Through Self Invest, you can transfer funds from your Accumulation account to an Income account, without the need to sell your portfolio or break your investments. You won’t incur capital gains tax and will save on transaction costs when you make the transfer, so you will have more money in retirement and less to worry about.
During the transfer process your access to Self Invest will be restricted, and then restored on the day the Income account is opened and your investments are transferred.
Some benefits of this type of transfer are:
- there are no brokerage fees
- term deposits are seamlessly transferred (you don’t have to wait until they mature)
- because the investments are transferred, rather than sold, there’s no capital gains tax to pay.
Keep in mind that the process doesn’t work in reverse. In other words, if you need to transfer funds from an Income account to an Accumulation account, you’ll need to sell your assets and close the Self Invest option.