By making these changes to how we charge for Unit Linked Funds, the more you save in your ISA(s) or Junior ISA(s) the lower the overall percentage charge (AMC). The new structure for Unit Linked Funds will also ensure a consistent approach in the way charges are applied across all of your accounts in our ISA and Junior ISA products, making it easier for you to compare and understand the different variants, and their charges, available to you.

For Unitised With-Profits Funds, the 12 months special offer allows you to benefit from a reduction in charge during this period.

Individual Savings Accounts (ISAs)

My Choice (ISA), My Easy Choice (ISA), My Ethical Choice (ISA), My Style Choice (ISA), My Tracker Choice (ISA), My Prosperity (ISA), My Sovereign (ISA), My Select (ISA), My Ethical Select (ISA), My Fund Select (ISA), My MoneyBuilder Select (ISA), My Style Select (ISA), My Tracker Select (ISA), My Prime (ISA), My Prime Investment (ISA), My MoneyMaker (ISA), My Life (ISA), My Style (ISA), My MoneyBuilder (ISA), My Options (ISA) and My Smarter (ISA).

Junior Individual Savings Accounts (JISAs)

My Choice (JISA), My Select (JISA), My Ethical Select (JISA) and My ReadyMade (JISA).

Your money will be invested in investment policy within our ISA. The policy then invests in a choice of fund(s) – with a range of varying risk and reward profiles. You can find out more information here.

A mixed managed fund where premiums are pooled with those of other clients and returns are linked to the performance of the underlying assets within the fund. Each policyholder gets a share in the profits through a bonus being added to their policy value You can find out more information here.

We will take a fee (Annual Management Charge) each month to manage your fund. This fee will be deducted by reducing the number of units in your Unit Linked Funds in line with the tiers outlined in this letter. The amount we deduct will depend on your total investment with us. For example, if you have £1,000 in your fund, we will deduct units worth £1.27 over a 31-day month. This works out to an annual fee of 1.5%.

Holdings in the Unitised With-Profits Funds are subject to a reduction in the bonuses declared in the fund, and this is equivalent to a reduction of 1.25%. This reduction is a special offer for 12 months starting in January 2025.

The charging tier(s) upon which your AMC for your Unit Linked Funds will be calculated is only based on the value of your Unit Linked Funds, rather than the combined value of your Unit Linked Funds and Unitised With-Profits Funds, if you’re invested in both.

The 0.25% reduction in your charge for Unitised With-Profits funds applies only to your Unitised With-Profits Funds regardless of the value of your funds within it.

If you have an ISA and are also the registered keeper of a Junior ISA, we do not combine the value of both to determine your charge. The charge for each product type will be based on the individual value of each.

We’ll automatically transition you to the new charging structure for both Unit Linked and Unitised With-Profits Funds.

To ensure we have a single customer record for you across all of your accounts, please contact us if you receive a letter more than once. This might mean you have more than one customer record with us. By merging your records, we can combine the value of all of your Unit Linked Funds to calculate your overall charge, which could reduce your percentage charges.

Please give us a call on 0333 323 5433 (UK) or 3531 800 816 736 (Eire) to discuss this further.

We’ll automatically transition you to the new charging structure for both Unit Linked Funds and Unitised With-Profits Funds.

As the registered contact of more than one Junior ISA policy, you will receive letters about all Junior ISA’s that you are the registered contact for. However, we add together balances by the Junior ISA owner, e.g. a child, not the registered contact when calculating your charges for Unit Linked Funds. This means that if you are the registered contract for multiple children with Junior ISAs, their individual accounts will not be combined to calculate their overall charge.

If an owner, e.g. a child, has more than one Junior ISA with us, then the combined value of their Junior ISAs will be used to determine the appropriate charge.

We’ll automatically transition you to the new charging structure for Unitised With-Profits Funds.

For Unitised With-Profit Funds, the 0.25% reduction in charge will be applied to all of your ISAs and all of those Junior ISAs that you are the registered contract for.

A small amount of the fund is taken to cover the cost of administering it. The charge is 1.5% of the value of your savings each year. For example, if your savings are worth £1,000 there is a charge of £15 each year or 4.1p per day. We take account of this charge in the price of the units, so you don’t need to pay anything extra.

Holdings in the Unitised With-Profits Funds are subject to a reduction in the bonuses declared in the fund, and this is equivalent to a reduction of 1.5% of the fund value each year.

If you’re invested in our My Prime (ISA), you will currently pay an annual management charge (AMC) of 1.5% of the fund value each year. You will currently receive a cash rebate to take your charge down to 0.5% a year if you make a regular contribution of at least £100 or your policy value is greater than £2000.

This rebate will no longer apply when we introduce these changes, and your overall charge could increase, depending on your fund value.

Investments in the My Life, My MoneyBuilder, My Fund Options and My Family Options are currently subject to an initial charge of 5% of each amount invested. Investments in the My MoneyMaker are currently subject to an initial charge of 50% of each amount invested during the first two years subject to a maximum charge of £30 per month.

All initial charges to My MoneyMaker, My Life, My MoneyBuilder, My Fund Options and My Family Options policies will cease and payments into these policies will no longer be subject to this charge

You have the right to close or transfer your policy at any time.

For withdrawals from a Junior ISA it’s important to note that funds cannot be withdrawn until the child turns 18.

For transfers, your new provider should initiate this via a transfer out request.

For withdrawals, you can do this through MyPlans if you’re already registered. If you’re not registered yet, you can sign up via Scottish Friendly My Plans - Online Registration.

Alternatively, contact us on 0333 323 5433 (UK) or 3531 800 816 736 (Eire).