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Important information for investors holding investment trust holdings within an Invesco Perpetual ISA and/or Investment Trust Savings Scheme

Article | 19 December 2016

Important information for investors holding investment trust holdings within an Invesco Perpetual ISA and/or Investment Trust Savings Scheme.

We have recently written to investors who hold investment trusts in an Invesco Perpetual ISA and/or Investment Trust Savings Scheme (ITSS) to inform them that we’ll no longer be offering investment trusts within these products from 13 April 2017, with the day to day servicing of investment trust accounts being taken over by The Share Centre.

Invesco Asset Management Limited will continue to manage the underlying investments of the investment trusts within the Invesco Perpetual range; it is just the case that we’ll no longer be offering them within an Invesco Perpetual ISA or ITSS.

To facilitate the smooth transition of the investment trusts to The Share Centre, the last day that we’ll be accepting any more new monies into investment trusts, within an Invesco Perpetual ISA and/or ITSS, will be 05 April 2017.

Transfer of investment trust holdings to The Share Centre

With the offering of investment trusts within the Invesco Perpetual ISA and/or ITSS ceasing as of 13 April 2017, we’re planning to carry out a transfer of investment trust accounts to The Share Centre, over the Easter bank holiday weekend of 14 to 17 April 2017.

Investors in an Invesco Perpetual ISA will transfer to The Share Centre Self-Select Stocks & Shares ISA. Investors in the Invesco Perpetual ITSS, where there are one or two holders, will transfer to The Share Centre Share Account. Investors in the Invesco Perpetual ITSS, where there are more than two holders, will transfer to The Share Centre Investment Club.

Transferring their investment trust holdings to The Share Centre means that, as of 18 April 2017, investors will be able to choose from a far greater range of investment options, such as other investment trusts and companies, in addition to their current Invesco Perpetual investments. They’ll also be able to invest into a range of UK shares, funds, gilts, bonds and exchange traded products.

The Share Centre also offer more ways in which to invest and manage their accounts; giving investors the ability to place trades online, by telephone or by post, using a debit card, bank transfer or by cheque.

A comparison of the charging structures and services offered by Invesco Perpetual and The Share Centre can be found in the relevant ‘Frequently Asked Questions’. Investors should also read The Share Centre’s Account Key Features and Terms of Business documents for completeness.

We note that investors resident in certain countries cannot transfer across to The Share Centre, while others can transfer but will have restrictions placed on their account. We have written to these investors, along with their financial advisers (if applicable).

Post-transfer details

The number of investment trust shares and any associated cash that investors may hold in their Invesco Perpetual accounts, as at 13 April 2017, will not change following the transfer to The Share Centre.

Important information for ISA investors

As investors can only invest in one stocks and shares ISA per tax year with one ISA Manager; following the transfer of an ISA investor’s investment trust holdings to The Share Centre, they will only be able to subscribe to either their Share Centre Self Select Stocks & Shares ISA or their Invesco Perpetual ISA for the 2017/18 tax year and subsequent tax years (but not to both).

Grace period

There will be a grace period of six weeks following the transfer to The Share Centre, during which investors can transfer their investment trust holdings, free of charge, to another provider. Transfers carried out after the end of this period will be subject to the charges as set out in The Share Centre’s Account Key Features and Terms of Business documents.

Monthly savings plans

If investors currently invest monthly into investment trusts and wish to continue to do so, they’ll need to complete a new Direct Debit mandate for The Share Centre, which will be provided nearer to the transfer date.

In addition, where an investor invests monthly into ICVCs within the Invesco Perpetual ISA, they’ll need to instruct us to discontinue their Direct Debit mandate before 5 April 2017 if they wish to subscribe to their Share Centre Self Select Stocks & Shares ISA for the 2017/18 tax year.

Cessation of renewal commission

Any renewal commission currently being paid, in accordance with the regulations, on investment trusts within the Invesco Perpetual ISA, will cease to accrue as of 13 April 2017. The Invesco Perpetual Investment Trust Savings Scheme does not pay renewal commission.

Access to investors’ accounts with The Share Centre

Financial advisers can request information on an investor’s account at The Share Centre, by telephone or post. If they would like to have this access, the investor will need to write to The Share Centre, confirming their name and Financial Conduct Authority (FCA) reference. Financial advisers can also submit this request, provided the investor has signed and authorised it. We note that financial advisers will not be able to deal on their clients’ behalf.

Making a decision

Investors are under no obligation to transfer their investment trust holdings to The Share Centre. For details of their options and the timescales for us receiving instructions, please see the relevant ‘Frequently Asked Questions’ document.

Whatever they choose to do, Invesco Perpetual will not be offering investment trusts within the Invesco Perpetual ISA and/or Investment Trust Savings Scheme after 13 April 2017; so it’s essential that investors make provision for their holdings in good time before that date.

Instruction form

We’ve included a form with the client letter, so that investors can instruct us to transfer their ISA/shares to The Share Centre, re-register their shares into their own name or sell their shares. For all the options available to investors, please refer to the relevant ‘Frequently Asked Questions’ document. They have been asked to fill it in and return it to us within the timescales mentioned.

No response

If we haven’t received a response by midday on 13 April 2017, then investors will be deemed to have chosen to have their investment trust holdings transferred from Invesco Perpetual to The Share Centre.

Any investors resident in the countries that cannot transfer across to The Share Centre, which we have not heard from by the above date, will have their investment trust holdings sold and the sale proceeds sent to them.

ISA Client letter
ISA Frequently asked questions
Investment Trust Savings Scheme Client letter
Investment Trust Savings Scheme Frequently asked questions
Investment Club Client letter
Investment Club Frequently asked questions
The Share Centre Terms of Business
The Share Centre Account Key Features

More information

If you have any questions about The Share Centre, please go to www.share.com/InvescoTransfer. Alternatively, you can contact them directly on +44(0) 1296 414670 or via service@share.co.uk. They’re available Monday to Friday, 8:00am to 6:00pm (excluding Bank Holidays).

If you have any questions for us, please call us on either 0800 028 5544 or +44(0) 1491 416123. Alternatively you can email us at enquiry@invescoperpetual.co.uk. We’re here Monday to Friday, from 8:30am to 6:00pm (excluding Bank Holidays).