Offshore Savings Plans
Utmost International Vision Savings Plan
An independent review of the Utmost International Vision Savings Plan by our team of experts
Book a Discovery CallSummary
The Utmost International Vision Savings Plan, formerly the Generali Worldwide Vision plan, is a regular-premium, whole-of-life savings contract of the endowment type. Guernsey-based Generali Worldwide was renamed Utmost International, a London-headquartered life assurance group operating from eight offices with life entities in Ireland, the Isle of Man and Guernsey.
Utmost has taken over Generali Worldwide's existing Vision policyholders; in the UAE the plan is issued by Assicurazioni Generali S.p.A Dubai Branch and serviced by Utmost Worldwide, and it has been closed to new UAE investors since March 2019.
The plan offers around 200 fund options in sterling, euro, Hong Kong dollar and Japanese yen, but its charging structure is layered and, on early surrender, premiums paid during the initial period (close to two years on a long plan) can be lost in full.
Pros
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Large provider with strong administration
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Can beat cash returns if held for the full term
Cons
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Inflexible
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Opaque, complex charging
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Expensive way to invest
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Premiums can be lost in full during the ~2-year initial period
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Easily mis-sold
Our verdict
The Utmost International Vision Savings Plan (formerly Generali Worldwide Vision) is a regular-premium, whole-of-life savings contract of the older endowment type, and its construction is now dated. For new investors in the UAE it is no longer available, having closed in 2019, so this matters mainly to those who already hold one.
The concerns are the ones that recur with these plans, only sharper here. The charging structure is layered and genuinely hard to follow, combining an initial-period charge, a plan fee, an investment administration charge and underlying fund costs. Worst of all is the initial period: during it, the units bought are 'initial units' that can be worthless on early exit, and on a long plan that period runs close to two years, so someone who surrenders early can lose most or all of what they have paid in. The charges, in AES's plain assessment, look frighteningly high, and the lack of flexibility is routinely misunderstood at the point of sale.
For most internationally mobile professionals, a transparent, low-cost and flexible portfolio now does the same job far better, with none of the lock-in.
If you already hold a Vision plan and it is worth around GBP 500,000 or more, a no-obligation Second Opinion will show whether keeping it still makes sense; there are often real benefits to moving even after surrender charges.
FAQs
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What is the minimum I can contribute to the Vision plan?
- For terms of more than 10 years, the minimum regular premium is around £200 a month (£2,400 a year) or currency equivalent. For terms under 10 years, the minimums are 2.5 times higher.