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Review_ Offshore Savings Plans

Offshore Savings Plans

Hansard International Vantage Platinum II

An independent review of Hansard International Vantage Platinum II by our team of experts

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Summary

Hansard International's Vantage Platinum II is a unit-linked, regular-contribution savings contract with a fixed term, chosen at outset, of between 5 and 35 years.

Hansard International has operated from the Isle of Man since 1987 and is part of Hansard Global plc, listed on the London Stock Exchange since 2006, with around USD 1 billion of assets under administration and tens of thousands of clients; it is regulated by the Isle of Man Financial Services Authority and the Labuan FSA. The plan invests regular contributions into Hansard's Series 2 'mirror' unit funds and is aimed primarily at high-net-worth Malaysia-resident savers.

It is available in sterling, US dollar and euro, pays a death benefit of 101% of the contract value, and carries layered charges, including an initial-unit charge of 5.5% a year applied for the whole term, with steep penalties for early surrender.

Pros

  • Large, well-administered, listed provider

  • Superficially attractive

  • Can beat cash returns if held to full term

  • Enforced savings discipline

Cons

  • No access to the lowest-cost funds

  • Opaque, complex charging

  • Expensive way to invest

  • Easily mis-sold

  • Commission and initial-unit charges can wipe out early contributions

Our verdict

Hansard International's Vantage Platinum II is a unit-linked, regular-contribution savings contract with a fixed term of up to 35 years, and it is among the most expensive and inflexible plans AES reviews. Hansard itself is a long-established, listed and well-administered company; the problem is the product's structure, not the firm.

The defining feature is the charging. On top of a 1.5 per cent annual management charge, the 'initial units' bought from your early contributions carry an extra 5.5 per cent a year, levied for the entire term, not just the early years. The result is an early-surrender charge that is genuinely punishing: leave a 25-year plan with most of the term still to run and the exit penalty can exceed 80 per cent of the value. Withdrawals are blocked until the first two years' contributions are paid, and the underlying 'mirror funds' add another layer of cost while denying access to the lowest-cost funds. Much of this exists to pay the up-front commission earned by whoever sold the plan, which is also why these plans are so often sold on long terms.

In plain terms, the contract can do what it promises only if held in full to maturity, and any early exit can wipe out much of what you have paid in. For almost everyone, a transparent, low-cost and flexible portfolio is a far better way to save.

If you already hold a Vantage Platinum II and it is worth around GBP 500,000 or more, a no-obligation Second Opinion will show whether keeping it or restructuring serves you better, even after the surrender charge is taken into account.

FAQs

  • What happens if I take my money out of Vantage Platinum II early?

    • The plan is designed for contributions to be paid in full for the whole term. If you stop or reduce contributions, take withdrawals, or surrender before maturity, you may get back less than illustrated and possibly less than you have paid in. Early-surrender charges are steep, exceeding 80% of value with most of a long term still to run.

  • What are mirror funds?

    • A mirror fund is a fund, typically run by a life insurance company, that gives access to another company’s underlying fund through an insurance policy. Mirror funds usually carry extra fees and charges on top of the underlying fund’s own costs.