Features
| Product type | The Legal & General International Portfolio Bond is a single premium whole of life investment bond with no fixed term. It provides a framework for investing in a choice of assets over the medium to long term, that is, at least five years, ideally longer. The bond comprises a series of identical policies to give the policyholder a greater choice as to how to take money from the bond and to potentially increase its tax efficiency. |
| Availability | Investors may be: • Personal investors • Trustees of existing or new trusts • Companies / charities or other entities Available on a single life assured or on a multiple lives assured last survivor basis. If you become resident in Ireland your bond will become subject to tax in Ireland. The bond is not available if you are a citizen or resident of the United States of America. |
| Currency | The bond currency must be selected at the outset. It can be one of British Pound (GBP), Euro (EUR) or US Dollars (USD). |
| Applicant’s age limits | 18 attained (applicable to a personal investor or an individual trustee) |
| Life assured/lives assured age limits | Single life: Age 0 - 89 attained Multiple lives: At least one life must be aged 89 or under. Available for two to six lives. |
| Minimum investment | £50,000 initial investment Minimum initial investment in each investment fund/deposit account is £2,500, or the minimum allowed by the investment manager/deposit account provider, whichever is the greater. The bond can be set up by transferring assets. The minimum value of any asset to be transferred is £100,000. |
| Maximum investment | No maximum |
| Method of payment | Payment can be made by verified cheque, CHAPS/telegraphic transfer or transfer of assets. Premiums (excluding transfers of assets) in excess of £750,000 must be made via CHAPS/telegraphic transfer. |
| Number of policies | A choice of between 1 and 500 policies. 100 policies will be issued if the required number of policies is not specified. |
| Death benefit | 100.1% of the surrender value of the bond. |
| Investment availability | Investment is available into a wide and diverse range of assets. |
| Allowable Asset | Investment Criteria |
|---|---|
| Units in UK authorised unit trusts | As defined in Section 468 of the unit trusts UK Income and Corporation Taxes Act 1988. |
| UK investment trusts, excluding warrants | As defined in Section 842 of the unit trusts UK Income and Corporation Taxes Act 1988 |
| Interest in overseas collective investments | As defined in Section 235 of the collective investments UK Financial Services and Markets Act 2000 and be structured in one of the following ways: • an OEIC • a unit trust • an offshore distributor and/or non-distributor fund |
| Life assurance funds | Must be provided by Legal & General International |
| Cash and cash deposits | Must be held in the bond currency |
| Cash | May be held in other currencies for the purposes of dealing transactions, but should not be used as part of an investment strategy. |
| Transaction Account | Some of the assets contained within the bond will be in one or more transaction accounts. The main transaction account (in bond currency), will be used to make the majority of payments to and from the bond, including payment of charges and receipt of rebates from investment fund managers. In certain circumstances currency exchange rate charges may apply. |
| Investment variation | Assets can be varied at any time. Dealing charges may apply to some investment variations. |
| Investment availability | Investment is available into a wide and diverse range of assets. |
| Regular withdrawal options | |
|---|---|
| Minimum regular withdrawal | £200 per month; or £600 per quarter; or £1,200 per half year; or £2,400 annually or equivalent in whichever currency the bond is held. |
| Maximum regular withdrawal | A maximum surrender charge free allowance operates each year up to 7.5% of the initial investment. Regular withdrawal amounts in excess of the allowance may incur a surrender charge depending upon the amount requested and the charging structure selected Under charging structure four (throughout life charge) the maximum annual regular withdrawal limit is: • 7.5% of the initial investment per year; or |
| Withdrawal amount | The amount per year can be a percentage of the amount invested; a percentage of the value of the bond; or a fixed amount. |
| Other withdrawals | |
|---|---|
| Non regular withdrawals | Full or partial withdrawals from the bond can be made at any time but may incur a surrender charge depending upon the charging structure selected. |
See our product literature for more information.
