This article will go over some of the charges and the pros and cons of RL360. I am personally not a big fan of this and think it is outrageously expensive and missold by so-called advisors that take 7% commission upfront (wonder why they sell it). This is a product that is only really sold for commission and less for the tax advantages that are promised. I would highly recommend anyone who has this plan to get a review and review your options, as cheaper options are available.
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Key Features of PIMMs
RL360 says that PIMS (Personal Investment Management Service) is built around a simple proposition of choice, flexibility and tax efficiency.
- 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:
| Currency | Initial payment | Additional payment |
| GBP | 50,000 | 5,000 |
| EUR | 60,000 | 6,000 |
| CHF | 65,000 | 6,500 |
| USD | 70,000 | 7,000 |
| AUD | 90,000 | 9,000 |
| HKD | 500,000 | 50,000 |
| JPY | 7,750,000 | 775,000 |
PIMMs Versions
As stated above, the RL360’s Personal Investment Management Service has two versions:
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 time 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 payout 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.
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 it will payout 100% of its exit value and the plan will end.
The charging structures for both versions of RL360’s Personal Investment Management Service are the same and can be summarised below.
Servicing charge:
This charge is deducted every quarter and increases each year in line with the 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 |
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 |
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 |
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.
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 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 offered are as follows:
| Currency | One-off withdrawal | Regular withdrawal |
| GBP | 500 | 250 |
| EUR | 600 | 300 |
| CHF | 650 | 325 |
| USD | 700 | 350 |
| AUD | 900 | 450 |
| HKD | 5,000 | 2,500 |
| JPY | 77,500 | 38,750 |
Annual Policy Charges:
This will depend on the type of RL360 PIMS plan you are advised to take out by your adviser from RL360, as they offer different charging structures largely linked to the amount of commission or earnings being taken by the third-party salesman or adviser.
We think that different names should be given to the different RL360 plans, as it is difficult to distinguish one from another, which could lead to misunderstandings.
It could also lead to a salesman suggesting one product and then selling a different product from the RL360 range without clients recognising this. Clients have to be diligent about hidden commissions of salesmen. There are two options for charges:
Option 1 – Establishment charge: The establishment charge is taken either on the start date of the policy or on the first day of each calendar quarter during the establishment charge period. A further establishment charge is made on each additional premium paid into the bond. The actual charge varies depending on the charging structure that is chosen. One option, for example, for investment amounts up to £1,000,000, is 7.5% so this means that a charge of £85,000 will be charged against your RL360 PIMS portfolio bond. Alternatively, if the option of paying the establishment charge over 10 years is selected, then the charge is 1% per annum over the 10-year period, i.e. £1,000,000 x 1% for 10 years = £100,000. If the policy is encashed early, then the whole amount of the establishment charge is deducted from the account.
Option 2 – Administration charge – This is something which is no longer promoted or offered to new customers: RL360 PIMS portfolio bond will incur an administration charge on the first day of each calendar quarter for the lifetime of the policy of 8.5% and is a fee that is taken throughout the lifetime of your policy as a percentage of the higher of the premium or its current policy value. An early surrender fee will apply, and you can choose from 8 years or 10 years.
Other Charges: There are also fund management charges, usually 1% to 2.5% pa each year, depending on the funds chosen.
There is a dealing charge made for each sale and purchase that is made within the RL360 PIMS portfolio bond of £20.00, so if you sell one fund and buy another, then the charge deducted from your savings is £40.00 per fund. The first 10 dealing transactions on the policy are free of charge.
Additionally, there may be an adviser charge to manage the portfolio; this typically can be between 1 to 1.5% per annum, depending on the chosen advisor charging structure and service provided.
Pensions (QROPS and SIPP) – If the PIMS Bond is used within a QROPS or SIPP, then there will be additional set-up and ongoing fees for the life of the policy if it uses Option 2 charges. This cannot be recommended. Option 1 charges (Establishment charges) lock the individual in for a set period, and the initial years become extremely expensive compared to other options.
RL360’s PIMMS (Portfolio Investment Management Service) is a discretionary investment service designed for expats. It allows investors to access a wide range of funds managed by professional portfolio managers, offering diversification and tailored strategies for international clients.
Key benefits include professional fund management, global diversification, and flexible investment options. RL360 PIMMS also provides access to multiple asset classes, helping expats manage long-term wealth while living abroad.
Yes. Like most discretionary investment services, RL360 PIMMS charges management fees and fund-related costs. Investors should also be aware of market risks, currency fluctuations, and liquidity considerations. Understanding these factors is essential before committing to the platform.
