Flexible Savings Plan

Build your investment through regular payments

Why invest in our Flexible Savings Plan?

At Wesleyan, we understand that you want to be flexible with your money. That's why our easy-to-manage Flexible Savings Plan allows you to mix regular and one-off payments to suit you.

  • Invest in a choice of 17 funds, including our flagship With Profits Fund
  • Grow your investment from as little as £100 per month
  • Switch between funds, and top up your investment at any time
  • Can be used in combination with a trust

Please note initial and ongoing charges apply.

Bear in mind the value of investments and any income can go down as well as up and you may get back less than you invest.

How it works

With the Flexible Savings Plan, you can invest in up to 12 investment funds from a choice of 17. Invested in a wide range of asset classes, the funds are professionally managed by our team - named Investment Team of the Year at the Insurance Asset Risk Awards 2020.

While we manage the funds, you control your investment. You can move your money into one or more different funds at any time, making up to 12 fund switches in a 12-month period (switching fees may apply).

You can find details of all the available funds in our fund prices centre. More information on the Flexible Savings Plan can be found in the Key Features Document.

How to invest

To open your Flexible Savings Plan, you’ll need to set-up a regular payment of at least £100 per month. You can increase that payment later if you wish, and you can also make lump-sum top-ups of £500 or more.

Bear in mind that if you’d rather invest a lump sum rather than monthly payments, it might be worth looking at the Capital Investment Bond.

Taking money out

The Flexible Savings Plan is designed for medium to long-term investment, so you should be prepared to invest for at least five years.

That said, you can take money out if you need to. You can take out £500 or more at any point, as long as you leave at least £500 invested in the plan.

Holding your investment in trust

The Flexible Savings Plan can be held in trust, to make sure your plan is treated the way you would wish when you die. This can help with estate management and inheritance tax planning.

For more information on trusts, please speak to a Wesleyan Financial Services Consultant.

Inheritance Tax Planning is not regulated by the Financial Conduct Authority.

Life cover

The Flexible Savings Plan can be taken out alone or as a joint plan. It will therefore cover the lives of one or two people.

We will pay out 101% of the plan's value when you die, or, if it’s a joint plan, when both people covered by the plan die.

Important information

Charges

Initial Advice Charge

When you open your investment through a Wesleyan Financial Services Consultant, an Initial Advice Charge of 3% applies to each one-off or regular payment you make.

If, after setting up your plan, you subsequently make a direct payment without taking further advice, the Initial Advice Charge will not be payable on that payment.

Annual Management Charge

An Annual Management Charge (AMC) applies, which is a percentage of how much your plan is worth each year. The AMC percentage depends on the fund or funds that you invest in, and can be found in the fund factsheets in our fund prices centre.

If you are taking a regular income from your plan, the AMC will increase by 0.3%. 

If you are opted in to Wesleyan Financial Services’ Ongoing Advice Service (OAS), the cost of the OAS will be 0.5% of your plan value each year.

We may also charge you for switching your money between different funds, though the first switch each year is free.

Tax summary

Please refer to the Key Features Document for more details of the tax treatment of the Flexible Savings Plan.

Eligibility

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

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.

Key documents

Please read the following documents before applying: