Standard Life and Scottish Friendly partner to create new Junior ISA
Press release 16th June 2015
- New partnership between Scottish Friendly and Standard Life to create new Junior ISA
- Features a choice of 5 risk/reward graded funds backed by Standard Life
- Includes Scottish Friendly’s multi pot architecture
Standard Life, a leading long term investment savings business, has partnered with Scottish Friendly, the ISA and investment mutual, to create an innovative new Junior ISA. Known as the My Easy Option (Junior ISA) the investment is available exclusively as a direct online offering from Standard Life.
The partnership brings together Scottish Friendly’s expertise in offering a plan that enables customers to set up multiple named “pots” within their Junior ISA, and Standard Life’s highly regarded* investment expertise.
Each pot is a life policy held within a Scottish Friendly Junior ISA which is administered by Scottish Friendly and invested in a choice of five funds backed by Standard Life. Each fund is risk and reward graded from lower risk exposure, in assets such as bonds, to higher risk, with more exposure to equities.
The My Easy Option (Junior ISA) offers:
- Monthly investments from £10; lump sum investments from £50
- Option to increase payments automatically by 2.5%, 5% or 10% each year
- Individual pots within the ISA can be created to support saving for specific purposes such as “education funding”, “flat deposit” or to hold the payments of particular people such as a grandparent - with investments tailored to each goal
- Easy online and mobile management
- Access to 5 risk/reward graded funds backed by Standard Life’s My Folio investment range
Neil Lovatt, Scottish Friendly’s Product Director said:
Scottish Friendly’s expertise as a product solution provider and Standard Life’s investment expertise is a winning combination. As a dynamic and forward thinking mutual organisation we are delighted to be working with Standard Life on this Junior ISA.
Julie Hutchison, Consumer Finance Expert at Standard Life said:
It’s fantastic that we’ve been able to partner with Scottish Friendly to develop this innovative new product. We know that saving for a child’s future is an important part of financial planning for many parents and grandparents. New rules from April this year allowing Child Trust Fund savings to be transferred to Junior ISAs mean many families will be rethinking their options. The My Easy Option Junior ISA offers ease and flexibility, with simple online management and the ability to save money for individual goals – all supported by Standard Life’s strong investment expertise.
The value of shares can go down as well as up and the child could get back less than the amount paid in. Tax treatment depends on individual circumstances and tax law may change in future.
*Best Fund of Funds (Investment Week Fund Manager of the Year Awards 2013)/Multi-Asset Manager of the Year (Professional Pensions Awards 2014)