The offshore arm of Scottish Widows has altered the charging structure on its Jersey-based Inte...
The offshore arm of Scottish Widows has altered the charging structure on its Jersey-based International Investment Bond. This sees the establishment charge changed from 8.4% of premium deducted over four years to 6% of fund value deducted over five years.
Scottish Widows International (SWI) has also introduced additional commission and allocation flexibility to enable intermediaries to structure the bond in different ways depending on customers' needs.
Mike Smith, international business development director at SWI, said the charging structure has been changed in order to make it more competitive in the market.
The International Investment Bond, which is sold exclusively via intermediaries, offers investors access to a range of equity, bond and specialist funds as well as SWI's Sterling With-Profits, US Dollar With-Profits, and Euro With-Profits funds. The bond does not link to any external funds. Smith said: 'We are looking into this at the moment but as yet no decisions have been made. Third party fund links are something we have introduced successfully to our onshore product.' The minimum investment is £10,000, and the bond can be either sterling or US dollar denominated. The new structure was introduced on 22 May.
The majority of financial advisers (85%) believe the number of self-invested personal pension (SIPP) providers will continue to fall in the coming year, according to Dentons Pension Management research.
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