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VitalityInvest extends access to healthy living programme and brings in 0% charges

New updates make healthy living benefits available to more clients, giving more flexibility for advisers, alongside helping people to prepare for a financially secure and healthier future

  • Vitality’s Healthy Living Programme will now be automatically included and available for all new Invest customers, offering easier access to lower product charges
  • Customers no longer need a Vitality Health or Life policy to access the Vitality Healthy Living Programme
  • The Healthy Living Discount – applied to product charges and linked to engagement in the Healthy Living Programme – is now available to all new customers
  • The Healthy Living Discount is also now extended to Vitality’s third-party fund range
  • In addition to this, Vitality are giving all new customers 0% product charges for their first 12 months*, with the ability to sustain this year-on-year** by engaging with Vitality’s Healthy Living Programme

Vitality has launched the next step in the evolution of its VitalityInvest proposition, broadening the appeal of their products, including automatic access to VitalityInvest’s Healthy Living Programme with all new invest products, which makes it easier to pay lower product charges.

By opening up access to the Healthy Living Programme – where they no longer need a health or life policy to qualify - they are further simplifying the product offering for advisers, and enabling more people to plan for a financial secure and healthier future.

Additionally, from 22 July, they are introducing an offer that guarantees all new clients pay 0% product charges in their first year, provided plans are kept for 12 months*. Clients will additionally be offered the opportunity to continue to pay 0% after year one through engagement with the newly expanded Healthy Living Discount, where charges will depend on a person’s ‘Vitality status’ - bronze, silver, gold or platinum.

By offering invest customers one year on 0% product charges* they are providing them with the opportunity to build up their Vitality status during that year, after which product charges will be structured around the member’s Vitality Status, which can be bronze, silver, gold or platinum. Those on platinum status will continue to pay 0% fees, going up to a maximum of 0.4% (tiered down for larger amounts invested) for those on bronze.

A person’s ‘Vitality status’ is directly linked to the company’s Healthy Living Programme, the company’s scientifically validated behavioural wellness platform which supports people to engage with a healthier lifestyle. People build their Vitality Status by earning points which are available for doing as few as 7000 steps a day or undertaking a health check. The programme additionally offers unique access to discounts including health screens, tracking devices such Garmin, Runners Need trainers, Nike products and Weight Watchers providing further value from the product.

Additionally, as part of the offer launched today, VitalityInvest are offering no product charges payable on amounts over £250,000 for the life of the plan, no matter a person’s Vitality Status

In a further evolution to the product, 0% product charges will now also be available on Vitality’s third-party fund range for new customers (as well as Vitality funds), which offers access to an ever-expanding suite of managers and funds. Currently Vitality has a wide range of external funds in their third-party range and they will be continually adding to this range. Extending the discounts in this way gives advisers far greater flexibility when constructing portfolios using VitalityInvest’s ISA, Junior ISA and Retirement Plan, while at the same time enabling clients to benefit from the potential for outstanding value that VitalityInvest’s proposition offers.

Herschel Mayers, VitalityInvest CEO, commented: “We believe returns and expert portfolio management are key to long-term investing. However, a crucial aspect that is often overlooked is living a long, healthy life once you retire. This is important to clients and yet the financial services industry doesn’t always bring health and wealth together. That’s what we have done since we launched VitalityInvest in June 2018, but today we’re making it easier than ever before for our customers to prepare for a long and healthy retirement.

“Simplifying and increasing access to lower product charges means advisers can engage their clients in a programme that will potentially see them save money on charges, increase their savings pots through our Boosters and become healthier as they engage in the Healthy Living Programme. We believe it appeals to older clients that are in and approaching drawdown, as well as younger savers, and there are multiple ways for all types of clients to benefit.”

Tom Conner, Director at Drewberry Wealth said: “The VitalityInvest savings and retirement plans are some of the most innovative on the market. The use of behavioural economics to encourage long-term savings with rewards and boosters encourages good savings habits as well as better health for clients. The changes to how clients qualify for lower product charges make it a much more appealing and easier proposition for advisers to sell. There is an inextricable link between a healthy life and how much savings someone will need in retirement and advisers who can combine the two in their financial planning add a great deal of value.”

Products and changes going live

VitalityInvest enhancements going live on 22 July include:

  1. The Vitality Healthy Living Programme - Vitality Core included in all plans
  2. The Healthy Living Discount for everyone – no longer requiring a Health of Life Policy
  3. The Healthy Living Discount extended to 3rd party funds

The special offer runs from 22 July to 20 December and includes:

  1. 0% fees for the first year for everyone, paid as refund of charges after the first year.
  2. 0% platform fees continually for amounts in excess of the £250,000