The different types of saving and investment products that you can invest in with Scottish Widows and their features and benefits.
What's an OEIC?
What's an OEIC?
An open-ended investment company (OEIC) is a type of fund which gives you access to investments. It may invest in one type of investment, like shares in a company, or several different types of investment.
When you open an OEIC, you decide if you want to focus on investment growth - any growth is reinvested back into the fund - or a regular income - where you receive payments from your OEIC. You can do both by choosing different funds, and you can change this at any time.
You invest in one or more funds. It’s recommended you invest over the medium to long term - at least five to 10 years.
You can receive a regular income.
Some have a guarantee. This means, the investment bond will pay out at least the original amount you invested either when you die, withdraw your investment, or if your bond reaches the end of any fixed investment period it may have. Exit charges may apply.
There are different ways you can take money, which will affect the amount of tax you may pay. Tax treatment depends on your individual circumstances, which may change. Tax rules may also change. Before taking any income, it’s recommended you get advice. A financial adviser will normally charge for any advice given.
This guide (PDF, 105KB) will help you understand the way investment bonds are set up and the different ways you can take your money and what the tax implications are.
A beneficiary is: anyone you choose to leave your money to