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Hansard International has been providing financial products and services to international clients since 1987 from their base on the Isle of Man.
Hansard International forms part of Hansard Global plc, which has been listed on the London Stock Exchange since 2006.
They claim to have USD 1 billion of assets under administration and provide servicing for tens of thousands of international clients.
Hansard International Limited is regulated and supervised by both the Isle of Man Financial Services Authority (IoM FSA) and the Labuan FSA (LFSA).
Hansard's Universal Personal Portfolio is a whole-of-life unit-linked insurance contract that allows for the investment of lump-sum contributions.
The aim of the contract is to benefit from the potential medium to long-term increase of the value of your savings by investing the contributions you make into a wide range of assets provided and administered by Hansard International, or by external investment managers, or into a discretionary managed account.
Features of the Universal Personal Portfolio:
You may choose from one of three different charging options, depending on how you wish your contract charges to be deducted:
|Z1||Contract set-up charges deducted on day 1; no withdrawal penalties|
|Z5||Contract set-up charges deducted quarterly over 5 years; charges applied on all withdrawals during the 5 year charging period|
|Z8||Contract set-up charges deducted quarterly over 8 years; charges applied on all withdrawals during the 8 year charging period|
The annual management charge (AMC) taken by Hansard International, differs for each charging options and for external and internal units.
|Annual management charge %|
|Z5||1.7% per year for 5 years|
|Z8||1.2% per year for 8 years|
Hansard unit funds:
Annual management charge %
Deducted from the Contract
|Deducted from the Fund|
|Z1||Nil||1% per year|
|Z5||0.7% per year for 5 years||1% per year|
|Z8||0.2% per year for 8 years||1% per year|
Note that where the Contribution Remaining Allocated is greater than the contract value linked to that contribution, then an AMC (Annual Management Charge) will apply to the difference between the two, at the rate that applies to external assets as detailed above.
*You can find the full list of charges and costs associated with Universal Personal Portfolio in the documents section of this review.
The longer the period of time that the charges are taken over, the lower the yearly charge amount is but the higher the total cost.
Investment assets under the Universal Personal Portfolio:
Contributions to Hansard's Universal Personal Portfolio:
The minimum initial contribution of the plan depends on the charging option selected. This can be summarised below:
|Minimum initial contribution (GBP)|
All cash contributions are paid into a cash account that forms part of your contract. Contract charges and withdrawals are deducted from this cash account, and all deals are placed from or into cash, depending on whether it is a purchase or sale.
Hansard says that it is your responsibility to ensure that there is a sufficient level of cash in place throughout the term of the contract to cover the regular contract charges and other associated transaction costs.
Additionally, you may make additional lump-sum contributions at any time, subject to them being GBP 5,000 or above.
The contract can be surrendered at any time for the value of assets allocated to it, but may be subject to a surrender charge.
After getting the Hansard Universal Personal Portfolio, if you change your mind once your new contract starts, there is a cancellation period during which time you may cancel the contract without penalty.
When they issue the documents for your new contract, they will send you details of how to cancel your contract, and you will have 30 calendar days from receiving these documents to request this.
You may also cancel before you receive your contract documents by contacting Hansard or your independent financial planner.
If you do decide to cancel, they will give you your money back, unless the value of the assets you have invested in has fallen, in which case you will get back the value available at that time which may not be the full amount you paid in.
No contract charges or penalties will be deducted, however, any administration costs associated with each asset, such as dealing charges or entry and exit fees, will still apply.
These cancellation rights also apply to any additional contributions that you may make, effective from the date each contribution is allocated.
You may transfer the title of assets which you already hold to them, so that they may be held within your Contract without incurring potential exit penalties or entry costs, or risking market movements during a sale and repurchase.
This is often referred to as an ‘in specie transfer’.
To be transferred, the assets must meet their acceptability criteria and an asset transfer charge will apply.
The service charge is GBP 412 per year.
This charge is deducted from the cash account held in the contract currency at the end of each calendar quarter (GBP 103 per quarter).
A dealing charge will be applied for each asset sale or purchase, and will be deducted from the cash account in the contract currency.
The dealing charge amount will vary depending on the asset as follows:
Monetary charges are expressed and applied in GBP.
Charges will be converted to the currency of the contract at the date the charge is applied.
Charges and minimum/maximum values are reviewed on a yearly basis – normally during July – to reflect changes in inflation, and may be increased without notice.
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