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The Clerical Medical Investment ISA is a Stocks and Shares ISA, which allows you to invest up
to £7,200 in each tax year.
Please note ISA limits are changing from 6 October 2009.If you'll be 50 or over by 5 April 2010, from 6 October 2009 your ISA limit increases to £10,200 in this tax year, with up to £5,100 in cash and the remainder in stocks and shares.
The investment is made into a selection of sub-funds within the HBOS Investment Fund Managers ICVC (HIFML) OEICs.
For the tax year 2010/11 starting on 6 April 2010, this new higher limit will apply to all eligible ISA investors.
What does the product offer?
| The product offers a range of professionally managed funds, offering the opportunity
to invest in funds which offer income options, capital growth or a combination of income
and growth.
In total, there are 36 funds available and you can check the daily fund prices here. |
Are there any restrictions?
| You must be 18 to take out the plan. There is no maximum age. |
| The minimum premium amounts are:
Single Premiums
- £1,000 for stand alone singles to accumulation or income contributions
- £500 for increments to accumulation or income products
Regular Premiums
- £250 per month for regular contributions (regular contributions can only be used to purchase accumulation shares)
- A minimum premium of £10 per month per fund applies
- £10 per month for increments to regular contributions
- For regular investments a maximum of 10 funds can be selected at any time
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How can you make payments?
| Payments can be made by cheque and electronic transmission for lump sums, and by Direct Debit for regular contributions. |
| You can start, increase, decrease or stop regular investments at any time, subject to the above limits. |
Are there any charges?
The product charges are as follows:
- There is an initial charge of 4% for all fund options
- An annual management charge of up to 1.5% is levied (the amount varies according to fund and the share class selected)
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Can you switch between funds once they have been set up?
Switching is permitted between funds, subject to the following:
- The minimum switch amount is £250
- The minimum residual fund value is £10
- There are no charges for switches
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Can you withdraw your money?
A withdrawal facility is offered subject to the following:
Partial (ad hoc) withdrawals:
- The minimum withdrawal amount is £250
- The minimum residual plan value after a withdrawal is £500
- There are no charges for partial withdrawals
Regular withdrawals:
- Can be taken on a monthly, quarterly or annual basis
- The minimum residual plan value after a withdrawal is £500
- Withdrawals are paid on the 15th of the month
- There are no charges for regular withdrawals
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When will I receive a statement?
| Half yearly statements are issued, showing the value of your Investment
ISA as at 31 December and 30 June each year.
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How to apply
To apply and find out more information about ISAs, please contact your financial adviser.
Please note: The value of the investment can go down as well as up as a result
of market movements. You may get back less than you invested. If the level of income
withdrawn is greater than any growth achieved your plan value will reduce.
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