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REVIEW SUMMARY

RL360 Quantum Savings Plan

RL360 is based in the offshore financial stronghold of the Isle of Man, from where they do business in Asia, Africa, the Middle East, Latin America and the UK.

RL360 is part of International Financial Group Limited (IFGL).

IFGL provides investment, savings and protection solutions to international investors around the world and the group comprises RL360, RL360° Services, Ardan International and now also Friends Provident International.

IFGL has 210,000 policies, USD24 billion of assets under administration and 650 staff working for them.

NOTE: As of July, 2019, the RL360 Quantum Savings Plan is no longer open to new clients.

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Quantum is a regular premium offshore savings policy issued in the Isle of Man by RL360. The policy offers the potential for growth over the medium to long-term, where its value is linked to the performance of investments funds.

There are two types of plans you can take out under RL360's Quantum:

  1. Life assurance option:

    The life assurance option is issued on a single life or joint life, last death basis. In most cases the life/lives assured are also the applicant(s); however they can be different if required. The youngest life assured can be no older than 65 years of age when the policy is issued. The policy will remain in-force until the death of the last life assured or the policy is surrendered.

  2. Capital redemption option:

    The capital redemption option has no lives assured linked to it. The policy can remain in-force for a total of 99 years (inclusive of the premium term) at which time the fund value plus USD160 (or currency equivalent) will be payable and the policy will come to an end. If the policy is surrendered early, then the fund value (less any early surrender charges if applicable) will be payable.

The features of RL360's Quantum savings plan can be summarised below:

  • The Quantum plan could be in the following currencies: Pound sterling (GBP), Euro (EUR), United States dollar (USD), Swiss franc (CHF), Australian dollar (AUD), Hong Kong dollar (HKD), Japanese yen (JPY).
  • You can switch between funds and redirect future premiums whenever you want.
  • Regular and one-off withdrawals can be made as per the terms and conditions.
  • You can surrender your policy at any time, but during the premium term it will be subject to a surrender charge and you may get back less than your premiums paid.
  • If your premium term is 10 years or more, a loyalty bonus will be added to your policy at the end of the term.
  • RL360 is subject to Isle of Man tax laws. The Isle of Man does not tax any growth or income earned in your policy. However, withholding tax may be deducted at source on income arising from investments held in some countries, which cannot be reclaimed by them.

The table below details the minimum regular premiums you can pay into RL360's Quantum savings plan. It also shows you the minimum single premium you can choose to pay at any time:

Monthly premiums
Additional single premiums
Currency

Premium term
5-9 years 10 years +
GBP 400 200 5,000
EUR 480 240 6,000
CHF 600 300 7,500
USD 640 320 8,000
AUD 720 360 9,000
HKD 5,000 2,500 62,500
JPY 68,000 34,000 850,000

 

All premiums must be paid within 30 days of the due date.

You will be able to invest in many funds from a range of UK authorised and international collective investment schemes, provided that you or your adviser
have registered for online fund switching.

Without online access you will be limited to investing each premium paid into a maximum of 10 funds. 

The charges of RL360's Quantum plan can be summarised below:

Charge Description
   
Initial unit charge A charge of 0.50% per month of the value of initial units will be deducted by cancellation of initial units. This charge will continue throughout the premium term, or until the 30th policy anniversary if earlier.
   
Contract charge There will be a contract charge equal to a defined percentage per year of the current fund value, deducted each month. The current contract charge is 1.5% per year, deducted as 0.125% of the current fund value every
month. It will be deducted through the proportional cancellation of initial and accumulation units.
   
Policy fee

A policy fee of GBP5.00/EUR6.00/CHF7.50/USD8.00/AUD9.00/HKD62.50/
JPY850.00 will be deducted from the policy each month through the cancellation of accumulation units.

   
External fund management charge The manager of each external fund will deduct an annual management charge. This will be allowed for within the pricing of the individual funds, at a rate determined by the manager of each fund.

 

Withdrawals:

  1. Regular withdrawals:
    In order to be able to take withdrawals from your policy, your original premiums’ initial allocation period must be complete and you must have built-up accumulation unit value. As regular premiums do not purchase accumulation units until after the initial allocation period is complete, you may not be able to take withdrawals straightaway.

    Regular withdrawals may be taken as a percentage of the fund value, or as a fixed amount. Regular withdrawals are subject to minimums (GBP250, EUR300, CHF375, USD400, AUD450, HKD3,125, JPY42,500).

    The total amount of regular withdrawals you can take in any one policy year cannot exceed 10% (inclusive of any investment adviser fee if applicable) of the fund value at the start of the policy year. Regular withdrawals will be paid in your policy currency and can be paid monthly, quarterly, termly, half-yearly, yearly.

  2. One-off withdrawals:
    The maximum withdrawal will be limited to the value of accumulation units held in your policy and cannot be greater than the surrender value of the policy or it can bring the fund value below the minimum amount of USD8,000 (or currency equivalent).

NOTE: 

  • The value of the funds linked to your policy may go down as well as up and are not guaranteed.
  • Where the provider of a fund linked to your policy becomes insolvent or is unable to meet its liabilities for any reason, your policy will suffer the loss.
  • We would highly recommend reading the 'expert verdict' section of this review to make an informed decision.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

  • Academic evidence only shared with a select few firms across the world
  • A real-life example of why you should never try to outguess the market
  • Why a fund's past performance is not enough to predict future returns
  • Why you need to focus on what you can control and why this leads to a better investment experience
  • Why you should accept the markets for what they are
  • What can impact behaviour and make people seek instant gratification

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The Pros

> Potential for better than bank rate return if all contributions are made throughout the term

The Cons

> You can surrender your policy at any time, but during the premium term it will be subject to a surrender charge and you may get back less than your premiums paid
> Initial units allocated to a policy as a premium incentive will acquire no value if the policy is surrendered within 5 years of the date when the units were applied
> The bonus depends on how long the savings plan has been in force and is paid on the number of full years of premium payments you make. It is not unusual to get 0 value back
I have an existing RL360 Quantum plan, can I take a break from paying premiums?

You can take a premium holiday following the end of your original premiums’ initial allocation period for up to 2 years, provided that:

  • The fund value is above the minimum level; and
  • All expected premiums have been received by RL360.

Standard charges will continue to apply with the exception of the policy fee which will increase for the duration of the premium holiday.

What happens to my plan if I die?

This would depend on the type of plan you have taken from RL360.

  1. For life assurance policies:

    When the last life assured dies, the policy will end. They will require written notification of death along
    with satisfactory documentation (legal entitlement – “probate”), to be sent to their head office address, before they can pay out. The amount paid out will be 101% of the fund value.

    If you are the policyholder but not a life assured then your policy will continue.

    Ownership of the policy can
    be passed to the personal representatives of your estate.

    Please note that if the policy is surrendered before the end of the premium term, the amount paid
    will be the fund value less any early surrender charges.

    If the policy has been issued on a joint ownership basis then ownership will be passed to the surviving
    policyholder.

  2. For capital redemption policies:

    Capital redemption policies will not automatically come to an end on the death of the policyholder.

    Ownership can be determined by the personal representatives of your estate.

    Please note that if the policy is surrendered before the end of the premium term, the amount paid will be 100% of the fund value less any early surrender charges.
How is the loyalty bonus of RL360's Quantum plan calculated?
  • If your premium term is 10 years or more, a loyalty bonus will be added to your policy at the end of the term.
  • The bonus will be equal to 0.25% of the fund value of your regular premiums only, multiplied by the number of complete years you have paid premiums into your policy.
  • The bonus is subject to a maximum premium term of 30 years.
  • Any periods where the policy is placed on a premium holiday or made paid up will not count towards the loyalty bonus.
  • No loyalty bonus is payable on the fund value which is attributable to additional single premiums.

Nothing was made clear at the beginning

I was told that I could increase and decrease my contributions and get my hands on my money after 2 years - at no point did anyone ever say that the money I paid for the first 2 years would be eaten in commission for the broker who sold this to me.

Expert assessment of RL 360 Quantum savings plan

More cost effective, flexible and less complex options are now available for international professionals.

If you already hold an RL360 Quantum Savings Plan and it is worth £250,000 or more, we strongly recommend you seek a Second Opinion to ensure you are on track to get and keep the life you want.

GET A SECOND OPINION

RL360 Quantum - Savings and Investments Fund Guide

RL360 Quantum - Plan Terms and Conditions

RL360 Quantum - Key Features

RL360 Quantum - Bulk Switch Service Guide

RL360 Quantum - Fund Switch Instructions

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