Sometimes it easier to not respond or explain anything in detail if lazy people are just going take their own meaning from a post. I'm responsible for what I write, not what you read.
According to this article, the Royal London PRSA with the 0.4% AMC is only available through brokers (not directly from Royal London to the public) but Royal London don't give a cut to the broker from the 0.4%. So the broker must add their own cut on top and therefore in practice you'll always end up paying a bit more than 0.4%.
Of course, that's a PRSA, but I'm gussing it's the same story the buy out bond.