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VitalityInvest to give back first year of product charges

When clients start a new VitalityInvest Stocks and Shares ISA, Junior ISA or Retirement Plan by 5 April we’ll give back their first year of product charges


Clients taking out a new VitalityInvest ISA, Junior ISA or Retirement Plan will have their first year’s product charges refunded after 12 months.

The offer is for new customers who open a VitalityInvest Stocks and Shares ISA, Junior ISA or Retirement Plan by 5 April 2019. At the end of the first-year customers will receive back the product charges.

It is available for a limited period and applies to new plans opened for a minimum investment period of 12 months, with a minimum initial investment of £5,000 as a lump sum or transfer, or regular payments of £200 a month or more. If clients transfer their drawdown plan, the transfer value will need to be at least £25,000. The VitalityInvest Retirement Plan is only available through a financial adviser.

For example, clients who invest £20,000 in a VitalityInvest Stocks and Shares ISA, after 12 months, could get £100 back in product charge savings. Clients who open a plan by transferring £50,000 of their retirement savings into a VitalityInvest Retirement Plan, after 12 months, could get back £230 in product charge savings*.

Roy McLoughlin, Independent Financial Adviser and Associate Director, Cavendish Ware said: “ISAs are such an important mass market product, yet many people still need guidance, advice and a nudge in the right direction – so this new offer from Vitality is very welcome. Combined with Vitality’s healthy living programme the combination works well and a first-year incentive on a refund of charges makes this a very attractive investment proposition.”

Justin Taurog, VitalityInvest Deputy CEO, commented: “We work continuously on bringing innovative ways and incentives to encourage customers to invest, save towards a financially independent future, while enjoying the wide range of benefits that we offer. This is one more way of helping them live longer, healthier and be more financially secure. “To continue saving money on product charges throughout the plan term, clients can also take advantage of the Healthy Living Discount. It’s one more way we help clients live longer, healthier, more financially secure lives. If clients have a qualifying* VitalityHealth or VitalityLife plan, invest in our Vitality funds and takes part in our healthy living programme, they could pay no product charge at all each year. It’s simple: the more they do, the less they pay.”

Notes to editors
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.

Examples of amount of savings

 Investment amount  Product charge saving
 £10,000  £50 over the year
 £20,000  £100 over the year
 £50,000  £230 over the year
 £100,000  £405 over the year
 £500,000+  £1,355 over the year+

*This assumes that the value of a client’s plan stays the same over the 12 months and doesn’t include any impact of Healthy Living Discount, see below for how our Healthy Living Discount works.

How customers could continue paying no product charge for their full plan term
To continue saving money on product charges, clients can also take advantage of the Healthy Living Discount. It’s one more way we help clients live longer, healthier, more financially secure lives. If clients have a qualifying VitalityHealth or VitalityLife plan, invest in our Vitality funds and takes part in our healthy living programme, they could pay no product charge at all each year. It’s simple: the more they do, the less they pay.

By holding a qualifying VitalityHealth or VitalityLife plan clients can take part in our healthy living programme. The healthier their habits, the more points they earn, which contribute to their Vitality status – Bronze, Silver, Gold and ultimately, Platinum. The higher their Vitality status, the more they save on their product charge. If they achieve Platinum status, they could pay no product charge at all.

Please note, the value of investments and the income from them can go down as well as up and you may get back less than you invest. If you invest in a tax wrapper, there's no capital gains tax to pay on any growth and no income tax to pay on any interest you receive. The amount of tax you save and your eligibility to invest in a tax wrapper depend on your personal circumstances. All tax rules may change in future.

This information is not a personal recommendation for any particular investment. If you're not sure whether an investment is right for you, speak to an authorised financial adviser.