RoyLon 360° offers single-premium bond

Royal London 360° has launched a single-premium offshore bond with a minimum premium of £20,000.

The bond, called Oracle, has an establishment fee of 7.5 per cent of the initial premium value chargeable on each premium and a 1.2 per cent annual administration fee. Annual management charge varies depending on the funds chosen.

There is no limit to how many funds can be held under an Oracle policy which can be structured with up to 100 sub-policies, with a minimum sub-policy value of £500 to improve tax efficiency. It can be established on a single life or joint life last death basis, with a maximum of two individual applicants with a maximum of six lives assured. Withdrawals can be made on a regular or a one-off basis and additional top-ups can be made.

Royal London head of marketing Natalie Hall says: “There are more than 180 external funds from 35 industry-leading fund managers, covering 25 sectors and seven currencies which will help mitigate currency risk.”

Worldwide Financial Planning IFA Nick McBreen says: “The charges are outrageous and there is not enough investment choice by a country mile.”