Vanguard Personal

Financial Planning
Initial Disclosure Document

APRIL 2021
About this document
This document sets out the main features of the Vanguard
Personal Financial Planning (“VPFP”) service and helps
you decide whether it is right for you. It describes the aims
of the service, your commitment as an investor, the risks
involved, the charges which you will pay and how we will
manage your investments.
Q: Is the VPFP service right for me?
A: The VPFP is designed for customers with a retirement
goal. We aim to help you achieve investment success
towards your retirement goal through a combination
of suitable advice, tax efficiency, ongoing investment
management of your portfolio and low fees. The service
looks at how you currently save for retirement and how that
can be done in the most tax-efficient way, with the products
we offer, to support your planned retirement age and
income expectations. We believe that you do not need any
prior investment knowledge or experience to benefit from
the service.
The VPFP service may be suitable if you:
Are aged between 18 and 74 years;
Are a UK resident for tax purposes;
Have investible assets or disposable income to invest
(we look at how best to invest what you have already
earmarked for retirement planning. Contributions you
have already made to tax wrappers in this tax year will
need to be considered and deducted where they are
part of your retirement savings);
Have at least one existing Vanguard account opened on
the Vanguard Personal Investor platform being any of
a General Account (“GA”), Individual Savings Account
(“ISA”) and/or Vanguard Personal Pension with an
aggregate value of at least £50,000;
Are five years or more away from retirement;
Are investing to achieve a retirement goal through a
combination of pensions, ISAs and other accounts, and
do not need access to all of your investments prior to
retirement;
Want ongoing advice and are willing to pay for it;
Are willing to allow us to make investment decisions on
your behalf;
Are comfortable with digital financial advice services;
Are comfortable investing exclusively in Vanguard
products and services; and
Are willing to take investment risk.
VPFP will not be suitable for you if you:
Require holistic financial advice that includes, for
example, estate planning, life cover or income
protection;
Require financial advice covering the combined finances
of you and a partner;
Are in serious ill-health;
Want advice that takes into account all available
products across the investment market;
Have high-cost unsecured debt to service (this does
not include other types of secured debt you may have,
including but not limited to, any mortgage secured
against a property);
Do not have accessible emergency cash;
Hold a Stocks and Shares ISA from another provider and
contributed to it in the current tax year. If you’d like to
receive our advice you’d need to either:
(a) Transfer this ISA to a Vanguard ISA first. Before doing
this you should think about whether it is in your best
interest. We can’t advise you on any transfer made prior
to joining the VPFP service and you should think
carefully about whether it’s right for you, as there are
risks involved in any transfer, or
(b) Wait until the new tax year starts.
Are a US Person;
Have unrealised capital gains in your GA (in excess of
your annual allowance which is currently £12,300) that
you do not wish to crystallise (we will sell the holdings
in your GA in order to purchase the fund allocation as
recommended in your financial plan);
Are currently contributing to two or more workplace
pension schemes;
Are the beneficiary of a pension (a scheme that you
have inherited from someone else) that you want to
form part of your retirement planning with Vanguard;
Wish to invest only in ESG (environmental, social and
governance) investments related to your retirement savings;
Want to maintain total control of your investment
decisions related to your retirement savings;
Are self-employed and have set up a private limited
company. It may be more tax efficient to pay your
pension contributions through the business as an
employer pension contribution. The VPFP service does
not support employer contributions into the Vanguard
Personal Pension.
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 Are employed and wish to make a pension contribution
through your employer. The VPFP also does not support
employer contributions into the Vanguard Personal
Pension;
Have received an employer pension contribution (or
a contribution from a third party) into your Vanguard
Personal Pension in the current tax year;
Have Primary Protection or Individual Protection 2014 or
2016 in respect of the lifetime allowance applicable to
your pensions;
Have a Lifetime ISA (LISA) or a help to buy ISA;
Want to retire before age 55 or after age 75; or
Have a defined-benefit scheme into which you are either
(i) currently making additional voluntary contributions
(AVCs) (invested pension pots that sit alongside
your main scheme); or (ii) you have already made
contributions to AVCs in the current tax year; or (iii) plan
to make contributions to AVCs this tax year.
When you become a VPFP client if you have an ISA or
pension with an existing provider (where you haven’t made a
contribution, as described above) we can give you advice as
to whether it would be appropriate to consolidate those with
Vanguard. Please get in touch to discuss further.
If at any point during the account-opening process you
decide that the VPFP service is not suitable for you or
otherwise do not wish to proceed with the service you will
be able to exit the process at any time.
Q:  What is the VPFP Service?
A: The VPFP service is a digital investment advice and
financial plan management service supported by a team
of financial planners and client service teams. The service
includes ongoing management of your assets by Vanguard
and annual reviews to help you achieve your financial
retirement goal, in line with your risk profile. Should your
circumstances change, we will review your plan and where
necessary make new recommendations.
Some changes, such as moving abroad, may mean that we
are no longer able to continue managing your investments.
We will:
Personalise your financial plan to meet your
retirement goal – The service takes into account
your unique financial situation and how much risk is
appropriate. From this we will deliver a personalised
financial plan that is built around your retirement goal.
Formulate your financial plan – This will include
recommendations on your current and predicted
retirement savings. Should you wish to contribute in
excess of the recommended amounts you will need to
contact us.
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Track your progress – We will monitor your portfolio
and adjust the funds you are invested in to help you
achieve your goal. Every time you log on you will
see a personal dashboard that tells you how you are
progressing towards your goal. Just let us know if your
circumstances change, so we can review your situation
and make new recommendations if necessary.
Help you benefit from government tax allowances –
Vanguard recommends a suitable asset allocation
(shares, bonds, etc.) and determines the appropriate
Vanguard account in which your funds should be
invested. The UK government provides generous tax
incentives to help people save and invest, and we will
help you make use of them in an efficient way. Vanguard
manages the investments for you to keep you on track.
Help you to keep more of the return – Vanguard’s low
fees mean more of your money stays invested.
Provide website, phone and email support – A
dedicated team of financial planners and our client
service team can help you should you require
technical support on matters such as transfers and
account opening.
Q:  What is a digital investment
advice service?
A: A digital investment advice service uses technology
to process personal and financial information to make
an investment recommendation that is suitable for an
individual’s needs. The VPFP service offers a low-cost
and consistent investment approach for all clients, but
personalised to each client’s individual circumstances.
Q: What kind of advice will I receive?
A: The advice you receive will be in the form of a personal
recommendation(s). A personal recommendation
is designed to be suitable for you after taking into
consideration your specific:
(a) Financial situation
(b) Investment objectives
(c) Risk tolerance
Our personal recommendation to you will include advice on
account types, Vanguard Funds and investment strategy.
Where it includes opening additional Vanguard accounts,
we will explain what is required from you and provide the
necessary information to help you understand the features
and risks of that account before it is opened.
The advice you will receive via the VPFP service is restricted
advice. This means we will only provide investment
recommendations on a limited range of funds offered by
Vanguard. The VPFP service does not offer ‘all of market’, also
known as ‘independent advice’. Should you require independent
advice then this service will not be appropriate for you.
Q: What is the financial plan management
that is provided under the VPFP service?
A: This means we will manage your investments on your
behalf, on an ongoing basis, towards the investment goal
set out in your financial plan. We will decide when to buy
and sell funds in accordance with your objectives to ensure
your portfolio holds the recommended allocation of funds in
the relevant Vanguard accounts, as set out in your financial
plan. This is commonly known as “rebalancing”. Your portfolio
will be reviewed regularly to assess whether any trades are
needed to rebalance it. We will generally look to rebalance
your portfolio if it diverges by 5% or more +/- from the
allocations in your glide path. You will be able to view your
accounts online and will be able to see all the trades that
we have placed. However, you will not be able to place your
own trades for accounts held under VPFP. When selling funds
in your General Account we will not consider any potential
capital gains tax liability. At present VPFP doesn’t have any
features that may help reduce your capital gains tax liability,
such as Bed and ISA or Bed and SIPP.
Q: How is my money invested?
A: Within 3 days from you accepting the financial plan your
money will be invested in various Vanguard funds allocated
on a “glide path” (see below) and which at any time will
contain all, or a number, of the following diversified, low-cost
index funds:
(a) Vanguard FTSE U.K. All-Share index Unit Trust Fund;
(b) Vanguard FTSE Developed Europe ex-UK Index Fund;
(c) Vanguard Emerging Markets Stock Index Fund;
(d) Vanguard U.K. Short-Term Investment Grade Bond
Index Fund;
(e) Vanguard U.K. Government Bond Index Fund;
(f) Vanguard Global Corporate Bond Index Fund;
(g) Vanguard U.K. Inflation-Linked Gilt Index Fund;
(h) Vanguard U.S. Equity Index Fund;
(i) Vanguard Japan Stock Index Fund;
(j) Vanguard U.S. Government Bond Index Fund;
(k) Vanguard Pacific ex-Japan Stock Index Fund;
(l) Vanguard European Government Bond Index Fund; and
(m) Vanguard Japan Government Bond Index Fund.
This mix of funds is designed to offer broad, globally
diversified, and passively managed investment exposure at
low cost.
Q: What is a glide path?
A: A glide path is a pre-determined asset allocation that
reduces risk over time as you move towards retirement and
beyond. This is achieved by changing the asset allocation
from equity funds to fixed income as you near your
retirement age. The glide path that is recommended to you
will be based on your specific circumstances, including your
desired level of investment risk and time to retirement, and
will be designed to deliver your investment objective.
Q: What is an index fund?
A: An index fund is a type of fund whose investment
strategy is to track the performance of a particular index of
securities, for instance, the FTSE All Share Index or the S&P
500. Index funds are often also referred to as “tracker” or
“passive” funds. Index funds typically have low charges.
Q: What is a tax wrapper?
A: A tax wrapper is a type of product or account that is
used to hold investments in a tax-efficient manner. A tax
wrapper acts to effectively ‘wrap’ around the investments
within it to give them a level of protection from taxes, and,
as a result, helps to achieve a higher return for investors.
Examples of tax wrappers include ISAs and pensions. The
VPFP service will recommend which Vanguard funds to hold
in each of these accounts. The GA does not have the same
tax benefits as the ISA or Vanguard Personal Pension but
may be appropriate for some individuals, for example where
they have already used their full pension and ISA allowance
for any given tax year.
Q: How can I be sure that my
recommendations have considered my
specific circumstances?
A: Prior to investing in a recommended portfolio we will
provide you with your financial plan – but only once you
have completed a detailed digital fact-find. Your financial plan
will give you details of the advice we are giving, together
with an explanation of why the recommendation is suitable
for you. It will also explain how any recommended actions
meet your retirement goal and consider your personal
circumstances, including income, current assets, liabilities
and attitude to risk. There are some circumstances where
we will need further information to be able to understand if
our service is right for you, such as:
(a) If you have non-taxable income (such as child tax credit
or maintenance from a spouse or civil partner) then we
will not include this when calculating how likely you are
to meet your retirement goal (and therefore understate
your likelihood of success) or the affordability of the
retirement savings you are making. If you have
significant non-taxable income you should contact us to
discuss your circumstances before you use the
VPFP service.
(b) If you have changed employer during the current tax
year, and have a workplace pension contribution match
arrangement that is different to your previous
employer’s arrangement, you should contact us to
discuss your situation before using the VPFP service.
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We will rely on the information that you provide to us.
As a result, the suitability of our advice will depend on
the accuracy and completeness of the information you
provide. If we have reason to believe that the information
you have provided is incomplete or inaccurate we may
require additional information. Where we have insufficient
information to provide a suitable recommendation, we will
inform you that we are unable to provide you with the VPFP
service. As part of the fact-find process we will also ask
you to confirm you understand the nature and extent of the
VPFP service before proceeding.
Q: Do I need to give you details of my
existing savings and investments?
A: Yes, we need to know details of your existing savings and
investments in order to ensure that we can give you suitable
advice and manage any tax allowances. This includes
pensions, ISAs, deposit accounts and investments.
If you are currently making regular payments into your
Vanguard account we will ask you to cancel this until your
financial plan is implemented.
Q: What if the information I provide is not
‘detailed, accurate and up-to-date’?
A: It is especially important that you provide us with
detailed, accurate and up-to-date information at all times.
This is because this information will enable us to provide
you with suitable advice that reflects of your personal
circumstances and is geared towards meeting your
objectives. To ensure that we provide you with suitable
advice on an ongoing basis, we will perform an annual
review of the information you have provided. Following such
reviews we will provide you with a revised financial plan
with updated recommendations, where appropriate.
We will not only require this information from you as part
of your initial digital fact-find. If you become aware of any
changes to:
(a) your personal circumstances; or
(b) any of the information you may have previously
provided to us,
you must let us know as soon as possible, so that we can
promptly reconsider the suitability of our recommendations
in light of that new information.
Q: How do I know the service is suitable
for me?
A: Once we have received all the relevant information that
we require and the fact-find process has been validated
we will analyse your information and provide you with
your financial plan and personal recommendation. This will
include:
(a) Details of your retirement objective;
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(b) Details of our understanding of your financial position
gained from the fact-find;
(c) A summary of the recommendation, explaining how it
meets your objective;
(d) A detailed explanation of the recommendation and how
it would help you to achieve your investment goal. This
will include an analysis of your attitude to risk, a suitable
investment portfolio, details of how it will be managed,
which tax wrappers to use and the order in which they
should be funded;
(e) The relevant risks of the strategy;
(f) A detailed explanation of the cost of the service, broken
down by the advice, fund and platform components; and
(g) A clear explanation of the next steps involved in acting
upon the recommendation.
It is important to us that all of our customers understand
the advice that the VPFP service provides. We will include
graphics and illustrations in our materials and financial plan,
where we feel it is appropriate to help you to understand
the content.
Q: Will there be any changes in my
eligibility for state benefits?
A: Our advice may in some instances recommend a lower
level of pension contributions than you are making at the
moment. This can raise your “adjusted net income”, which in
turn can affect your own or your partner’s eligibility to certain
income-dependent benefits, including (but not limited to)
child benefit, and other help with the cost of childcare. If you
or your partner are in receipt of such payments you should
check that implementing our advice will not make you
ineligible before proceeding.
Q: Will I have access to my money
before retirement?
A: We will ask you to tell us how much access you wish to
have to your retirement savings and make recommendations
that are appropriate to enable this level of access. The aim of
the service is to save for retirement so you should not invest
money that you know you will need to access. However,
should a change in your circumstances mean you require
access to your funds, please contact us so that we can work
out the most efficient way to facilitate a withdrawal. Please
note that you will not generally be able to access your
pension savings held in the Vanguard Personal Pension until
you reach minimum pensionable age which is currently age
55. It is important to note that pension and tax rules may
change in the future.
Q: Do I need to have the full VPFP service?
A: The VPFP service is only available as a full package
containing ongoing financial advice and financial plan
management. If you prefer to make your own investment
decisions you should consider an alternative service which
offers this option. Vanguard also offers a self-managed
service which may meet these requirements.
Q: Will you provide me with regular
reports on my investments?
A: Yes, we will provide you with a statement each quarter
showing the value of your investments. You can also
view your investments at any time by logging on to your
VPFP profile.
In addition and as part of your annual review, we will provide
an appropriate reference against which the performance of
your portfolio and our VPFP service can be assessed. This
is intended to provide long-term help in understanding how
you are progressing against your retirement goal. This can
also be viewed at any time in your VPFP profile.
Q: Is my investment at risk?
A: Yes, all investment involves some degree of risk. The
VPFP service requires you to invest your capital and you
could get back less than you invested. Accordingly, prior to
making a decision to invest it is important to understand the
risks associated with your investment. What you get back
depends on how your investments perform, how much you
are charged, and any other deductions. The performance of
investment funds is not guaranteed and past performance
is not a reliable indicator of future results. The value of
investments, and the income from them, can fall as well as
rise.
Q: Are there any other risks associated
with the VPFP service?
A: Yes. There are several risks beyond the loss of capital
that you must consider carefully prior to your decision to
invest with the VPFP service. Some of the key risks can be
summarised as follows:
Shortfall risk – The value of your portfolio at retirement
may be insufficient to meet your retirement goal.
As well as ensuring that you invest sufficient capital
to make realising your goal possible, investing over
the long term can reduce the impact of any negative
performance periods, as can investment in “growth
assets” (which historically have been higher-risk but also
higher-reward) such as equities in the earlier years of
your investments.
Timing risk – Also known as “sequence of return” risk.
The value of your portfolio may be affected by when
you choose to retire. If you choose to withdraw your
retirement funds during a negative performance period
then the value of your portfolio may be less than if you
were to choose to withdraw funds during a positive
performance period. Significant losses close to your
retirement date can leave the portfolio with too little
time to recover from those losses and can potentially
lead to poor outcomes. This risk can be reduced by
implementing a more conservative, less risky asset
allocation in the portfolio as you approach retirement,
thus reducing its volatility and the potential for losses.
Longevity risk – You may live long enough to exhaust
the funds raised by your investments. Retaining a
percentage of growth assets in your portfolio following
retirement can reduce this risk.
Service risk – VPFP service is a digital web-based
financial advice service for individuals with a financial
retirement goal and its aim is to cater for this. It does
not cater for other financial planning needs which you
may have, so you should consider speaking to a financial
planner for a more holistic financial planning service.
Concentration risk – You may end up investing all or a
significant part of your retirement savings exclusively
in several Vanguard managed funds and products.
This approach may carry more risk than investing in a
wide range of products available from a larger number
of providers. The VPFP service is a restricted advice
service, which means it does not offer access to the
whole investment market. Any recommendations and
subsequent investments that are made as part of the
service will relate only to Vanguard’s own products.
Please refer to the question “What kind of advice will I
receive?” for further information.
Product risks – These are specific risks related to the
financial products that you will be investing in. All will have
distinct characteristics and risks since they follow different
investment strategies. Because of this we will provide
you with a further analysis of the specific product risks
that you need to be aware of as part of your financial plan,
which will also contain your personal recommendation.
These risks are also outlined in the product-specific
documentation that we will provide such as the Key
Features Document, Vanguard Personal Pension
Illustration and Key Investor Information Documents.
Inflation risk – The real value of your investments may
be adversely affected by inflation, which could reduce
the buying power and therefore the sufficiency of your
money for the duration of your retirement.
Currency risk – Where the underlying investments
in one or more of the Vanguard funds in which your
portfolio is invested are denominated in a non-sterling
currency, a movement of exchange rates may have
either a positive or negative effect on the gain or loss
otherwise experienced by the investment.
Q: What fees will I pay?
A: There are three main types of costs and charges
associated with the VPFP service:
1. Financial planning fee: 0.50% (inclusive of value-
added tax)
This fee is what you pay in return for the provision of the
VPFP service, including the provision of your financial
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 plan and the personal recommendations contained Costs and Annual % Cost at Cost at
therein or given in relation to any transfers (as may charges of investment £50,000 £100,000
cost investment investment
be applicable), the monitoring of your investments,
VPFP fee 0.50% £250 £500
access to our financial planning team, the rebalancing
Account fee 0.15* £75 £150
and adjusting your of portfolio and your annual review
Fund charges 0.14% £70 £140
needed to keep you on track each year. It will also cover and transaction
you if we need to make changes to your financial plan costs
should your circumstances change. Total 0.79% £395 £790
Aggregated
2. Account fee: 0.15% (capped at £375 per year) Costs

*(maximum of £375 per annum)

This is the fee that you currently pay in relation to your
existing Vanguard account(s). You pay this in return for
Q: How frequently are fees charged?
the provision of Account services. These services include
A: The VPFP and account fees as per your existing accounts,
the fund dealing facility, recording of transactions and
will remain payable quarterly in arrears by direct debit. Fund
holdings, safeguarding of your investments and other
charges are automatically taken from the fund, which has
ancillary services. The support team provides assistance
the effect of reducing any return you may get.
with account servicing, transfers and payments through
secure messages, email and telephone. The fee is set Q: Are there any other costs and charges
at 0.15% per year based on the first £250,000 of your payable?
account balance, capped at £375 per year.
A: No, there are no other costs or charges.
3. Fund charges and transaction costs: 0.14% (in
aggregate across your VPFP portfolio).
Q: Can I know exactly how much will I be
charged prior to my decision to invest?
These are set by Vanguard and apply at the level of
A: We will provide you with estimates before you invest and
the particular fund(s) in which you invest and are
details of the actual costs incurred regularly thereafter.
also referred to as fund management costs. The
ongoing charges figure (OCF) is expressed as an Q: How often will you be providing me
annual percentage of the value of a fund, and includes
with information on all costs and charges?
Vanguard’s charge for managing the fund and its assets
A: You will receive a detailed description of relevant costs
as well as administrative expenses such as the fees
and charges within your financial plan. Where relevant you
of the independent custodian, the registrar, the fund
will also receive a pre-sale illustration for the Vanguard
auditor and other regulatory expenses. Please refer to
Personal Pension based upon the amounts to be invested.
the specific Key Investor Information Document (KIID)
An annual statement setting out the actual costs and
for details of the OCF applicable to a particular fund. In
charges of the VPFP Service for the previous year will also
addition, the funds incur transaction costs (including
be provided.
when buying and selling underlying investments) and
other incidental costs. Q: What is the minimum investment
amount?
Q: How much does it cost?
A: You need to invest at least £50,000.
A: The costs and charges that you will be required to
pay for the VPFP service are dependent on the value Q: What level of service can I expect?
of your investments. An estimate of costs and charges The service will collect and analyse your information using
will be provided to you with your financial plan prior to unique technology backed by over 40 years’ investing
implementation of the VPFP service, and a breakdown experience, with human expertise behind every decision
of actual costs incurred will be provided to you each year it makes. Once the fact-find is complete, you will receive
thereafter. When providing estimates, we will, wherever a tailored financial plan with a recommended investment
possible, use actual incurred costs as a proxy for expected portfolio and advice on the best way to use your accounts to
costs and charges. Where actual costs are not available, we maximise your tax benefits.
will make reasonable estimations of these costs. Vanguard
does not charge any fees for withdrawals or exiting Once your financial plan is in place, the VPFP service monitors
the service. your retirement savings regularly. If anything gets too far off
track, we rebalance your investments for you, to ensure you
The table below provides an overview of all applicable costs have the right asset mix. In addition, you will get updates
and charges. This information is intended to show the costs from us so you know how your investments are doing. You
and charges over a 1-year period for a £50,000 investment can also log on at any time to get a real-time update.
and a £100,000 investment.

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Should you need additional guidance at any stage in the
journey, our UK-based client services team is on hand to
help. From discussing your financial plan through to the
practical stuff like making payments, you can contact them
on the phone and via email.
Investors with £100,000 or more in their Vanguard accounts
can also enjoy direct access to our team of financial planners
via video or telephone appointments.
Those with £750,000+ will be allocated a dedicated financial
planner.
All of our financial planners are qualified, regulated, salaried
and legally required to act in your best interest.
Q: What is the maximum investment
amount?
A: There is no maximum investment amount for the VPFP
service, although there are annual limits on the amount that
can be contributed to ISAs and pensions. Depending on
your personal circumstances there may also be limits to the
amount you can contribute to your pension and the amount
of tax relief you can receive.
Q: Can I make regular or periodic
investments?
You can make one-off, lump-sum payments and/or set up
monthly investments through a regular savings plan. Should
you wish to make a payment in excess of the value set out
in your financial plan, you will need to contact us. We will
assist you in updating your digital fact-find details so that the
payment can be accepted.
Q: Will my money and investments
be safe?
A: Vanguard funds and monies will be held as client assets
and client money or under trust, as applicable. Please refer
to the Terms and Conditions for further details.
Q: Are my investments protected?
A: Vanguard is covered by the Financial Services
Compensation Scheme (“FSCS”). This means that you may
be entitled to compensation from the FSCS if we are no
longer trading or are declared to be in default and cannot
meet our obligations to you. This may apply separately to
both your investments and any cash held in your account,
and the maximum amount of compensation available will
depend upon the type of investment business, the FSCS
compensation limits applying at the time of any failure
and the circumstances of your individual claim. For more
information about how the FSCS might apply to your
investments, please contact us or visit the FSCS website
at fscs.org.uk. The FSCS’s address is: 10th Floor, Beaufort
House, 15 St Botolph Street, London EC3A 7QU.
Q: Can I change my mind?
A: Yes, you can cancel your VPFP service by informing us in
writing via secure message from your personal dashboard
within 14 days from the date of your acceptance of the
VPFP service. Cancellation rights also apply to your specific
Vanguard accounts. However if you had one of these
accounts before we began providing you with the VPFP
service, the cancellation period may have already expired and
may not apply (unless we begin providing you with the VPFP
service before the cancellation period for the relevant account
has expired). If we do close your VPFP profile you will no
longer be able to access the documentation stored on your
personal dashboard and you should download your financial
plan and any other information you might need beforehand.
Q: Can I cancel my Vanguard Personal
Pension?
A: Yes, you may cancel your Vanguard Personal Pension by
informing us in writing via secure message within 30 days
from the date we serve your cancellation rights. Normally
this will be the date when the Vanguard Personal Pension
was opened. Similar rights also apply in respect of:
(a) any transfer payment received;
(b) the first occasion of any regular savings plan payments;
(c) any personal one-off contributions; and
(d) the first occasion you decide to take benefits.
On cancellation of your Vanguard Personal Pension, any
contributions or transfers paid will be refunded to the source
of payment. The amount refunded following cancellation
may be less than the amount you originally contributed and
will depend on how the contribution or transfer was made.
Cancellation amounts will be calculated as follows:
(a) T
 he amount will be equal to the market value of the
transfer;
(b) The first occasion of any regular savings plan payments
- the cancellation amount will be equal to the full value
of the contribution;
(c) Personal one-off contributions - the cancellation amount
will be equal to the lesser of the value of the
contribution or market value;
You will need to inform us via secure message if you wish
to cancel your Vanguard Personal Pension, transfer, or
contribution. If you have made investments prior to cancelling
your Vanguard Personal Pension we will sell your holdings
within five working days. Where investments are sold, you
may get back less than you originally invested because
of any market value losses suffered between the date of
your investment in the fund and the date we receive and
implement your instructions to cancel. Product charges will
also apply until your Vanguard Personal Pension is closed and
charges that have already been deducted will not be refunded.
8
Q: Can I cancel my ISA?
You may cancel your Vanguard ISA by informing us in writing
via secure message within 14 days from the date we serve
your cancellation rights. Normally this will be the date when
the account was opened.

On cancellation of your account, any investments can either

be sold or transferred into your name or into the name of
another nominee. If investments are sold, you may get
back less than the amount you invested originally because
of market value losses suffered between the date of your
payment and the date we receive and implement your
instructions to cancel. Product charges will also apply until
the account is closed and charges that have already been
deducted will not be refunded.

If you cancel an ISA within the cancellation period, it is

treated as not having been opened and so you can apply to
open another one during the same tax year.

After the 14-day cancellation period expires, you may

withdraw your money at any time by selling or transferring
your investments. You will need to contact us to complete
this.

Q: What if I have a complaint?

A: If you have a complaint, please contact us online at www.
vanguardinvestor.co.uk or on 0800 587 0460. A copy of our
Complaints Handling Policy is available on the website. If
you are not happy with our response, you can refer your
complaint to the Financial Ombudsman Service or the
Pensions Ombudsman (as relevant):

Financial Ombudsman Service

Exchange Tower
Harbour Exchange Square
London E14 9SR

Telephone: 0800 023 4567 (call charges will vary)

Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

The Pensions Ombudsman

10 South Colonnade
Canary Wharf
London E14 4PU

Telephone: 0800 917 4487 (call charges will vary)

Email: mailto:helpline@pensions-ombudman.org.uk
helpline@pensions-ombudman.org.uk
Website: www.pensions-ombudsman.org.uk
www.pensions-ombudsman.org.uk

9
Vanguard Asset Management Limited (“VAM”) VAM is registered in England and Wales (no.07243412), and its registered office is at 4th
Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF. VAM is authorised and regulated in the UK by the Financial Conduct Authority
(“FCA”), with Firm Reference Number: 527839. VAM’s VAT number is 100 1276 85. VAM is a member of the Vanguard Group of companies,
of which the ultimate holding company is The Vanguard Group, Inc., incorporated in Pennsylvania, USA.
© 2021 Vanguard Asset Management, Limited. 605_0421