Scottish Widows OEIC Account and Halifax CIP

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You can invest in funds through a Scottish Widows OEIC (Open Ended Investment Company) Account or a Halifax Collective Investment Plan (CIP). You may have opened an account or plan with us, either through a financial adviser or through a branch of Lloyds Bank, Halifax or Bank of Scotland.  
 

Here we explain:

 

  • More about what our Scottish Widows OEIC and Halifax CIP offer
  • How to review your investments
  • What you can do with your OEIC and CIP

WHAT SCOTTISH WIDOWS OEIC ACCOUNT AND HALIFAX CIP OFFERS

Choice

Choice

You can choose from a wide range of investment funds.  Some of our funds offer a mixture of Investment types while others focus on one type of investment. Here’s a list of the funds available: OEIC and CIP Investment Documents. Some funds may not be available to all new customers.

You can invest for growth - where any growth is reinvested back into the funds - or invest for a regular income - where you receive payments from your investment. Or you can do both. 

A fund gives you access to various investments, such as company shares, which are chosen and managed for you by a fund manager.

Flexibility

Flexibility

There’s no minimum or maximum investment period. There’s no charge if you want to take a withdrawal from your OEIC account or CIP but, you may have to pay Capital Gains Tax.

You’re able to switch between funds, currently free of charge. Switching funds means moving the money you have invested in one fund to another. To do this we sell out of the fund you’re currently invested in to invest in another you’ve chosen. This means you may have to pay Capital Gains Tax if your investments have grown in value.

You can use the forms in the link below to switch funds or top-up your current investment.

Scottish Widows OEIC Account
Halifax CIP

Capital Gains Tax is payable if your investments increase in value and you make a gain. You’ll pay tax on the amount of the gain when you sell your investment. The Capital Gains Tax allowance is set by the government each year.

If you sell all your investments in an OEIC Account or CIP, we don’t deduct Capital Gains Tax before we pay it out. You will need to declare this to HM Revenue & Customs (HMRC).

It’s important to remember the value of your investment and any income isn’t guaranteed, your investment can go down as well as up. So, you might get back less than you invested.

Review your investments

Review your investments

If you’ve not reviewed the fund or funds in your OEIC account or CIP for a while, it’s a good idea to take some time to consider if they’re still right for you. 

Here are two things you can do: 

  • Find out how much your investment is currently worth.
    Every year we’ll send you an annual statement, which will tell you how much your OEIC account or CIP is currently worth.  If you’re already registered for our online services, you can request an up to date valuation here. If you’re not registered for our online services, then you can call us for a valuation on 0345 300 2244. We’re available Monday to Friday 9am to 5pm.
  • Look at the funds you’re invested in to see if they’re still suitable.  Your annual statement shows which funds you’re currently investing in. 

Read the Key Investor Information Documents (KIIDs) for each fund here:
Scottish Widows OEIC Account
Halifax CIP

The KIID will give you, among other things, the fund’s objective or aim, what it’s trying to achieve, charges and the fund risk rating. 

It’s important to think about how much risk you’re willing and able to take. This can change over time. The fund’s risk rating can also change.

Our KIID explainer (PDF, 638KB) is an interactive guide to what you can expect to find in each of the sections within the KIID.

NEED HELP UNDERSTANDING YOUR OPTIONS?

NEED HELP UNDERSTANDING YOUR OPTIONS?

For individual or jointly held OEICs and CIP accounts, we'd be happy to help talk you through the different options available to you.

Just give us a call on 0345 300 2244 and ask for the Customer Engagement Team quoting WEB-CET. We're here from Monday to Friday between 9am and 5pm.

What you can do

Change what you're investing in

Change what you're investing in

Call us on 0345 300 2244.  We’re available Monday to Friday 9am to 5pm. We’ll be happy to help you, but we can’t offer you financial advice or give you recommendations about what to invest in.

For a Scottish Widows OEIC Account you can also request a change of funds in writing using the Scottish Widows Unit Trust Managers declaration form (PDF, 664KB).

For a Halifax CIP you can also request a change of funds in writing using the Halifax Investment Fund Managers Limited declaration form (PDF, 770KB). 
 

You may have to pay Capital Gains Tax if you do this.

Top-up your investment

Top-up your investment

Even if you opened your OEIC account or CIP some time ago you can still add money. 

Call us on 0345 300 2244.  We’re available Monday to Friday 9am to 5pm.

When you call us, make sure:

  • you have your account or plan number and bank details to hand.
  • you’ve read the Key Investor Information Documents  for your chosen funds.

For more information you may want to read the Supplementary Investor Information Documents (SIIDs), which summarises important information about your OEIC or CIP. 

Take withdrawals

Take withdrawals

To talk to us about taking a withdrawal from your OEIC account or CIP call us on 0345 300 2244.  We’re available Monday to Friday 9am to 5pm.

You may have to pay Capital Gains Tax when you do this.

Taxation

Inheritance tax

Inheritance tax

When you die, the value of your OEIC or CIP investments may form part of your estate for inheritance tax purposes. The money will remain invested until we receive instructions from your legal representatives.

Tax can be complicated so we recommend you seek specific tax advice. Tax rules can change.

Some of our funds make interest distributions while others make dividend distributions. The tax implications are different for these. 

Interest distributions: These are paid gross without deduction of income tax but they count towards your Personal Savings Allowance. 

The Personal Savings Allowance is set by the government.  It’s the amount you’re able to earn in Savings income tax-free.  The amount depends on whether you’re a basic rate taxpayer or higher rate taxpayer.  For example, no income tax is paid on savings income up to the Personal Savings Allowance of £1,000 (basic rate tax payers) and £500 (higher rate tax payers) but this doesn’t apply to additional rate tax payers.

Dividend distributions: Dividend distributions are classed as taxable income. You may have a liability to pay tax if your dividends go above the dividend allowance in the tax year.

For details of the current dividend allowance, please visit www.gov.uk/tax-on-dividends

What next?

We hope you found this useful, for details about our other products go back to what you can do

Like to understand more about the basics?

For help, go to:

Learn more about investing