Scottish Widows International
PRIVATE PORTFOLIO BOND
Type: Offshore bond designed to offer high net worth clients a portfolio management facility within a life assurance structure.
Aim: Principally to achieve capital growth although income can be taken.
Minimum investment: Pooled Portfolio – £50,000 or $75,000, Personal Portfolio – £75,000 or $112,500. Additions – £5,000 or $7,500.
Place of registration: Jersey.
Investment split: Option one – Pooled Portfolio offers a range of internal and external pooled investments. Option two – Personal Portfolio offers pooled investments plus option to invest in stocks and shares.
Charges: Initial – 7.5 per cent deducted quarterly over five years, annual – 0.5 per cent, dealing – £15 or $22.50 for sales and/or purchases of assets other than internal funds, valuation – £40 or £$60 each quarter, surrender – equal to outstanding establishment charges in first five years.
Options: Withdrawals – monthly, quarterly, half-yearly or annually. Minimum withdrawal £250 or $375. Remaining value in fund must remain the greater of £25,000 or $37,500 and 15 per cent of total investments made in last 15 years.
Commission: Initial 5 per cent although other options are available.
Tel: 0845 8450011.