Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Not Me Officer
    • By Not Me Officer 12th Jun 17, 9:36 PM
    • 280Posts
    • 49Thanks
    Not Me Officer
    How to withdraw from Hargreaves Lansdown
    • #1
    • 12th Jun 17, 9:36 PM
    How to withdraw from Hargreaves Lansdown 12th Jun 17 at 9:36 PM
    The FAQ says to go into your online portal, click on cash, click on withdraw & select your amount.


    So in that case it'd be £10,473.53 except the amount available to withdraw is listed at £6.37.

    So what is the correct way to withdraw the full amount?

    Obviously not for myself. A relative of mine wants to close their ISA with HL and move it to a pension elsewhere after all the enquiring i've been doing lately about pensions/ISAs so they went to close it last night but obviously couldn't.
Page 1
    • Rheumatoid
    • By Rheumatoid 12th Jun 17, 9:42 PM
    • 374 Posts
    • 1,141 Thanks
    Rheumatoid
    • #2
    • 12th Jun 17, 9:42 PM
    • #2
    • 12th Jun 17, 9:42 PM
    They need to sell the funds and turn them in to cash if they want to withdraw cash.

    £6.37 is the currently available cash balance.
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter, Geo Solo II Monitor. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme)
    Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh; Year 1 Actual = 4152kWh; Year 2 Actual =4169
    • Not Me Officer
    • By Not Me Officer 12th Jun 17, 10:03 PM
    • 280 Posts
    • 49 Thanks
    Not Me Officer
    • #3
    • 12th Jun 17, 10:03 PM
    • #3
    • 12th Jun 17, 10:03 PM
    They need to sell the funds and turn them in to cash if they want to withdraw cash.

    £6.37 is the currently available cash balance.
    Originally posted by Rheumatoid
    Ah so basically they just need to go to every fund and sell the whole lot. Wait until it settles in their account and then transfer to bank?


    If i could grab the moment to ask a question here though. I've read this weekend about the VLS80 (what i'm looking at putting my money into) having a 'low yield'. I'm assuming that means if it were a bank account it'd be a low interest rate (i.e. not a very good account)

    Yet many here seem to rate it well. Why would that be?

    Looking at the attachment i provided this person has selected Jupiter Merlin Balanced at a rise of 29%. I know they've had this account for 5 & half years. A 29% rise is pretty good, no?

    So why opt for something that is reportedly a 'low yield' if i've understood the meaning of that?
    • bowlhead99
    • By bowlhead99 12th Jun 17, 10:22 PM
    • 6,898 Posts
    • 12,413 Thanks
    bowlhead99
    • #4
    • 12th Jun 17, 10:22 PM
    • #4
    • 12th Jun 17, 10:22 PM
    Yield is simply the amount of dividend that is paid per year as a percentage of the current share price.

    However, the "total return" you get from investing into a fund over a year (or five) is the overall total of the dividend paid and the amount by which the value of the shares goes up. More accurately, the total improvement of your wealth that you would get if you invested at the beginning of the period and every time you got a dividend, you re invested it in buying more shares in the fund.

    Some of the total comes from the natural income paid by the shares and bonds that the fund hold (the yield) and some of it from the fact that the company shares or bonds might be getting more valuable over time. For example, Amazon and Facebook and Tesla aren't paying their owners much in the way of dividends at all - however one of them is the most valuable retailer in the world, another is the most valuable social media empire and the other is pretty much the most valuable car company, and shares in all of them have gone up on value phenomenally in the last few years.

    If you need to draw an income (eg in retirement) it might be convenient to invest in a mix of equities and bonds that is somewhat biased to the ones that pay a higher level of dividends or interest, so you get a convenient high level of income which you can draw off, without having to sell shares in the fund to get your hands on the other profits you're making by way of capital gain.

    However, that would involve focusing on only buying shares or bonds that paid relatively high levels of income and so would necessarily avoid the Amazons or the Facebooks etc. VLS uses stock market indexes so does not try to select individual stocks, it just takes whatever the indexes give it. It is not designed to be high yield or low yield, it just yields what it yields.

    *Edit
    As an aside, the Jupiter Merlin Balanced fund has given an overall return of over 70%, in the five year period to the end of last week. However, your friend or relative didn't buy 1800 shares of it five years ago at £1 a share and wait patiently for it to go up to £1.70 a share. Instead, they will have bought at a range of prices over the time period. For example if you buy 500 shares at £1 each and 300 at £1.33 and then later buy another 1000 at £1.50, then in total you've spent £2400 on 1800 shares which is something like £1.33 average purchase price per share even though some cost less and some cost more as the price went up over time.

    Then when the price is a little over £1.70 today you've made on average 29% profit or whatever, but that doesn't mean the fund has gone up "only" 29%. Really it went up 70% but your particular holdings bought at a somewhat middling price whenever you happened to have cash available, have only done 29% across the five years - as you didn't stick all the money in at the relatively cheap prices of five years ago.

    You are right that 29% or 70%, however you look at it, are both nice levels of return, but context is needed (how much other funds of similar risk levels would have achieved in the same economic conditions). I wouldn't expect the same again from the same fund over the next five.
    Last edited by bowlhead99; 12-06-2017 at 10:44 PM.
    • Not Me Officer
    • By Not Me Officer 12th Jun 17, 10:34 PM
    • 280 Posts
    • 49 Thanks
    Not Me Officer
    • #5
    • 12th Jun 17, 10:34 PM
    • #5
    • 12th Jun 17, 10:34 PM
    I think i need to read more on that topic once i've digested everything else i've read lately.

    I need to get my money into what i think will now be Cavendish, put it in the VLS80 which i'm happy with, set up my regular contribs and then let it do its thing while i spend time learning & reading more.

    Starting with trying to understand that yield thing. Hopefully it's just because it's late and i had little sleep
    • Audaxer
    • By Audaxer 12th Jun 17, 10:52 PM
    • 589 Posts
    • 258 Thanks
    Audaxer
    • #6
    • 12th Jun 17, 10:52 PM
    • #6
    • 12th Jun 17, 10:52 PM
    Obviously not for myself. A relative of mine wants to close their ISA with HL and move it to a pension elsewhere after all the enquiring i've been doing lately about pensions/ISAs so they went to close it last night but obviously couldn't.
    Originally posted by Not Me Officer
    Are you sure they want to actually sell the funds within the ISA and not just transfer the funds to another provider? I would think they could all be transferred to another provider apart from maybe the HL Multi Manager fund, which maybe would have to be sold as it is one of HL's own funds.
    • badger09
    • By badger09 13th Jun 17, 10:23 AM
    • 5,425 Posts
    • 4,662 Thanks
    badger09
    • #7
    • 13th Jun 17, 10:23 AM
    • #7
    • 13th Jun 17, 10:23 AM
    Are you sure they want to actually sell the funds within the ISA and not just transfer the funds to another provider? I would think they could all be transferred to another provider apart from maybe the HL Multi Manager fund, which maybe would have to be sold as it is one of HL's own funds.
    Originally posted by Audaxer
    But OP's relative wants to invest the money currently in an S&S ISA in a pension instead.

    It is not possible to transfer the fund holdings directly, as it would be if he/she simply wanted to change ISA providers.
    • sorcerer
    • By sorcerer 13th Jun 17, 1:34 PM
    • 814 Posts
    • 390 Thanks
    sorcerer
    • #8
    • 13th Jun 17, 1:34 PM
    • #8
    • 13th Jun 17, 1:34 PM
    also be aware if he is planning on transferring it all into his pension in one go, does he have enough pension allowance left for this year?
    • Not Me Officer
    • By Not Me Officer 13th Jun 17, 7:32 PM
    • 280 Posts
    • 49 Thanks
    Not Me Officer
    • #9
    • 13th Jun 17, 7:32 PM
    • #9
    • 13th Jun 17, 7:32 PM
    also be aware if he is planning on transferring it all into his pension in one go, does he have enough pension allowance left for this year?
    Originally posted by sorcerer
    There has been no pension contributions this year although they should (on Thursday this week) have their first one taken from their pay which i imagine will be around £17 and be about that each month. Their gross last year was £27k if that helps determine their limit?
    • bowlhead99
    • By bowlhead99 13th Jun 17, 8:15 PM
    • 6,898 Posts
    • 12,413 Thanks
    bowlhead99
    Well, assuming they're only putting £17 a month (net of tax) in for ten months this year, that's £170, plus about 10450 from their HL account after closure fees, that's 10620 total which the taxman would kindly gross up to £13275.

    So if he/she has a gross salary of about £27k and is only putting £13275 of it into a pension, they are still about 13725 short of putting their entire salary into the pension (the most you're allowed to do), so are completely fine.

    That's assuming they aren't getting an addition to their pension value of over about £26725 from their employer this year, because you can't go over £40k in a tax year between yourself and your employer unless you have spare carry-forward allowance from recent previous years (if you were in a pension scheme but contributed way under your limit, you can carry the limit forward a few years). But it sounds like they're probably not the sort of person getting over £20k of pension contributions a year from their employer.

    An obvious point to make (but I'll make it anyway) is that if they only bother to contribute £17pm a month through their working life they are not going to be able to draw on it for very long in retirement. Unless they fancy living on a few pounds a month for four decades it will be pretty miserable. So it's good that they're diverting some of their investments into a pension but they should aim to put more in on a monthly basis, especially if they're playing "catch up" compared to other people.
    • Not Me Officer
    • By Not Me Officer 13th Jun 17, 9:09 PM
    • 280 Posts
    • 49 Thanks
    Not Me Officer
    Thank you.
    An obvious point to make (but I'll make it anyway) is that if they only bother to contribute £17pm a month through their working life they are not going to be able to draw on it for very long in retirement. Unless they fancy living on a few pounds a month for four decades it will be pretty miserable. So it's good that they're diverting some of their investments into a pension but they should aim to put more in on a monthly basis, especially if they're playing "catch up" compared to other people.
    Originally posted by bowlhead99
    Because i wanted to make sure they didn't make the same mistake as i did (i started late 20s) i had them start at 19 i think it was. Actually it could've been 20 but no later. Over time they've been putting various amounts in but usually around the £150-£200 mark. Sometimes up to £300 thereabouts when they were with their previous employer and earning more. Not really less than £150.

    And the £17 not that it'll make a huge difference will be before tax.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,150Posts Today

6,927Users online

Martin's Twitter