Closure of the Aberdeen Investment Trusts Saving Plans
Please note that if you are transferring to a New Provider the deadline for us receiving instructions to transfer was 7 November 2023. Any new requests received after that date will be returned as we will be unable to complete the transfer prior to the closure of the abrdn Plans on 8 December 2023. Please submit your request to transfer out to interactive investor from 11 December 2023 onward.
Following a review of the products and services offered by the abrdn group of companies (the ‘abrdn Group’), we have decided to close our Investment Trust Saving Plans (the ‘Plans’) in December 2023.
The Plans comprise of the following investment products:
• abrdn Investment Trusts Share Plan,
• abrdn Investment Trusts ISA and
• abrdn Investment Trusts Investment Plan for Children.
This means that the Plans are closed to new investors from 29th June 2023. In addition, it will not be possible for existing investors to remain invested via the Plans. If you are an existing investor, you will need to choose how you want to proceed by completing an online Consent Form (link below) OR replying to the letter you received in the mail as soon as possible.
Online Consent FormOpens in new windowThe Plans comprise of the following investment products:
• abrdn Investment Trusts Share Plan,
• abrdn Investment Trusts ISA and
• abrdn Investment Trusts Investment Plan for Children.
This means that the Plans are closed to new investors from 29th June 2023. In addition, it will not be possible for existing investors to remain invested via the Plans. If you are an existing investor, you will need to choose how you want to proceed by completing an online Consent Form (link below) OR replying to the letter you received in the mail as soon as possible.
The Plans are expected to close on 8 December 2023. Please refer to the 'Key Dates' tab below for important dates in the migration process.
Your options
Option 1 – Transfer your holdings to interactive investor (also known as ‘ii’)
interactive investor (ii) is a member of the abrdn Group, so you can transfer your existing investments from the Plans to the investment platform operated by ii.
Click here to view a booklet which sets out the key features of ii’s service offering and how it compares to the service you currently have. You can access ii’s Terms of Service on their website at www.ii.co.uk/legal-terms. These are subject to change. If you require a printed copy of this document, please let us know.
We encourage you to review the ii offering and consider whether it meets your needs. ii’s services carry an ongoing monthly subscription fee which your Plans do not. If you are not an existing ii customer, ii will be offering a subscription fee-free period to you of a minimum of 6 months, depending upon the value of your investments at the time we transfer your holdings to ii. ii’s standard costs for your chosen service will apply thereafter. There is no penalty for leaving the ii service other than standard trading costs.
If you select this option, ii will be in touch with you later this year to explain the transfer process in detail.
Click here to view a booklet which sets out the key features of ii’s service offering and how it compares to the service you currently have. You can access ii’s Terms of Service on their website at www.ii.co.uk/legal-terms. These are subject to change. If you require a printed copy of this document, please let us know.
We encourage you to review the ii offering and consider whether it meets your needs. ii’s services carry an ongoing monthly subscription fee which your Plans do not. If you are not an existing ii customer, ii will be offering a subscription fee-free period to you of a minimum of 6 months, depending upon the value of your investments at the time we transfer your holdings to ii. ii’s standard costs for your chosen service will apply thereafter. There is no penalty for leaving the ii service other than standard trading costs.
If you select this option, ii will be in touch with you later this year to explain the transfer process in detail.
Option 2 – Transfer your investments to an alternative platform provider
You can transfer your investments to an alternative platform provider (‘New Provider’). Please note that the New Provider may not accept your investments which means that they would need to be sold and you may incur tax charges. You would be out of market until you select another investment offered by your New Provider. The New Provider may also apply different charges.
To initiate a transfer, please contact your New Provider and they will liaise with us to transfer your holdings to them. You need to contact the New Provider by 31 October 2023. Your current abrdn Investments Limited withdrawal fees will apply.
To initiate a transfer, please contact your New Provider and they will liaise with us to transfer your holdings to them. You need to contact the New Provider by 31 October 2023. Your current abrdn Investments Limited withdrawal fees will apply.
Option 3 – Sell your investments
If you wish to sell your investments, please send a clear instruction signed by all account holders to the address at the foot of this letter. Your current abrdn Investments Limited withdrawal fees will apply.
If you hold an abrdn Investment Trust Share Plan and/or Investment Plan for Children, you may incur a Capital Gains Tax liability. Please contact your tax advisor should you have any concerns.
If you hold an abrdn Investment Trust Share Plan and/or Investment Plan for Children, you may incur a Capital Gains Tax liability. Please contact your tax advisor should you have any concerns.
Let us know what you want to do
Once you have had the opportunity to review the proposals, please let us know which option you want to choose by completing a Consent Form online or by returning the form sent to you in the mail.
What happens next?
If you are happy to proceed with the transfer to ii, we will arrange to share your details with them. ii will then be in touch ahead of the transfer date to welcome you to their services and ensure you are set up and ready to access your account on day one.
PLEASE NOTE that if you have not informed us of your chosen option by 5 December 2023, we will automatically transfer your investments to ii. Please complete a Consent Form so that we know what you want to happen with your investments.
PLEASE NOTE that if you have not informed us of your chosen option by 5 December 2023, we will automatically transfer your investments to ii. Please complete a Consent Form so that we know what you want to happen with your investments.