Wealthbuilder Plan Q&As
History
Q Under which brand was Wealthbuilder Plan originally sold?
A Wealthbuilder Plan was originally sold by Clerical Medical Investment Group Limited - Isle of Man Regional Office. RL360 Group concluded the acquisition of these contracts in April 2017, and the policies are now administered under RL360° Services.
Q How long was Wealthbuilder Plan designed to be held?
A Wealthbuilder Plan was a regular or single premium, fixed term contract, with a contract term of 5-40 years.
Changing the policy
Q Can the policy basis be changed after issue?
A No. The policy basis cannot be changed after issue.
Q Can the policy currency be changed?
A No. The policy currency must remain the same as the currency selected at application stage.
Premiums
Q Can I pay more money into an existing plan?
A No. Unfortunately we are unable to accept new, non-contractual, monies into the plans.
Funds
Q What funds can I choose?
A Each contract can only invest in one underlying With-Profits Fund which depends on the contract currency e.g. Sterling contracts invest in the Sterling Passport Series With-Profits Fund. We provide a Passport Series With-Profits Funds page to keep you informed about the fund.
Q Can I hold assets such as stocks, shares, cash deposits and structured products within my policy?
A No. You can only access the single fund specific to the currency of your policy.
Maturity
Q What are my options at maturity?
A Policyholders may opt to receive the investment in a lump sum or alternatively will be provided the option to invest the proceeds into a new contract.
Withdrawals
Q Can I take withdrawals from my plan?
A Regular withdrawals are not permitted. Partial encashment is not normally allowed unless the contract was sold on the basis of school planning.
We recommend you discuss the tax implications of taking withdrawals with your financial adviser.
Online Services
Q Can I view the performance of my plan online?
A RL360° provides online access for its own policyholders, and we fully intend to provide RL360° Services policyholders with online access too, in due course.