RL360 Personal Investment Management Service (PIMS)

RL360 says that PIMS (Personal Investment Management Service) is built around a simple proposition of choice, flexibility and tax-efficiency.

Targeted at high-net-worth, internationally mobile individuals, this lump sum investment claims to have the flexibility to react quickly to changing market conditions and/or changes to your location or lifestyle without unnecessary restrictions. 

The key features of RL360's Personal Investment Management Service (PIMS) can be summarised below:

• The plan can be set up in 1 of 7 currencies including Pound sterling (GBP), Euro (EUR), United States dollar (USD) Swiss franc (CHF), Australian dollar (AUD), Hong Kong dollar (HKD) and Japanese yen (JPY).
• It has a capital redemption and life assurance variation (which we will look into shortly).
• You can invest from GBP 50,000 (and the currency equivalent) with the option to increase later.
• PIMS has no fixed fund range and RL360 say that they are always open to new investment opportunities as they arise.
• The Personal Investment Management Service claims to offer simple cash management as a benefit. With the PIMS cash account(s) all your transactions, from charges and withdrawals to asset purchases and sales, will all be accounted for in one place. 
• PIMS allows you to access your plan at any time and take regular or one-off withdrawals.
• It offers 10 free dealing transactions.

The initial and additional payments for PIMS can be summarised below:

As stated above, the RL360's Personal Investment Management Service has two versions:

1. Capital redemption version: 
   
   In this case, your plan will be issued on a capital redemption basis. This means that your plan can remain invested until such times as you decide to take its value or it reaches its maturity date.
   
   The maturity date is set 99 years from the start date at which point your plan will come to an end and RL360 will pay out 100% of your plan value plus GBP100.
   
   If you die during the lifetime of your plan, it will not automatically come to an end. It will remain invested and continue to be treated in accordance with the terms and conditions.
   
   
2. Life assurance version:
   
   In the case of this version of PIMS, your plan will be issued on a life assurance basis. This means that your plan can be issued with up to six lives assured linked to it.
   
   In most cases, they are the same as the owners, but can be different if required.
   
   Your plan will remain invested until such times as you decide to take its value, or the last life assured dies, at which point they will pay out 100% of its exit value and the plan will end.

The charging structures for both the versions of RL360's Personal Investment Management Service is the same and can be summarised below.

1. Servicing charge: This charge is deducted every quarter and increases each year in line with Isle of Man Retail Price Index. The charge is deducted until your plan ends.
   
   

   Currency	Charge
   GBP	100
   EUR	120
   CHF	130
   USD	140
   AUD	180
   HKD	1,000
   JPY	15,500

2. Dealing charge: This charge is deducted every time you instruct us to buy or sell an asset for your plan. The first 10 buys or sells are free.
   
   

   Currency	Charge
   GBP	20
   EUR	24
   CHF	26
   USD	28
   AUD	36
   HKD	200
   JPY	3,100

3. Custody charge: This charge is deducted every time you instruct us to buy or sell an asset for your plan.
   
   

   Currency	Charge
   GBP	40
   EUR	48
   CHF	52
   USD	56
   AUD	72
   HKD	400
   JPY	6,200

4. Upfront charge: The upfront charge option allows you to pay the full establishment charge at the start of your plan. If you select this option, RL360 will deduct the total establishment charge from your initial lump sum payment, which will mean that the amount available to you to invest will be less than the amount you have paid.
5. Establishment charge: You can choose to pay the establishment charge over 5, 8 or 10 years. If you cancel your plan before the establishment charge period you have chosen has expired, they will take the outstanding establishment charge as an early exit charge before paying the remaining plan value to you. The establishment charge exists in order to cover the set-up costs of your plan, including the payment of any commission to your financial adviser (risk of hidden costs).

The withdrawal amounts you can take from your RL360 Personal Investment Management Service plan in the 7 different currencies currencies offered are as follows:

Cancelling your PIMS plan:

• During the cooling off period:
  
  After your plan has started and you have received your plan schedule, you will also receive a notice telling you about your right to change your mind and how to cancel.
  
  You will have a 30 day cooling off period from the date you receive your plan schedule. If you do decide to cancel your plan during this period, they will return your initial payment unless the assets you invest in have fallen in value.
  
  If this happens, you will receive back less than you paid in.
• After the cooling off period:
  
  RL360 will always assume that you intend to hold your plan for your intended investment term.
  
  However, if you decide to cancel after the cooling off period and before any establishment charge has been paid in full, an early exit charge will apply which means you could get back less than you paid in.

NOTE:

• Rl360's Personal Investment Management (PIMS) is available exclusively in association with financial advisers.
• We would highly recommend reading the 'expert verdict' section of this review to learn why our team of experts gave RL360 Personal Investment Management Service 2 out of 5 stars in this independent review.

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