Time for a top-up?
If you've not yet made the most of your £20,000 tax-free ISA allowance for 2021/2022, you can top up your With Profits ISA quickly and easily online. You can add a lump sum of £500 or more at any time, or you can set monthly payments to maximise your allowance.
Bear in mind the value of investments and any income can go down as well as up, so you could get back less than you invest.
Just looking for a document? You’ll find all the With Profits ISA key documents here.
Transferring in from another ISA
If you want to transfer money from an existing ISA into your With Profits ISA, call us on 0121 200 9341. We're open Monday to Friday, 9am to 5pm.
You’ll need to be transferring at least £500. If you want to transfer money you've invested during the current tax year, you must transfer all of it.
If you don’t have a With Profits ISA yet, and you want to open one with a transfer, you’ll need to do this via a Wesleyan Financial Services Consultant.
Please note that when you invest with the help of a Financial Consultant, an initial advice charge of up to 3% will apply, to cover the cost of the advice provided.
Why continue to invest in your With Profits ISA?
In a report by Barnett Waddingham, a leading independent UK consultancy service, Wesleyan's With Profits Fund was rated first out of 20* funds for overall performance over a five-year period. The fund is managed by a team that won 'Investment Team of the Year' at the Insurance Asset Risk Awards 2020.
* only 20 of 65 funds provided five-year net return data for comparison
While all investments are subject to market volatility, the With Profits ISA Fund aims to reduce the impact of sharp rises and falls in market returns by 'smoothing' the returns you receive. For a reminder on how smoothing works, please read the How Our With Profits Fund Works booklet.
When you top up online, you will not receive any investment advice or personal recommendation from us. If you would like advice, please book an appointment with a Wesleyan Financial Services Consultant (a 3% initial advice charge will apply).
Before you top up, please check the information below and refamilarise yourself with your policy document, which may have been updated since you last read it.
When you top up your ISA online, there’s no initial charge to pay on your top-up amount.
If you invest with the help of a Financial Consultant, an initial advice charge of up to 3% will apply, to cover the cost of the advice provided.
An ongoing Annual Management Charge (AMC) applies to all our With Profits ISAs. The charge you pay will depend on which version of the With Profits ISA you hold, and whether you are opted into the Ongoing Advice Service (OAS) provided by Wesleyan Financial Services.
Annual Management Charges (AMC)
v1 ISAs first opened on or before 30th December 2012
Annual Management Charge (AMC) with OAS - 1.5%
Annual Management Charge (AMC) without OAS - 1.0%
v8 and v9 ISAs first opened on or after 31st December 2012
Annual Management Charge (AMC) with OAS - 1.7%
Annual Management Charge (AMC) without OAS - 1.2%
Which version of the With Profits ISA do I have?
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.
What is the OAS?
Opting in to our Ongoing Advice Service (OAS) means your Financial Consultant will provide pro-active advice and guidance on any relevant changes to taxation, regulations or your professional entitlement, to ensure this product (and any other Wesleyan products you hold) remains right for you.
ISAs and tax rules
Before topping up or transferring in to your With Profits ISA, please read the following information. This is based on current understanding of legislation and tax treatment, which can change in the future:
- You will have no personal Income Tax or Capital Gains tax to pay on income or growth within the With Profits ISA Fund.
- 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 (£20,000 overall, of which up to £4,000 can be invested into a Lifetime ISA in the 2021/22 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 about your top-up. 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.
- 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. Please speak to a Wesleyan Financial Services Consultant if this affects you.
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 just ask your Wesleyan Financial Services Consultant.