RL360 Quantum Savings Plan | Product Review
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Fund Access 2.0 / 5
Charges 2.0 / 5
Accessibility 1.0 / 5
- Widely available and sold, with good company rating
- Offers some tax protection in certain jurisdictions
- If kept running to original planned term then may promote savings concept
- No flexibility of full withdrawal or full access in the early years without penalty
- Many countries do not recognise any tax concessions
- Commission wipes out all initial investments made making this an extremely expensive option
- Does not provide full access to lowest cost funds and passive trackers
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This review will focus on rating the RL360 Quantum Savings Plan using your overall star ratings and our ratings out of 5 on fund access, charges and accessibility. Many people are introduced to the RL360 Quantum Savings Plan through an offshore adviser or salesman in the country they live in. The RL360 Quantum Savings Plan is not sold or regulated in the UK or the USA and several other countries.
The RL360 Quantum Savings Plan is for expatriates. The question is, if you are an expat, is the RL360 Quantum Savings Plan right for you?
Are you interested in saving monthly in a regular savings plan? If you wish to seek advice then please contact us or, in the first instance, you can view our video about offshore regular premium savings plans.
See various videos about this at our channel TAILORMADE FUTURE.
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|Policy Currency: The RL360 Quantum Savings Plan may be denominated in US dollar, GB pound, Hong Kong dollar, Japanese yen or Euro. Benefits will be paid in the plan currency.|
|Why choose the RL360 Quantum Savings Plan: Leading Fund Houses offer a wide choice of investment funds. You choose from over 100* risk-rated funds covering all the major world markets and investment classes. The funds section contains performance statistics which are updated monthly, fund prices which are updated daily and Fund Fact Sheets on each fund.|
|RL360 Quantum Savings Plan promotion: What does RL360 write about their own RL360 Quantum Savings Plan? Quantum is a quality product for those who wish to save for their future regularly but flexibly – perhaps to supplement savings outside of a pension or other tax-advantaged vehicles. It provides the potential to build up cash for substantial future expenditures, such as paying school or university fees, or supplementing income in retirement.|
|Eligibility: RL360 Quantum Savings Plan is a regular premium, whole of life, life assurance contract issued by RL360 Quantum Savings Plan. You can set up a policy 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)|
|Minimums: You can start saving with as little as USD 320 a month (this can always be increased later). 100% of each premium paid will be allocated to the purchase of units in your policy. For larger premiums, the allocation rate can increase up to 102%. You can pay premiums via a number of different methods including credit card. There is no additional cost if you do choose to pay by card. You will be able to select from more than 150 funds from some of the world’s leading fund managers, and you won’t pay any initial fund charges.|
|Charges: This will depend on the type of plan you take out 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.|
Are charges explicit: By explicit, it means that it is clear to see not only the charges for taking out the plan but also the cost of funds annually, any upfront fund costs, penalties on access, etc. Yes, in the main the RL360 Quantum Savings Plan charges are clearly shown and any professional should be able to interpret them. We have had feedback from clients though that they find it extremely difficult to interpret charges such as how any early access penalties would be calculated.
|Surrender of the RL360 Quantum Savings Plan: A partial surrender on your RL360 Quantum Savings Plan may be treated as a one-off withdrawal. Further details on how it is treated is available in the relevant brochure. A full encashment results in penalties being applied through surrender charges linked to the term of the policy. In effect this means that on polices with an original term of more than 15 years most, if not all, of the first 18 months-2 years premiums are lost upon surrender.It is important to be aware that the RL360 Quantum Savings Plan is a long term savings plan, if you decided to cancel the plan early you could lose a large proportion of the money you have saved, we have heard that as much as 50% of the value of the plan value can be lost by surrendering the RL360 Quantum Savings Plan early. You can view the details of the RL360 Quantum Savings Plan and other plans here at a separate website.|
Quick Summary from TailorMade
The RL360 Quantum Savings Plan is similar to many in the offshore market place. Similar to the Generali Vision plan this type of plan may have been a common option in the UK back in the 1990’s but in 2015 it lacks the transparency of the latest plans available from territories such as the UK, the USA and parts of Europe; ultimately, the RL360 Quantum Savings Plan is an expensive option when compared with a pure platform plan.
The standard RL360 Quantum Savings Plan funds have high ongoing fees when directly compared to platform or direct offerings from fund houses via the UK or the USA. The RL360 Quantum Savings Plan can have high charges on early access. You may not get back all of your savings with an RL360 Quantum Savings Plan and there are no guarantees that the portfolio will give you the returns you are expecting, but any attempt to take proceeds early in the plans life, or make it paid up, will result in access penalties or higher charges on the remaining invested funds, or both.
However, some people require help when making disciplined decisions and will welcome the fact that a plan is written to a set target date and cannot be accessed early without a surrender penalty; some people wish to deliberately lock-up their funds. Therefore, potential investors have to weigh up the benefits of locking up their investments and not having the flexibility to access their investment earlier without surrender charges applied.
NOTE: The RL360 Quantum Savings Plan provides the option of lump sum commission to its distributors (in the industry this is called indemnified or up-front commission) and it has a successful network of distributing agents throughout the world excluding the main regulated territories. Not all distributing agents have regulation or financial qualifications and may not be aware of the other saving plan options available.
There is also an option for the adviser not to charge the client commission, but instead charge a fee. If this option were chosen, it may be of considerable benefit to the performance of the overall investment, as the charges often have a lower impact on the growth of the portfolio. Ask your adviser for further details, as it is not always offered.
You can view the details of the RL360 Quantum Savings Plan and other plans here at an independent website.
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