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Investments FAQs (OEICs & ISAs)

Frequently Asked Questions

It's important to think about why you originally invested in your OEIC/ISA. Both are designed to give you the potential for medium to long-term growth (at least five to ten years) and the flexibility to change your investment whenever you need to. Each can also provide potentially tax-efficient regular withdrawals to supplement your income when you need it. This means the OEIC/ISA can adapt as your financial needs change.

What benefits do I have?

ISAs, or individual savings accounts, are a flexible, tax-efficient way to save or invest and our stocks and shares ISAs could protect any money you make from the tax man.

Open Ended Investment Companies (or OEICs) are a popular way to invest in the stock market. Our OEICs let you make a single payment or invest monthly.

Tax rules can change.

How can I change where I'm invested?

You can do this by moving your investment from one or more funds to a different fund or funds. Your OEIC allows you to change where your money is invested. A wide range of funds is available for you to choose from. There may be a charge for switching between funds (please see the Supplementary Investor Information Document for the product you're invested in and the relevant Key Investor Information Document(s) for the fund(s) you're invested in for more information). Investing in an OEIC fund means you can choose to aim for income from your investment or capital growth, or a combination of both. If your needs have changed, you can change the funds and shares you're invested in.

I want to top up my investment, what should I do?

If you want to increase your regular payments into an OEIC or ISA please send us a signed letter to the address below, including your Scottish Widows account number. If you want to add a lump sum to your OEIC or ISA, please call us on 0345 300 2244. Minimum investment amounts will apply for all top-ups. Please speak to your financial adviser or refer to your key features document or supplementary investor information document for full details. Remember we need two signatures for joint holdings.

Scottish Widows Unit Trust Managers Ltd.
PO Box 28015,
15 Dalkeith Road,
Edinburgh,
EH16 5WL

If you have an ISA, it's important to note that you need to adhere to the ISA allowance limits set by the Government (HM Treasury) each tax year.

  • For details of the current ISA allowance limits, please see HMRC's website
  • You can have a cash ISA with one provider, a stocks and shares ISA with the same or a different provider, and an innovative finance ISA with the same or a different provider. You can't invest into two ISAs of the same type in the same tax year.
  • Scottish Widows is a stocks and shares ISA provider.

The value of your investment and any income from it is not guaranteed and can go down as well as up. You may not get back the original amount you invested.

I need to change my bank account details, what is the process?

If you want to change the account we collect your direct debit from, please call us on 0345 300 2244 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday).

If you want to change the account we are paying your income to, please send us a letter informing us of the new bank account number, sort code and name of account. Note: we need both signatures for a joint holding.

Our address is:

Scottish Widows Unit Trust Managers Ltd.
PO Box 28015,
15 Dalkeith Road,
Edinburgh
EH16 5WL

I have moved house, how do I update my address details?

In order to update your address, we will require a signed letter from you, quoting your Scottish Widows OEIC/ISA number with your new address. Note - We would require both signatures for a joint holding.

Our address is:

Scottish Widows Unit Trust Managers Ltd.
PO Box 28015,
15 Dalkeith Road,
Edinburgh
EH16 5WL

My circumstances have changed, who should I speak to?

Please speak to your usual financial adviser or call us on 0345 767 8910 (Open 9am to 8pm weekdays, 9am to 1pm Saturday). Alternatively, you can find an IFA in your area at www.unbiased.co.uk.

I want to surrender my policy, what should I do?

If you wish to surrender your policy, please call us on 0345 300 2244 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday) in the first instance. We can then discuss further and confirm next steps depending on your contract type.

Don't forget that you don't have to cash in all of your investment – you could take out just the money you need right now and leave the rest invested.

I want to reduce my payments, what should I do?

If you wish to reduce your payments, please call us on 0345 300 2244 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday) in the first instance. We can then discuss further and confirm next steps depending on your contract type.

I want to restart my regular payments, what should I do?

If you want to restart your regular payments into an OEIC, please send us a signed letter (including your Scottish Widows' account number) to: Scottish Widows Unit Trust Managers Ltd, 15 Dalkeith Road, Edinburgh EH16 5WL or call us on 0345 300 2244 (open 8am to 6pm weekdays, 9am to 12.30pm Saturdays).

I can't afford my premium, what do I do?

If you can't afford your premium, please call us on 0345 300 2244 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday) in the first instance. We can then discuss next steps depending on your contract type

Why save in an investment plan?

Everyone's circumstance is different and there are many reasons to save:

  • To protect you from life's uncertainties ('saving for a rainy day')
  • For a special occasion (e.g. a wedding, child's education, holiday etc)
  • To improve your quality of life when you retire.

There are also many different ways to save:

  • A bank or building society deposit
  • Buying individual stocks and shares ('playing the stockmarket')
  • Investment products (eg OEICs and ISAs).

When deciding where to save, there are a number of 'rules' you need to consider:

  • Don't put all your eggs in one basket. Make sure that you have different types of investments.
  • You should always set aside some money that you can easily get your hands on, just in case something unexpected happens.
  • Generally the better the return on offer, the higher the risk that you may lose some or all of your money.
  • When taking out / buying an investment product, you should be prepared to save for the medium to long term (i.e. at least five to ten years) This can help average out the highs and lows of the stock markets.
  • Our investment products have a variety of features such as fund switching, regular withdrawals, ad hoc withdrawals. Some products such as With-Profits Bonds also have valuable guarantees.
  • You should also be aware of the tax implications should you consider withdrawing any monies. We always recommend you seek advice if you believe your circumstances or investment goals have changed or you are considering taking any action on your policy. The value of the tax benefits of your plan depend on your individual circumstances. Your circumstances and tax rules may change in the future.
  • In today's economic climate you can reduce the impact of the volatile markets by ensuring your investments are spread across different asset classes.

Scottish Widows investment products are designed to help you with your future savings.

Useful links:

When making any changes to your investments, you should seek financial advice. If you don't have a financial adviser, you can find one local to you by visiting www.unbiased.co.uk, who are responsible for promoting financial advice in the UK.

Find out more about market conditions and your investments.

For more information read our introduction to diversification in multi-asset funds guide.