What is a My Smarter ISA?
With My Smarter (ISA), your money is invested in Scottish Friendly's With-Profits fund, which is linked to the stock market. So, while it's impossible to predict exactly what return you may get, we can try to give you an idea of how much you might get back on your investment in the future.
As with any investment, the value of your My Smarter (ISA) can go down as well as up, and you could get back less than you paid in.
How much money might I get back?
The figures below show what could happen in three different assumed investment scenarios – lower growth, where investments grow at 2% a year, medium growth, where investments grow at 5% a year, and higher growth, where investments grow at 8% a year.
Based on an investment of £10 per month increasing at 10% per year over 5 years. The total amount you would have invested is £732.60.
Lower growth – £732.60 investment – £741 return
Medium growth – £732.60 investment – £794 return
Higher growth – £732.60 investment – £851 return
Remember, this is just to give you an idea of what you might get back. What you get back depends on the rise and fall of the underlying assets and on the tax treatment of the investment which could change over time. You could get more or less than the example figures above and the total amount invested. Do not forget that inflation would reduce what you could buy in the future with the amounts shown.
Please note that a Market Value Reduction may apply when you cash in your policy. This is designed to ensure that the amount you receive is in line with the value had you invested directly in the assets backing your policy. The annual rates of growth assumed for the projection have been based on Scottish Friendly's reasonable estimate of potential returns. They are subject to the assumed maximum rates specified by the Financial Conduct Authority. All the figures include the deduction of the actual charges on the policy. These charges may vary in the future.
To help you keep track of how your My Smarter (ISA) is doing, Scottish Friendly send you a statement twice a year showing the current value of your investment.
SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, equity release, pet insurance, home insurance, car insurance, ISAs and Will writing services.