Royal London SS isa

plumb1_2

Hi, the OH has had a RL ss isa  for several years paying £50 p/m by DD
So paying in £600 p/year 
Would RL allow her to cancel her DD and pay a£19k lump sum into it, 

I have tried looking at the performance of the fund but can’t find any information, so with her paying into it this year. We presume she can’t open another SS ias .
We are both novice investors 

jimjames

There shouldn't be any problem doing that. If there is then you can just transfer it to another S&S ISA provider such as Vanguard or HL and pay the money in there. You should check the fund charges and performance, you may find that they are well above the level of other providers if they're being opaque with the information. Which fund are you invested in?

Section62

plumb1_2 said:

Hi, the OH has had a RL ss isa  for several years paying £50 p/m by DD
So paying in £600 p/year 
Would RL allow her to cancel her DD and pay a£19k lump sum into it, 

Is it a former Co-Op (CIS) one?

plumb1_2

Hi it’s with profits SS isa first taken out in July 2002

value £12 plus £14 final bonus

plumb1_2

£12k and £14k

jimjames

If it's with profits then it might be worth transferring to a more recent investment product elsewhere like one of the Vanguard Lifestrategy series.

plumb1_2

jimjames said:

If it's with profits then it might be worth transferring to a more recent investment product elsewhere like one of the Vanguard Lifestrategy series.

And would we be able to top up the vanguard fund after already paying into the RL isa this year? 

jimjames

plumb1_2 said:

jimjames said:

If it's with profits then it might be worth transferring to a more recent investment product elsewhere like one of the Vanguard Lifestrategy series.

And would we be able to top up the vanguard fund after already paying into the RL isa this year? 

Yes if you have transferred this year's contributions to Vanguard then yes you can top up to a total of £20k per person

plumb1_2

Thanks for the information Jim
Is it possible to work out how well the isa has done percentage wise over  the yrs 
Start date July 2002 paying £50 per month, value July 2021 £26,975.06. Total paid in £11,500

Alexland

plumb1_2 said:

Is it possible to work out how well the isa has done percentage wise over  the yrs 
Start date July 2002 paying £50 per month, value July 2021 £26,975.06. Total paid in £11,500

Using a free online compound interest calculator that's an 8% pa return.

plumb1_2

Alexland said:

plumb1_2 said:

Is it possible to work out how well the isa has done percentage wise over  the yrs 
Start date July 2002 paying £50 per month, value July 2021 £26,975.06. Total paid in £11,500

Using a free online compound interest calculator that's an 8% pa return.

In my humble lack of knowledge on financial matters 8% pa seems ok to me?