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Recent changes to OneFamily’s ISA and Lifetime ISA

We've made some changes to the funds our Stocks and Shares ISA and Lifetime ISA invest in. A different part of the OneFamily group also now acts as ISA/LISA manager.

We recently sent an email to our Stocks and Shares ISA and Lifetime ISA customers letting you know about an upcoming change to how your product is invested and managed. This change has now happened.

You now have more options around how your money is invested and, as the new funds we offer are ‘life funds’, you also get a death benefit.

What’s changed?

There are four main changes.

Your Direct Debit might look different on your bank statement

You might notice that when you check your bank statement, your OneFamily Direct Debit is going to Family Assurance Friendly Society Limited, instead of Family Equity Plan Limited.

That’s because of the change in legal entity (see details below).

Although your Direct Debit is unaffected other than the name change, this may have triggered your bank to notify you of a new Direct Debit. If this happened, just check that your money is going to Family Assurance Friendly Society Limited and that the amount is what you expect.

You now invest in a different fund

When you opened your product, you might remember you chose between two funds. We’ve now replaced these funds with three new ‘life’ funds.

You've been moved from the fund you chose to the equivalent new fund, which has a similar level of risk and anticipated investment returns.

Original fund	New fund
OneFamily Global Equity	OneFamily Global Select 100% Shares
N/A	OneFamily Global Select 65% Shares
OneFamily Global Mixed	OneFamily Global Select 35% Shares

We've added a death benefit

The three new funds are ‘life funds’, which means if you die while your Stocks and Shares ISA or Lifetime ISA is open with money in it, we’ll pay out everything that’s in your account plus an extra 1% of the account value.

That means whoever inherits your money will get the money in your account, plus a little extra.

However, this isn’t a replacement for life insurance. If you're thinking about inheritance planning, please bear in mind that this additional benefit can't be placed in trust or used to secure a loan. If you need additional life insurance, have a look at the products offered by Beagle Street (a member of the OneFamily Group).

The legal entity of your ISA/lifetime ISA has changed

This change doesn’t affect you, but we have a duty to let you know about it.

The “legal entity” is the company within the OneFamily group that manages your product.

Your ISA or lifetime ISA was managed by “Family Equity Plan Limited”. It's now managed by “Family Assurance Friendly Society Limited”.

OneFamily is a trading name for both these entities so you’re still a OneFamily customer and nothing will change with how your product is managed. The team, and our contact details, are the same.

How do these changes affect me?

Your Direct Debit will now be collected under a different company name. Your Direct Debit might look slightly different on your bank statement, but if it’s being collected by Family Assurance Friendly Society Limited and is the amount you expect, there’s nothing you need to do.
You’re entitled to a death benefit. If you die while you have a OneFamily ISA or Lifetime ISA, we’ll pay out 101% of the account’s value. So, if you have £5,000 in your ISA, we’ll pay out £5,050 if you die (after speaking to your family and collecting the necessary paperwork). Again, there’s nothing you need to do at this stage, and you’ll be automatically entitled to this.
You have more fund choice. You can switch between our three funds at any time, free of charge.

What’s not changed?

No expected changes to investment returns. The investment approach of the new funds is very similar to that of the old ones. Therefore, future performance expectations are not affected by the changes we've made. If you’d like to know more, you can download the fund factsheets in the table below:

Original fund	New fund
OneFamily Global Equity	OneFamily Global Select 100% Shares
N/A	OneFamily Global Select 65% Shares
OneFamily Global Mixed	OneFamily Global Select 35% Shares

No change to charges. We’ll continue to charge the same Annual Management Charge and no platform- or fund-level fees.
You’re still covered by Financial Services Compensation Scheme (FSCS). You're covered under FSCS’s definition of insurance. You can find out more about this on the FSCS website.
Your online account details and ISA/Lifetime ISA reference number haven't changes. You can still log in in the same way and use the same password and reference number when you speak to us.
Your Direct Debit guarantee. This is a protection scheme offered by all banks and building societies in the UK. If we make a mistake with your Direct Debit, we will rectify this and refund you immediately. You can read the Direct Debit guarantee here.

Terms and conditions

The terms and conditions (T&Cs) of your account have changed. You can download the new T&Cs using the links below:

What options do I have?

If you’re happy with these changes, you don’t need to do anything.

However, if you’d like to leave OneFamily as a result of these changes, we’re sorry to see you go but respect your decision.

We don’t charge you to transfer to another provider and this won’t affect your ISA allowance, as long as you transfer without withdrawing. To start a transfer out, please visit the website of the provider you’d like to move to.

You can also close your account and withdraw your money, but if you then reinvest your money into another ISA or lifetime ISA, this will come out of your ISA allowance.

Any questions?

If there’s anything you don’t understand or if you have any questions at all, please just give us a call on 0344 8 920 920 or log into your account to send us a secure message.

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