Scottish Mutual International (SMI) is waiving and deferring some charges for its Complete Investmen...
Scottish Mutual International (SMI) is waiving and deferring some charges for its Complete Investment Portfolio for new investors who take out a plan between now and December 2002. The product charges will be waived or deferred for one year, however the offer is not available to existing policyholders.
The Complete Investment Portfolio enables investors to construct their own personalised portfolio of international funds denominated in UK Sterling, US Dollars or Euro.
There are four variants of charging structures depending on the category of the Complete Investment Portfolio, says Colin McEwan, head of international product development. The 1.875% establishment charge for CIP A, will be deferred for 12 months, then charged in the second to fifth years of holding the policy. The 0.25% annual management charge and the £36 administration fee will be waived.
For CIP B, the 0.4% annual management fee will be waived in the first year, along with the administration fee. CIP B does not incur any establishment charges.
For CIP C, the 1.5% initial allocation charge will be deferred to year two, and the admin fee will be waived. Finally, CIP D will see establishment charges deferred to the second year.
Three new cash funds have also been set up for the Complete Investment Portfolio, where no annual management charges will be applied until May 1, 2003 and additional return of 0.5% p.a.
The product invests in external funds as well as SMI's own fund range and terms have been agreed with a select list of fund managers including Threadneedle.
"The volatility of current markets demonstrates how valuable it is to have a choice of different types of fund," says Guy Beech, Threadneedle's UK retail sales director. "Threadneedle has emphasized bond funds for the last three years - but we are moving to overweight equities again after recent price falls."
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September