Professional Portfolio is a single contribution, investment-linked portfolio product from Utmost Worldwide Limited, designed for long-term savings and for investors who want to hold a wide range of assets inside one wrapper. This page explains what the product is, how it can be managed, what the public documents do and do not say about its charges, and what to ask before you invest or if you already hold it.
It is general information for UK expats, not personal advice. The figures and descriptions come from Utmost’s Professional Portfolio brochure, whose code suggests January 2022 and which gives its portfolio figures as at 30 September 2021. The brochure gives no charge rates, no minimum investment and no death benefit, and says so here. Everything depends on your personalised illustration.
This guide sits under our section on offshore investment bonds for expats. For another Utmost plan, see our Utmost Focus review.
Utmost Professional Portfolio at a glance
| Feature | Summary |
|---|---|
| Provider | Utmost Worldwide Limited, Guernsey, regulated by the Guernsey Financial Services Commission |
| Type | Single contribution, investment-linked portfolio product. Can be written as a capital redemption plan with a fixed 99 year term |
| Minimum investment | Not stated in the brochure |
| Assets | A wide range, including mutual funds, international equities and fixed-interest securities. Existing holdings can be transferred in, with some exclusions |
| Management options | Self-directed, an appointed investment manager, or a discretionary portfolio |
| Charges | Not stated. Set out in your personalised illustration |
| Access | Full or partial surrender at any time, with possible early discontinuance charges |
What is Utmost Professional Portfolio?
Professional Portfolio is a single contribution plan: you pay a lump sum, and it is invested in assets that you or a manager choose. The brochure describes it as designed for long-term savings and as working wherever you live. It can be written as a capital redemption plan with a fixed term of 99 years, after which a maturity benefit is paid.
The brochure itself says the plan could be classed as a personal portfolio bond under UK legislation, which may affect tax if you become UK resident. That is the most important single point for a UK expat to understand before investing.
Who it may suit, and who it may not
It may suit you if:
- You have a lump sum and want to hold many different assets in one wrapper.
- You want to transfer existing holdings in rather than selling them first.
- You want the choice of managing the portfolio yourself, using an investment manager, or using a discretionary portfolio.
It may not suit you if:
- You may become UK resident, because of the personal portfolio bond rules.
- You want published charges you can compare before meeting an adviser, since this brochure has none.
- You may need the money back soon, because early discontinuance charges can apply.
How the portfolio is managed
- Self-directed. You choose the investments yourself, with the usual risk of poor choices and high dealing costs.
- Investment manager. You appoint a manager to look after the portfolio on terms you agree.
- Discretionary portfolio. A discretionary service makes the investment decisions inside your agreed strategy.
Each route has its own charges on top of the plan charges. Ask for all of them together, in money, before choosing.
Charges: what the brochure says and does not say
The brochure states that fees apply but gives no rates. It refers readers to section 7 of the Details Guide and to a personalised illustration from an adviser. It mentions early discontinuance charges on full or partial surrender, and possible surrender charges on the underlying investments. Utmost’s January 2024 investment brochure gives some figures for its wider range, such as 0.5% a year for its Investment Service and annual fund charges of 0.06% to 1.25%, but it is not specific to this plan.
Because nothing is published, the right questions are practical. Ask for the plan charge, any early discontinuance charge, any manager or adviser fee, dealing and custody costs, and fund charges, all in one table, on your investment amount, over 5, 10 and 20 years.
Withdrawals and leaving
Full or partial surrenders are available whenever you choose, though early discontinuance charges may apply. There are no fixed investment or notice periods, but payments can be delayed in exceptional circumstances. A regular withdrawal facility pays from cash held in the plan. The brochure advises thinking about the effect of withdrawals on future growth and charges.
Tax for UK expats
The plan is issued in Guernsey, which does not make it tax-free for you. Tax depends on where you are resident when you take money out. The personal portfolio bond rule is the main UK trap: if you become UK resident while holding a bond whose assets you can choose, an annual tax charge on its value can apply. Rules differ elsewhere. See our guides to offshore investment bonds, inheritance tax for UK expats and wills and trusts.
Protection and complaints
Utmost Worldwide Limited is regulated in Guernsey. Under Guernsey’s policyholder protection regime, an approved independent trustee protects 90% of the insurer’s liabilities to policyholders if it becomes insolvent. That protects against the insurer failing, not against falls in your investments. Complaints go first to Utmost, then to the Channel Islands Financial Ombudsman.
Questions to ask before you invest
- What is the minimum investment and what will every charge add up to, in money?
- What early discontinuance charge applies if I leave at years 1, 5 and 10?
- Who manages the portfolio, and what do they charge?
- Is the plan a personal portfolio bond if I become UK resident?
- Would a simpler fund bond meet my needs?
Utmost Professional Portfolio: frequently asked questions
1. Is Professional Portfolio still available?
The brochure does not say. Confirm with Utmost or your adviser.
2. What is the minimum investment?
The brochure does not state one. Ask for your illustration.
3. What can I invest in?
A wide range of assets, including mutual funds, international equities and fixed-interest securities, and existing holdings can be transferred in with some exclusions.
4. What does it cost?
The brochure gives no rates. They are in your personalised illustration.
5. Can I take money out?
Yes, full or partial surrenders are available at any time, though early discontinuance charges may apply.
6. What is the UK tax risk?
The brochure says the plan could be classed as a personal portfolio bond under UK legislation, which may affect tax if you become UK resident.
7. Can you review my plan?
Yes. Send us your latest statement and policy documents and we will set out the costs and your options.
Get your portfolio bond reviewed
If you hold Professional Portfolio or are being offered it, we can show you the real cost, the tax position and the alternatives. Request a callback and we will arrange a time that suits your time zone.