Our upgraded technology will give you better access to your money and give you more choice as to how you take withdrawals from your investments.
We now give you the option to choose a date from 1st to 28th of the month to be paid your regular withdrawals or pension income. We’ve also made it easier for your adviser to manage your income online, so they’ll be able to change things more quickly for you, helping to ensure you receive your money on time.
Your regular withdrawals and pension income will continue as normal
If you take a set amount or percentage of your investment as an income or regular payment then after the move to our new technology we will continue paying you, as normal, on the same dates. However, after the move you will be able to change the payment date if another date is more suitable for you.
Changes to income that is funded by interest and dividends from an ISA or Collective Investment Account
If your income payments are funded from the interest and dividends your funds generate, then in future you will receive these payments shortly after we’ve received them from the fund manager. This means you are likely to receive more income payments and you’ll get your money sooner.
What will you see that's different, if your income payments are funded from interest and dividends?
- You’re likely to see a greater number of smaller payments coming into your bank account, rather than receiving fewer bigger amounts.
- In addition, you may notice that you receive a one-off lump sum when we move you to the new system, which is a payment of all the income we’ve received for you up to this point.
Choose to use the money you earn on your investments to pay for fees and withdrawals*
You now have more choice when it comes to deciding how we handle the money you earn on your investments. Distributions (interest and dividends) you receive from your assets can now be:
- held as cash within your investment or pension. This money can then be used to pay for advice fees, Old Mutual Wealth charges, pension income, or regular withdrawals, helping you manage the cash flow within your investment.
- reinvested back into your investments
- paid as income to your bank account if you hold our ISA or Collective Investment Account.
*Available for all products apart from the Collective Investment Bond.