Closure of the abrdn Investment Trusts Saving Plans

jak22

https://www.invtrusts.co.uk/en-gb/how-to-invest/closure-of-the-abrdn-investment-trusts-saving-plans

Following a review of the products and services offered by the abrdn group of companies (the ‘abrdn Group’), we have decided to close our Investment Trust Saving Plans (the ‘Plans’) in December 2023.

The Plans comprise of the following investment products: 
• abrdn Investment Trusts Share Plan, 
• abrdn Investment Trusts ISA and 
• abrdn Investment Trusts Investment Plan for Children. 

This means that the Plans are closed to new investors from 29th June 2023. In addition, it will not be possible for existing investors to remain invested via the Plans.

Option 1 – Transfer your holdings to interactive investor (also known as ‘ii’)

Option 2 – Transfer your investments to an alternative platform provider
Option 3 – Sell your investments

interactive investor (ii) is a member of the abrdn Group, so you can transfer your existing investments from the Plans to the investment platform operated by ii.

Click here to view a booklet which sets out the key features of ii’s service offering and how it compares to the service you currently have. You can access ii’s Terms of Service on their website at www.ii.co.uk/legal-terms ... ii’s services carry an ongoing monthly subscription fee which your Plans do not.

Farway

I've just received the same notification, which has prompted me into deciding to sell them.

I had intended selling at some time in the next year or so, due to my age & changes [decrease] in Capital gains allowances

I've held them, via Murray IT, since 1998 so time is up for me

The dividend, though welcome, is not critical at this stage of my life, nor is any further growth important

redux

Maybe they can at last give back my few pence of uninvested cash, left over from when they wiped out just under £500 over 20 years ago, then denied all knowledge of the investment trust I named when I phoned up

dunstonh

Packaged ITs are an overhang from pre-RDR days.    So, I am not surprised to see them go when platform functionality gives you the equivalent if you want it.

Dogbyte009

I just had one of those. Don't want to switch to ii since I already have an account with another platform so have to look at doing a transfer.

jak22

The abdrn IT ISA annual charge was £28 a year so assuming no ongoing trades other platforms seem more expensive, although obviously more up-to-date, for this forced change. There's a £18 withdrawal charge so a single move and split later might work out cheaper or leave it until it rolls into the free 6 months period with ii before transferring out.

The ii platform is £120 a year - with 6 months free - plus £0.99 per dividend reinvestment
iWeb doesnt seem to include ITs as an option for their ISA
HL and A J Bell seem similar at around £42 to £45 a year, although charges seem to need to come out of a cash balance rather than the simple DD of abdrn - there may be up to £100 cashback with TCB etc with A J Bell for new accounts

wmb194

jak22 said:

iWeb doesnt (sic) seem to include ITs as an option for their ISA

No, you can own ITs in an iWeb Isa. The only issue might be that iWeb doesn't offer a particular one.

ColdIron

jak22 said:

iWeb doesnt seem to include ITs as an option for their ISA

Yes they do

https://www.markets.iweb-sharedealing.co.uk/investment-trust-centre/

jak22

Interesting - maybe in the last day or so the eligibility for ITs has changed to a tick for ISA - for some reason they werent showing ticks just a couple of days ago - the same result via iWeb or Halifax https://www.investments.halifax.co.uk/investment-trust-centre/ 

wmb194

jak22 said:

Interesting - maybe in the last day or so the eligibility for ITs has changed to a tick for ISA - for some reason they werent showing ticks just a couple of days ago - the same result via iWeb or Halifax https://www.investments.halifax.co.uk/investment-trust-centre/ 

No, you must have misunderstood or there was a glitch with that search function.

ColdIron

jak22 said:

Interesting - maybe in the last day or so the eligibility for ITs has changed to a tick for ISA - for some reason they werent showing ticks just a couple of days ago - the same result via iWeb or Halifax https://www.investments.halifax.co.uk/investment-trust-centre/ 

They've been available for as long as I remember. Maybe not every one but most (all?) from the FTSE 350 like other shares in the index