Making a withdrawal from your plan.

If you are considering making a withdrawal there are a few key points you should think about 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.

It’s also important to think about whether any of the following may affect your financial position:

  • tax charges on any gains made as a result of a withdrawal (not applicable to ISA plans)
  • any income or gains arising on amounts withdrawn from your ISA will no longer be free from personal tax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 ISAs)
  • impact of any guarantees (particularly on Guaranteed Investment Plans and the Capital Protected Option).

To make a withdrawal call us on:

0345 600 0169 (Mon-Fri 8:30am-6pm, Sat 9am-12:30pm)

Financial advice

You can take advantage of a range of financial advice and planning solutions if you have at least £100,000 of savings and investments or a sole annual income of at least £100,000.

Halifax is a division of Bank of Scotland plc. Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh, EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.