Quilter 7 When the time approaches for you to access an entitlement, you have the following options: 1. Defer the entitlement to another year. 2. Allow it to reach the entitlement date. Once the entitlement date has been reached, a further three options are available: 1. Decide to do nothing; in which case the policies remain invested in the name of the trustees for your benefit. 2. Ask the trustees to surrender the individual policies that make up the Policy Fund and receive the proceeds. 3. Ask the trustees to assign the individual policies that make up the Policy Fund to you. You can then surrender the policies at a later date or even give them away to a loved one. Important information Tax considerations when taking entitlements. The surrender of policies which make up a Policy Fund is considered a chargeable event in the UK. Any gain made on the policies surrendered are potentially liable to income tax depending on your other income in the year of surrender. You should speak to your financial adviser prior to surrendering the policies to ensure you understand the consequences.