Wesleyan Assurance Society, the Birmingham-based financial services specialist for doctors, dentists, teachers and lawyers, is encouraging its customers to make the most of the tax benefits offered through ISAs by announcing a 2% reduction on the initial charge on investments into its with profits ISA.
The discount applies to lump sum investments and transfers of more than £6,000 and will be available until Friday, 4 May 2012, allowing savers to take full advantage of their 2011/2012 ISA allowance (up until 5 April) and make plans for the 2012/2013 tax year.
The with profits ISA invests in the Society’s top-performing with profits fund which over the past five years (2007-2011) has provided a cumulative investment return of 11.22% gross.
The estimated asset allocation of the with profits fund is 63% in equities, 13% fixed-interest stocks, 10% property, 2% index linked, and 12% cash and other related investments.
Wesleyan Marketing Director Samantha Porter said: “Our With Profits ISA is designed as a medium- to long-term saving product. Our professional customers often have a cautious approach to investment and, with changes in the way pension savings are taxed, the With Profits ISA offers a good alternative long-term saving investment to support retirement planning.”
Customers making an ISA transfer and/or lump sum investment into the Wesleyan with profits ISA within the offer period will benefit from the following allocation rates:
- £6,000.01 to £10,680.00 receives a 97%* allocation rate (usually 95%)
- £10,680.01 or above receives 100% (usually 98%). From 6 April 2012 the annual ISA allowance increases to £11,280 and from this date 100% allocation rate will only be applied to investments over this amount.
Where the with profits ISA transfer application is received on or before 4 May, even if the funds haven’t been received from the previous ISA provider, customers will still be eligible for the offer.