Transferring money out of S&S ISA

ViolaLass

Wow, jamesd, I will have to read your post several times more to take everything in but thank you for your thoughts. The only thing I would say is that you appear to be assuming that I want to retire (and take money from the S&S ISA) before I'm 55, which is not the case, although I may stop putting money into a pension some years before I retire, if I can afford to. However, at this stage, I'm not planning to retire before 65-ish, dependent on health, of course. I therefore hadn't thought of drawing on the various options in different amounts until they had all kicked in.

Plus, I know at the moment I would get £5k a year in basic state pension but as I'm only 26, I can't know at this point what my state retirement age will be hence my decision not to count on receiving anything.

robbieroy

I have had a S & S ISA which was taken out with the Woolwich a number of years ago (I think £7600 was invested). It is based on the L&G (Barclays) MM UK Alpha Fund (Acc) (A).
The fund has fluctuated quite a bit and has never really performed very well.
My question is - What can I do with it, other than just leave it there? Is there any way it can be cashed in and the money put in a savings account or can can it be utilised in any other way, for example in a pension fund? It would be helpful to know all options.
Thanks in anticipation
RR

dunstonh

What can I do with it, other than just leave it there?

You have about 50,000 investment options and an unlimited number of variations.

Is there any way it can be cashed in and the money put in a savings account or can can it be utilised in any other way, for example in a pension fund?

You can do both of those things.

jamesd

ViolaLass, I'm not so much assuming that you want to retire before age 55 but including that as contingency planning in case you had to for some reason. Someone who was cautious might want to try to accumulate enough money to live as they do today from their current age. That's not really practical for most people at 26 but it starts to become more realistic as you get closer to the earliest age at which you can take pension income.

robbieroy, perhaps the easiest thing to do is just switch to different investments within a S&S ISA. You could use a transfer form to transfer it to Hargreaves Lansdown or one of the other fund supermarkets and then spread the money around a range of different funds.

ViolaLass

jamesd wrote: »

ViolaLass, I'm not so much assuming that you want to retire before age 55 but including that as contingency planning in case you had to for some reason. Someone who was cautious might want to try to accumulate enough money to live as they do today from their current age.

You're right, it would be a good idea. When I feel I've got my head around what I'm doing for my pension, I might look into that too. In the mean time, I'm just glad that I'm putting anything away.

smallfry27

In 30 years time, the rules, law, tax, etc, could all be completely different.

ViolaLass

Well, yees, but given that I can't afford to do nothing or cover all contingencies, what do you suggest? Or is stating the obvious your party trick?

agal

jamesd wrote: »

And halving of income is very unlikely, usually it's capital that varies most.

An excellent point, and one that is often overlooked.

smallfry27

ViolaLass wrote: »

Well, yees, but given that I can't afford to do nothing or cover all contingencies, what do you suggest? Or is stating the obvious your party trick?

You started this thread with a very specific query based on current ISA regulations, then we discover your plans are 30 to 40 years ahead. ISAs didn't exist when I started saving 45 years ago. They may not exist by the time you retire, or may have very different rules.

There's no need to be sarcastic, I was trying to help. Can’t remember the last party I went to. I think it was my friend’s 80th birthday – now she does a very good Tina Turner impersonation.