Provider Legal & General. Product With-Profits Growth Bond.The Plan includes a multi-life opt...
Legal & General.
With-Profits Growth Bond.The Plan includes a multi-life option where up to six lives are assured on a last to die basis.
This product is available via IFAs.
Launch date of current with profits tranche
Current tranche launched in April 2002.
Minimum age attained at entry
There is no minimum age restriction.
Maximum age attained at entry
The maximum age attained at entry is 89. For joint life plans, one life must be aged 89 or under.
Minimum stand alone single premium (£)
The minimum investment is £5,000. The maximum investment limit is £250,000 (single life) or £500,000 (joint life/multiple life).
Minimum additional single premium (£)
The minimum additional investment is £5,000.
Initial charge incorporated in the bid/offer spread (%)
No initial charge is levied for clients under the age of 80. For clients aged 80 or over an initial charge of 2.5% applies (which is effectively the difference between 100% and the unit allocation rate).
Annual Man Charge (%pa)
There is no annual management charge.
No administration fee is levied.
There is no policy fee.
Early surrender charge levied
The following early surrender charges apply. These reductions do not apply to regular 'income' withdrawals.
Year of surrender % reduction in value
1 7 2 6
3 5 4 4 5 2 6 0
The allocation rate is 100% on all investments for lives aged under 80. 97.5% on all investments for lives aged 80 and over.
The allocation rate for investments of £5,000, £10,000, £25,000 and £50,000 is 100%.
There is no loyalty bonus.
MVA free options
An MVA is not applied on death claims and any regular withdrawal equivalent to or less than the interim bonus rate applicable at the time of withdrawal.
Other fund links available
Other fund links are available.
Number of free switches per year
At any time following the 5th anniversary of the most recent investment into the contract, the total value of the product can be switched into one or more of Legal & General's investment funds. i.e.
a) if no increments, the 5th anniversary is defined as five years after the policy date,
b) if increment(s), the 5th anniversary is defined as five years after the most recent increment.
All clusters must be switched, i.e. no switching of individual clusters is available. The value on a switch is determined by the number of units plus Interim Bonus - plus Terminal Bonus less any MVA applicable at the time.
Once a switch out of with-profits has taken place:
a) It is not possible to switch back into with-profits and
b) Switching between investment funds on a 'bid to bid' basis can take place at any time.
No switches are available between different with-profits funds at any time.
Charge per fund switch (£)
There is no charge for this facility.
Reversionary bonus rate (%) 1994
Reversionary bonus rate (%) 1995
4.20% reversionary bonus plus contractual minimum addition of 2.55%. There was also a special bonus in 1995 of 1.55%.
Reversionary bonus rate (%) 1996
4% reversionary bonus plus contractual minimum addition of 2.50%.
Reversionary bonus rate (%) 1997
The reversionary bonus rate for 1997 was 7.5%.
Reversionary bonus rate (%) 1998
The reversionary bonus rate for 1998 was 7.5%.
Reversionary bonus rate (%) 1999
The reversionary bonus rate for 1999 was 5.5% plus terminal bonus of 2.75%.
Reversionary bonus rate (%) 2000
5% interim bonus, 1.75% terminal.
Reversionary bonus rate (%) 2001
5% interim bonus, 2% terminal.
Reversionary bonus rate (%) 2002
4% interim bonus, 2% terminal.
Guaranteed bonus payable
There is no guaranteed bonus payable.
Plan can be written on a single life basis
The Plan can be written on a single life basis.
Plan can be written on a joint life 1st death basis.
The Plan is not available on a joint life first death basis.
Plan can be written on a joint life 2nd death basis
The Plan can be written on a joint life second death basis. Up to 6 lives assured, on a last to die basis can be included as standard.
Option to split the plan into a cluster of policies
For added flexibility, investments can be split into a number of identical clusters subject to a minimum of £50 per cluster and a maximum 9,999 clusters. The standard default is 100. Any other number chosen must result in an exact £s/pence value.
Percentage paid out on death of the life assured
The bid value of units plus Interim Bonus - and Terminal Bonus - multiplied by 101% is payable on receipt of proof of death of the life assured, or the death of the last survivor on a multiple life product.
Fixed sum regular withdrawals available
Fixed sum regular withdrawals are available. Units are encashed based upon a selected specified £s amount (or derived amount based upon % of amount invested).
Regular withdrawals available as a fixed percentage of current value
Yes ' units are encashed based upon a selected percentage of fund value.
Regular income payment frequencies
Payments can be made annually, half-yearly, quarterly or monthly.
Phased investment option available
There is no phased investment option available.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till