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BOE follows the Act

BoE International has designed a trustee investment bond that is aimed at trustees of pension schemes following the introduction of the Trustee Investment Act 2000.

Under the new rules, trustees must seek advice when making investment choices and are likely to seek greater investment choice. BoE International&#39s product aims to deliver this by offering access to 80 offshore funds including internal funds and external funds from fund managers including Merrill Lynch, Schroder and Gartmore.

At the outset, trustees must choose from three options — with-profits link, personalised link and select link. The with-profits link provides access only to BoE International&#39s unitised with-profits fund and the personalised link is for trustees who want to choose the funds themselves. The select link consists of seven ready-made portfolios for those who want to invest in a range of funds but who do not have the experience or the time to construct their own portfolios. They range from a global aggressive option through to a global conservative option and each portfolio contains 12 funds.

Trustees can switch between the with-profits, personalised and select links. They can also switch between funds in the personalised link and between portfolios in the select link at any time without penalty.

This product does not offer as many fund links as Skandia&#39s pension trustee bond, which provides access to 222 funds. However, Skandia does not offer ready-made portfolios for trustees who may be overwhelmed by the range of funds available and it does not offer a with-profits option at the outset like BoE. Instead, trustees can use its guaranteed pension fund only after 10 years which restricts investment choice during the early years.


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