Provider: Scottish Amicable European Product: The Personal Investment Bond ' a single premium, i...
Provider: Scottish Amicable European
Product: The Personal Investment Bond ' a single premium, investment-linked whole of life bond providing access to a range of tax efficient investment funds.
Place of policy issue: Dublin
Available to UK residents: Yes
Minimum age attained at entry of life assured: 18
Maximum age attained at entry: None
Minimum single investment: £10,000
Minimum additional investment: £5,000
Investments may be made by cheque and/or banker's draft: Yes
Investments may be made by telegraphic transfer: Yes
Minimum life cover: 101% of encashment value.
Maximum life cover: 101% of encashment value.
Single life plan: Yes
Joint life first death plan: No
Joint life second death plan: Yes
Benefit paid in installments: Yes
Number of fund links available: 27
Number of internally managed funds available: 17
Preferred list of externally managed funds available: Plans provide access to a preferred list of externally managed funds.
Number of preferred management groups available: There are 10 external fund links available from five managers.
Access to unlimited externally managed funds: There are 10 external fund links.
Number of external fund managers: Five
Risk graded funds available: Yes
Maximum number per plan: 10
Minimum value per fund/asset: None
Switch allowed: Yes
Number of free switches per annum: 20
Internal switch charge: After the initial 20 free switches there is a charge of £10.46.
Maximum number of segments: 20
Partial surrender of segment: Yes
Minimum withdrawal allowed: £75
Minimum withdrawal frequency: Monthly
Automatic withdrawal facility: Yes
Withdrawals expressed as a fixed amount: Yes
Withdrawals expressed as a percentage of the fund: Yes
Minimum residual bond value: No
Variation of currency allowed: Yes
Annual plan administration charge: £2.06pm.
Administration charge is inflation linked: The monthly administration charge may be increased each year on 1 January by no more than the current rate of Consumer Prices Index of Ireland, adjusted for currency movements.
One-off establishment charge: There is a one-off establishment charge of 0.75% pa for five years.
Establishment charge period: Five years.
Allocation rate (%): 100%
Annual fund management charge: 1.50%'2.10% pa depending on fund.
Where the funds invest in underlying unit trusts, additional expenses will be incurred. These expenses range from 0.02%'0.25%.
Lowest annual management charge (internally managed): Lowest annual management charge is 1.50%.
Highest annual management charge (internally managed): The highest internal annual management charge 2.00%.
Lowest preferred external provider AMC: 1.90%
Highest preferred external fund AMC: The highest preferred external fund annual management charge is 2.10%.
Encashment charge: Withdrawals within five years in excess of the greater of 5% of the encashment value of the bond and 5% of the investment incur a charge from 7% to 1.75%, thereafter nil.
Period during which encashment charge applies: Five years.
Loyalty bonus: Yes
Additional fund charge: Up to 0.50% pa.
Valuation charge: No
Purchase charge: No
Sale charge: No
Dealing charge: No
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress