Old Mutual Wealth's platform
You can invest in over 1,250 funds (Unit Trusts and OEICs (Open Ended Investment Companies)) on Old Mutual Wealth's platform ('OMW', formerly Skandia Investment Solutions), using Clubfinance as your intermediary. Included below are the relevant forms and information to invest in the OMW ISA and OMW Collective Investment Account. Please click here for information on the OMW CRA (Collective Retirement Account - this is a Personal Pension). Please contact us if you are interested in other services available on OMW (e.g. the Onshore Collective Investment Bond, or setting up a corporate or trustee account). Investment restrictions may apply to any Structured Products that may become available on OMW.
Existing Clubfinance clients with an Old Mutual Wealth's platform account opened before 18 December 2012 on Charge Basis 1 or 2 who want to make further investments or changes need to contact us to get appropriate documentation and check whether they can remain on their current Charge Basis. This page covers Charge Basis 3, which is now the only Charge Structure available for new accounts through Clubfinance.
Regulatory requirements mean that platforms (including fund supermarkets) and intermediaries using them must charge investors separate fees for their services (often known as an 'unbundled' charging structure). There is therefore a separate tiered Old Mutual Wealth's platform Service Charge, which has been reduced for Clubfinance clients. Clubfinance therefore does not receive any commission, so instead Clubfinance charges a 0.05% additional annual fee ('Servicing Fee'). Any trail commission and additional platform payments negotiated by Old Mutual Wealth are rebated back in full to your account as additional units. Some accounts can be linked for the purposes of calculating the Old Mutual Wealth's Service Charge, which can reduce your overall charges. See Client Linking below for details.
Clubfinance customers can access a 0% initial charge on over 1,200 funds on Old Mutual Wealth's platform. There are a minority of funds that do have an initial charge on the platform, so please check the OMW fund list before investing.
Clubfinance takes no initial, switch or ad hoc fees on any funds held on the platform. The stated initial charges (0% in the vast majority of cases) also apply for switches on the platform. There is no charge to transfer funds on or off Old Mutual Wealth's platform.
Please see below for the forms and information applicable to the OMW Collective Investment Account (CIA) and Individual Savings Account (ISA).
- It is important to read, understand and retain copies of these documents and if the 'Complete and send in?' column is ticked, please send a completed copy to Clubfinance with your application. Please contact us if there is anything you don't understand.
How to invest
Make sure you have the latest versions of the relevant Clubfinance documentation, OMW Key Features and Terms & Conditions documents, OMW charges information, OMW fund list, and the Key Investor Information Documents or Simplified Prospectuses for the individual funds in which you want to invest. Make sure you have read, understood, and kept copies of the relevant documents indicated in the table above. For those documents relevant to your transaction with a tick in the 'Complete and send in?' column, please print off a copy to complete and send in. For new to Clubfinance clients, we will carry out an electronic identity verification check, but as this is not always successful, you may want to include paper documents to reduce the chances of delay close to a deadline for example (see Clubfinance Identification Requirements for details).
Please remember that you must send all documents, including a Clubfinance Client Declaration, to Clubfinance Ltd and not direct to Old Mutual Wealth, in order to benefit from our service. Click here for full details of the process.
Our postal address is:
|Bed & ISA supplementary application||Use to withdraw money from your Collective Investment Account (CIA) for investment into an ISA. Please refer to "New investment" in the table above for the other documentation required - you still need to complete the "Application for an ISA" form in addition to the Bed & ISA form.|
|Change of address form||Use to change your name or address.|
|Automatic withdrawal/income payment form||Use this form to set up a new or amend an existing automatic withdrawal/income payment instruction.|
|Direct Debit instruction||Use to change the bank details for regular monthly investments by Direct Debit.|
|Switch/redirection request||See table above under switch. This form can also be used to restructure your portfolio and/or redirect future direct debits into different funds.|
|Third party payer form||Use this form if funds come from someone other than the account holder. The third party will also need to provide identification documents and a Clubfinance Client Declaration.|
|Non-ISA Withdrawal/Closure Form||Use this form to sell part or all of your holdings in the Collective Investment Account (CIA).|
|ISA Withdrawal/Closure Form||Use this form to sell part or all of your holdings in the Old Mutual Wealth's platform Individual Savings Account (ISA).|
|Client Linking Request||Use this form to link accounts for the purposes of calculating the OMW Service Charge.|
This is only a guide. Full details will be contained in the Key Features and Terms & Conditions for the fund supermarket.
Clubfinance makes no charges other than our 0.05% annual fee for new investments (OMW's Service Charges and fund charges apply).
The minimum investment to open a new account is £2,500. There is currently no minimum for additional investment into an existing account.
The minimum regular investment is £99 per month.
Details of the individual fund charges can be found on the following link:
The minimum accepted for re-registration to open a new account is £2,500.
There is no charge for re-registration. You can only re-register an entire OEIC/unit trust, not a partial holding.
Note that your existing plan manager may make a charge or exit fee, so please check this with them first. The fund list sets out which funds can be re-registered:
For re-registration, Clubfinance makes no charges other than our 0.05% annual fee (OMW's Service Charges and fund charges apply).
For ISA transfers, Clubfinance makes no charges other than our 0.05% annual fee (OMW's Service Charges and fund charges apply).
The minimum lump sum investment to open a new account is £2,500.
Note that your existing plan manager may make a charge or exit fee, so please check this with them first.
If you would like to know the charges and rebates on particular funds, please see the OMW fund list:
Funds are bought and sold, so could also have a difference between the buying and the selling price, or a dilution levy may be applied.
For investments held on Old Mutual Wealth's platform Charge Basis 3 (charges as set out on this page), some accounts can be linked so that the combined values of the linked accounts are used for the calculation of the OMW Service Charge, which can reduce this charge given the tiered charging structure.
The following investors are eligible for Client Linking.
- Spouse/Civil partner (as defined by the Civil Partnership Act 2004).
- Trust - where the client or the client's spouse/civil partner is the settlor of the trust (including cases where he/she is investing for children/grandchildren).
- SIPP investing in the Collective Investment Account (CIA) - where the client or the client's spouse/civil partner is the SIPP member.
- A CIA held within an offshore bond, where the client and/or the client's spouse/civil partner (as defined by the Civil Partnership Act 2004) are the bond holders or settlors of bonds held in trust. Client Linking Request
If you already have an Old Mutual Wealth's platform ('OMW') account, and are interested in appointing Clubfinance as your agent to access Clubfinance's 0.05% annual fee under Charge Structure 3, please see Change of Agent.
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