An employee can
- Withdraw their money for free at any time. If they have a Stocks and Shares ISA, it can take up to 7 working days for them to receive the money because of the time it takes to sell the investments.
- Switch to any other investments for free at any time.
- Transfer their investment to another provider for free at any time.
There are no penalties or taxation when withdrawing money from an ISA except a Lifetime ISA (LISA). However, if an employee takes money out of a LISA for any reason other than buying their first property or turning 60 years old, they’ll be subject to a penalty.
An employee can transfer an ISA vis the Cushon transfer wizard.