What are the change of custodianship charges?

Change of custodianship charges

Changing the custodian of your bond from or to Aegon can only be carried out as a cash transfer. This means that your current assets will be sold and the proceeds transferred to your new custodian. A charge will apply. We call this charge a 'Change in custodian charge' in your policy conditions booklet. Please see the question regarding the change of custodianship charges as all charges are outlined there.

These charges apply to our Wealth Management Portfolio, Wealth Planning Account and Private Client Portfolio bonds. We may vary these charges in the future.

Wealth Management Portfolio and Wealth Planning Account

if you transfer 100% of your bond value from our custodianship to another custodian, we charge:

  • a one off charge of £750 or 1% of the total value you transfer, whichever is lower; and
  • an increase of 0.1% a year to your portfolio charge.

If you transfer 98% of your bond value from our custodianship to another custodian, we charge:

  • a one off charge of £750 or 1% of the total value you transfer, whichever is lower; and
  • an increase of 0.06% a year to your portfolio charge.

It's important to note that the 2% balance must remain in your bond's cash account.

If you transfer 95% or less of your bond value from our custodianship to another custodian, we charge:

  • a one off charge of £750 or 1% of the total value you transfer, whichever is lower.

It’s important to note that at least 5% of your balance must remain in your bond's cash account.

Private Client Portfolio

If you transfer 100% of your bond value from our custodianship to another custodian, we charge:

  • a one off charge of £1,500 or 1% of the total value you transfer, whichever is lower.

Important notes.

  1. If we have to convert the charges into your bond denomination currency, currency conversion charges will apply.
  2. It’s not possible to cover all types of transfers in the above information, so please contact us for full details of the fees that apply to your transfer.

For more information, please speak to a regulated financial adviser.