HomeHow to investClosure of the abrdn Investment Trusts Saving Plans

Closure of the abrdn Investment Trusts Saving Plans 

Please note that if you are transferring to a New Provider the deadline for us receiving instructions to transfer was 7 November 2023. Any new requests received after that date will be returned as we will be unable to complete the transfer prior to the closure of the abrdn Plans on 8 December 2023. Please submit your request to transfer out to interactive investor from 11 December 2023 onward.

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. If you are an existing investor, you will need to choose how you want to proceed by completing an online Consent Form (link below) OR replying to the letter you received in the mail as soon as possible.
Online Consent FormOpens in new window
The Plans are expected to close on 8 December 2023.  Please refer to the 'Key Dates' tab below for important dates in the migration process.

Your options

Option 1 – Transfer your holdings to interactive investor (also known as ‘ii’)
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. These are subject to change.  If you require a printed copy of this document, please let us know. 

We encourage you to review the ii offering and consider whether it meets your needs. ii’s services carry an ongoing monthly subscription fee which your Plans do not. If you are not an existing ii customer, ii will be offering a subscription fee-free period to you of a minimum of 6 months, depending upon the value of your investments at the time we transfer your holdings to ii. ii’s standard costs for your chosen service will apply thereafter. There is no penalty for leaving the ii service other than standard trading costs.

If you select this option, ii will be in touch with you later this year to explain the transfer process in detail.
Option 2 – Transfer your investments to an alternative platform provider
You can transfer your investments to an alternative platform provider (‘New Provider’). Please note that the New Provider may not accept your investments which means that they would need to be sold and you may incur tax charges. You would be out of market until you select another investment offered by your New Provider. The New Provider may also apply different charges.

To initiate a transfer, please contact your New Provider and they will liaise with us to transfer your holdings to them. You need to contact the New Provider by 31 October 2023. Your current abrdn Investments Limited withdrawal fees will apply.
Option 3 – Sell your investments
If you wish to sell your investments, please send a clear instruction signed by all account holders to the address at the foot of this letter. Your current abrdn Investments Limited withdrawal fees will apply.

If you hold an abrdn Investment Trust Share Plan and/or Investment Plan for Children, you may incur a Capital Gains Tax liability.  Please contact your tax advisor should you have any concerns.

Let us know what you want to do

Once you have had the opportunity to review the proposals, please let us know which option you want to choose by completing a Consent Form online or by returning the form sent to you in the mail. 

What happens next?

If you are happy to proceed with the transfer to ii, we will arrange to share your details with them. ii will then be in touch ahead of the transfer date to welcome you to their services and ensure you are set up and ready to access your account on day one.

PLEASE NOTE that if you have not informed us of your chosen option by 5 December 2023, we will automatically transfer your investments to ii. Please complete a Consent Form so that we know what you want to happen with your investments.
Closure of the abrdn Investment Trust Saving Plans

This is expected to take place at Close of Business on 8 December 2023. All Investors with a current holding or cash balance at that time will transfer to interactive investor (ii). If these dates change we will be in touch to keep you advised. ii will begin communicating with Investors in late November to set up your account security and ensure you can access your holdings on Day 1.

Last Dealing Dates

The last dealing day for the abrdn Investment Trust Saving Plans will be 8 December 2023. In line with our Terms and Conditions Instructions for that day must be received by 5pm on 7 December 2023 at the latest if you are sending them by post or fax, or by 11:59pm if placing your deal online.

Regular Saving Contributions and Direct Debit Amendments

The final collection for Regular Savings to the abrdn Investment Trust Saving Plans will take place on 15 November 2023 which will be invested as normal.

The last date for establishing a new Direct Debit to be migrated to ii is 17 November 2023.  Should you wish to amend an existing Direct Debit so that it is effective at ii in December 2023 these will be accepted up until 24 November 2023.

abrdn Investment Trust ISA Investors – Annual Fee Collection

abrdn Investment Trusts ISA Investors will receive a letter during November 2023 with details of the pro-rata amount due for 2023 and when this will be collected.

 

Questions?

If you have any queries, please contact our Customer Services department on 0808 500 0040 or 00 44 1268 448 222 from overseas. We are open 9am to 5pm Monday to Friday. Call charges will vary. Alternatively, please contact us by email at inv.trusts@abrdn.com. Email is not a secure form of communication so you should not send any personal or sensitive information.