Popular Frequently Asked Questions

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Where will I find the annual National Insurance Contributions (NIC) deducted from my annual pay.

You can get this from your P60 or from your employer. Alternatively, you can estimate the annual figure by taking the NIC from one of your payslips and multiplying this  by 12.

What are 'Liquid Assets'

In Lifeplan 'Liquid Assets' are Cash, Current Accounts, Deposits and those assets that can be encashed in small amounts at short notice e.g. National Savings, ISAs, Shares, Unit Trusts, Investment Funds. They exclude assets which can only be sold whole or where encashment rights are limited e.g. Home, Pension Fund, Property and Business Investments.

What does LifePlan mean by Private Pension Plan?

A Private Pension plan means any pension plan where you have accumulated a fund that will be used in the future to provide an annuity or an income drawdown arrangement e.g. a Personal Pension Plan (Individual or Group), a Stakeholder Pension Plan (Individual or Group), a Defined Contribution (Money Purchase) Occupational Pension Scheme, a S32 Buy Out Plan.

What does LifePlan mean by SIPP?

A SIPP is a Self Invested Personal Pension.

I have an investment that is not specified in any of the Lifeplan questions.

If this investment generates taxable income, enter these details as a Personal Investment in the Assets and Investments  section. If this investment generates tax-free income, enter these details in the ISA/other tax-free  investment section within Assets and Investments.