Thinking of making a withdrawal from your plan?
Read our information below if you are considering making a withdrawal to see what impact it may have.
If you are considering making a withdrawal.....
...there are a few key points you should consider first.
- Your plan should be viewed as a long-term investment to meet your financial objectives over a 5 to 10 year period.
- If you see a decrease in the value of your plan because the stock market has fallen, you don’t actually lose any money unless you make a withdrawal from your plan at that time.
- Consider using money held on deposit in short-term savings accounts before making withdrawals from your long-term plans.
In addition you may also need to establish if any of the following will affect your financial position
- Tax charges on any gains made as a result of a withdrawal (not applicable to ISA Investor)
- Any income or gains arising on amounts withdrawn from your ISA Investor will no longer be free from personal tax
- Loss of any loyalty bonus (which may be available on Personal Investment Plans)
- Movement into higher rate tax band as a result of a withdrawal (not applicable to ISA Investor)
- Impact of any guarantees (particularly on Guaranteed Investment Plans and the Capital Protected Option)
For the following plans:
- ISA Investor
- Collective Investment Plan
- Guaranteed Growth Bond (until Oct 2008)
- Investment Bond
- Bonus Bond
Call 0845 366 1513**
- Personal Investment Plan (invested before the 27th June, 2010)
- Guaranteed Investment Plan
Call 0870 901 0137*
- Personal Investment Plan (invested after the 28th June 2010)
Call 0800 141418 **
- Scottish Widows ISA or OEIC
Call 0845 300 2244 **