwhat other possible executionvenues, Dealing Partners andRSPs we could use, andwhether doing so wouldgenerate a better result for you,so that we can implement anynecessary changes from time totime.

How we aggregate orders -

If you have given us instructionson an At Best basis, your ordermay be aggregated with ordersfrom other clients.

This means your order will begrouped with other client orderswith common characteristics, inadvance of the aggregatedorder being placed forexecution with the relevantDealing Partner.

We will seek to aggregatecommon order types in this wayat least once per business day(or per day on which therelevant execution venue isavailable), at a pre-defined cut-off point.

These orders will then be sentfor market execution as soon asis practicable after the cut-offpoint.

Aggregation enables us toachieve low execution costs andit is unlikely that it will work tothe overall disadvantage of anyclient.

However, it is possible that onoccasion it will result in youreceiving a less favourableprice than would have been

achieved, had your instructionsbeen executed separately.

Partial execution

In the unlikely event that an AtBest order cannot be executedin full (i.e. 100% of the relevantnumber or value of securities),we will work with our DealingPartner to execute as much ofthe order as possible.

We will continue attempting toexecute the remaining part ofyour order on each businessday until the end of Friday inthe relevant week (or until theend of the last business day inthe relevant week, if sooner) atwhich point we will cancel anyunexecuted portion of the orderand allocate the executedportion to your account.

Partially executed aggregatedorders will be allocated to ourclients’ accounts on a pro-ratedbasis.

Limit Orders are approacheddifferently because they have tobe executed in full (i.e. 100% ofthe relevant number or value ofsecurities) at the time therelevant limit price becomesavailable for the whole of yourorder.

If the limit price you havespecified does not becomeavailable for the whole of yourorder by the market closingtime on the day yourinstructions are due to beexecuted, your Limit Order willthen be cancelled.

If you then want your cancelledinstructions to be executed onthe next business day, you willneed to place a new LimitOrder.

Additionally, please be awarethat by accepting these Termsyou agree that we and our

Dealing Partners will notdisclose or publish details ofyour unexecuted Limit Orders.

We will only execute a MarketOrder if we can obtain the pricewe have quoted to you, andwhich you have agreed to inyour instructions, for the whole ofyour order in the 15 secondsfollowing the time we provideyou with our quoted price.

If we cannot obtain the quotedprice in this time frame, yourinstructions will be cancelled.

Dealing in Open Ended Funds(OEICs, SICAVs, Unit Trusts)

The only method available fordealing in most Open EndedFunds is to transmit orders to therelevant operator of the fund orits agent for execution.

For the most part such operatorswill, therefore, be the onlyexecution venue that we use forthese orders.

If the relevant Open Ended Fundis listed (for example because itis used as a vehicle to provideexchange traded assets orfunds), we may execute yourorder in the same way as for anyother UK order in ExchangeTraded Securities.

By agreeing to these Terms, youagree to the execution of yourorders in Open Ended Fundsbeing carried out outside of aRegulated Market or MultilateralTrading Facility.

Large Orders

For large size orders (£100,000 ormore in value), we may requireyou to give us your instructionsvia our call centre, not online.

Monitoring of Efficiency ofActive Trading -

The purpose of our monitoring

programme is twofold:

• to test the effectiveness ofour overall executionarrangements and,

• to have oversight of ourregulatory obligations onbest execution.

Through a combination ofsystematic testing and sampleanalysis, we seek to identify anytrends or outliers against relevantbenchmarks e.g. indicativemarket rate and interval VolumeWeighted Average Price.

We also monitor and review theexecution quality of our DealingPartners to ensure continuedcompliance with our orderexecution arrangements andpolicy.

We are therefore responsible formonitoring and reviewing ourown internal processes forensuring the selection ofappropriate venues to enable theachievement of ‘best execution’for the trading we undertake onbehalf of our clients.

We also evaluate the orderexecution arrangements of ourDealing Partners (for example, byreceipt and review of theirexecution policies) as well as theexecution quality of these entities.

We will summarise and makepublic, on an annual basis, foreach class of financialinstruments, the top fiveinvestment firms in terms oftrading volumes where we havetransmitted or placed orders forexecution in the preceding year,and information on the quality ofexecution obtained.

Reviewing our Order ExecutionPolicy -

Our Order Execution Policy isformally reviewed at least on

an annual basis.

The purpose of the review is tocarry out an overall assessmentof whether the Policy and ourexecution arrangements aredesigned to enable us to obtainthe best possible result for theexecution of our client orders.

This review includesconsideration of:

• The inclusion of additional ordifferent execution venues orentities;

• The removal of any existingexecution venues or entities;and

• Any modifications required tothis Policy, includingadjustment to the relativeimportance of the bestexecution factors.

Our Order Execution Policy willalso be reviewed on theoccurrence of a materialchange in our dealingarrangements or a materialchange in our underlyingregulatory obligations. For thepurposes of the Policy, amaterial change means asignificant event of an internalor external nature that couldmaterially impact factors orparameters of best executionsuch as cost, price, speed,likelihood of execution,likelihood of settlement, or anyother consideration relevant tothe execution of the order.

We will notify you of anymaterial changes to ourexecution arrangements or theOrder Execution Policy.

We will also update the list ofexecution venues and entitieswhen necessary.

Clients will not be notifiedseparately of any changesunless it constitutes a materialchange.

The addition or removal of a

Dealing Partner or RSP from ourapproved list would nottypically be deemed a materialchange.

The most up-to-date version of

this Order Execution PolicyDisclosure Statement, includingany amendments we make infuture, will be available fromour website fidelity.co.uk.

At Best An execution method where we and our Dealing Partnerendeavour to obtain the best possible price at the time yourinstructions are executed, but there is no guarantee as to the pricewhich will be obtained.

Best Execution The execution of orders where we have taken all reasonablesteps to obtain the best possible result for you at the relevanttime, taking into account the execution factors specified in theFCA Rules.

CDI or CREST Depository Interest A CREST Depository Interest (CDI) is a UK security that representsa stock traded on an exchange outside the UK. CDIs offer astraightforward, cost-effective way to trade in a number ofoverseas stocks and to pay for them and receive dividends insterling. The list of CDIs we make available will be updated fromtime to time.

Dealing Partner A dealing partner which we have appointed to execute orders.The dealing partners which we currently use are PlatformSecurities LLP and J.P. Morgan Securities Ltd.

Exchange Traded Securities Securities which are admitted to trading on one or moreRegulated Markets or other investment exchanges.

FCA The Financial Conduct Authority, located at 12 Endeavour Square,London E20 1JN, is our regulator in the UK.

FCA Rules The FCA’s Handbook of rules and guidance (as amended fromtime to time).

Limit Order An execution method where your instructions specify a maximumprice for us to buy, or minimum price for us to sell, securities.

LSE The London Stock Exchange, the primary stock exchange in theUK. Its markets include AIM (formerly known as the AlternativeInvestment Market) and the Main Market.

Market Maker An LSE member firm which takes on the obligation of continuallymaking a two-way price in securities. Market Makers generallydeal with brokers buying or selling stock on behalf of clients.

Market Order An execution method where we enable you to see a live marketprice and decide whether or not to give instructions to execute thetransaction at that price. If that price is no longer available in themarket immediately after you instruct us, your order will not beexecuted.

Multilateral Trading Facility(MTF)

A system which brings together multiple third-party buyers andsellers of financial instruments and operates in accordance withnon-discretionary rules (e.g. Turquoise).

Glossary

Open Ended Fund An Open Ended Investment Company (OEIC), Unit Trust or Sociétéd’Investissement à Capital Variable (SICAV).

Order Execution Policy The internal policy which we follow so that we can deliver BestExecution to our clients.

Regulated Market The systems of an authorised market (such as the Main Market ofthe LSE) which:

• enables multiple parties to buy and sell financial instrumentswhich have been admitted to the market according to its rules;and

• are fully authorised and functions regularly in accordance withthe provisions of the European Markets in Financial InstrumentsDirective.

Retail Service Provider (RSP) A Market Maker which receives order flow from our ordermanagement system to enable electronic trading in UK listedsecurities or CDIs.

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