SSIA's - a brief history
Your SSIA maturity pack
Our SSIA maturity process
Your SSIA Options
Support - Contact us
The Special Savings Incentive Account (SSIA) scheme was introduced in 2001 by the government. The main purpose of the scheme was to encourage everyone over the age of 18 to start saving.
The incentive meant that for every €4 you saved each month the government contributed €1 extra. Typically the financial institution that you have your SSIA with claims this as a credit on your behalf and lodges it to your SSIA each month.
This government incentive applied to SSIA accounts for a maximum period of 5 years (60 monthly contributions).
Our MoneyWorks SSIA was launched in July 2001. Your MoneyWorks SSIA will mature on the last day of the month following it's fifth anniversary. You can continue to save in your MoneyWorks policy even after it's SSIA status ends. So you can still keep up that good savings habit!
Approximately 3 months prior to your SSIA maturity date we will send you your SSIA maturity pack. This pack will include the following:
This letter will show you your total contributions paid to date as well as the government contributions and your current value.
This form is your SSIA Maturity Declaration form. It must be completed to ensure that your SSIA is taxed appropriately. If you return this signed form on time, only the growth on your policy will be subject to tax at 23%.
IF YOU FAIL TO RETURN THIS FORM ON TIME, YOUR TOTAL FUND WILL BE SUBJECT TO TAX AT 23%.
When completing this form you will be required to declare that you have complied with the SSIA conditions. You will have to declare that:
If you do not satisfy all of the conditions of the declaration, please write to us and tell us why. If you do not satisfy these conditions, your total fund value may be liable to tax at 23%.
This form is your instruction to tell us what to do with your existing policy.
We recommend that you speak with your financial adviser before completing your SSIA options form.
NOTE: If this form is not completed and returned to us, your policy will continue and premiums will be deducted from your bank account at the current level until you tell us otherwise.
This guide outlines and explains your SSIA options with Standard Life.
If you have recently changed address please Contact us to ensure that we send your SSIA maturity pack to your current address.
This SSIA4 form is a Revenue declaration form and it must be completed to ensure that your SSIA is taxed appropriately. If you return this signed form on time, only the growth on your policy will be subject to tax at 23%.
IF YOU FAIL TO RETURN THIS FORM ON TIME, YOUR TOTAL FUND WILL BE SUBJECT TO TAX AT 23%.
If you fail to return your SSIA4 form we will issue a reminder letter two months prior to the SSIA maturity date. Should it be required, we will issue a second reminder letter one month prior to the SSIA maturity date.
The table below indicates when you are required to complete, sign and return your SSIA4 form:
| SSIA commencement date | SSIA maturity date | SSIA4 required in period |
|---|---|---|
| July 2001 | 31 July 2006 | Mid May 2006 - 31 July 2006 |
| August 2001 | 31 August 2006 | Mid June 2006 - 31 Aug 2006 |
| September 2001 | 30 September '06 | Mid July 2006 - 30 Sep 2006 |
| October 2001 | 31 October 2006 | Mid Aug 2006 - 31 Oct 2006 |
| November 2001 | 30 November 2006 | Mid Sept 2006 - 30 Nov 2006 |
| December 2001 | 31 December 2006 | Mid Oct 2006 -31 Dec 2006 |
| January 2002 | 31 January 2007 | Mid Nov 2006 -31 Jan 2007 |
| February 2002 | 28 February 2007 | Mid Dec 2006 - 28 Feb 2007 |
| March 2002 | 31 March 2007 | Mid Jan 2007 - 31 March 2007 |
| April 2002 | 30 April 2007 | Mid Feb 2007 - 30 April 2007 |
For example, if you commenced your SSIA in August 2001, your SSIA maturity date is 31st August 2006. You will be obliged to complete, sign and return your SSIA4 form to Standard Life between mid June 2006 and 31st August 2006.
If you return this signed form on time, only the growth on your policy will be subject to tax at 23%.
In line with the SSIA rules the government contribution (extra 25%) will stop after the 60th contribution is paid. However, your savings policy is open ended and this means you can continue to save in your existing policy if you wish.
If you continue to save your monthly contribution will continue to be deducted from your bank account at the same level, unless you tell us that you want this to change. Similarly, your accumulated savings will remain invested, unless you tell us that you want this to change.
You will receive an SSIA options form and guide in your SSIA maturity pack approximately 3 months prior to your SSIA maturity date. We recommend that you speak with your Financial Adviser before making any investment decision.
Here are some of the main options available to you. You can:
If you would like to reinvest your SSIA lump sum, Standard Life can provide you with access to a wide range of top performing funds available in our Synergy Investment Bond. It's a single premium investment product with tax payable on the gain when all or part of the bond is cashed in.
You can choose from a wide range of investment funds to invest in. You can choose to invest in equity, property, fixed interest (bonds) or cash funds or you can invest in mixed portfolios which combine these asset classes.
You can change the funds you are invested in whenever you want to.
You can take a regular income from your bond, or cash in some or all of your money if you need to. There are no encashment penalties for cashing in your bond after 6 years.
Click here to view our Synergy Investment Bond brochure.
Starting to save for your retirement now, means that you increase your options at retirement to provide you with some financial security when you stop working. The more money you save now, the more you will have for your future.
Standard life has a wide range of pension products available.
We recommend contacting your Financial Adviser before making any investment decisions. Our range of investment options is outlined in Your SSIA Options Guide.
Click here to view Your guide to Your SSIA Options guide.
If you have any queries regarding your SSIA please speak to your Financial Adviser or feel free to contact a member of our SSIA Services Team.
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