Iweb & LF INVESTMENT FUND LF EQUITY INCOME C GBP ACC. Can I get my money out?

Alexland

flopsy1973 said:

I also have tiny amount of it with Fidelity and had opened a account with iweb to transfer my  small holdings there. The above post regarding iweb not accepting it though leaves me not knowing what to do with it now. If I just leave that with fidelity even though it's closed will they still charge the 90 pound a year. What have other people done ? 

Fidelity only charge £90 pa if you don't have a regular savings plan. Maybe setup a £25 per month direct debit into a low volatility fund and they will then only charge 0.35% pa. You could then every 3 months sell down the new fund units and withdraw the circa £75 proceeds. As the account value would never go above £100 it would cost under 35p a year in platform fees plus/minus any movements in the new fund value.

Of couse if the Woodford fund is in a S&S ISA account then a regular £25 DD contribtuion would stop you contributing to a S&S ISA elsewhere however a quirk of Fidelity is that they look across all your accounts before charging the platform fees so if you setup a £25 per month DD into a new general investment account it might stop them charging the £90 fee on the ISA account which would leave you free to contribute to a S&S ISA elsewhere. You could ask them or just try it to see if the fees reduce.

In terms of if iWeb would accept the transfer you could ask them however they have a £100 account opening fee which is only rebated via the cashback incentive if you transfer at least £5,000 to them. If not you might be better trying to transfer the investment to a platform with a low percentage fee for holding funds which would again cost pennies. If you have no other use for the iWeb account are you still within the cooling off period to try for your £100 back?

granta

flopsy1973 said:

I also have tiny amount of it with Fidelity and had opened a account with iweb to transfer my  small holdings there. The above post regarding iweb not accepting it though leaves me not knowing what to do with it now. If I just leave that with fidelity even though it's closed will they still charge the 90 pound a year. What have other people done ? 

My current provider (ii) allows the fund holdings to be 'donated' which is what I will likely be doing as once the other holdings are ready to be transferred out. Unless another tranche of the Woodford fund comes through before then!

flopsy1973

I thought earlier up the thread someone said that iweb would not accept the fund. It is in isa does anyone know of platform that will accept it?  
How much are likely payments in future to be ? 

granta

flopsy1973 said:

I thought earlier up the thread someone said that iweb would not accept the fund. It is in isa does anyone know of platform that will accept it?  
How much are likely payments in future to be ? 

I don't think any platform will be willing to accept a suspended fund. But if anyone has identified a platform that accepts it as a transfer in, I'd be interested to know.