Friends Provident International (FPI) has over 35 years of international experience and is part of the Aviva group which has a heritage that dates back over 300 years.
FPI provide savings, investment and protection products to customers in Asia and the UAE. With offices in Dubai, Hong Kong, Singapore and the Isle of Man, FPI have more than 500 staff worldwide, looking after more than 160,000 customers.
Friends Provident International Premier Advance Savings Plan
The first 18 months of your regular contributions plus the first 18 months of any increase are used to purchase initial units. These have a penalty (up to 100%) if you withdraw them before the end, or do not complete your plan. All regular payments to the Friends Provident International savings plan after the first 18 months are used to purchase accumulation units.
Initial units have a charge of 1.5% per quarter and there is a plan fee of $6 per month. There is no entry cost (bid-offer spread) for regular payments; they buy units at the bid (exit) price. However lump sums will be subject to a bid-offer spread of 7%, that is they are deposited at the offer price and immediately drop down to the bid price.
All withdrawals and switches between funds are done at the bid price.
There are other hidden charges, taken out before the funds are priced and so are not seen: Friends Provident savings plan take 1.2% pa out by reduction of the fund prices each day. The performance of the mirror funds are therefore 1.2% pa less than the underlying funds being mirrored.
Although this product is one of the better within this type of product, this entire family of product type (known as Maximum Investment Plans) has now been superseded by other more attractive options.
Friends Provident International Premier Advance Savings Plan Features
Premier Advance is a unit-linked regular payment savings plan designed to be held as a medium to long-term investment.
Investment Choice – The 100 risk-rated funds covering all the major world markets and investment classes. The funds section contains performance statistics which are updated monthly, fund prices which are updated daily and Fund Fact Sheets on each fund.
Multi-Currency - The FPI Premier Advance may be denominated in US dollar, GB pound, Hong Kong dollar, Japanese yen, Swedish krona (SEK) or Euro. Benefits will be paid in the plan currency.
Minimums - £300 per month. You can pay additional amounts via a number of different methods including credit card. Payment by credit card into the FPI Premier Advance will result in a charge of between 1% and 1.95% of each payment additional cost.