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Fees and Costs Associated with Investments 
The fees associated with the investment portfolios are laid out below for your reference.

  • Portfolio A (Income Fund) – the investment fee is 0.20% p.a. plus VAT.
  • Portfolio B (Smoothed Bonus Fund) – management fees of 0.50% p.a. are deducted from the gross bonuses declared each month by the insurance company (MMI Life) to cover the cost of investment management. In addition, a capital charge of 1% p.a. is deducted from the value of the underlying assets before bonuses are declared, to cover the cost of the guaranteed provided by MMI as well as the cost of product administration.
  • Portfolio C (Balanced Fund) – the assets underlying Portfolio C are invested with a number of different fund managers, so the total investment management fee is a weighted average of the amounts paid to each manager, and will vary from time to time as the mix of managers changes. In a few cases the manager may at times receive performance fees for good investment performance, which will also cause the total fees to vary over time. The base fees are currently estimated to be some 0.37% p.a. plus VAT, and it is likely that the total fees will average some 0.70% p.a. plus VAT over the longer term if performance fees are also included.
  • Portfolio D (Shari’ah Fund) – this is invested in a multi-manager portfolio, for which there is a fee of 0.30% p.a. plus VAT for product management and administration, plus fees paid to the underlying investment managers. However, the total, combined fees will not exceed 0.90% p.a. plus VAT.