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Quilter International (formerly known as Old Mutual International) is one of the leading providers of advice, investments and wealth management both in the UK and internationally.
Quilter International is a part of Quilter plc and manages around £107.4 billion of investments (as at 30th June 2020). Quilter plc is listed on the London and Johannesburg stock exchanges.
Quilter International Managed Capital Account
There are two types of the Managed Capital Account:
1. Redemption version: It is provided by Quilter International Isle of Man Limited. The capital redemption account will continue for 99 years unless encashed earlier.
2. Life version: It is a whole of life policy where, in the event of the death of the relevant life assured, the death benefit is 101% of the surrender value (which is the value of the policy, less any outstanding charges, including the early encashment charge).
Offshore investment contracts grow tax-efficiently, as offshore based life assurance companies are not currently liable to any form of income or capital gains tax on policyholders’ funds (although certain investment income may be subject to a non-refundable tax deduction at source in its country of origin – ‘withholding tax’.)
Many investors find managing a portfolio of funds an administrative burden. With the Managed Capital Account, Quilter International (formerly known as Old Mutual International) takes care of this by establishing a portfolio of Quilter International funds within the account, and managing any paperwork on your behalf.
By choosing the Quilter International Managed Capital Account, you can enjoy the following benefits:
Note, encashment penalties may apply for some years.
Quilter International Managed Capital Account Key Features:
Choice of Investments -
Choice of fund range -
Building your investment portfolio:
Depending on your goals, you and your financial adviser may decide to create a portfolio from Quilter International's selection of international investment funds. These unit-linked funds are provided by leading fund managers and give access to a broad selection of asset classes, sectors, specialisations and currencies.
Alternatively, there is Quilter International's Researched Fund Range. This range of high quality hand picked funds lets you and your financial adviser build and manage a portfolio that can help meet your needs with precision.
Or you may find that one of Quilter International's pre-packaged multi-asset portfolios, such as Compass Portfolio, is more suitable for you, meaning you can leave day-to-day portfolio management to their sister company Quilter Investors, the multi-asset business of Quilter. They are a range of risk-targeted, multi-asset portfolios and their main objective is to generate a long-term total return whilst effectively managing downside risks.
Lump sum minimum of £10,000 / €15,000 / $15,000.
Choice of 3 currencies including Pound sterling (GBP), Euro (EUR), United States dollar (USD).
Early encashment -
There is an early encashment charge of 8% in the first year of each investment, reducing by 1.6% each year to 1.6% in year five and 0% thereafter.
Providing for children's education:
You can build up a substantial fund and then arrange regular withdrawals to pay school fees...
But early encashment charges may apply!
Saving for retirement:
You can tailor your investments to create the kind of retirement fund you want, and then take withdrawals as and when it suits you.
The MCA can be used as an investment vehicle for an approved pension, such as a Self Invested Personal Pension (SIPP), or a Qualifying Recognised Overseas Pension Scheme (QROPS).
You can place your Managed Capital Account in trust and make sure your money is used as you wanted, both before and after your death.
Note: different versions of the MCA are available (Life assurance or Capital Redemption) depending on your country of residence and your investment needs.
The Capital Redemption version is subject to a maximum term of 99 years.
The Life assurance version ends on the death of the last life assured.
Well, Quilter International (formerly known as Old Mutual International) say it's easy...but we beg to differ.
Quilter International's brochure states:
you can withdraw lump sums at any time. The minimum withdrawal is US$750 (€750/£500).
Each year you can withdraw an amount up to 10% of the value of the premiums paid, without penalty. Applying five years after each investment.
As long as you’re only paying lump sum premiums, you can also use your MCA to provide an income (which can be annual, half yearly, quarterly or monthly) now or in the future if you need it. This gives you more flexibility and also an alternative source of funding.
Taking money out of your account before five years have passed will dramatically reduce the potential for your investments to perform – because of the effect of the charges made when you set up your account.
So, if you take money out of your account within five years of the last policy year in which you paid a contribution, you will be subject to an 8% charge in the first year of any investment, reducing to nil after five complete years have passed...
It was made really clear to me not to touch my capital for at least 5 years - and I just wanted a place to park it for a rainy day. So all in, the Managed Capital Account seemed ideal.
I had to get out after 7 years though, and glad I did, because performance after all the fees was poor.