For customers who opened accounts before 2022.
If your Stocks and Shares Individual Savings Account (ISA) and/or Investment Account is affected by these changes, you will receive an information pack in the post over the coming weeks that gives you advance notice that your investment is closing on 4 March 2024 (the Redemption Date). We will explain your options and what you need to do next.
You may recall our communications over the last two years informing you that holding your investment with us is not a long-term option. Over the coming weeks, you will receive an information pack in the post, notifying you that your ISA and/or Investment Account is closing on 4 March 2024.
Importantly, we explain your options for the future of your investment, what you need to do if you wish to keep your money invested, and any tax implications that may apply.
If you do not choose any of the options available before the Redemption Date, we will sell your investments and close your account on 4 March 2024 (the Redemption Date). If we are unable to pay your money because we are awaiting outstanding information from you, we will hold your money in a non-interest-bearing account until we have received all our requirements. At that time, we can pay your money to you.
You should be aware that there may be tax implications if we close your investment(s) on the Redemption Date:
- For holders of the ISA: If we close your ISA, you will lose any tax benefits that holding your money in an ISA may provide.
- For holders of the Investment Account: This will be a disposal for capital gains tax purposes and, if a gain arises, you may be liable to capital gains tax.
If you invested with us before 2022 and continue to hold one or more of the investments listed below, we will be sending you an information pack in the post over the coming weeks.
Please read the contents carefully, as it gives you advance notice, required under the terms of your investment, that we, Legal & General (Unit Trust Managers) Limited, intend to close your ISA and/or Investment Account on 4 March 2024. Where possible, we will return your money to you. Importantly, the covering letter may ask you for additional information, such as your current bank details, so that we can return your money directly to your nominated bank account.
The investments affected were opened before 2022 and are:
- Stocks and Shares ISA: Closing on 4 March 2024 (the Redemption Date).
- Investment Account: Closing on 4 March 2024 (the Redemption Date).
Important note: If you have not received an information pack from us in the post by the end of October 2023, please contact us
Importantly, if you are unclear about what you should do about the future of your investment(s), we recommend that you speak to an independent financial adviser.
If you are a UK resident, you can find a full list of authorised financial advisers in your area at unbiased.co.uk
If you live overseas, we recommend that you seek advice or guidance from a financial adviser or tax professional in your country of residence.
Leading up to the closure of these investments, we will be making some other service changes.
From 1 December 2023, you will no longer be able to:
- Investment Account - Top-up, continue paying by direct debit, or make single payments into it.
- Investment Account and/or ISA - Make any partial withdrawals or partial transfers.
And, if you are a user of My Account online services, these will be reduced.
Note: You have not been able to top-up or pay by direct debit into your ISA investment since April 2022.
Additionally, from 1 December 2023 your charge(s) may be significantly reduced. If your investment is impacted by this change to charges, we have included a personalised illustration of charges in your information pack.
Please see your information pack for full personalised details about how your investment will be affected by these changes.
Get in touch
If you have any questions about these changes, please call our telephone helpline on:
0370 998 0010
+44 (0) 2920 276 998
Open Monday – Friday 9am – 5pm. Call charges will vary for international calls. We will record and monitor calls.
Please have your information pack and your client number to hand when you call.
Please note that this helpline is only for questions about the closure of this Stocks and Shares ISA and Investment Account. If you have any other questions, please contact the customer services team in the usual way (see the contact details shown on your previous correspondence or contact us here.
Alternatively, you can email us with any questions at firstname.lastname@example.org
Please remember the value of your investment and any income from it may fall as well as rise and is not guaranteed. You may get back less than you invest. Tax rules may change in the future. Tax benefits depend on your individual circumstances.