Schedule of fees and charges
This guide aims to provide you with information to help you better understand the fees and charges associated with our products. For further information, including details of any taxes that may apply, see the Policy Conditions, Product Brochure and Fund Guide.
Pensions, savings and investments
When you set up your policy your AIB Financial Advisor will explain the charges that will apply. The details of the charges on your policy will also be outlined in your Policy Schedule.
Annual Management Charge (AMC)
An Annual Management Charge (AMC) will apply for each fund your policy is invested in. Each month we take one twelfth of the AMC by deducting units from your policy.
The total AMC you pay will consist of a base AMC which will apply to your policy, and an Additional AMC that may apply depending on the funds you choose to invest in.
A Contribution Charge may apply to the money you put into your policy, reducing the amount invested into your selected funds.
Early Exit/Access Charge
Some policies may have an Early Exit Charge, also known as an Early Access Charge. If you choose to take or transfer money out of your policy early, we will deduct the applicable Early Exit/Access Charge.
The government currently applies a 1% levy to all contributions made into life assurance savings and investment policies. Whether you invest a lump sum, regular contributions or both, we deduct this 1% levy from your contributions and pay it to the government. This levy is not applied to pension products.
Other Fund Charges
There may also be Other Fund Charges associated with administering the funds which are not covered by the Annual Management Charge. The level of these Other Fund Charges depends on the funds you choose to invest in.
We don’t deduct units from your policy for these fund charges, but they will be reflected in the unit prices for your funds. These charges may vary over time.
Some or all of these charges may apply to your policy. Please refer to your Product Brochure, Fund Guide and Policy Schedule for further details on the charges that apply in your case.
The premium for your policy will depend on the product and benefits, and a variety of factors including, but not limited to, your age, smoker status, health and occupation, and the length and amount of cover. Acceptance for cover is subject to underwriting.
A Policy Fee may apply to your policy. This is a fixed mandatory amount that is included in your total premium.
The government currently applies a 1% levy to all premiums for life assurance policies. We add this 1% levy to your premium and pay it to the government. The details of the premiums that apply to your policy will be outlined in your Policy Schedule.
AIB life reserves the right to amend the Schedule of Fees and Charges at any time.