What is an Ex-post statement? 

An Ex-post statement is a summary of all the costs and charges that have been collected from your investments over a specific period. Here at NatWest Cushon, we think it's important to be clear and open about everything. We believe that by showing you all the costs, you'll find it easier to see how your investments are doing.

When do I get an Ex-post statement?

You'll get an Ex-post statement if you've held investments throughout the year, even if you don't hold those investments at the time of receiving the statement. 

This also applies if you've closed pots within the year, and those pots incurred any charges. The rule of thumb is, if it carried a charge, it gets a mention in your Ex-post statement. 

If you switch funds or introduce new ones during the year, your Ex-post statement will include both the new and old funds, as long as both were held in the reportable period. So, don't be surprised if your Ex-post statement seems longer than usual. 

Why was the Ex-post statement introduced?

In 2018, our regulator stepped in to ensure investment management firms provide more information about the costs and charges that apply to your investments. 

How can I see my Ex-post statements?

You can easily find your Ex-post statements and other documents, like Contract Notes, in the Cushon app. Just log in and tap the top icon that looks like a sheet of paper. This will open the 'Documents' tab. If you prefer using the web, log in to your account and select 'My documents' in the left-hand side panel. You can click on any of the documents to view them.

What is included in the Ex-post statement?

The Ex-post statement provides a summary of: 

• Total costs and charges collected from your investments over the year, both as a monetary amount and as a percentage of your total investment value*
• NatWest Cushon platform charges, which we calculate based on the value of your investments.
• Fund manager charges, collected directly from your investments and reported to us.

Your investments are held with Aegon UK plc. - Cofunds Limited (Cofunds).

*Total investment value at a certain date.

How are the charges calculated?

The charges consider many factors and can be affected by significant market changes, recent withdrawals, and any funds you hold in our Cash Deposit pot, which do not incur charges. As a result, these charges may be different from those we provide when you make a new investment. 

How are the charges collected? 

All charges are collected automatically. There's nothing further you need to pay.

What are fund-related charges?

Fund-related charges are fees you pay to the fund managers for managing your investments. The amount of these charges can vary and is calculated as a percentage of your total investment in each fund. They usually include: 

• Ongoing charges: These are regular charges you pay to the fund manager for looking after your investments. They are usually a percentage of the total value of your investment.
• One-off charges: These are fees that are charged just once, rather than regularly. They could be paid to fund managers to set up your investment or paying people who help them, like their suppliers.
• Transactional costs: These costs come from activities, such as buying and selling of the fund's investments. 
• Incidental costs: These are extra fees that don't happen all the time. These could include performance fees, which are charged if the fund performs above a certain level or exit fees when you decide to sell your investment. 

Remember, all these charges are collected automatically from your investments, and there's nothing further you need to pay. 

How do costs and charges affect the money I make from my investments? 

The total charges collected affect your investment returns during this period. To help you see the difference, we provide a table (known as a 'cumulative illustration') showing your investment returns before and after these charges have been considered. It's a straightforward way of showing you the impact of these charges on your investments. 

Not all products come with charges. For instance, the Cash Deposit account carries no charge, but the holdings within it still count towards your total value.

Also, if you decide to take out some of your money (particularly a larger amount or close to when we're doing the charges calculation), this could affect the figures we provide.

It's important to note that investing involves risks as well as rewards and the value of investments can go down as well as up. The cumulative return shown on your Ex-post statement could therefore sometimes be negative, indicating a loss. But don't panic, remember that investing should be long term. 

Why is there a section about penalties in my statement?

When you put money into a Lifetime ISA, there are some special rules set by the government about taking money out. If you take out money for reasons that don't follow these rules (we call this an 'unauthorised withdrawal'), you'll have to pay a penalty charge of 25%. This is because the government gives you a bonus on the money you save in a Lifetime ISA, and this charge takes some of that bonus back.

If you see a bit in your statement called 'Penalties incurred', it means you took out money in a way that didn't follow the rules at least once during the time we're looking at. These penalties are charged by HMRC, and we help sort this out through our platform. 

This penalty amount isn't included in the total figures on your statement. 

Past performance is not a guide to future performance, nor a reliable indicator of future results or performance. 

The value of investments can go down as well as up which means you may get back less than you put in. We do not provide financial advice.