The IoM-based professional trustee, part of Skandia International, estimates that this is a saving of £300 plus VAT pa and will apply across all new Royal Skandia bond applications with premiums of £200,000 or more from 1 October over a six month period.
Royal Skandia, which also operates in Asia and the Middle East, has also stated that it does not charge a trust establishment fee.
According to Phil Oxenham, head of proposition marketing at Skandia, clients with "significant" sums to invest were in the greatest need of wealth planning and using trusts could help to mitigate tax exposure and protect their assets for their beneficiaries.
He added: "The role of trustee carries with it significant responsibilities though it often lands upon the client’s friends and family to fulfil. Recommending Royal Skandia Trust Company as a professional trustee will relieve the client of having to find someone to pass the administrative and legal burden to as well as providing great reassurance at no extra cost.”
Trusts are increasingly becoming a core part of wealth management, according to Skandia International, with the latest data showing that over 40% of the company’s portfolio bonds are now being written into trust – in contrast to just 8% eight years ago.
