Skandia Life are increasing charges on several of their older policies. Skandia call this the monthly maintenance charge, most call it a monthly policy fee. As inflation appears to be falling, it is a little surprising that Skandia have decided to generally increase their charge by over 5% in most instances. However be advised that these charges apply to pretty old style policies. If you have one of these old style policies, you will be contacted by letter from 22nd October. Skandia have historically only worked with independent financial advisers, so the policies listed below are those that you would have taken out through an IFA at some point in the last 20 years or so.

Skandia Increase Charges

Life products Percentage increase
Maximum Investment Plan Maintenance charge to increase from £3.27 to £3.45 a month. 5.5%
Skandia Endowment Plan Maintenance charge to increase from £3.27 to £3.45 a month. 5.5%
Skandia Lifetime Plan Maintenance charge to increase from £3.27 to £3.45 a month. 5.5%
The Skandia Plan Maintenance charge to increase from £3.27 to £3.45 a month. 5.5%
High Investment Bond Maintenance charge to increase from £40.56 to £42.84 a year. 5.6%
Pension products Percentage increase
Executive Pension, Free Standing Pension and Personal Pension – series 4 Maintenance charge to increase from £2.85 to £3.01 a month. 5.6%
Executive Pension, Free Standing Pension and Personal Pension – series 3 Maintenance charge to increase from £4.33 to £4.57 a month. 5.5%
Executive Pension, Free Standing Pension, Personal Pension and Trustee Investment Plan – series 2 Maintenance charge to increase from £4.17 to £4.40 a month. 5.5%
Personal Pension Income Plan – series 1 Maintenance charge to increase from £4.17 to £4.40 a month. 5.5%
Executive Pension, Free Standing Pension and Personal Pension – series 1 Maintenance charge to increase from £4.17 to £4.40 a month. 5.5%
Executive Pension Plan Maintenance charge to increase from £4.06 to £4.28 a month. 5.4%
Skandia Pension Plan Maintenance charge to increase from £4.06 to £4.28 a month. 5.4%
Self Administered Pension Plan Maintenance charge to increase from £4.06 to £4.28 a month. 5.4%
Skandia Professional products Percentage increase
Executive Retirement Account Fixed rate administration fee to increase from £3.59 to £3.79 a month. 5.6%
Free Standing AVC Account Fixed rate administration fee to increase from £3.59 to £3.79 a month. 5.6%
Personal Retirement Account Fixed rate administration fee to increase from £3.59 to £3.79 a month. 5.6%
Select Personal Pension Account Fixed rate administration fee to increase from £3.59 to £3.79 a month. 5.6%
Personal Retirement Income Account Fixed rate administration fee to increase from £3.59 to £3.79 a month. 5.6%