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Maintenance Charge Review

Although we are now called Old Mutual Wealth, the names of the products listed below (which are now closed to new business) remain unchanged.

Life products
Maximum Investment Plan Maintenance charge to increase from £3.65 to £3.76 each month. See note 1.
Skandia Endowment Plan Maintenance charge to increase from £3.65 to £3.76 each month. See note 2.
Skandia Lifetime Plan Maintenance charge to increase from £3.65 to £3.76 each month. See note 2.
The Skandia Plan Maintenance charge to increase from £3.65 to £3.76 each month. See note 2.
High Investment Bond Maintenance charge to increase from £45.00 to £46.40 each year. See note 3.
Pension products
Executive Pension, Free Standing Pension and Personal Pension – series 4 Maintenance charge to increase from £3.20 to £3.30 each month. See note 4.
Executive Pension, Free Standing Pension and Personal Pension – series 3 Maintenance charge to increase from £4.80 to £4.95 each month. See note 4.
Executive Pension, Free Standing Pension, Personal Pension and Trustee Investment Plan – series 2 Maintenance charge to increase from £4.65 to £4.79 each month. See note 5.
Personal Pension Income Plan – series 1 Maintenance charge to increase from £4.65 to £4.79 each month.
Executive Pension, Free Standing Pension and Personal Pension – series 1 Maintenance charge to increase from £4.65 to £4.79 each month. See notes 5 & 6.
Executive Pension Plan Maintenance charge to increase from £4.50 to £4.64 each month. See note 5.
Skandia Pension Plan Maintenance charge to increase from £4.50 to £4.64 each month. See note 5.
Self-Administered Pension Plan Maintenance charge to increase from £4.50 to £4.64 each month. See note 5.
Executive Retirement Account Fixed rate administration fee to increase from £4.00 to £4.12 each month.
Free Standing AVC Account Fixed rate administration fee to increase from £4.00 to £4.12 each month.
Personal Retirement Account Fixed rate administration fee to increase from £4.00 to £4.12 each month.
Select Personal Pension Account Fixed rate administration fee to increase from £4.00 to £4.12 each month.
Personal Retirement Income Account Fixed rate administration fee to increase from £4.00 to £4.12 each month.
Personal Pension Scheme Fixed rate administration fee to increase from £3.65 to £3.76 each month.
Executive Pension Scheme Fixed rate administration fee to increase from £3.65 to £3.76 each month.
Personal Contracted Out Fixed rate administration fee to increase from £3.05 to £3.14 each month.

 

Note 1: This charge is only deducted if regular payments are not being made to the plan or where a customer extends their plan beyond 10 years.

Note 2: Where cover increases each year under any automatic inflation option that applies to the relevant plan, this charge will not be applied. If cover is increased each year in line with inflation, we do not make this charge. If the cover is not increased in any year at least in line with inflation, we will take an amount each month calculated as the current monthly charge minus the level of charge which would have applied in the last year the cover was increased. However, if regular payments are stopped altogether, we take money from the plan to pay the whole of this charge each month.

Note 3: The increase applies from the next plan anniversary date after the effective date of the change and not from 1 January 2015 unless that is the anniversary date.

Note 4: This charge is taken annually in arrears and will be deducted on the next plan anniversary after the effective date of the change and not from 1 January 2015 unless that is the anniversary date.

Note 5: This charge only applies where the fund value is £50,000 or less. The fund value is determined using the bid value of units.

Note 6: Units encashed to pay the maintenance charge take into account any early encashment charge that might apply. This means that the amount taken from the plan may be larger than the maintenance charge stated.

Note 7: The charge does not apply to plans that do not include units from regular contributions.