Lump Sum Junior ISA

Metfriendly Junior ISAs – like our other tax exempt products – enjoy higher rates of bonus and therefore higher returns than our traditional savings products, as we do not have to pay any tax on the interest and capital gains we make on the money you invest with us.

The Lump Sum Junior ISA has a maximum yearly limit of £4,128 (correct for 2016/17 tax year). The minimum lump sum investment we accept is £1,500 (smaller lump sums can be invested in the Monthly Savings Junior ISA).

ISAs are also much more flexible than other forms of saving:

• You can mix lump sums with regular savings.
• You can transfer Junior ISAs from one provider to another.
• Each eligible child can have two types of Junior ISA at the same time, a Cash Junior ISA and/or a Stocks and Shares Junior ISA.
• You can choose a different provider for each type.
• There is a limit on the amount of money you can pay into the Junior ISA(s) in any one tax year namely, an overall maximum of £4,128, split between the two types in any proportion.
• The Metfriendly Lump Sum Junior ISA is a Stocks & Shares Junior ISA, not a Cash Junior ISA, so you can invest in a Cash Junior ISA elsewhere if you wish.
• At age 16 the child is legally responsible for their own savings and will become the ‘Registered Contact’ and will receive all correspondence relating to their plan. We will write to the child around their 16th birthday to inform them of this, and we will also ask for their National Insurance Number. We will inform you beforehand of our intention and obligation to do this.

To apply, you must be aged 16 years or over, and either of the following:

• have parental responsibility for the child under 16 years of age, or
• be the child yourself if aged 16 or 17

In addition, because we only have permission to do business within the UK, you must be resident in the UK when you sign the application form.

There are only four events which can trigger a payout:

• once the child is 18, at the child’s own request;
• if the registered contact requests a transfer to another provider’s Junior ISA;
• on the death of the child; or
• if the child contracts a terminal illness

The premiums are invested in the Metfriendly With-Profits fund which is made up of equities, commercial property, bonds and cash. The example in the diagram shows the approximate “mix” as at 31 December 2016. For more information on how the with-profits fund works, please refer to How we manage the with-profits fund.

Metfriendly, Central Court, Knoll Rise, Orpington, BR6 0JA

Phone: 01689 891454 Fax: 01689 891455

Email: [email protected]

Transfers from another Junior ISA Provider

If you would like to transfer a Junior ISA to us from another provider please call us on 01689 891 454.

Transfers from a Child Trust Fund

To transfer a CTF to a Junior ISA with us, both a Child Trust Fund Transfer Form AND a Junior ISA application should be completed and returned to us by the person who is currently the registered contact for the CTF (normally a parent).

The procedure (as directed by HMRC) is that, following receipt of your applications, we open an “empty” Junior ISA and issue documents, including a “cooling-off” notice. This cooling-off notice gives 30 days in which to cancel the Junior ISA if it is not required. When the 30 days cooling-off period has expired, we will then send the transfer request to the CTF provider, asking them to transfer the amount to us. When we receive their cheque, we will send you confirmation of the amount received. Once the CTF has been closed it cannot be reopened.

Please note that the minimum we will allow to be transferred to us from a CTF or a Junior ISA into a Monthly Savings Junior ISA will be £500, unless there will be monthly contributions as well.