Change to our administration charge

Those with Passport Range (Lifetime and Wealthmaster Regular Premium Plans), Passport Series or Flexible Savings Plan products.

From 1 January 2020, we are changing the index we use as the basis for assessing the increase from the Great Britain Average Earnings Index (Whole Economy) rate (published in March each year) to the Isle of Man Retail Price Index rate (published in September each year). As a result, on 1 January 2020, we will apply a 1.7% increase. 

Click here to access The Isle of Man Government’s Inflation Report for September 2019. Please see Table 4 for the RPI Index.

Those with Personal Portfolio, Portfolio – Personal and Privilege Account, Global Investor, Capital Redemption Bond, Corporate Investor, Corporate Portfolio Bond and Global Portfolio Bond products.

While we already use the Isle of Man RPI rate to calculate the administration charges increase for the above products, we will be changing the date we apply the annual charge from 1 April to 1 January. 

Please note that because this pulls the date of the next increase forward by three months, for 2020 only, we will apply just three quarters of the increase. From 1 January 2021, however, the full year’s increase will be charged. 

We will use the Isle of Man RPI rate published in the September before 1 January. This means 2020’s administration charges would have been increased by 1.7% but using the 0.75 formula it will be 1.275%. 

If you have any questions about the charges, please contact us on csc@rl360.com