Fees and Costs Associated with Investments

The fees associated with the investment portfolios are laid out below for your reference.

  • The investment fee is 0.28% p.a. excluding performance fees.

  • Management fees of 0.26% 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 1.25% 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.

  • 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 0.47% p.a. and it is likely that the total fees will average some 0.63% p.a. over the longer term if performance fees are also included.

  • This is invested in a multi-manager portfolio, for which there is a fee of 0.85% p.a. for product management and administration, plus fees paid to the underlying investment managers.
  • However, the total, combined fees will not exceed 1.09% p.a.


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