More information about your ISA transfer
All transfers to a Retiready ISA will be made in cash. This means if you're invested in a stocks and shares ISA, you won't be invested for a period of time.
Important things to consider
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Transferring ISAs may not be the best option for you. It’s up to you to decide if this is the right decision for you – so make sure you compare products before transferring. If you’re not sure, speak to a financial adviser – there may be a charge for this. If you don't have a financial adviser, you can visit moneyhelper.org.uk/choosing-a-financial-adviser to find the right one for you.
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Your current provider may charge a fee, or there may be penalties for transferring your ISA. You should check this with them.
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Your ISA will be transferred in cash. This means if you're invested in a stocks and shares ISA, you won't be invested for a period of time.
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You can choose to transfer some or all of your savings from previous years but if you want to transfer any current year savings, you'll have to transfer the full current year amount as we don't support the partial transfer of current year subscriptions. Transferring doesn't affect your annual ISA allowance. You can transfer as many ISAs as you want to your Retiready ISA. If you're transferring from a flexible ISA, you'll lose the ability to replace any withdrawals made before the transfer. To avoid losing this ability, you'll need to repay the amount withdrawn before transferring to your Retiready ISA.
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If your ISA is a flexible ISA, you can replace any eligible ISA withdrawals within the same ISA in the same tax year without using your current year's allowance. Otherwise, any money you take out of an ISA can't be paid back in.
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Using the transfer process instead of withdrawing your money from your existing ISA to open a new ISA means that you'll not use your ISA allowance, and you'll also maintain the ISA tax benefits on your ISA savings. The value of any tax benefits will depend on individual circumstances. The favourable tax treatment of ISAs may not be maintained in the future and is subject to changes in legislation.
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The value of a stocks and shares ISA can fall as well as rise and isn't guaranteed. You may get back less than you invest. An investment in a stocks and shares ISA will not provide the same security of capital associated with a cash ISA.
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If you're transferring from a cash ISA to our stocks and shares ISA, you're actually transferring between two very different products. In a cash ISA your money is held on deposit, but in a stocks and shares ISA the value can fall as well as rise.
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Although our stocks and shares ISA has no fixed term, you should be prepared to remain invested for at least five years ideally longer.
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Any new funds you move your money into will have their own set of risks that will be detailed in the fund information available to you. As with any investment, there's no certainty your Retiready ISA will perform better than your existing one.
About the transfer process
We make it simple.
- First, complete the initial application online, it's quick and easy to complete.
- Complete and return your Transfer Authority form to us.
- We contact your existing provider for you.
- Your existing provider makes the transfer and we send you confirmation when it's complete.
The transfer process normally takes around two to six weeks. But it could depend on a few things.
- The type of assets you're invested in.
- The timescales of your current provider.
- If you're required to complete paperwork.
Information you'll need to provide
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Details of your current provider and the plan number you want to transfer
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Type of ISA you want to transfer
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Amount you want to transfer