Frequently Asked Questions
You will have 14 days from the date of receipt of details of your cancellation rights to change your mind and cancel your investment.
Following the 14 day period any early encashment will result in an Early Exit Fee (including in the event of death) and so you will get back less that you initally invested.
Please see the General
Terms & Conditions for details relating to your cancellation rights (clause 5) and early encashment (clause 6).
What if I am dissatisfied?
In the case of a complaint about any aspect of the Plan, please contact the Account Manager. If your complaint is not dealt with to your satisfaction you can contact the Financial Ombudsman Service. Please see clause 3 of the
General Terms & Conditions for more details.
What happens following the Plan Maturity Date?
You will receive the full repayment of your Initial Investment plus any applicable return (including any bonus, if applicable). You will be contacted prior to the Plan Maturity Date to determine what you wish to do with the proceeds of your Account.
If you invest in the Plan via a Cash ISA and/or a Cash ISA transfer, any payments made to you under the Plan will be free from UK tax.
If you invest in the Plan via a Direct Deposit Account, any payments to you under the Plan (other than the repayment of capital) will be taxable income in the year that it is paid and will be subject to tax at your marginal rate.
Payments to you subject to income tax will be made net of tax deducted at source at the basic rate (currently 20%). If you are a higher rate tax payer you will have a further 20% liability to HM Revenue and Customs. Basic rate tax payers will have no further liability to tax. If you have provided a valid declaration on either of HM Revenue and Customs forms R85 or R105 you will receive the full amount of any such payment without deduction of tax.
For companies, self invested personal pension schemes (SIPPs) and charities interest may be paid gross without the deduction of tax. For a description of the tax treatment of bare trust applications please see the relevant application form.
For further details, please see ‘Taxation’ and ‘Risk Factors’ in the Key Facts section of the product brochure.
What happens if I die prior to the Plan Maturity Date?
Your Account may lose its ISA status (if applicable) and may be terminated on the instruction of your personal representative with the proceeds being the Early Termination Amount. The Early Termination Amount will be your Initial Investment less an Early Exit Fee.
Your Account can be left to run to maturity as outlined below with no fee charged.
If the Account is held in:
- your sole name, your Account may be transferred by your personal representative into the name(s) of your beneficiaries.
- joint names where one of the account holders dies, the Account may be transferred into the survivor's sole name.
Partial withdrawals or encashments are not allowed.