Seamless saving for retirement
Consistent investment approach
Continue saving into the same range of investment portfolios when you've reached your annual ISA and pension allowances.
Flexible with no upper limit
Save as much as you like and withdraw savings when you need them (although it's meant for medium to long-term investing).
Savings in one place
Wherever you are on your retirement journey, it’s easier to know where you stand if all your investments are in one place.
How we bring you on board
When you're introduced to us by a referral partner, you'll be given a personal link to get started. It's then easy to come on board.
1. Tell us who you are
We ask for basic information to get started. You'll need to be age 18 or over, a UK resident and taxpayer, and not a US person.
2. Self-serve or take advice
Make your own decisions about product and investment choices. Or you can speak to a financial adviser for a one-off fee.
3. Choose a portfolio
Choose from our range of ready-made investment portfolios by finding one that best suits your circumstances and goals.
4. Speak to a Specialist
Our Savings Specialists will take you through the transfer process and do all the admin for you.
5. Decide how to save
After transferring your current savings to us, you can save a regular amount each month or make one-off payments.
How much will it cost?
Fees are based on a percentage of the money you have in your account.
There's a total annual fee of up to 0.76% of the value of the assets in each product. This is made up of:
- Investment service fee of 0.52% for providing ongoing support in relation to your investment portfolio.
- Platform charge of 0.13% for running the online services that hold your investments.
- Fund charge of up to 0.11% for the operation of each of the funds within your investment portfolio.
There may be further transaction costs within the underlying funds, and Hubwise (our GIA provider) might charge ad hoc servicing fees.
If you’d like financial advice about your savings and investments from one of our advisers, there’s an advice fee of 0.75% of your assets, up to a maximum of £500. This is a one-off fee for one advice event.
Learn more about the General Investment Account
A General Investment Account (GIA for short) is a place to invest money for the future. A GIA comes with no tax incentives, but there is no upper savings limit and you can withdraw your money at any time. You should aim to keep your money invested for at least five years though.
Remember – you can’t always withdraw money quickly from investments as it takes time to sell them. Or you might not want to withdraw money from an investment if (for example), markets are experiencing a downturn. So make sure you have cash on hand for any emergencies.
To open a GIA with us, you need to be:
- under 75 years old
- a resident in the UK for tax purposes
- at least 18 years old.
If you live and work overseas, you can't open this GIA unless you're a Crown Servant (someone working for the Government abroad) or the spouse or civil partner of a Crown Servant. If you're classed as a US person for tax reasons (requiring you to include your global income on your US tax return) you're not eligible either.
You should feel comfortable investing for the long term, which usually means at least five to 10 years.
Our GIA can only be held by one person. It’s possible to have a joint GIA, but this isn’t available as part of Destination Retirement.
Other providers may have different criteria.
A GIA doesn’t offer any tax incentives like an ISA or pension. So if you’ve not used up your allowances this year, you may want to consider investing in an ISA or pension first.
With a general investment account, you may need to pay capital gains tax if your investments grow in value. Capital gains tax is a tax on the profit you make on something that’s increased in value. Under the current rules, you're allowed up to £3,000 in gains across all your assets each tax year before you need to pay capital gains tax. This allowance could change if the Government updates the rules.
You'll need to include your GIA gains in your self-assessment tax return.
With this GIA, you can invest any amount above £100. There’s no upper limit. Other General Investment Account limits may vary.
You should be aware that the money you put in will be at risk and you might get back less than you invested. You should only invest if you have sufficient emergency funds set aside to cover necessary expenses.
With a GIA your money is placed in funds designed to give potential for greater growth than a regular savings account. But that means the value of your savings could also go down and you might not get back the amount you invested. So when you choose how to invest your money, it’s important to understand what you’re investing in, and how these potential risks are managed. If you want to find out more about our investments, visit investment options.
For information specifically on investment risk, visit investment risk.
What would you like to do next?
Speak to a Specialist
To open a GIA you need to be introduced to us by one of our referral partners. If you're unsure, talk to one of our Specialists.
Transfer other investments
Once you've opened an account, you can transfer the value of certain other investments. Then you'll see everything in one place so you know where you stand and can plan for the future.
Important information
Remember that the value of your investment can go down as well as up and you could get back less than you invest. The information on this website should not be taken as a recommendation, advice or forecast. However, we do offer regulated financial advice if you're unsure about investing. Ask our Savings Specialists for more information about this service.
The tax you pay will depend on your personal tax position, and tax rules are subject to change by the UK Government. This is not tax advice. If you need more information, please speak to a tax adviser or an accountant.