RE: HELP1 Apr 2020 00:40
This is a mail HL sent me. Instructions to bed and isa whilst in lockdown.
In a recent communication we let you know that in response to the Coronavirus pandemic we’re considering other steps to help maintain our service in the coming weeks ahead.
Our clients, colleagues and their families are our priority and as we move through this situation, increasingly we’re finding many of us are self-isolating and or looking after our loved ones. With this in mind we’ve been looking to prioritise some of our services. We’ve approached this by looking at what services we offer that can be completed by clients in an alternative way.
As such, from 20 March we’ll no longer be offering a packaged Bed and ISA or Bed and SIPP service. You will still be able to sell investments to fund your ISA or SIPP contribution, but we won’t perform all of the steps on your behalf with a single instruction. This is a temporary measure and we’re sorry for any inconvenience it may cause. We will make sure any Bed & ISA/SIPP applications we’ve received up until 20 March are honoured.
Whilst we can’t offer our Bed & ISA/SIPP service currently, there is another way you can utilise your ISA and/or SIPP with investments held in your Fund and Share Account.
Your options – moving investments to an ISA or SIPP
Log in to your Fund and Share Account then:
Sell your investment – sell the investments you would like to move from your Fund and Share Account
Transfer the cash - once the cash from this sale has settled, go to the Cash tab to transfer the money from your Fund and Share Account to your ISA or SIPP
Buy your investment back in your ISA - using your transferred cash you can buy your investments back within your ISA or SIPP
Important information about Bed and ISAs/SIPPs
Due to the bid offer spread on fund dealing and the charges incurred for share dealing you won’t buy back the same number of shares/units as you’ve sold.
There is a settlement period for equity deals of two working days, and typically four working days for fund deals, you won’t be able to transfer the cash until the stock has settled.
Thank you for your patience and understanding at this time.
This email is not personal advice. If you’re not sure an investment is right for you, seek advice. Once in a SIPP you normally cannot access the money until you’re 55 (57 from 2028). Tax rules can change and the value of any benefits depends on your circumstances.
HARGREAVES LANSDOWN