With Profits ISA

Key features:

  • Tax efficient savings for up to £15,240 in 2016/17 tax year
  • No personal liability to Income Tax or Capital Gains Tax
  • Potential for capital growth
  • Regular tax free withdrawals available after five years
  • Invested in the With Profits fund
  • Initial and ongoing charges will apply
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Please remember the value of investments and any income can go down as well as up and you may get back less than you invest.

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Call us free on 0800 294 1508

Monday to Friday 8.30am - 6.30pm, Saturday 9.00am to 2.00pm

When  you apply or top up online you will not receive any investment advice or personal recommendation from us.You should consider carefully whether this investment will meet your needs and objectives. If you are unsure or wish to discuss anything please contact a Financial Consultant. Before you apply or top up online please make sure that you have read the Important Information and the documents in the Key Documents section below.

1. Our With Profits ISA

Remember the value of investments can go down as well as up and you may get back less than you invest.

Individual Savings Accounts (ISAs) are a tax efficient way to save money. The Wesleyan With Profits ISA is a Stocks & Shares ISA which accepts new investments into Wesleyan's With Profits Fund with the tax advantages of an ISA.

The With Profits Fund aims to provide capital growth over a medium to long term period by investing in UK and International shares, fixed interest stocks, property, cash and other related investments. The fund aims to avoid sharp rises and falls by 'smoothing' the return on your investments over the period of the plan. For more information, please read the 'How our With Profits Fund works' booklet.

This product is designed for investors who are willing to invest for a minimum of five years with the potential for long term capital growth and income, who are also prepared to accept that when the investment is cashed in, the value might be less than has been paid in.

Initial and annual management charges will be applied. The initial charge is 5% of each subscription, or 3% if you transfer an ISA to us from another ISA manager. For further details on these charges can be found in the important information tab.

Risk and Potential Reward

At Wesleyan, we classify investment risk and reward using a one to five scale, where one represents the lowest risk and five represents the highest. We rate the With Profits Fund as a risk category three which is moderate risk /reward. This means it may be suitable for investors looking for long term capital growth and who accept the moderate level of risk that accompanies this.

We may apply an adjustment which reduces how much you get back from your investments if you withdraw money at certain times (for example, when share prices are low), which means you could get back less than you invested. This adjustment is called a Market Value Reduction.

This is a medium to long term investment so you should be prepared to invest your money for at least five years. For more information please refer to the With Profits ISA fund factsheet.

ISA & Tax

You will have no personal Income Tax or Capital Gains tax to pay on income or growth within the With Profits Fund.

If your spouse or civil partner died on or after 3 December 2014 you may be entitled to additional ISA allowance, up to the value of your spouse or civil partner's ISA savings at the time of their death. If this affects you, please contact your Financial Consultant.

This information is based on our current understanding of legislation. Legislation and tax treatment can change in the future.

For more information visit the HMRC website.

Before you apply please read the next tab '2. Important Information'.

2 . Important Information
Before you apply it is important that you understand the investment risks in order for you to decide if our product is right for you. Before proceeding, you should read the information below:

  • The value of investments can go down as well as up
  • We may apply a Market Value Reduction  so you may get back less than you invest
  • What you get back will depend on a number of factors including investment performance and the level of charges
  • Initial and annual management charges will be applied


The following table shows the charges that will be applied to any new investment.

With Profits ISA Initial and Annual Management Charges

  Initial ChargeAnnual Management Charge (with Ongoing Advice Service if you opt into this service) Annual Management Charge (without Ongoing Advice Service if you opt out of this service) 
ISAs first opened on or before 30 December 20125% of your contribution (3% for ISA transfers in)

 1.5%

 1.0%

ISAs first opened on or after 31 December 20125% of your subscription (3% for ISA transfers in)

 1.7%

 1.2%



For further details of how the charges work, please read the Key Features Document. For more information about how the With Profits Fund works and details of how bonuses are calculated it is important that you read our:  'How our With Profits Fund works' booklet. 

  • You must be a UK resident who is aged 18 to 74 to open a Wesleyan With Profits ISA
  • The minimum monthly contribution is £100 per month (minimum monthly increase is £10). For lump sum contributions the minimum investment is £1,000 (£500 for additional contributions)
  • You can make one off withdrawals of at least £500 at any time. For regular income withdrawals the minimum is £50 per month (available after five years)
  • You can invest in a Stocks and Shares ISA, Cash ISA, Innovative Finance ISA, or combination of all three in the same tax year - subject to maximum investment limits set by HM Revenue & Customs (£15,240 in the 2016/17 tax year)
  • If you invest in a Wesleyan With Profits ISA, you will not be able to invest in another Stocks and Shares ISA, or Innovative Finance ISA during the same tax year (unless you transfer all of your current tax year investment from a Wesleyan With Profits ISA to another provider)
  • If your spouse or civil partner died on or after 3 December 2014 you may be entitled to additional ISA allowance, up to the value of your spouse or civil partner's ISA savings at the time of death. If this affects you, please contact your Financial Consultant
  • You are able to transfer existing ISA holdings from other providers, if you wish to consider this you will need to contact your Financial Consultant
  • You are able to transfer between the three types of ISA account.
  • You can change your mind. Simply fill in the cancellation notice we send to you and return it to us within 30 days from the date you received it
When you invest into the With Profits ISA you should consider this to be a medium to long term investment (meaning you should not need access to the investment funds for at least 5 years). 

Things to consider before you commit

Before you commit your money for at least 5 years there are a number of factors you should consider:

  • Have you maintained an emergency fund that you are able to access at short notice in the event of an emergency (car breaking down, boiler repairs etc)?
  • Have you considered whether it is more appropriate to pay off any debts before making medium to long term investments?
  • Do you foresee any life events or changes that mean it is likely you will need access to this money during the next 5 years?
  • Have you given any thought to how you intend to use the investment monies in the future?
  • Are you comfortable with the fact that making an investment could result in you getting back less money than you originally invested - as investments can go up or down?
  • Have you protected your income / financial assets through appropriate insurances?  If not are you comfortable that investing is right for you at this time?
  • Have you read all the appropriate documents that relate to the With Profit ISA and are you comfortable you have understood the investment and any risks associated with it?
  • Do you have enough knowledge / experience to confidently invest without receiving professional financial advice?
  • Are you comfortable you have understood the tax treatment of the investment and the charges involved in making this investment?
     

Before you apply please read the next tab '3. Key Documents'.

3. Key Documents

Please read the following information:


We recommend that you either print or save copies of these documents for future use.

Click here to download Adobe Acrobat Reader

Make your savings work harder

The average UK worker has seen their income reduce by almost 10% in real terms (income adjusted to take account of inflation) since the financial downturn began in 2008.
Call us free on 0800 294 1508 Monday to Friday 8.30am - 6.30pm, Saturday 9.00am - 2.00pm

Or arrange an appointment with a Financial Consultant.

To proceed with this application please make sure that you have read:

We are required by law to confirm your identity. We may do this through the services of a credit checking agency. This check would be to confirm your identity only and would not affect your credit score.

For the application process, you will need:

  • Address and contact information
  • National Insurance number
  • A debit card if you are making a lump sum contribution

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Syscap Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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