ISA Frequently Asked Questions (FAQs)
Below are some of the most commonly asked questions regarding current LV= ISA policies. If you cannot find an answer to a specific question not listed, or would like to discuss your ISA policy in greater detail, please call us and one of our friendly call centre staff will be only too happy to help.
- How much can I invest in my ISA?
- What charges are applied to my ISA?
- How do I cash in my ISA?
- How do I change details on my ISA, for example name, address or Direct Debit?
- Can I take a partial withdrawal from my ISA?
- If I wish to make a withdrawal or close my ISA, how long will this take?
- Can I increase or decrease my premiums?
- Why is the value of my ISA so low on my statement?
- I have held my ISA for several years but I have not received a maturity letter or claim form. Why is this?
- Can I take a loan from my ISA?
- I have received a letter asking for further ID, why is this?
How much can I invest in my ISA?
The maximum subscription allowance for an ISA customer in a tax year is £7200 (per person, not per ISA).
A maximum of £3600 of that allowance may be invested into a Cash ISA, which would allow another £3600 to be invested in a Stocks and Shares ISA or for example, you could invest £2,000 in a Cash ISA and £5,200 in a stocks and shares ISA. However, if you do not wish to invest in a Cash ISA, the full £7200 can be invested in a Stocks & Shares ISA.
What charges are applied to my ISA?
A 2.5% initial charge is applied when purchasing shares (Stockmarket ISA only).
The tables below outline the current annual charges and monthly fees applied to our ISA products:
ISA Product | Annual Charge |
|---|---|
LV= With Profits Life ISA | 1.75% |
RNPFN One ISA | 2% |
Stockmarket ISA | 1% |
ISA Product | Monthly Policy Fee |
|---|---|
LV= With Profits Life ISA | £0.54* |
RNPFN One ISA | £1.00 |
Stockmarket ISA | £0.00 |
* The monthly policy fee isn't applied to single premium policies, or to policies that started before 1 February 2002 where the yearly premium is £750 or more.
How do I cash in my ISA?
Withdrawal requests should be submitted in writing. All ISA letters must be signed by the customer and sent to:
LVPM Ltd
PO Box 3757
County Gates
Bournemouth
BH1 2ZW
For further information and FAQs regarding making a withdrawal from your LV= ISA, please see our Withdrawals page.
How do I change details on my ISA, for example name, address or Direct Debit?
Change of details requests should be submitted in writing, signed by the customer and sent to:
LVPM Ltd
PO Box 3757
County Gates
Bournemouth
BH1 2ZW
Can I take a partial withdrawal from my ISA?
Yes but some ISAs and their components have a minimum balance requirement. These minimum balances are listed in the table below:
ISA Product | Minimum Balance |
|---|---|
Cash (Easy Access) | £10 |
RNPFN One ISA | £300 |
Stockmarket ISA | £500 |
LV= With Profits Life ISA | £0 |
For further information and FAQs regarding making a withdrawal from your LV= ISA, please see our Withdrawals page.
If I wish to make a withdrawal or close my ISA, how long will this take?
A closure or withdrawal will be processed within 24 hours of receipt of signed instructions from the customer and a settlement cheque will be issued within 4 working days.
For further information and FAQs regarding making a withdrawal from your LV= ISA, please see our Withdrawals page.
Can I increase or decrease my premium?
You can, but there are minimum and maximum Direct Debit amounts based on the type of product as listed in the table below. Please note, the limits below do not take into account any additional premiums.
Minimum Monthly Direct Debit | Maximum Monthly Direct Debit | |
|---|---|---|
Stockmarket ISA | £30 | £600 * |
LV= With Profits Life ISA | £30 | £600* |
RNPFN One ISA | £10 | £600* |
Cash ISA | £10 | £300 |
* Without investing in a Cash ISA.
If you would like to amend your Direct Debit, the request must be sent in writing with the policyholder's signature to the following address:
LVPM Ltd
PO Box 3757
County Gates
Bournemouth
BH1 2ZW
For further information and FAQs regarding increasing your premium or topping up your ISA, please see Increase your Investment page.
Why is the value of my ISA so low on my statement?
If your ISA is invested in With Profits any terminal bonus that may be applicable to your ISA is not shown on your statement.
Terminal bonuses are only applied to With Profits ISAs when the ISA is closed. However, a guide to any terminal bonus that may have accrued can be requested by contacting us in writing or you can also call us. It should be remembered that in adverse stockmarket conditions; a Market Value Reduction may be applied to With Profits ISAs reducing the value shown on the statement.
I have held my ISA for several years but I have not received a maturity letter or claim form. Why is this?
LV= ISAs are open ended investments and do not have a maturity date. You are able to make withdrawals or close your ISA at any time you wish. Requests must be made in writing by the policyholder.
Can I take a loan from my ISA?
Loans cannot be taken from any of our ISAs.
I have received a letter asking for further ID, why is this?
ISAs are highly regulated by the Government and as a security check against possible fraud all customer signatures are checked against our file records to ensure they match.
If the signature does not match we will request an identification check from you in the form of a copy of a recent utility bill, or your passport or driving licence.
