To cover the cost of setting up and maintaining your Navigator Investment Bond investments, we apply the following charges:
1. Entry charge
There is an entry charge of 1% if you invest less than €24,752.48 (€25,000 inclusive of the 1% levy) in Navigator Investment Bond. If you choose to make an extra single payment at any time, the investment factor for the extra single payment may be different from the investment factor applying to your initial single payment.
The amount invested at that date will be your extra single payment multiplied by an investment factor. The investment factor for extra single payments will be those available at the time you make the extra single payment.The amount not invested is a charge. Before making a single payment, we advise that you check with Irish Life or your Ulster Bank Financial Planning Manager as to what the investment factor will be for your extra single payment.
2. Standard fund charge
The fund charge each year will depend on the option, or mix of options, that you choose to invest in. The standard fund charges are detailed in the Navigator Investment Bond brochure
Reducing the value of the fund
When there are more customers moving out of a fund than making new investments in it, we may reduce the value of the units in the fund. This is to reflect the percentage of the costs associated with buying and selling the assets of the fund. The reduction in the value of the affected assets will be different for each fund and is likely to be most significant for the percentage of any fund invested in property.
3. Variable fund charges
We won’t increase any of the charges outlined earlier unless we need to because of an increase in the costs of dealing with the investment. If this happens, we will give you notice of the increase. However, the charges on the Multi Asset Portfolio range of funds are variable which means they can be higher or lower than the charges shown on page 32. The charges on the Multi Asset Portfolio range of funds may also change if the fund invests in a range of other funds. The proportion invested in each fund may change over time. Also, if the charges on individual funds change, this will change the overall fund charge. Variable charges may be added to other funds over time. The factors that may cause the variable charges to be higher or lower than that shown are set out in your Terms and Conditions booklet. Full details on all charges can be found in the Navigator Investment Bond brochure.
4. Early cash-in charge
You will pay the following charge on any amount you withdraw from any investment you make in each of the Navigator Investment Bond investment options.
Years 1 to 3 5%
Year 4 3%
Year 5 1%
Please read the Customer Information Notice and your terms and conditions for full details of the charges and the effect they will have on your investment.
Reducing the value of the fund
When there are more customers moving out if a fund than making new investments in it, we may reduce the value of the units in the funds top reflect the percentage of the costs associated with buying and selling the assests of the fund. The reduction is likely to be most significant for ther percentage of any fund invested in property.
Notice Periods ( Delays )
In certain circumstances, we may delay switches, withdrawals or transfers out of a fund. This is referred to as the 'notice period.' This may be because there are a large number of customers wishing to switch into or out of the fund at the same time, or if there are practical problems buying or selling the assets within the fund or if an external manager who is responsible for the investment of any part of the fund imposes such a delay. Delayed transactions will be based on the value of units at the end of the period whenthe transaction actually takes place. If you have invested in a property fund, a significant delay would be likely to apply depending on the nature of the underlying assets. Once you have given us notice that you want to switch, withdraw or transfer out of a fund, you cannot change your mind during any notice period. You should read the fund description of your chosen fund to check if a notice period applies.