Cofunds Aegon Transfer

Janedaisy

I held both ISA and GIA accounts with Cofunds for many years and then I applied to transfer from Cofunds Aegon to AJ Bell Youinvest in June 2018.

A tortuous process which seemed to complete in November 2019, or so I thought.

I’ve now received a statement from Aegon with a balance of £400+, split between the old ISA and General Investment Account. I have spoken to AJ Bell who inform me that this is quite usual, as they need to keep accounts open for late payment of dividends etc.

Is this normal practice and if so how long will they retain this money because I can see it being eaten up by Aegons charges? Thanks for any advice.

dunstonh

It is quite usual.

The existing provider will transfer the balance after sale of units. However, they will not close the account for 6-12 months as dividends/distributions will continue to arrive up to around 6-12 months after.

so how long will they retain this money because I can see it being eaten up by Aegons charges?

Cofunds charges are almost the same as AJ Bells. (potentially less. potentially more depending on your trading).

They will retain them until you ask them to transfer them or take the cash. They will often do a mop up when they think they have had the last distribution. Although its always worth not relying on that.

Janedaisy

Thank you for your prompt reply, much appreciated.

My confidence and trust in the financial sector has taken a bit of a battering with these transfers so just wanted to double check.