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.
|Bands of investment||Rate of charge|
|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.”