Exit Charge removed by Scottish Widows on Saving Plans & ISA

Scottish Widows is removing the exit charge that applies to certain Savings and Investment products. Following a review, they are removing the exit charge on the Savings and Investment products listed below by 23rd October 2017.

Scottish Widows Unit Trust Managers Ltd:
● Scottish Widows Open Ended Investment Company
● Scottish Widows Individual Savings Account

HBOS Investment Fund Managers Ltd:
● Halifax Collective Investment Plan

This will be of potential benefit to many account holders, who can now move their investments to lower cost platforms, and also access a wider range of funds with better track records.

We work with several low-cost platforms for ISA and non-ISA (Unit Trust / OEIC) funds and can help you design an optimum asset allocation and populate it with leading funds from a wide choice, giving you the portfolio you that is designed for you. We don’t force people into categories or into one of a handful of model portfolios – our portfolio design is bespoke.

Here’s a little example. For clients with both ISA and Non-ISA holdings, we design the portfolio and then split it so that the income bearing stocks are in ISA , and the growth stocks (with typically lower dividends) are in non-ISA. This is very effective in mitigating any tax from the non-ISA element, and the growth in the non-ISA element is also usually largely untaxed as as you can carefully use your CGT allowance each year (which otherwise is lost!) You’d be surprised how many high street bank “advisers” and indeed other financial advisers across the country will simply lump your money into the same portfolio across both accounts. We don’t, because to do so is poor advice.

2 replies
  1. dan
    dan says:

    i want to move the funds from my scottish widows investment plan to santander because of the funds poor performance how easy is it.

    • Tony
      Tony says:

      Hi Dan
      YOu can do this yourself fairly easily but do check first and make sure you are doing it right. If ISA, make sure it is completed as an ISA transfer, rather than encash and reinvest. If you need advice, we can possibly help if you are local to London / South Essex, or otherwise seek help from a local IFA.
      Kind regards


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