Why are you transferring the administration of STOCKPLAN / STOCKPLAN: A Flying Start from Bank of New York Europe to Halifax Share Dealing?
We are making this change in order that we may continue to offer a low-cost and flexible product for investment into The Scottish Investment Trust (SIT). Moreoever, by transferring administration of the STOCKPLAN schemes to Halifax Share Dealing (HSDL), we will be able to introduce significant additional facilities which may be helpful to STOCKPLAN investors, such as on-line access and telephone dealing.
HSDL are the current administrator of our ISA and PEP products and by consolidating our savings products with them we are able to take advantage of significant savings in administrative costs as well as providing additional facilities for scheme members such as on-line access and telephone dealing.
HSDL are part of the HBOS Group, one of the UK’s largest banking groups, and by using them we gain access to their substantial technology and customer support resources.
What are the changes to the STOCKPLAN? / How will my scheme change?
The major changes to the STOCKPLAN schemes are summarised in SIT Savings' letter of
28 February 2006. They remain investment trust savings schemes which enable investment into
The Scottish Investment Trust PLC. There will continue to be no charge for investment into the STOCKPLAN schemes, other than stamp duty, and there will be no changes to the minimum investment amounts which will remain at £25 per month and £250 for lump sums.
Does this change affect the Bare Trust I’ve set up?
The change of administrator does not affect Bare Trust arrangements. The Bare Trust option will continue to be offered in the future, subject to any changes in relevant legislation.
No, there are no changes to the investment amounts. The minimum investment amounts remain at £25 per month and £250 for lump sums, there are no maximum investment limits.
There will continue to be no charge for investment into the STOCKPLAN schemes, other than stamp duty, and no annual management charge. To withdraw some of all of your investment is still £10 + VAT. However there will be a charge of £30 + VAT if at any time you want to transfer your STOCKPLAN holding to certificated stock.
Investors will be advised in writing of what actions they need to take.
All investors will be asked to check, update, complete and sign a Customer Verification Form which includes date of birth and nationality. These details are being asked for in order that we may confirm the accuracy of our records and comply with current legislation.
Regular monthly investors will be asked to cancel existing Standing Order arrangements and set up a Direct Debit to replace the Standing Order.
Investors who receive their dividends by cheque will be asked to select a new method of payment; either mandated to their bank, or reinvested into their STOCKPLAN.
Why are you changing from Standing Order to Direct Debit?
Direct Debit is the UK's predominant method of making regular payment and is the system employed by the new administrator, HSDL.
Direct Debit offers a more secure and cost-effective method of payment for monthly investors than Standing Order and payments are guaranteed by the Direct Debit Scheme.
It will remain possible for SIT investors who make regular monthly investment into their STOCKPLAN scheme to choose their preferred Direct Debit payment day, just as they do currently with their Standing Order.
What is the difference between a Standing Order and a Direct Debit?
Standing Orders and Direct Debits are instructions to an investor's bank or building society authorising a regular payment to another person or organisation.
With Standing Orders the customer instructs the bank to pay an organisation. The customer controls the date, amount set up, and changes and cancellation. The customer must complete all actions with their bank. Very few companies now accept payment by this method.
With Direct Debit the customer gives authority to the organisation to collect variable amounts on variable dates from their bank account. The collecting organisation can vary the dates or amounts collected, as agreed with the customer, by giving notice. The customer can cancel the direct debit with their bank at any time. Notice should also be given to the collecting organisation in order to cancel the agreement the customer has with the company.
The Direct Debit set up by HSDL for the STOCKPLAN schemes allows payment any day of the month, so investors can choose which day they would prefer – just as they would with a Standing Order.
Customers are protected by The Direct Debit Guarantee Scheme which is an immediate money back guarantee from the bank or building society if an error is made. This is not the case with Standing Orders.
Can I specify what day of the month my payment is made?
Yes you can. Investors can choose any date in the month for regular payment by Direct Debit into their STOCKPLAN schemes. If no date is chosen, payment will be collected on, or shortly after, the 4th of every month.
I’ve lost the DD instruction I was sent – what do I do?
Please telephone Halifax Share Dealing (HSDL) on 0845 850 0181 and they will send out a duplicate of any forms that you have misplaced. Alternatively these forms can be downloaded from the STOCKPLAN Change of Administration section.
You may use the change of administrator as an opportunity to review the amount being invested. You can alter the amount of your regular monthly investment by completing the Customer Verification Form and Direct Debit Instruction for a different amount than is currently being invested. The minimum monthly investment is £25; there is no maximum.
If I subsequently want to change the amount of my monthly investment, how do I do it?
If you want to change the amount of your monthly investment after the transfer of administration has taken place, please contact the new Administrator, HSDL, by telephone on 0845 850 0181, or in writing, detailing the new amount you wish to invest monthly. HSDL will then arrange for this new amount to be collected from your account on the next monthly payment day.
What should I do if I now no longer want to invest monthly?
If you do not to wish to continue regular monthly investment into your STOCKPLAN please indicate this on your Customer Verification Form and return it to HSDL. You will need to cancel the existing Standing Order either by contacting your bank or by using the Standing Order Cancellation provided in our mailing.
How do I cancel my monthly investment once it’s been set up?
You can cancel your monthly investment at any time by writing to or telephoning the Administrator, HSDL. HSDL will stop your monthly investment with immediate effect.
I have a STOCKPLAN in my name and regular monthly investments are made to the plan, but not by me. What should I do?
The person making the current regular monthly investment will need to cancel the existing Standing Order. They may use the Standing Order Cancellation form provided in our mailing to do this.
As we can no longer accept investment into the scheme other than from the registered scheme holder, any replacement Direct Debit Instruction will need to be drawn on the holder's own bank account.
I am in the process of changing my bank, what should I do?
Please complete and return your Customer Verification Form and, if applicable, your Direct Debit Instruction with your new bank details as soon as they become available.
If you are currently making regular monthly payments you will need to cancel the existing Standing Order either by contacting your old bank directly or by using the Standing Order Cancellation provided in our mailing and sending this to your old bank.
Why can’t I have my dividends paid to me by cheque?
It is no longer cost-effective for us to offer dividend payment by cheque as the overwhelming majority of scheme holders either reinvest their dividends or mandate them to their bank.
There are a number of benefits to having your dividend paid directly into your bank account. It saves you the inconvenience of having to bank your cheque and will, in most instances, result in the funds being in your account earlier than they would be with a cheque payment.
Why am I being asked to complete a Customer Verification Form?
We are taking the opportunity to verify the information we hold for you and to update it to include information which is now needed to comply with various regulatory requirements. The information will also assist us in verifying your identity if you use the telephone, or online facilities that will be available shortly.
Why do you need my bank details when I don’t invest monthly, or have my dividends paid to me?
We will use these bank details to pay any money owing to you such as the proceeds of a sale. Taking these details now will enable us to make payments more promptly and securely in the future. It also means we can avoid any possible delays in verifying the information as and when a sale instruction is made. This will enable you to make full use of the on-line and telephone facilities being introduced.
Why am I being asked to agree to the SIT STOCKPLAN/STOCKPLAN A Flying Start Terms & Conditions? What are these?
Scheme holders will have agreed to the schemes Terms & Conditions when they made their initial application. The administrator will process your account in line with these Terms & Conditions and require confirmation of your acceptance of them. By obtaining this confirmation on the Customer Verification Form it avoids the need to transfer and check the paper records that contain your original acceptance.
The Terms & Conditions of the scheme have been varied in line with the changes outlined in SIT Savings' letter of 28 February. A summary of the Terms & Conditions, together with full details of all the additional facilities available as a result of the transfer of administration, will be sent to holders shortly after the transfer is complete.
Why am I being asked to sign the declaration and what does it really mean?
Halifax Share Dealing is part of the HBOS group. The declaration you are being asked to sign is a standard declaration used by HBOS across their customer base and is designed to make you fully aware that they may make use of external agencies to verify your identity, the implications of this, and the fact that such checks may themselves be recorded.
The declaration is also intended to make you aware that if you provide false or inaccurate information for fraudulent purposes this will be recorded and possibly shared with other organisations.
Once the transfer of administration has taken place you can view your STOCKPLAN account online by registering with HSDL either through the links in the STOCKPLAN or Investing for Children sections of our website or by visiting www.halifax.co.uk/online
Please note you will need your Share Dealing Personal Reference Number (PRN) and Personal Identification Number (PIN) to access this service. These numbers should be sent to you once the transfer of administration has taken place.
If you do not receive either of these after the transfer, please contact the STOCKPLAN Administrator, Halifax Share Dealing, on 0845 850 0181.
Once the transfer of administration has taken place you can sell your STOCKPLAN online by accessing your account by registering with HSDL either through the links in the STOCKPLAN or Investing for Children sections of our website or by visiting www.halifax.co.uk/online
Please note you will need your Share Dealing Personal Reference Number (PRN) and Personal Identification Number (PIN) to access this service. These numbers should be sent to you once the transfer of administration has taken place.
If you do not receive either of these after the transfer, please contact the STOCKPLAN Administrator, Halifax Share Dealing, on 0845 850 0181.
Our products are aimed at United Kingdom residents or citizens only and the information contained within the site is for access by United Kingdom residents or citizens only.
Before proceeding, you are strongly recommended to read the sections entitled Legal (which contains the legal and regulatory restrictions which apply to your use of, and the investments referred to in, this website) and Privacy Policy (which describes the means by which we collect and use your data and also explains our use of cookies on this website).
