As part of our technology upgrade, we’ve introduced a number of new features and improvements. You’ll automatically benefit from these through your existing investments where relevant, plus there are a number of new products and options to choose from.
If you have an ISA or a Collective Retirement Account (CRA), scroll down to read about some specific additional benefits for you.
Benefit from these new additions and enhancements:
|Enhancement||Individual Savings Account||NEW! Junior Individual Savings Account||Collective Investment Account||Collective Retirement Account||Collective Investment Bond|
|Flexible dates for taking income or regular withdrawals (from the 1st and the 28th of the month)||✔||✘||✔||✔||✔|
|Pay regular investments into you account on a date you choose, now available from the 1st to the 28th of the month.||✔||✔||✔||✔||✘|
|Access to new additional investment choices||✔||✔||✔||✔||✘|
|Request withdrawals online up to £50,000. Please note there are some circumstances where online withdrawals may not be available.||✔||✘||✔||Available via your financial adviser||Available via your financial adviser|
|An improved online service for you||✔||✔||✔||✔||✔|
|Cash within your product – to help you manage the flow of money within your investments.||✔||✔||✔||✔||✘*|
* Cash will be used within the Collective Investment Bond to fund fees and charges, but will not be selectable for investment purposes.
ISA – increased flexibility for you
If you hold an ISA with us, your account will automatically be updated to a Flexi-ISA as part of the upgrade. This means you can take money out of your ISA at any point, and providing you don't fully close your ISA, you can return it in the same tax year (by 5 April), without it reducing your current year's ISA allowance (the amount you can put into your ISA in one tax year).
This is an improvement to our old ISA, whereby if you took money out of your ISA and replaced it, the money you put back would reduce your allowance for the tax year in which you replenished it.
Please note: This flexibility will only apply after the ISA has been moved to our new technology. Withdrawals from your ISA prior to this point cannot be paid back in to your ISA without affecting your ISA allowance.
Collective Retirement Account
In addition to the feature mentioned above, if you hold a Collective Retirement Account you may notice some changes to the structure of your pension.
Before you begin taking money from your pension, it's known as 'uncrystallised' money. When you set aside money from your pension to provide you with an income, that set-aside portion of money is known as 'crystallised' money. For tax reasons, uncrystallised and crystallised savings are treated as separate 'pots'. At the moment both of these 'pots' are managed together as one so, for example, both or your uncrystallised and crystallised money have to have the same asset choice.
In future, to allow you and your adviser to manage your uncrystallised and crystallised assets separately, they'll be set up as separate sub-accounts. This will allow you and your adviser to tailor an investment strategy for both your pre and post retirement assets. In some instances, such as where you have transferred assets from another provider to us, you may be given more than one crystallised sub-account, meaning you could have three or more sub-accounts within your pension.