The account is an offshore single-premium capital redemption bond written in trust, with a choice of more than 250 funds, and is open to clients up to the age of 79.
It provides inheritance tax mitigation and an income paid as withdrawals of capital. It is open to both single and joint applicants. Minimum premium is £50,000. Both an absolute trust and a discretionary trust are available.
Initial commission is up to 7.25 per cent followed by up to 1 per cent fund-based commission or advisers can opt for entirely fund-based commission.
Brunning Newman Houghton director David Brunning says: “I like the fact that this account uses a capital redemption bond rather than a life insurance bond and overall it is a well thought out, sophisticated solution.
“I do not like the fact that there is no reduction of charges if you have two trusts but I like the guarantee options which, unlike its competitor Hartford, can guarantee the legacy as well as the income.”