Changes to Reserve

Charge increases

With effect from 1 January 2008, the Dealing Charge, Quarterly Admin Charge and Ad-Hoc Charges for Reserve increased.

The new charges are as follows:

Dealing Charge – GBP 22.50 (previously GBP 21.50)
Quarterly Admin Charge – GBP 101.50 (previously 97.50)
Ad-Hoc Charges – GBP 112.00 (previously GBP 107.50)

Additional changes

You may be aware that a number of additional changes have been made to Reserve over the last 12 months, which have been as a result of our continual review process. These include changing our valuations to a bid pricing basis and no longer requiring two years of charges to be held in the General Transaction Account, both of which were as a result of feedback from financial advisers and clients.

We now believe that we need to make some more changes to Reserve in order to ensure that we can continue to provide the best possible focussed service to you and your clients. These are:

• The minimum initial premium will increase from GBP 25,000 to GBP 50,000. The new minimum premiums are:
  • GBP 50,000
  • USD 75,000
  • EUR 75,000
  • HKD 600,000
  • SEK 750,000

The minimum additional premium will remain unchanged.

• We will apply a charge for any premium paid using the asset exchange facility. Asset Exchanges will incur a charge of £100 for each individual asset. The maximum charge taken for any premium paid will be £1,000.

We will update all our literature to include these details immediately. However, we will continue to accept applications for premiums above the lower minimum of GBP 25,000 until 1 April 2008. We will also waive the charge for premiums paid by asset exchange until this date.