Flexible Savings Plan

A savings plan with the flexibility to change payments

We're all told that saving is a good habit, but we understand that you want to be flexible with your money. That's why, our easy to manage Flexible Savings Plan allows you to make regular and one-off payments to suit your needs.

You pay in at least £100 or more each month with the option to increase or reduce payments by £10 or more (as long as you keep paying the minimum of £100 per month). You can also make lump sum payments of £500 or more. You can take out £500 or more whenever you want to, as long as you leave at least £500 invested in the plan. This is a savings plan with no fixed term, but we recommend you save for at least five years.

You can invest your money in up to 12 investment funds at any time, from a choice of 17 funds including our Life With Profits Fund. You can also move into one or more different funds at any time, up to 12 times a year. Your Financial Consultant can help you choose the funds that are most suitable for your investment needs. You can find details about the available funds in our fund fact sheets.

Initial and ongoing charges

There is an Initial Advice Charge of up to 3% of each one off or regular payments you make. This is paid to Wesleyan Financial Services to cover the cost of the advice provided when they set up your plan. If, after you have set up your plan, you subsequently make a direct payment or regular payments without taking further advice from Wesleyan Financial Services, the Initial Advice Charge will not payable on that payment.

There is also an Annual Management Charge (AMC), which is a percentage of how much your plan is worth each year. The amount of AMC depends on the fund or funds that you invest in.

We may also charge you for switching your money between different funds.

More details about the charges are shown in our fund factsheets and Key Features Document.

You can take out a Flexible Savings Plan if you're aged 18 or over and are a UK resident for tax purposes.

You can set up the plan so you own it on your own or jointly with someone else. The maximum age for taking out a plan is 74 but if you take the plan out jointly, only one of you needs to be 74 or under. If you die, or if the plan's held jointly, both of the people covered by the plan die, we'll pay out a lump sum of 101% of the plan's value. 

Trust

You can arrange for your plan to be held in trust. Trusts can provide a way of making sure your plan is dealt with in line with your wishes if you die, and can help to reduce the amount of tax which needs to be paid in certain circumstances.

Taxation

Please refer to the 'What about tax?' section in the Key Features document for a summary how tax applies to the plan based on how we currently understand the rules.

Please read the Key Features document for the Flexible Savings Plan for important information about this product.

• Wesleyan Flexible Savings Plan
  

Key Information Documents

We and all providers are required to provide a Key Information Document, or KID for short. Each KID is unique to the product, with key information that customers need to know and understand prior to purchasing the product.

It is not marketing material, it is designed to help you understand the nature, risks, costs and potential gains and losses of this product and to help you compare it with other products. Please use the menu facility to find and download your KID(s).

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