Switching can be very beneficial, although from time to time it will point you to funds which you may find too risky. Check out the switching history page to judge for yourself.
Do I have to change company when I switch ?
NO. The fundrider system is designed to find a fund within the company and product you already have, and does not calculate one company’s range of funds against another company’s range.
How much does it cost to switch and are there any tax implications ?
With Pensions, Insurance and Off - Shore funds, The first switch in a policy year is normally free. Additional switches usually cost around £20. There are no tax implications.
PEP’s and ISA’s vary but around 1% is not unusual. Again there are no tax implications.
Open Ended Investment Company’s (OEIC’s) and Unit Trust’s also vary and again around 1% of the fund is fairly normal. They are subject to Capital Gains Tax for private individuals.
How often will I have to switch and how do I do it ?
It varies. Millions of calculations are made every working day which may signal a switch two or three times one year and then perhaps no change for quite a long time. You can get an idea from the ‘switching history’ section.
Your investment company will usually have a specific form and they will send you a few if you ask them. Most will accept a letter from you and you will find a suitable example in the Print Forms section once you have logged in. Some companies allow you to switch on line. As this facility becomes more common you will be able to click straight to those companies from this site and switch on line. Your financial advisor should help if you are having trouble.
