My Prosperity (ISA)

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My Prosperity (ISA)

Guaranteed cash lump sum on your 10 year anniversary

From an affordable £10 a month

Your money could grow in an Investment ISA with Scottish Friendly.

If you cash in on the 10th anniversary of the start date of your investment you are guaranteed to get back at least as much as you have invested, provided you haven't made any withdrawals. Investments start from an affordable £10 a month.

The table below provides all the plan detail and things you should consider. For more information on My Prosperity (ISA) please visit the detail tab.

Investment features What you need to consider
  • Use your Investment ISA allowance to invest tax-free from £10 a month, lump sums from £100 or a mix of both.
  • Once you have set up My Prosperity (ISA) you can cash in or raise, lower, stop and restart payments at any time.
  • Provided you haven't made any withdrawals, on the 10th anniversary of the start date of your investment, you are guaranteed to get back at least as much as you have invested.
  • Your money will be invested in a My Prosperity policy within a Scottish Friendly ISA which buys units in the Scottish Friendly Unitised With-Profits fund which may include stock market, property, cash and bond assets.
     
  • You should consider this a medium to long-term investment for a period of at least five years.
  • If you cash in or take a withdrawal before or after the 10th anniversary, you may get back less than you have paid in.
  • When you cash in or take a withdrawal from your investment, the value of your units may either be increased by a final bonus or reduced by a market value reduction to bring it into line with the performance of the assets within the With-Profits fund.
     

Tax Information

Tax Information
  • Tax treatment depends on individual circumstances. Tax law may change in the future.
  • Tax-free means the policy grows free of income and capital gains tax (other than tax on dividends from UK shares).
  • You can have one Investment ISA like the My Prosperity (ISA) plus one Cash ISA and an Innovative Finance ISA with another ISA manager in each tax year, up to the current limit of £15,240. You can have as many policies as you like within your Investment ISA provided you do not exceed the annual ISA limit.
  • The My Prosperity (ISA) is available to adults aged 18 or over who are resident in the UK.
 

No advice has been provided by Scottish Friendly in relation to this plan. If you are in any doubt as to whether this plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost beforehand.


Use your tax-free allowance from just £10 a month

From an affordable £10 a month, or a lump sum of £100, your money could work hard to grow a useful cash sum for the future. You can have an Investment ISA (also known as a Stocks & Shares ISA) like My Prosperity (ISA), even if you already have a Cash ISA or (from 6 April) an Innovative Finance ISA with another ISA provider as long as you don't exceed your annual ISA allowance of £15,240.

You don’t pay income tax or capital gains tax on any growth on your investment other than the tax that has already been paid (such as dividends from UK companies). Although bear in mind that tax treatment is dependent on individual circumstances, and that tax laws could change in the future.

Guaranteed at least what you've paid in on your 10 year anniversary

With My Prosperity (ISA) you get a guaranteed cash sum:

  • Peace of mind with a guaranteed minimum cash lump sum if you cash in on the 10th anniversary of the start date of your investment.

  • A cash sum that will initially be at least equal to the payments you've made into it, provided you haven’t withdrawn any of the money in your My Prosperity policy.

  • A guaranteed minimum cash lump sum for every 5 years thereafter. That is on your 15th anniversary, 20th anniversary, 25th anniversary.

  • If you cash in or take a withdrawal before or after the 10th anniversary, you may get back less than you have paid in.


Flexible payment options

With flexible payment options available My Prosperity (ISA) puts you in control of your money:

  • Stop, restart, increase or decrease your payments whenever you like.

  • Access your money instantly, should you ever need it.

  • Choose if you want to increase your payments each year (this is known as your yearly payment increase rate).

It’s worth remembering that if you’re aiming to grow a cash sum for a particular reason, stopping or lowering your payments will take you longer to achieve it.


Added option to increase your payments automatically

You can choose to increase your payments each year, if you wish, by a rate to suit you – for example 2.5%, 5% or 10% a year.

In order to check what your monthly premiums would be each year for the first 10 years, check out our handy tool below:

 

Remember your monthly premium will continue to increase past year 10, however you have the option to change the yearly payment increase rate at any time.


All your plans within your ISA allowance

When you set up a My Prosperity (ISA), your money is invested in an individual savings and investment policy, which sits within your Scottish Friendly ISA. The good thing about this is that you can set up as many policies as you like within your ISA.

You can set aside different sums of money for different events in the future or family members. You could for example, set up a policy for each of your children, another for a rainy day, and maybe one for a special holiday – all within your Scottish Friendly ISA.


Open a My Prosperity (ISA)

Opening a My Prosperity (ISA) with Scottish Friendly is easy.

First, please make sure you have read and understood the Key Features. Then you’re ready to apply online.

If you apply we suggest printing or saving a copy of this page along with other relevant web pages the Key Features. That way, they will always be handy should you need to refer to them.

Apply Online>

Scottish Friendly Unitised With-Profits Fund

My Prosperity (ISA) invests solely in our Unitised With-Profits fund, for further information on the fund, please see the table below.

Key benefits What you need to consider
  • The Unitised With-Profits fund is linked to a cautiously managed portfolio of stock market, property, cash and bond assets.
  • Provided you haven't made any withdrawals or switched out of the fund, if you cash in on the 10th anniversary of your continuous investment in the Unitised With-Profits fund you will receive a guaranteed cash sum of least as much as you have invested less your policy charges.
  • When you cash in, switch out or take a withdrawal from the Unitised With-Profits fund you will receive a value which is in line with the performance of the assets within the fund. This is done by adding a final bonus or deducting a market value reduction.
  • No market value reduction can apply on the 10 year anniversary of your continuous investment in the Unitised With-Profits fund which provides your guaranteed value.
  • Continuous investment means you have maintained at least one full unit in the Unitised With-Profits fund and is measured from the first day you invest.

Remember though, the value of the My Prosperity (ISA) can go down as well as up and your original investment is not guaranteed, other than on the 10 year anniversary of your continuous investment in the fund.

 

Start investing now from just £10 a month

Apply Online>

What might I get back from my policy?

When you start a My Prosperity (ISA), your money will be invested in a My Prosperity policy within a Scottish Friendly ISA, which will invest in our Unitised With-Profits fund.

Because your investment is linked to the stock market, it’s impossible to tell you the exact return you may get in the future — but we can give you a rough idea.

Use the sliders and click Calculate to see what you might get back within a My Prosperity (ISA).

 

If you want to make a lump sum investment you can see an example of what you might get back in the Key Features.

Start investing now from just £10 a month

Apply Online>