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The Clerical Medical Collective Investment Account is an unwrapped product
allowing you to invest in a selection of sub-funds within the HBOS Investment Fund Managers ICVC
(HIFML) OEICs
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 limitations?
| You must be 18 to take out the plan. There is no maximum age. |
| The product can be held jointly, with up to a maximum of 4 plan holders.
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What is the minimum premium amount?
| The minimum premium amounts are:
Single Premiums
- £5,000 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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What payment methods can I use?
| Payments can be made by cheque and electronic transmission for lump sums, and by Direct Debit for regular contributions.
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Can I change my regular investments?
| You can start, increase, decrease or stop regular investments at any time, subject to the above limits.
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Are there any charges?
| There is an initial charge of 4% for all fund options.
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| An annual management charge of up to 1.5% is levied (the amount varies according to fund and the share class selected). |
Can I 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 I withdraw my 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 5th 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
as at 30 April and 31 October each year.
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How to apply
To apply and find out more information about OEICs, 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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