Cofunds calculates the rplan fee based on your overall holdings on the 5th working day of each month, and collects the fee from your Cofunds Cash Account two days prior to the last Thursday of each month.
The easy way
If there is not enough cash in your Cofunds Cash Account to cover the fee, Cofunds will collect the fee from your investments - units of your largest holding will be sold to pay for any amount due (on the 9th working day of each month). This is the default method for fee payments - you don't need to do anything to set this up. Please note that Cofunds will sell up to 10% more than the fee amount to insure against market movements from the moment at which the sell instruction is placed.
The hard way
Some members will prefer to avoid Cofunds selling down units to pay for the monthly fee. To do so, simply keep your Cofunds Cash Account funded so that there is enough in the Cash Account to cover the fee.
How To Fund your Cofunds Cash Account
- make a lump sum payment to your Cofunds Cash Account by making a BACS transfer from your nominated bank account to the Cofunds Cash Account, or by sending a cheque to Cofunds along with a cover letter (click here to download an example cover letter), or
- set up a standing order from your nominated bank account into your Cofunds Cash Account.
To make a BACS payment or to set up a standing order to your Cofunds Cash Account, you will need to set up a nominated bank account with Cofunds.
Once you have calculated your fee, it’s important to keep in mind that the exact amount due will fluctuate each month depending on market movements, investments and withdrawals. Some members find it easier to add some margin to allow for this.
If you would prefer to use another fund than your largest holding, you can also nominate a fund which will be used to pay any fees due - please contact us at firstname.lastname@example.org if you prefer this option.
Cofunds Cash Account Bank Details
To set up a standing order or to make a BACS transfer to your Cofunds Cash Account, use the following details:
Account name: Cofunds
Bank name: RBS
Sort code: 15-10-00
Acct number: 22563044
Payment reference: your Cofunds Platform Account Reference, which can be found here
Please make sure your payment reaches your Cofunds Cash Account before the 5th working day of each month. If it doesn't, Cofunds may sell down units to pay for the monthly fee.
How much have I paid?
You can keep track of your monthly fees in the My rplan account section.
The primary holder of a joint account will be charged a fee - joint holders will not be double-charged.
Investments before March 10th, 2014
If you have invested with rplan before March 10th, 2014, and hold any 'implicit' share classes, fees will be collected in a different way for those investments - see here for more detail.