View more on these topics

Skandia launches spouse and civil partner linking

Mann-Peter-700x450.jpg

Skandia will now allow spouses and civil partners to combine assets to benefit from lower charges on its platform .

The service went live this month and is available to any civil partner or spouse of a client. Skandia currently tiers charges between 50bps for the first £25,000 down to 15bps for assets above £1m.

The offer means, for example, if spouses combine individual assets of £100,000 each, the charge is reduced from 39bps for a £100,000 portfolio to 34bps for a combined £200,000 holding.

Skandia’s charges 
Bands of investment Rate of charge
First £25,000 0.50%
From £25,001 to £100,000 0.35%
From £100,001 to £500,000 0.30%
From £500,001 to £1m 0.25%
More than £1m 0.15%
Minimum charge £8.33 per month

Clients can combine assets where a spouse or civil partner is the settlor of a trust on behalf of beneficiaries and also covers Sipp assets. Other family members are not eligible for the service. 

Skandia UK managing director Peter Mann says: “This will appeal to spouses and civil partners who will be able to combine investments and get a lower charge as a result.”

A number of platforms including Transact, Zurich and Axa Elevate offer investment-linking services aimed at spouses and other family members.

Thomas and Thomas Financial Services managing director Darren Lloyd Thomas explains: “We are already looking at which clients can benefit from it. Although other platforms already do something similar, Skandia is more competitively priced.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com