LIFESTYLESpring 2019Your Lifestyle Retirement Magazine

Inside this edition:+ Your P60 explained+ Retirement gems+ Your FAQs+ WIN a weekend break for two

This magazine is for your general information and interest only. The articles and features are not intended to be promotional or a substitute for professional, legal, financial or tax advice. Legal & General does not accept liability for losses arising due to any inaccuracies, errors or omissions in any of the articles or features within this publication.

Retirement isn’t what it used to be. Previous generations were considered golden, silver, grey or even platinum as they approached retirement. Now though, the experience can be as vibrant and colourful as the retirement community itself. So what would you tell someone about to retire? Turn to page 5 and you’ll see some of the wisdom shared by over 2,500 retirees from last year’s survey.

If you did share your thoughts with us, thank you! I appreciate your time. And this year you could win a weekend away for two in the UK, by taking part in our survey; have a look on page 11 to find out how.

Lastly, if you’re looking for helpful information about your annual tax statement, there’s a quick guide on page 3, and our top frequently asked questions are on page 4.

And as always, we’d love to hear your feedback and are happy to help.

Chris Knight CEO, Legal & General Retail Retirement

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Welcome to the 2019 edition of your Lifestyle Retirement Magazine

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Please keep this certificate in a safe place. You will need it if you have to fill in a Tax Return or make a claim for Tax Credits. You can also use it to check we are using your correct National Insurance number.

By law, you are required to tell HM Revenue and Customs about any income that is not fully taxed, even if you are not sent a Tax Return.

P60 Substitute (Legal & General)

Mr Arthur TestLegal & GeneralCity ParkHoveBN3 7PY

P60 End of year certificate

Do not destroy

This form shows the total pension/pay for Income Tax purposes paid to you by us in the year.

PAYE reference

Issued by Annuity Payments Team Legal & General Payment Services PO Box 809 Cardiff CF24 0YL

Standard Lifetime Allowance use

Pensioner’s details Name Mr Arthur TestNational Insurance number AA123456APension Payroll number PO-123456-7

856/LEG8

Tax year to 5 April 2019

£00.00 £00.00

Pension/Pay Tax deducted

£24,000.00 £2,300.00

Pension/Pay Tax deducted

£24,000.00 £2,300.00

Pension/Pay Tax deducted

1250L

42.03%

Pension/Pay details

In previous

employment(s)/pension

Pension paid by us

Total for year

Final tax code

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A tax year runs from 6 April to 5 April the following year.

This is the reference you should quote in any contact with the tax office.

This is the reference which will help us identify you when you contact us.

Payments made to you from another source/employment in this financial year.

This is the total taxable amount you’ve been paid in the tax year.

This is the total amount of tax that has been deducted in the tax year.

This is a code issued by HMRC and is used to calculate your tax. It’s specifically for 2018/2019; you may have received a different one for 2019/2020.

This doesn’t appear on every P60. If Legal & General is required to provide you with an annual Lifetime Allowance notification, it will be shown here. The figure shown is the percentage of the Standard Lifetime Allowance used when you secured your annuity, including any tax-free cash.

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Your P60 explainedHere is a quick visual guide to your P60 statement. You may need your P60 certificate to provide details of payments received and any tax deducted to your tax office.

FAQs about your P60

More info

What have you sent me?

We’ve posted you your P60 statement for the tax year ending April 2019. It’s a record of your taxable income over this period.

Do I need to keep my P60?

Yes, legally you have to keep a record of taxable income for at least 22 months after the end of the current tax year and at least five years if you’re self-employed. All the information you need is recorded on your P60. You should keep it in a safe place, as duplicates aren’t always easy to get in a hurry.

Will I need to use my P60?

Maybe. For banks, building societies and government organisations, such as HMRC, a P60 is proof of how much you’ve earned and what tax you’ve paid. That includes the income you receive from the annuity that we’re paying you. If you’re reviewing tax arrangements for inheritance purposes, making an application for State Benefits or even applying for a mortgage, you may be asked for old P60s going back a few years.

Can I get another copy of my P60?

Yes, if you ever need a copy, just let us know. All our contact details are on the P60 letter. We’ll do what we can to get a duplicate out to you as quickly as possible.

Where can I find more information?

If you need more information, or have other questions you wish to ask, it’s important you know where to direct your query. For more information and contact details for our dedicated teams, please visit legalandgeneral.com/retirement/faqs

Who should I contact for help about tax implications, rebates, payments and codes?

For this type of information and help, you should call HMRC on 0300 200 3300.

What if I need to change my contact details?

If you need to change your contact details, have a non- tax-related question, or if you want to talk about any of our products and services, please call Legal & General on 01737 375 151. Call charges will vary. We may monitor and record calls.

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Retirement gemsWe wanted your wisdom about retirement and asked you to tell us the best advice you’d received. Over 2,500 of you responded to our survey!

Your top three pieces of advice about retirement were:

+ Make the most of it

“Age is just a number − ignore it and enjoy life.”

+ Stay active

Nearly 10% of advice was about staying active – a primary concern for many respondents.

“You never retire, life is for living.”

“Keep active; use it or lose it!”

+ Money advice

Advice on money was frequently quoted, accounting for over 17% of answers − but the responses varied considerably. These two quotes show both sides of the debate.

“Start planning early financially, don’t spend money on things you don’t need.”

“Spend your money and enjoy yourselves, life is too short.”

You can read the full article and find out more at legalandgeneral.com/retgems

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In 2017, Legal & General entered the later living sector by investing in Inspired Villages, an operator and developer of vibrant retirement communities to over-65s. The philosophy of the business is that adventures, good health and happiness do not stop in retirement.

Inspired Villages provides independent living within a flexible care environment, centred around an on-site clubhouse, swimming pool and restaurant. An Inspired Village offers a wide choice of accommodation and purchase prices, from one-bedroom apartments to three-bedroom cottages.

Inspired Villages is offering you £10,000 off the purchase price of any of its properties, along with their Inspired Move package that helps with selling your own property, a part-exchange, removal fees and associated legal fees. Inspired Villages are spread across the UK, located in Exeter, Hampshire, Sussex, Warwickshire, Cheshire and Kent.

Be inspired with £10,000 off

inspiredvillages.co.uk/p60mag

Legal & General is trusted by its customers with some of life’s most important decisions, so we are proud to be playing an important part in delivering quality homes to over-65s.

To validate this offer for yourself or a family member, please contact info@inspiredvillages.co.uk or call 0800 1382 634 and register your interest before 30 June 2019. This offer will then be valid for the rest of 2019. They may record and monitor calls. If you’re contacting Inspired Villages by email please remember not to send any personal, financial or banking information.

The acts of kindness by Royal Voluntary Service’s volunteers help to make communities stronger and relieve the pressure on overstretched public services. The charity is one of the largest retailers in the NHS, with its cafés and shops providing a valued haven in hospitals.

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Volunteers support hospitals and communities:

• They set up and run lunch and social clubs• They chat, play games and help patients

with chair-based exercises on hospital wards• They settle people back at home after

leaving hospital

Together, Royal Voluntary Service and Legal & General want to inspire more people to step forward and volunteer to help keep people happy, healthy and socially connected.

Everybody has a talent, volunteer yours at royalvoluntaryservice.org.uk/legalandgeneral

Royal Voluntary ServiceCould you step forward and volunteer a talent to help others?

We’re supporting Royal Voluntary Service’s volunteer recruitment campaign, which promotes the many benefits of volunteering in later life. As well as providing vital support to local communities, volunteering can contribute to positive ageing and help people enjoy a more colourful retirement.

In a 2017 survey, 98% of Royal Voluntary Service volunteers said volunteering gave them a sense of purpose and satisfaction. It can even make you live longer!

The Income Lifetime Mortgage from Legal & General

From trips to the spa to days out with the grandchildren, your home could help you enjoy more of the little things and have the colourful retirement that you deserve.

If you’re a homeowner aged 55 or over, our Income Lifetime Mortgage could give you a monthly income over a fixed term while staying in your own home.

Here’s a quick summary of the benefits:

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Would you like a little extra money each month?

To find out more visit legalandgeneral.com/extraincome or contact us on 0808 115 1221. Lines are open Monday to Friday, 9:00am to 5:30pm. We may record and monitor calls.

Take an initial minimum loan

amount of £2,500.

Followed by a monthly income of at least £200.

For a fixed income term of 10, 15, 20 or 25 years.

A Legal & General Lifetime Mortgage is a loan secured against your home and can only be taken out through an adviser. An arrangement fee will apply.

Interest is charged on the loan plus any interest already added. As a result the amount you owe will increase over time, reducing any future inheritance and the equity left in your home. Income will stop at the end of the fixed income term and interest will continue to compound until the loan is repaid. It may affect any entitlement you have to means-tested benefits and you may have cheaper ways to borrow money.

Over 50s Fixed Life Insurance

Life is uncertain, but here are a few things we can guarantee

Plus, as you’re already a customer, we’ll give you 10% extra cover.* So get in touch today and give yourself one less thing to worry about.

* T&Cs apply.** Issued after 6 months. If you have cancelled an L&G Over 50s Life Insurance Plan in the last 18 months you will not qualify. T&Cs apply.

Legal & General Assurance Society Limited. Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London EC2R 5AA. Legal & General Assurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

0800 316 3165legalandgeneral.com/guarantee

Guaranteed acceptance with no medical for UK residents aged 50 - 80

Full cover payable after just one year

Immediate cover if you die from an accident*

£75 Gift Card**

No cash value unless a valid claim is made. If premiums stop, you won’t get anything back.

We may record and monitor calls. Our UK call centre is open 8am to 8pm Monday to Friday, 9am to 5pm Saturday.

1050389_Retirement_PressAd_V2.indd 1 14/02/2019 11:19

legalandgeneral.com/guarantee

WIN a weekend break for two worth £1,000!

Thursday 13th – Sunday 16th June 2019

Meet our team at BBC Gardeners’ World Live in Birmingham’s NEC

legalandgeneral.com* Terms and Conditions. 20% off advanced tickets only. Not valid on Standard + Premium Theatre tickets or VIP packages. £2.95 fulfilment fee. Calls to 0844 581 1343 cost 7p per minute plus phone company charges. For full Ts and Cs see bbcgardenersworldlive.com/landg

To book call 0844 581 1343 or visit bbcgardenersworldlive.com/landgand quote LG20

As a valued customer• Save 20% off tickets

• Receive a free cup of tea or coffee at our Legal & General Customer Lounge

• Reserve seats (unallocated) at no extra cost at the daily Inspired Villages theatre session

• Ticket includes free entry to the BBC Good Food Show Summer

Special offer

20% OFF

tickets*

13 – 16 June | Birmingham NEC

PRT000034_Gardeners World_v03.indd 1 27/02/2019 06:48:08

TERMS AND CONDITIONS 1. Closing date for entries is 31 May 2019 at 11am. 2. The draw will be held on 3 June 2019 at 11am. 3. The winner will be announced on 10 June 2019. You can see details of the winning entry after this date at www.legalandgeneral.com/retirement/prizedraw 4. The winner will be picked at random from all the entries. The judges’ decision is final. 5. All entrants must be over 18. 6. Employees or agents of Legal & General and their families and any other person acting in connection with this draw are ineligible to participate. 7. Only one entry per person, per household is permitted. 8. The competition is open to UK residents only. 9. No cash alternative will be offered. 10. By entering this competition, you are agreeing for Legal & General to share your details with Marketing Lounge Partnership (MLP), who are acting as the third-party agent, booking the two-night stay for the winner on behalf of Legal & General. Only the information of the winner will be shared with MLP to be able to complete the booking. This will include the following information: full name, email and telephone number. 11. The prize is to be redeemed within 12 months of the winner receiving confirmation. There will be no restrictions on dates and locations, however, this is subject to hotel availability. 12. The prize is a two-night Dinner, Bed and Breakfast stay for two people including one spa treatment each at any Hand Picked Hotel in a classic room − www.handpickedhotels.co.uk 13. Bookings can only be made through MLP’s concierge booking team. Any booking or enquiries made directly with a hotel will not be honoured. 14. Any extra nights’ accommodation or room upgrades (e.g. to a Suite/Sea View) or to include additional guests are available subject to venue availability. If any of the above are requested to be added, this can be done at an additional cost to the winner to be paid directly to the hotel. 15. The winner is required to provide MLP with three potential venues and three potential dates. Be assured that MLP will endeavour to find availability at the winner’s first option, however, this is subject to availability. 16. Legal & General reserves the right to substitute a prize of equal value.

Legal & General Assurance Society Limited. Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London EC2R 5AA. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

www.legalandgeneral.com/retirement Q0058524 194013 04/19

You can find out how to opt out of marketing at any time in our privacy policy at legalandgeneral.com/privacy-policy

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bbcgardenersworldlive.com/landg

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We want to make sure this magazine delivers content that helps you. To enter the prize draw, simply let us know three retirement topics that you’d be most interested in finding out more about. Fill out your details and return this form to us by post, or if you prefer you can enter the competition online at legalandgeneral.com/P60competition

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