MoneyForLife is designed to take the guesswork out of retirement income planning by guaranteeing an income for life, no matter how long you live or how the market performs. The funds offer certainty and control, giving you confidence throughout your retirement.
MoneyForLife Multi-Award Winner
At OnePath we're proud to receive the following industry recognition for MoneyForLife:
- Winner – Super Ratings, Best New Innovation 2011
- Winner – Rainmaker Marketing Excellence Awards, Best Innovation of the Year 2010
- Winner - Money Magazine 'Best of the Best' Best Innovative Super Product Award 2010
- Winner - Plan For Life and the Association of Financial Advisers (AFA) Retirement Income Innovation Award 2009
- Winner - Investment Trends, Best New Product 2009
Whether you need income today or income in the future, MoneyForLife can provide you with:
Certainty
- Income for life, regardless of how long you live or how the market performs.
- Income will not decrease due to market declines.
- Income has the potential to grow in a strong market.
Control
- Control how the investment is allocated among three diversified funds.
- Access to account balance.
- Choice of a single or reversionary income stream.
Confidence
- Retire on your own terms.
- Life decisions based on personal goals not market cycles.
- The ability to invest in growth assets with the security of an income guarantee.
Access
During superannuation our focus is on building a nest egg for retirement. Now there is an exciting superannuation opportunity, offering you new levels of certainty, control and confidence in retirement. MoneyForLife is currently available on the following OnePath products:
How MoneyForLife investment funds work.
Deciding when to retire should be determined by your own personal goals, not the current market cycle. Whether you retire at the start of a strong market phase or at the beginning of a downturn, can have a significant impact on your account balance, and therefore your retirement income.
MoneyForLife investment offers you certainty in how much income you will receive each year, no matter how markets are performing when you retire.
This chart should not be regarded as a forecast of you investment or indicative of future performance or income payments. Assumptions have been made and different assumptions would produce different outcomes. For example, if the investment returns are higher than those used in this chart, it will take longer for the account balance to run out. Conversely, if the investment returns are lower, the account balance will run out earlier. The assumptions are set out in full on the bottom of this webpage.
The chart is intended to show how MoneyForLife operates through the super and pension phases. It illustrates the relationship between the value of an investor’s investment funds and the level of guaranteed income that may be payable if the investor is alive when the account balance runs out. If the account balance has not run out at the investor’s date of death, then no guaranteed income is payable. The chart assumes no Excess Withdrawals are made. If an investor were to make an Excess Withdrawal, the Protected Income Base will decrease proportionately. There is no entitlement to any guaranteed income payment if the investor makes a complete withdrawal or a full switch out of MoneyForLife.
How MoneyForLife works
Protection commences from day 1
1. Protected Income Base
When you invest in MoneyForLife a Protected Income Base will be established. Your Protected Income Base is used to determine your income payment. While your account balance may fluctuate day to day, your Protected Income Base may rise but will not fall with the markets.
Positive performance can increase your income
2. Ratchet
Your Protected Income Base is re-calculated every year and when you begin drawing income. This ensures that you capture investment growth and are protected from market downturns.
Certainty of income in retirement
3. Income payments
You will receive an annual income payment which is calculated by multiplying an income rate by your Protected Income Base. If you are between preservation age and 64 the income rate is 4%, if you are 65 years or older the rate is 5%. This rate is set on your first income payment from your MoneyForLife investment funds and will be retained for the duration of your account.
Access and control
4. MoneyForLife balance
You always have access to the balance of your MoneyForLife investment funds (subject to superannuation rules) and control over which investment funds you invest into. If you decide you no longer need the protection, you can access your account value should you want to take all or part of your money.
Income for life
5. Guaranteed income payments
Even when the balance of your MoneyForLife investment funds runs out, you will continue to receive guaranteed income payments for life.
Assumptions for the chart
The initial investment is $200,000, with a 0% entry fee. The investor is 62 years of age at this time. There is no reversionary pensioner and income payments commence at age 66 and are equal to the Maximum Annual Income per annum (5% of the Protected Income Base) with no Excess Withdrawals or additional contributions. The data is not adjusted for inflation. The investor lives to at least 99 years of age. The funds have been invested in an initial asset mix of 50% defensive assets and 50% growth assets, and investment returns are assumed to be represented by a combination of the following indices and assets: Australian shares -All Ordinaries Accumulation index 25%, International shares -S&P500 Accumulation index (hedged) 25%, Cash and bonds - Yield from 10 Year Australian Government Bonds from 1970, prior to this Federal government bonds or NSW Government bonds of various maturities 50%. (Percentages shown are as at commencement). The assumed investment returns are adjusted to allow for applicable ongoing fees. The returns used are based on the actual returns derived by the selected indices and assets from 1923 to 1961. This time period has been chosen because it provides over 40 years of data and it depicts both a period of positive and weak market returns.
Information about the guarantee
A level of income for life will be provided once the client and their nominated reversionary pensioner, if any, have reached both their preservation ages and have not made any Excess withdrawals, and is calculated with respect to the Protected Income Base and their age when they start their pension. Excess withdrawals are certain withdrawals from their MoneyForLife investment funds which reduce the Protected Income Base and the level of income for life. The guaranteed income payments which can only be sourced from MoneyForLife investment funds are guaranteed by Zurich Australia Limited to OnePath Custodians Pty Limited (OnePath Custodians) ABN 12 008 508 496, AFSL 238346, RSE L0000673 under the terms and conditions of a life insurance policy. Therefore, the guaranteed income payments are contingent on the terms and conditions of the life insurance policy and the financial strength and claims-paying ability of Zurich Australia Limited, who is solely responsible for all obligations under the policy. Zurich Australia Limited is a life insurance company that is registered with and supervised by the Australian Prudential Regulation Authority.
Australians are living longer and retiring earlier and many people are now spending more than a quarter of their lives in retirement. The length of your retirement as well as market performance can have an enormous impact on retirement income.
Retirement insights
Will my retirement savings last?
This depends. How will the market perform over the course of your retirement? How long will you live? Many retirement income plans are built upon projections that use hypothetical returns. Actual results could vary greatly.
To illustrate, we’ve gone back over the past century to see how retirement income plans would have fared using real market returns and average inflation. For example, had you retired in 1982 your retirement savings would have performed very well. Had you retired in 1929, however, you would have run out of income in only 18 years.
Given increasing life expectancies and the likelihood of spending 30 or more years in retirement, it may be prudent to allocate a portion of your retirement dollars to a guaranteed income strategy.
Which path will your retirement follow?
Data and assumptions: $500,000 invested in a diversified, multi-sector balanced portfolio comprising 25% Australian shares, 25% International shares, 30% International bonds and 20% Australian bonds rebalanced annually. Historic retirements commence in 1875 and every 2nd and 5th year thereafter until last commencing in 1985. Each portfolio funds an initial 5% drawdown in year one, thereafter an amount adjusted by the historical average of 3% inflation. Inc 1.8% fees. Source: WealthBenchmarkTM
Guaranteed income for life
No matter which path your retirement follows, MoneyForLife , addresses the problem of running out of income in retirement by guaranteeing a level of income each year for the rest of your life.
Are you concerned about market performance affecting your retirement income?
Poor market performance can be harmful to investors at anytime, but in particular for those who are near retiring or have recently retired. This group of investors may find it difficult to recover the losses they have suffered as they have less time to benefit from market rebounds. Let’s look at examples from 2007 and 2008.
Chris and Cathy retired in 2007 at 60 years of age. They currently live a very healthy and active lifestyle and both believe they will live a long life.
In 2007, together they had $500,000 in super. However over the following two years, the global financial crisis wiped 25% from their balance and in 2009 they only had $375,000 in their allocated pension.
Chris and Cathy are apprehensive and nervous about the ability to provide themselves enough income to cover their expenses in retirement. The options currently available to them are:
- Either Chris or Cathy could return to work on a part-time basis to supplement the income from their allocated pension.
- They could change their retirement plans and alter their lifestyle so they spend less money each year.
- They could continue receiving the same level of income, however this would put themselves at risk of running out of money sooner.
- Chris and Cathy could provide themselves certainty in retirement by considering a retirement income solution which will guarantee them a level of income for life – MoneyForLife.
According to the Association of Superannuation Funds of Australia (ASFA) Retirement Standard^ for a couple to live a ‘comfortable lifestyle’, they need approximately $53,565 p.a. To live a ‘modest lifestyle’ couples need to spend $30,399 p.a.
^Source: Westpac/ASFA Retirement Standard, March 2010.
Your investment choices
MoneyForLife provides you with a choice of three diversified strategies. All three funds will provide you with a guaranteed income for life.
The difference in the three investment options is that they have a different exposure to growth and defensive assets, so you can choose the fund or funds which meet the needs of your individual risk and return profile. The choice of fund will affect the value of your MoneyForLife balance.
The MoneyForLife investment funds are index linked funds and are managed closely to deliver the movements of a range of underlying indices.
MoneyForLife investment funds
Frequently asked questions
- Who can benefit from MoneyForLife investment funds?
- What is the minimum investment? And can I add to my MoneyForLife investment funds?
- How do I receive an income for life?
- What if I want to withdraw money?
- Is there a limit to the ratchet?
- What if my Government minimum annual pension payment amount exceeds my guaranteed income?
- What happens to my money when I die?
Who can benefit from MoneyForLife investment funds?
MoneyForLife are suitable for anyone who has retirement in sight or is currently in their retirement years and wants to ensure that they (and if applicable their spouse) will receive income for the rest of their lives.
What is the minimum investment? And can I add to my MoneyForLife investment funds?
The minimum investment is $25,000. You can add to your MoneyForLife investment funds at any time subject to a minimum additional deposit of $10,000. Each dollar added or switched to your MoneyForLife investment funds increases your Protected Income Base by the same amount. The increase is effective immediately on completion of the transaction.
How do I receive an income for life?
A level of income for life will be provided to you once you and your nominated reversionary pensioner, if any, have reached your respective preservation ages, and is calculated with respect to your Protected Income Base and your age when you commence drawing an income from your MoneyForLife investment funds. Excess Withdrawals are certain withdrawals from your MoneyForLife investment funds which reduce your Protected Income Base and your level of income for life.
The guaranteed income payments which can only be sourced from your MoneyForLife investment funds are guaranteed by Zurich Australia Limited (Zurich) to OnePath Custodians Pty Limited (OnePath Custodians) under the terms and conditions of a life insurance policy. Therefore, your guaranteed income payments are contingent on the terms and conditions of the life insurance policy and the financial strength and claims-paying ability of Zurich, who is solely responsible for all obligations under the policy. Zurich is a life insurance company that is registered with, and supervised by, the Australian Prudential Regulation Authority.
What if I want to withdraw money?
With your MoneyForLife investment funds, you always have access to your account balance (subject to superannuation rules). If you make a lump sum withdrawal from your MoneyForLife investment funds, your Protected Income Base will decrease. Any payment that reduces your Protected Income Base is known as an Excess Withdrawal. All Excess Withdrawals will reduce your Protected Income Base proportionately. For example, if you withdraw 50% of your MoneyForLife balance, your Protected Income Base will also decrease by 50%.
Is there a limit to the ratchet?
Your Protected Income Base can not exceed $3,000,000. This means that any ratchet applied to your Protected Income Base will be limited such that your Protected Income Base will not exceed this amount.
What if my Government minimum annual pension payment amount exceeds my guaranteed income?
When you commence a pension, you must draw a minimum annual amount from your account. The legislated minimum is determined by your age and the value of your pension account on the first day of each financial year. The higher your age, the higher the percentage of your account balance that must be drawn (e.g. for those aged under 65 the minimum is 4% of the account balance compared to 14% for those aged 95 or more). In instances where the total amount paid to you for the year is less than the legislated minimum, you will receive an extra payment for the difference as at June 30. This payment will not reduce your Protected Income Base if it was made by OnePath as a result of there being a shortfall.
What happens to my money when I die?
If you were accumulating super, the balance of your MoneyForLife investment funds will usually be paid to your beneficiaries or your estate in the event of your death. If you were in pension phase, what happens to your MoneyForLife balance depends on whether you have nominated a reversionary pensioner for your account. If you have not nominated a reversionary pensioner, your MoneyForLife account balance will usually be distributed to your dependants or estate. However, if you have nominated a reversionary pensioner, your MoneyForLife balance, the relevant Protected Income Base and any pension payable from your MoneyForLife investment will continue for the life of the remaining spouse.
MoneyForLife Multi-Award Winner
At OnePath we're proud to receive the following industry recognition for MoneyForLife:
- Winner – Super Ratings, Best New Innovation 2011
- Winner – Rainmaker Marketing Excellence Awards, Best Innovation of the Year 2010
- Winner - Money Magazine 'Best of the Best' Best Innovative Super Product Award 2010
- Winner - Plan For Life and the Association of Financial Advisers (AFA) Retirement Income Innovation Award 2009
- Winner - Investment Trends, Best New Product 2009
Whether you need income today or income in the future, MoneyForLife can provide you with:
Certainty
- Income for life, regardless of how long you live or how the market performs.
- Income will not decrease due to market declines.
- Income has the potential to grow in a strong market.
Control
- Control how the investment is allocated among three diversified funds.
- Access to account balance.
- Choice of a single or reversionary income stream.
Confidence
- Retire on your own terms.
- Life decisions based on personal goals not market cycles.
- The ability to invest in growth assets with the security of an income guarantee.
Access
During superannuation our focus is on building a nest egg for retirement. Now there is an exciting superannuation opportunity, offering you new levels of certainty, control and confidence in retirement. MoneyForLife is currently available on the following OnePath products:
How MoneyForLife investment funds work.
Deciding when to retire should be determined by your own personal goals, not the current market cycle. Whether you retire at the start of a strong market phase or at the beginning of a downturn, can have a significant impact on your account balance, and therefore your retirement income.
MoneyForLife investment offers you certainty in how much income you will receive each year, no matter how markets are performing when you retire.
)
This chart should not be regarded as a forecast of you investment or indicative of future performance or income payments. Assumptions have been made and different assumptions would produce different outcomes. For example, if the investment returns are higher than those used in this chart, it will take longer for the account balance to run out. Conversely, if the investment returns are lower, the account balance will run out earlier. The assumptions are set out in full on the bottom of this webpage.
The chart is intended to show how MoneyForLife operates through the super and pension phases. It illustrates the relationship between the value of an investor’s investment funds and the level of guaranteed income that may be payable if the investor is alive when the account balance runs out. If the account balance has not run out at the investor’s date of death, then no guaranteed income is payable. The chart assumes no Excess Withdrawals are made. If an investor were to make an Excess Withdrawal, the Protected Income Base will decrease proportionately. There is no entitlement to any guaranteed income payment if the investor makes a complete withdrawal or a full switch out of MoneyForLife.
How MoneyForLife works
Protection commences from day 1
1. Protected Income Base
When you invest in MoneyForLife a Protected Income Base will be established. Your Protected Income Base is used to determine your income payment. While your account balance may fluctuate day to day, your Protected Income Base may rise but will not fall with the markets.
Positive performance can increase your income
2. Ratchet
Your Protected Income Base is re-calculated every year and when you begin drawing income. This ensures that you capture investment growth and are protected from market downturns.
Certainty of income in retirement
3. Income payments
You will receive an annual income payment which is calculated by multiplying an income rate by your Protected Income Base. If you are between preservation age and 64 the income rate is 4%, if you are 65 years or older the rate is 5%. This rate is set on your first income payment from your MoneyForLife investment funds and will be retained for the duration of your account.
Access and control
4. MoneyForLife balance
You always have access to the balance of your MoneyForLife investment funds (subject to superannuation rules) and control over which investment funds you invest into. If you decide you no longer need the protection, you can access your account value should you want to take all or part of your money.
Income for life
5. Guaranteed income payments
Even when the balance of your MoneyForLife investment funds runs out, you will continue to receive guaranteed income payments for life.
Assumptions for the chart
The initial investment is $200,000, with a 0% entry fee. The investor is 62 years of age at this time. There is no reversionary pensioner and income payments commence at age 66 and are equal to the Maximum Annual Income per annum (5% of the Protected Income Base) with no Excess Withdrawals or additional contributions. The data is not adjusted for inflation. The investor lives to at least 99 years of age. The funds have been invested in an initial asset mix of 50% defensive assets and 50% growth assets, and investment returns are assumed to be represented by a combination of the following indices and assets: Australian shares -All Ordinaries Accumulation index 25%, International shares -S&P500 Accumulation index (hedged) 25%, Cash and bonds - Yield from 10 Year Australian Government Bonds from 1970, prior to this Federal government bonds or NSW Government bonds of various maturities 50%. (Percentages shown are as at commencement). The assumed investment returns are adjusted to allow for applicable ongoing fees. The returns used are based on the actual returns derived by the selected indices and assets from 1923 to 1961. This time period has been chosen because it provides over 40 years of data and it depicts both a period of positive and weak market returns.
Information about the guarantee
A level of income for life will be provided once the client and their nominated reversionary pensioner, if any, have reached both their preservation ages and have not made any Excess withdrawals, and is calculated with respect to the Protected Income Base and their age when they start their pension. Excess withdrawals are certain withdrawals from their MoneyForLife investment funds which reduce the Protected Income Base and the level of income for life. The guaranteed income payments which can only be sourced from MoneyForLife investment funds are guaranteed by OnePath Life Limited to OnePath Custodians Pty Limited (OnePath Custodians) ABN 12 008 508 496, AFSL 238346, RSE L0000673 under the terms and conditions of a life insurance policy. Therefore, the guaranteed income payments are contingent on the terms and conditions of the life insurance policy and the financial strength and claims-paying ability of OnePath Life Limited, who is solely responsible for all obligations under the policy. OnePath Life is a life insurance company that is registered with and supervised by the Australian Prudential Regulation Authority.
Australians are living longer and retiring earlier and many people are now spending more than a quarter of their lives in retirement. The length of your retirement as well as market performance can have an enormous impact on retirement income.
Retirement insights
Will my retirement savings last?
This depends. How will the market perform over the course of your retirement? How long will you live? Many retirement income plans are built upon projections that use hypothetical returns. Actual results could vary greatly.
To illustrate, we’ve gone back over the past century to see how retirement income plans would have fared using real market returns and average inflation. For example, had you retired in 1982 your retirement savings would have performed very well. Had you retired in 1929, however, you would have run out of income in only 18 years.
Given increasing life expectancies and the likelihood of spending 30 or more years in retirement, it may be prudent to allocate a portion of your retirement dollars to a guaranteed income strategy.
Which path will your retirement follow?
)
Data and assumptions: $500,000 invested in a diversified, multi-sector balanced portfolio comprising 25% Australian shares, 25% International shares, 30% International bonds and 20% Australian bonds rebalanced annually. Historic retirements commence in 1875 and every 2nd and 5th year thereafter until last commencing in 1985. Each portfolio funds an initial 5% drawdown in year one, thereafter an amount adjusted by the historical average of 3% inflation. Inc 1.8% fees. Source: WealthBenchmarkTM
Guaranteed income for life
No matter which path your retirement follows, MoneyForLife , addresses the problem of running out of income in retirement by guaranteeing a level of income each year for the rest of your life.
Are you concerned about market performance affecting your retirement income?
Poor market performance can be harmful to investors at anytime, but in particular for those who are near retiring or have recently retired. This group of investors may find it difficult to recover the losses they have suffered as they have less time to benefit from market rebounds. Let’s look at examples from 2007 and 2008.
Chris and Cathy retired in 2007 at 60 years of age. They currently live a very healthy and active lifestyle and both believe they will live a long life.
In 2007, together they had $500,000 in super. However over the following two years, the global financial crisis wiped 25% from their balance and in 2009 they only had $375,000 in their allocated pension.
)
Chris and Cathy are apprehensive and nervous about the ability to provide themselves enough income to cover their expenses in retirement. The options currently available to them are:
- Either Chris or Cathy could return to work on a part-time basis to supplement the income from their allocated pension.
- They could change their retirement plans and alter their lifestyle so they spend less money each year.
- They could continue receiving the same level of income, however this would put themselves at risk of running out of money sooner.
- Chris and Cathy could provide themselves certainty in retirement by considering a retirement income solution which will guarantee them a level of income for life – MoneyForLife.
According to the Association of SuperannuationFunds of Australia (ASFA) Retirement Standard^ for a couple to live a ‘comfortable lifestyle’, they need approximately $53,565 p.a. To live a ‘modest lifestyle’ couples need to spend $30,399 p.a.
^Source: Westpac/ASFA Retirement Standard, March 2010.
Your investment choices
MoneyForLife provides you with a choice of three diversified strategies. All three funds will provide you with a guaranteed income for life.
The difference in the three investment options is that they have a different exposure to growth and defensive assets, so you can choose the fund or funds which meet the needs of your individual risk and return profile. The choice of fund will affect the value of your MoneyForLife balance.
The MoneyForLife investment funds are index linked funds and are managed closely to deliver the movements of a range of underlying indices.
MoneyForLife investment funds
)
Frequently asked questions
- Who can benefit from MoneyForLife investment funds?
- What is the minimum investment? And can I add to my MoneyForLife investment funds?
- How do I receive an income for life?
- What if I want to withdraw money?
- Is there a limit to the ratchet?
- What if my Government minimum annual pension payment amount exceeds my guaranteed income?
- What happens to my money when I die?
Who can benefit from MoneyForLife investment funds?
MoneyForLife are suitable for anyone who has retirement in sight or is currently in their retirement years and wants to ensure that they (and if applicable their spouse) will receive income for the rest of their lives.
What is the minimum investment? And can I add to my MoneyForLife investment funds?
The minimum investment is $25,000. You can add to your MoneyForLife investment funds at any time subject to a minimum additional deposit of $10,000. Each dollar added or switched to your MoneyForLife investment funds increases your Protected Income Base by the same amount. The increase is effective immediately on completion of the transaction.
How do I receive an income for life?
A level of income for life will be provided to you once you and your nominated reversionary pensioner, if any, have reached your respective preservation ages, and is calculated with respect to your Protected Income Base and your age when you commence drawing an income from your MoneyForLife investment funds. Excess Withdrawals are certain withdrawals from your MoneyForLife investment funds which reduce your Protected Income Base and your level of income for life.
The guaranteed income payments which can only be sourced from your MoneyForLife investment funds are guaranteed by Zurich Australia Limited (Zurich) to OnePath Custodians Pty Limited (OnePath Custodians) under the terms and conditions of a life insurance policy. Therefore, your guaranteed income payments are contingent on the terms and conditions of the life insurance policy and the financial strength and claims-paying ability of Zurich, who is solely responsible for all obligations under the policy. Zurich is a life insurance company that is registered with, and supervised by, the Australian Prudential Regulation Authority.
What if I want to withdraw money?
With your MoneyForLife investment funds, you always have access to your account balance (subject to superannuation rules). If you make a lump sum withdrawal from your MoneyForLife investment funds, your Protected Income Base will decrease. Any payment that reduces your Protected Income Base is known as an Excess Withdrawal. All Excess Withdrawals will reduce your Protected Income Base proportionately. For example, if you withdraw 50% of your MoneyForLife balance, your Protected Income Base will also decrease by 50%.
Is there a limit to the ratchet?
Your Protected Income Base can not exceed $3,000,000. This means that any ratchet applied to your Protected Income Base will be limited such that your Protected Income Base will not exceed this amount.
What if my Government minimum annual pension payment amount exceeds my guaranteed income?
When you commence a pension, you must draw a minimum annual amount from your account. The legislated minimum is determined by your age and the value of your pension account on the first day of each financial year. The higher your age, the higher the percentage of your account balance that must be drawn (e.g. for those aged under 65 the minimum is 4% of the account balance compared to 14% for those aged 95 or more). In instances where the total amount paid to you for the year is less than the legislated minimum, you will receive an extra payment for the difference as at June 30. This payment will not reduce your Protected Income Base if it was made by OnePath as a result of there being a shortfall.
What happens to my money when I die?
If you were accumulating super, the balance of your MoneyForLife investment funds will usually be paid to your beneficiaries or your estate in the event of your death. If you were in pension phase, what happens to your MoneyForLife balance depends on whether you have nominated a reversionary pensioner for your account. If you have not nominated a reversionary pensioner, your MoneyForLife account balance will usually be distributed to your dependants or estate. However, if you have nominated a reversionary pensioner, your MoneyForLife balance, the relevant Protected Income Base and any pension payable from your MoneyForLife investment will continue for the life of the remaining spouse.
The information provided above has been prepared by OnePath Custodians Pty Limited (OnePath Custodians) ABN 12 008 508 496 AFSL 238346), a company within the Insignia Financial Group of Companies, comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group).
This information is of a general nature and has been prepared without taking into account of your objectives, financial situation or needs. You should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. Further information can be provided by calling 133 665 before deciding whether to continue to hold the product. Past performance is not a guarantee of future performance and your capital invested is not guaranteed. Whilst all care has been taken, we do not accept any responsibility or liability for any errors or your reliance on this information.