If you’d like to stay invested with a portfolio that’s managed for you, you can move from your LifePlan Portfolio to a Managed portfolio.
How do I move to a new Managed portfolio?
You don’t need to sell your investments manually. When you move money out of a LifePlan Portfolio, we’ll automatically sell the required amount for you.
Step 1. Create a Managed portfolio
Before moving your money, you’ll need to set up a Managed Portfolio.
To do this, log in to your InvestEngine account, select “Create portfolio”, select your product “GIA, ISA, or SIPP”, and choose the Managed option.
An introductory page will walk you through completing the risk questionnaire.
Once you have completed the risk questionnaire, InvestEngine has recommended and you have confirmed your new Managed portfolio, it will be ready to receive funds.
Step 2. Move money from your LifePlan Portfolio
Next, go to your LifePlan Portfolio and select “Options”, then “Move Cash Out”.
Enter the amount you’d like to move, choose your Managed Portfolio as the destination, and confirm the transfer.
At this point, we’ll automatically sell the necessary investments in your LifePlan Portfolio to generate the cash.
Step 3. What happens next
Once you’ve submitted your request, we’ll place the sell order for you. This usually happens on the same day if the request is made before the trading cut-off (2pm).
After your investments are sold, the cash needs to go through a settlement period before it can be moved.
Step 4. Waiting for settlement
Settlement is the time it takes for a trade to fully complete. This usually takes around 2 working days.
During this time, the cash won’t be available yet. Once settlement is complete, the money will be ready to move.
Step 5. Receiving your money in your Managed Portfolio
After the cash has settled, it will automatically be invested and appear in your Managed portfolio.
How long does it take
In most cases, after you select “Move Cash Out” and your LifePlan investments are sold, it normally takes around 2 working days for your money to be re-invested in your Managed portfolio.
It can take a little longer if your request is made after the trading cut-off, or over weekends and bank holidays.
Important things to know
You don’t need to sell anything yourself. When you request to move money, we handle the sale automatically.
The tax treatment of any investment sale or placing funds into another wrapper depends on your individual circumstances, including the nature of the original investment and your wider tax position. We are not able to give you tax advice. Before making any changes, you may wish to speak to HMRC or an independent tax adviser to help you decide which option will best suit your needs.
You’ll need to wait for settlement before the money becomes available. This is a standard part of investing.
Any new money sent to your LifePlan account after its closure, including direct debits, bank transfers or SIPP rebates, will be held in cash and won’t be invested. Please remember that cash held on our platform does not earn interest.
Money moved into a Managed portfolio will be automatically invested into the Managed portfolio recommended to you.
Each ETF has an ongoing cost, known as the Total Expense Ratio (TER). This is built into the fund and reflected in its performance.
A charge of 0.25% per year applies for our Managed service. ETF costs also apply.
Capital at risk. The value of your portfolio with InvestEngine can go down as well as up. You may get back less than you invest. Past performance is not a reliable indicator of future results.
This communication is for general information only and does not constitute personal advice. If in doubt you may wish to consult a professional adviser for guidance.