With Profits ISA - Existing Customers

The Wesleyan With Profits ISA is a stocks and shares ISA designed for those who are willing to invest for a minimum of five years. It allows you to gain the tax advantages of an ISA whilst also investing in our With Profits ISA Fund.

The With Profits ISA Fund

The With Profits ISA Fund aims to provide capital growth over a medium- to long-term period by investing in a range of different assets. The fund differs from most investment funds in two respects. Firstly, our profits are distributed to customers through the fund, so you can share in our financial success. Secondly, the fund aims to reduce the impact of sharp rises and falls in market returns by 'smoothing' the return you receive. For more information, please read the 'How Our With Profits Fund Works' booklet and the With Profits ISA fund factsheet. You can also visit our With Profits Fund page.

Wesleyan's With Profits Fund was rated top in its peer group of 5 funds for investment returns over a five-year period in a report by Barnett Waddingham, a leading independent UK consultancy service. It is managed by a team that won "Investment Team of the Year" at the Insurance Asset Risk Awards 2020.

ISAs & Tax

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

If your spouse or civil partner died on or after 3 December 2014 you may be entitled to an additional ISA allowance called an Additional Permitted Subscription.

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.

Charges

You can invest in your ISA with or without advice from Wesleyan Financial Services (WFS). If you now instruct us to do so online, over the phone or in writing without the help of a Financial Consultant, you will pay no initial charge for that investment. If you receive advice, an Initial Advice Charge (IAC) of up to 3% will apply, to cover the cost of the advice provided.

An ongoing Annual Management Charge (AMC) applies. This will vary based on the version of the With Profits ISA that you hold, and also your opt in/out status for the Ongoing Advice Service (OAS) provided by WFS. If you are unsure of either, please contact us. The AMC is as follows:

Further background information on charges is available in the Key Features Document. These vary by product version and are periodically updated to reflect changes in how we manage this product. The Key Documents tab has the latest versions.

Important information

Before topping up or transferring in to your With Profits ISA, please read the following information:

• A maximum age limit may apply. Please consult your Key Features Document if you are over the age of 74 to find out if your product version allows you to make a top up.
• For regular payments, the minimum monthly subscription is £50 per month. The minimum monthly increase for an existing regular payment is £10.
• For lump sum payments, the minimum top up is £500.
• You can invest in a stocks and shares ISA, cash ISA, Innovative Finance ISA or a Lifetime ISA or combination of all four in the same tax year - subject to maximum investment limits set by HM Revenue & Customs (£20,000 overall, of which up to £4,000 can be invested into a Lifetime ISA in the 2021/2022 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).
• 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. If you cancel a top up, you may get back less than you paid in.
• The value of investments can go down as well as up and you may get back less than you invest.
  

There are three versions of our With Profits ISA. If you have a v9 ISA, it will say 'v9' on your Plan Document and schedule(s). If it doesn't say this, you have a v8 ISA if you opened your account on or after 31st December 2012, and a v1 ISA if you opened your account before this date.

The Key Features Documents (KFDs), Plan Documents and terms and conditions for each type of ISA are provided below. The KFDs apply for investments made without taking advice. For a copy of an advised KFD, please ask your Financial Consultant.

• Key Features Document for v9 ISAs
• Key Features Document for v8 ISAs
• Key Features Document for v1 ISAs
• Plan Document and terms and conditions for v9 ISAs
• Plan Document and terms and conditions for v1 and v8 ISAs

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, and includes key information that you 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. You can find and download your KID(s) here.

The following documents are also available for further information:

• How our With Profit Fund works
• With Profits Fund Factsheet
• A Quick Guide to Investing

You may want to download these documents to refer to in the future.