The Investors Trust S&P 500 plan is a regular contribution plan linked to the S&P 500 index, with a guaranteed value at maturity that is backed by structured notes. That combination makes it different from a normal fund-based savings plan, and the differences matter. This page explains how it works, where the guarantee comes from, what it costs, and what could go wrong.
It is general information for UK expats, not personal advice. The figures come from Investors Trust’s S&P 500 plan product profile (version 2025-01) and its product page, cross-checked against independent reviews. The plan is issued by Investors Trust Assurance SPC in the Cayman Islands, regulated by the Cayman Islands Monetary Authority. Several tables are badly aligned in the source documents, so figures that could not be mapped with confidence are marked for checking against your own policy documents.
This guide sits under our section on regular savings plans for expats. You can see every plan we cover on our expat savings plan reviews page.
Investors Trust S&P 500 plan at a glance
| Feature | Summary |
|---|---|
| Provider | Investors Trust Assurance SPC, Cayman Islands, regulated by the Cayman Islands Monetary Authority. Rated A- (Excellent) by AM Best |
| Status | . Sold through advisers only. Not available to US citizens or residents, or to Cayman Islands residents |
| Terms | 10, 15 or 20 years |
| Currency | US dollars only |
| Minimum contribution | USD 2,400 a year |
| Index link | 100% participation in the S&P 500. The profile states no cap |
| Guarantee | At maturity: 100% of total premiums on 10 years, 140% on 15 years, 160% on 20 years, if the conditions are met |
| Main charges | Annual administration charges from initial units, a USD 10 monthly policy fee and a 0.125% monthly structure fee |
| Death benefit | 101% of account value |
What is the S&P 500 plan?
It is a regular contribution plan for international investors that tracks the S&P 500 index of large US companies. Rather than choosing funds, your money follows the index, with a guarantee that depends on conditions you must meet throughout the term. Investors Trust describes it as intended for financial advisers, not for retail clients to buy directly. Up to two applicants, including companies, can hold a policy.
Investors Trust also runs Evolution, a fund-based plan. See our expat savings plan reviews page for how they differ. Read our Investors Trust Evolution review.
How the guarantee and index link work
Index participation. The plan gives 100% participation in the S&P 500, and the profile states no cap.
The guaranteed value. The plan guarantees a return at maturity, expressed as a percentage of total contributions and including loyalty bonuses. Investors Trust’s product page and independent reviews give 100% of total premiums for the 10-year term, 140% for 15 years and 160% for 20 years. The product page footnote says the guarantee includes loyalty bonuses. Check the figure for your term in your policy documents.
Conditions. The guarantee only applies if every premium is received within the grace period, with no premium decreases and no partial withdrawals. Break any of those and the guarantee and the loyalty bonus are lost.
How the bonus fits in. The credits of 7.5%, 7.5% and 5% of premiums at years 10, 15 and 20 are the loyalty bonus described below, and they count towards the guaranteed value.
Where the protection comes from. The profile says the principal protection comes from structured notes issued by financial institutions. If one of those institutions failed, it states this could lead to a partial or total loss of the capital invested. So the guarantee is only as strong as the institutions behind it, in addition to the insurer.
Who it may suit, and who it may not
It may suit you if:
- You want exposure to the US market with a stated guaranteed value, and you can meet the conditions for the whole term.
- You are happy to hold dollars and accept currency risk against your own spending currency.
It may not suit you if:
- You might need to reduce payments or take money out, which cancels the guarantee.
- You want a choice of funds across regions and asset classes.
- You are uncomfortable with issuer risk on the structured notes.
Contributions and the initial period
| Term | Issue age (Puerto Rico and Labuan) | Initial period |
|---|---|---|
| 10 years | 18 to 60 | 13.20 months |
| 15 years | 18 to 55 | 24.48 months |
| 20 years | 18 to 50 | 27.72 months |
The minimum contribution is USD 2,400 a year. You can pay monthly (by credit card or direct debit only), quarterly, half-yearly or yearly, or prepay up to three annual payments in a plan year. The grace period is 90 days. During the initial period your premiums buy initial units, which fund the administration charges. After it they buy accumulation units, which fund the monthly charges.
Charges explained
| Charge | How it works |
|---|---|
| Annual administration charges | A percentage of total premiums due, taken from initial units. The Investors Trust product page shows 2.0% a year on the 10-year term, 1.7% on 15 years and 1.1% on 20 years, but its table is badly aligned. One independent review gives a range of 1.1% to 2.0% by term. Confirm your rate in your policy documents. |
| Policy fee | USD 10 a month |
| Structure fee | 0.125% a month of account value, about 1.5% a year |
| Surrender charge | The remaining administration charges that would have been taken over the rest of the term |
| Printed documents | USD 50. Electronic delivery is automatic |
The profile itself lists fee drag as a key risk: the policy fee, structure fee and administration charges reduce the value over time. Before comparing this plan with others, work out the total cost over the term in money.
Loyalty bonus
A loyalty bonus is credited at the end of years 10, 15 and 20, at 7.5% of contributions for years 1 to 10, 7.5% for years 11 to 15 and 5% for years 16 to 20. The product page says 10-year plans are not eligible, and it needs all premiums paid within the grace period, with no decreases or partial withdrawals. Note that the 2.0%, 1.7% and 1.1% figures that appear beside the loyalty bonus in the product profile are the administration charges, not bonus rates. The guarantee at maturity includes these loyalty bonuses.
Stopping, withdrawing and lapse
- Premium decreases are allowed after the initial period but cancel the guarantee.
- Partial withdrawals are allowed after the initial period, provided a surrender value of USD 2,400 remains. They are free but cancel the guarantee.
- Full surrender is allowed after the initial period, with the surrender charge above. It can be costly.
- Lapse happens if initial-period premiums are not paid or accumulation units run out. Reinstatement is possible within two years, by paying past-due premiums and charges.
- Policy loans of up to 40% of the cash surrender value may be available with the company’s approval.
Death benefit
The standard death benefit is 101% of account value. It ends if required premiums are not paid within the grace period, and cannot be reinstated.
Key risks in plain terms
- Issuer risk on the structured notes that provide the protection.
- Loss of the guarantee and bonus if you cut payments or withdraw.
- High surrender cost if you leave during the term.
- Lapse if you miss early payments.
- Currency risk, because the plan is in US dollars only.
Tax for UK expats
Tax depends on where you are resident when you surrender, withdraw or die. If you return to the UK, gains can be taxed as chargeable event gains, which can be significant. See our guides to offshore investment bonds and inheritance tax for UK expats.
Investors Trust S&P 500 plan: frequently asked questions
1. Is the S&P 500 plan guaranteed?
It carries a guaranteed value at maturity, but only if you meet the conditions, and it relies on structured notes whose issuers could fail.
2. Is there a cap on returns?
The profile states 100% participation and no cap.
3. What currency is it in?
US dollars only.
4. What is the minimum contribution?
USD 2,400 a year.
5. What happens if I reduce my payments?
The guarantee and the loyalty bonus are lost.
6. Can I take money out?
Yes, after the initial period while keeping a USD 2,400 surrender value, but it cancels the guarantee.
7. Can I buy it directly?
No. It is intended for financial advisers only.
8. Can you review my S&P 500 plan?
Yes. Send us your latest statement and policy documents and we will set out the costs and your options.
Get your S&P 500 plan reviewed
If you hold this plan or are being offered it, we can show you the costs, the conditions on the guarantee and your options. Request a callback and we will arrange a time that suits your time zone.