Provider: Royal Skandia. Product: Collective Investment Bond. ' Option C. The bond is designed fo...
Provider: Royal Skandia.
Product: Collective Investment Bond. ' Option C. The bond is designed for investors who recognise the economic advantages and straightforward approach of unitised funds, but also want to access the potential offered by a wider investment choice. There are three charging structures available, with Option C being based on 95 % of the amount received invested.
Royal Skandia Life Assurance Limited
Skandia House, Finch Road, Douglas
Isle of Man, IM99 1NU
Tel: ++44 (0) 1624 611611
Fax: ++44 (0) 1624 611715
Place of policy issue: Isle of Man
Available to UK residents: Yes
Minimum age attained at entry of life assured: The bond is available to international investors, aged 18 or over, other than residents of the Isle of Man.
Maximum age attained at entry: 89
Minimum single investment: £25,000 or currency equivalent.
Minimum additional investment: £2,500 or currency equivalent.
Investments may be made by cheque and/or banker's draft: Yes
Investment may be made by telegraphic transfer: Yes
Minimum life cover: The bond automatically guarantees a death benefit of 101% of the encashment value.
Maximum life cover: Cover up to 120% of the encashment value can be arranged subject to medical evidence.
Additional life cover: Cover up to 120% of the encashment value can be arranged subject to medical evidence.
Single life plan: Yes
Joint life first death plan: No
Joint life second death plan: Yes
Long-term care cover: No
Benefit paid in instalments: No
Number of fund links available: The Collective Investment Bond allows investment in
• Royal Skandia's own range of internal funds,
• Most other authorised collective schemes.
Number of internally managed funds available: Over 175 funds managed by leading fund management groups are available. The Collective Investment Bond offers investment in Royal Skandia's own range of internal funds; risk-graded managed, single sector and specialist funds, as well as deposit and building society funds, managed by a selection of leading investment groups.
Preferred list of externally managed funds available: The investor in the Collective Investor Bond can choose to invest in :
• Royal Skandia's own range of internal funds.
• Other funds managed by an extensive list of top investment groups
Number of preferred management groups available: Over 30
Access to unlimited externally managed funds: Virtually unlimited fund links are available.
Number of external fund managers: Over 30 groups
With-profit fund link: No
Guaranteed/protected funds available: No
Risk graded funds available: Yes
Mandatory cash deposit: No
Maximum number per plan: No
Minimum value per fund/asset: In order for each investment holding within the bond to be of a reasonable size and benefit, they should be of a minimum value of £2,500 (or equivalent in any other acceptable currency).
Switch allowed: Royal Skandia permits unlimited switching between funds, even those of differing currency denomination.
Number of free switches per annum: All switches are free on the C charging structure.
Internal switch charge: No charge
Valuation dates: Quarterly valuation dates.
Maximum number of segments: 100 unless otherwise stated.
Partial surrender of segment: To provide for easy and flexible access to the funds, the bond is automatically split into separate policies. Each policy can then be partially or completely encashed without cancelling the entire bond. The cash proceeds can be paid out in any major currency.
Minimum withdrawal allowed: £500.
Minimum withdrawal frequency: Monthly although withdrawals can also be made quarterly, half-yearly or yearly.
Automatic withdrawal facility: Yes
Withdrawals expressed as a fixed amount: Yes
Withdrawal expressed as a percentage of the fund: No
Minimum residual bond value: £10,000.
Plan can be denominated in US dollar, sterling, euro: Yes
Plan can be denominated in other currencies: The fund can be denominated in Swedish Kroner (SEK), Japanese Yen (JPY) and most major currencies.
Variation of currency allowed: No
Annual plan administration charge: No
Administration charge is inflation linked: Na
One-off establishment charge: No
Establishment charge period: Na
Allocation rate (%): 95%
Annual fund management charge: Unit prices take into account Royal Skandia's annual management charge which is currently 1.5% per annum of the value of the fund. Royal Skandia reserves the right to vary the percentage of this charge in future.
Lowest annual management charge (internally managed): 0.0%
Highest annual management charge (internally managed): 2%
Lowest/highest preferred external provider AMC: Not stated
Encashment charge: No
Period during which encashment charge applies: Na
Loyalty bonus: No
Additional fund charge: An additional fund charge will be levied when an external fund link is chosen.
Valuation charge: No
Purchase charge: No further charge except for the switching charge (see switching charge).
Sale charge: No except for the switching charge (see switching charge).
Dealing charge: No except for the switching charge (see switching charge).
Assumed growth rate: The growth rate is 7%.
Annual management charge assumed: 1%.
Fund to which AMC relates: Royal Skandia Balanced Portfolio.
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