Its my belief that the AA & LTA reductions over the past 6 or 7 years were wasted tax targets for the Treasury as very few people understood them....or even knew what they meant.
It's only really come to the fore because of the serious issues it was causing NHS Doctors and the effects that was having on staff numbers. Also, the way the excess tax on the Annual Allowance is calculated and charged is retrospective - you can't calculate it (for DB schemes) until after the tax year has finished & so you are faced with a tax bill 6-12 months after the event with no recourse to do anything about it. Apart from leaving the scheme !
I do think scrapping the LTA was a bit extreme & it would have been better changing how any excess is charged. Same goes for the LTA. I said on here a few weeks back that there should be 2 regimes for taxing pension excesses - one for DC scheme where you can control the amount going in and (to some extent) the growth and another for DB schemes where you have no control over either.
One final piece. The current LTA is around £1.1m. To reach that you would (in the traditional final salary scheme of an annual pension + 3 times lump sum) need an annual pension on retirement of £47pa. Might seem a lit to most people, and it is. But an NHS Consultant on their top scale (so 20 odd years of Consultant service) would be on around £115kpa. On top of that there would have other pensionable income such as merit awards which can add another £10k. Based on 40 years service that would be an annual pension of £62.5k. and therefore almost £350k over the LTA. (62.5 x20 plus 3x lump sum) and therefore an excess tax charge of c£180k. Thats why it needed to be changed.
Completely disagree that scrapping the LTA limit was extreme. It was extreme introducing it in the first place. It was simply an easy target for reducing the annual cost to the Treasury.
There is absolutely no justification for capping final salary pensions where the employer has funded 90% of the cost. There is no tax "leakage" as the employer would have got the same tax relief as an expense whether paid as salary or pension. So what justification is there for taxing the recipient over and above normal income tax. HMRC had to invent something for DB schemes for no other reason than they couldn't be seen as just attacking money purchase schemes because it was convenient. The absurdity is obvious given the LTA valuation and tax payable on a final salary scheme is the same whether the pension is paid from age 55 or 70 and wether or not it has inflation proofing when clearly one pension could be at least twice the value of the other but bearing an identical tax. It is as non-sensical a tax levy as you could dream up
I don't disagree with you at all. By "extreme" I suppose I meant that advisors like myself have spent years discussing this with clients & going round the houses with what it all means & how (if any) ways are possible to mitigate any impending tax charges.
Now in one fell swoop all my advice & discussions are null & void.
……..dont’t fret Colin. Labour’s inevitable, eventual ascent to power will reinstate the need for your exceptional skill set in this area!
Friends, forget about crypto currencies as your speculative path to riches. I am here to tell you that the HSBC Global Money account can turn you into the (proper) currency trader you always fancied yourself as.
You need an HSBC current account, then you transfer wedge into the Global Money "partition", and then you can transfer freely between 14 currencies, at mid market rates, no fees, and its super-slick. Gives you 50 seconds to accept the exchange rate and bang, you are done.
Now the funny thing is, HSBC have not quite worked out why they are offering this account. I belatedly discovered that right now you can only pay GBP in, not foreign currencies. This won't bother most of you. However if you get regular wedge in, say, euros, maybe from renting out your little place on the French coast, you cannot send that money back in euros, to the euro sub-partition in your GM account, and then convert it back to GBP at the mid market rate. WTF? But they coyly say in their T&Cs, that this will be possible "in the future". Why don't they offer it now? Because, big banks... But you definitely can use it to trade currency in ways previously enjoyed only by pro traders. I have a funny feeling that when HSBC twig that mug punters are using it this way they will put a stop to it, as we mug punters are not allowed to do such things, are we? So get in and make hay while the sun shines...
Friends, forget about crypto currencies as your speculative path to riches. I am here to tell you that the HSBC Global Money account can turn you into the (proper) currency trader you always fancied yourself as.
You need an HSBC current account, then you transfer wedge into the Global Money "partition", and then you can transfer freely between 14 currencies, at mid market rates, no fees, and its super-slick. Gives you 50 seconds to accept the exchange rate and bang, you are done.
Now the funny thing is, HSBC have not quite worked out why they are offering this account. I belatedly discovered that right now you can only pay GBP in, not foreign currencies. This won't bother most of you. However if you get regular wedge in, say, euros, maybe from renting out your little place on the French coast, you cannot send that money back in euros, to the euro sub-partition in your GM account, and then convert it back to GBP at the mid market rate. WTF? But they coyly say in their T&Cs, that this will be possible "in the future". Why don't they offer it now? Because, big banks... But you definitely can use it to trade currency in ways previously enjoyed only by pro traders. I have a funny feeling that when HSBC twig that mug punters are using it this way they will put a stop to it, as we mug punters are not allowed to do such things, are we? So get in and make hay while the sun shines...
I actually think this account is a deliberate strategy from HSBC to counter the various fintech payment and currency firms. A couple of years ago, I was selecting a new payment provider for a company that had 'offices' in over 70 countries. There were various fintech options (e.g. Adyen, who were in the same building as us and the respective company owners knew each other) but in the end we went for HSBC because it was cheap and easy.
It also provided a 'virtual' account in any country. I suspect that this functionality isn't yet available to retail customers, if you can't yet pay in Euros but suspect they are being honest when they say it's on its way.
Its my belief that the AA & LTA reductions over the past 6 or 7 years were wasted tax targets for the Treasury as very few people understood them....or even knew what they meant.
It's only really come to the fore because of the serious issues it was causing NHS Doctors and the effects that was having on staff numbers. Also, the way the excess tax on the Annual Allowance is calculated and charged is retrospective - you can't calculate it (for DB schemes) until after the tax year has finished & so you are faced with a tax bill 6-12 months after the event with no recourse to do anything about it. Apart from leaving the scheme !
I do think scrapping the LTA was a bit extreme & it would have been better changing how any excess is charged. Same goes for the LTA. I said on here a few weeks back that there should be 2 regimes for taxing pension excesses - one for DC scheme where you can control the amount going in and (to some extent) the growth and another for DB schemes where you have no control over either.
One final piece. The current LTA is around £1.1m. To reach that you would (in the traditional final salary scheme of an annual pension + 3 times lump sum) need an annual pension on retirement of £47pa. Might seem a lit to most people, and it is. But an NHS Consultant on their top scale (so 20 odd years of Consultant service) would be on around £115kpa. On top of that there would have other pensionable income such as merit awards which can add another £10k. Based on 40 years service that would be an annual pension of £62.5k. and therefore almost £350k over the LTA. (62.5 x20 plus 3x lump sum) and therefore an excess tax charge of c£180k. Thats why it needed to be changed.
Even with rising interest rates, anyone on a DC scheme is not going to be able to provide a 62k pension on 1m pension pot.
Yet the risks are far higher for the DC contributor, so I don't have a lot of sympathy for DB schemes and certainly don't think they should get special treatment, particularly not those guaranteed by tax payers' money.
Friends, forget about crypto currencies as your speculative path to riches. I am here to tell you that the HSBC Global Money account can turn you into the (proper) currency trader you always fancied yourself as.
You need an HSBC current account, then you transfer wedge into the Global Money "partition", and then you can transfer freely between 14 currencies, at mid market rates, no fees, and its super-slick. Gives you 50 seconds to accept the exchange rate and bang, you are done.
Now the funny thing is, HSBC have not quite worked out why they are offering this account. I belatedly discovered that right now you can only pay GBP in, not foreign currencies. This won't bother most of you. However if you get regular wedge in, say, euros, maybe from renting out your little place on the French coast, you cannot send that money back in euros, to the euro sub-partition in your GM account, and then convert it back to GBP at the mid market rate. WTF? But they coyly say in their T&Cs, that this will be possible "in the future". Why don't they offer it now? Because, big banks... But you definitely can use it to trade currency in ways previously enjoyed only by pro traders. I have a funny feeling that when HSBC twig that mug punters are using it this way they will put a stop to it, as we mug punters are not allowed to do such things, are we? So get in and make hay while the sun shines...
my guess is they're either using or building a competitor to currencycloud who offer white label midmarket rates to the likes of revolut, etoro etc.
Its my belief that the AA & LTA reductions over the past 6 or 7 years were wasted tax targets for the Treasury as very few people understood them....or even knew what they meant.
It's only really come to the fore because of the serious issues it was causing NHS Doctors and the effects that was having on staff numbers. Also, the way the excess tax on the Annual Allowance is calculated and charged is retrospective - you can't calculate it (for DB schemes) until after the tax year has finished & so you are faced with a tax bill 6-12 months after the event with no recourse to do anything about it. Apart from leaving the scheme !
I do think scrapping the LTA was a bit extreme & it would have been better changing how any excess is charged. Same goes for the LTA. I said on here a few weeks back that there should be 2 regimes for taxing pension excesses - one for DC scheme where you can control the amount going in and (to some extent) the growth and another for DB schemes where you have no control over either.
One final piece. The current LTA is around £1.1m. To reach that you would (in the traditional final salary scheme of an annual pension + 3 times lump sum) need an annual pension on retirement of £47pa. Might seem a lit to most people, and it is. But an NHS Consultant on their top scale (so 20 odd years of Consultant service) would be on around £115kpa. On top of that there would have other pensionable income such as merit awards which can add another £10k. Based on 40 years service that would be an annual pension of £62.5k. and therefore almost £350k over the LTA. (62.5 x20 plus 3x lump sum) and therefore an excess tax charge of c£180k. Thats why it needed to be changed.
Even with rising interest rates, anyone on a DC scheme is not going to be able to provide a 62k pension on 1m pension pot.
Yet the risks are far higher for the DC contributor, so I don't have a lot of sympathy for DB schemes and certainly don't think they should get special treatment, particularly not those guaranteed by tax payers' money.
If buying an annuity it'd be nearer £2m on joint life with 3% escalation, if you want RPi then probably heading towards £3m.
Its my belief that the AA & LTA reductions over the past 6 or 7 years were wasted tax targets for the Treasury as very few people understood them....or even knew what they meant.
It's only really come to the fore because of the serious issues it was causing NHS Doctors and the effects that was having on staff numbers. Also, the way the excess tax on the Annual Allowance is calculated and charged is retrospective - you can't calculate it (for DB schemes) until after the tax year has finished & so you are faced with a tax bill 6-12 months after the event with no recourse to do anything about it. Apart from leaving the scheme !
I do think scrapping the LTA was a bit extreme & it would have been better changing how any excess is charged. Same goes for the LTA. I said on here a few weeks back that there should be 2 regimes for taxing pension excesses - one for DC scheme where you can control the amount going in and (to some extent) the growth and another for DB schemes where you have no control over either.
One final piece. The current LTA is around £1.1m. To reach that you would (in the traditional final salary scheme of an annual pension + 3 times lump sum) need an annual pension on retirement of £47pa. Might seem a lit to most people, and it is. But an NHS Consultant on their top scale (so 20 odd years of Consultant service) would be on around £115kpa. On top of that there would have other pensionable income such as merit awards which can add another £10k. Based on 40 years service that would be an annual pension of £62.5k. and therefore almost £350k over the LTA. (62.5 x20 plus 3x lump sum) and therefore an excess tax charge of c£180k. Thats why it needed to be changed.
Even with rising interest rates, anyone on a DC scheme is not going to be able to provide a 62k pension on 1m pension pot.
Yet the risks are far higher for the DC contributor, so I don't have a lot of sympathy for DB schemes and certainly don't think they should get special treatment, particularly not those guaranteed by tax payers' money.
Totally agree about the risk angle.
The problem is that a DB member has no control over input or growth. An NHS member can not increase or reduce what they contribute, not can they select a highly adventurous or extremely cautious fund to increase / decrease the rate of growth in their pension. The problem around the AA is even more acute & increasing it to £60k should alleviate a lot of problems that I see around the excess tax charge this brings.
There really needs to be 2 sets of rules- one for DC schemes & one for DB schemes. You simply can not compare the amount a DC member can invest to how a DB scheme calculates the AA. Its chalk & cheese.
Can someone recommend a book/websites to understand pensions/ the stock market - just to a basic level? Would love to understand it a bit more and this chat goes completely over my head!
Friends, forget about crypto currencies as your speculative path to riches. I am here to tell you that the HSBC Global Money account can turn you into the (proper) currency trader you always fancied yourself as.
You need an HSBC current account, then you transfer wedge into the Global Money "partition", and then you can transfer freely between 14 currencies, at mid market rates, no fees, and its super-slick. Gives you 50 seconds to accept the exchange rate and bang, you are done.
Now the funny thing is, HSBC have not quite worked out why they are offering this account. I belatedly discovered that right now you can only pay GBP in, not foreign currencies. This won't bother most of you. However if you get regular wedge in, say, euros, maybe from renting out your little place on the French coast, you cannot send that money back in euros, to the euro sub-partition in your GM account, and then convert it back to GBP at the mid market rate. WTF? But they coyly say in their T&Cs, that this will be possible "in the future". Why don't they offer it now? Because, big banks... But you definitely can use it to trade currency in ways previously enjoyed only by pro traders. I have a funny feeling that when HSBC twig that mug punters are using it this way they will put a stop to it, as we mug punters are not allowed to do such things, are we? So get in and make hay while the sun shines...
I actually think this account is a deliberate strategy from HSBC to counter the various fintech payment and currency firms. A couple of years ago, I was selecting a new payment provider for a company that had 'offices' in over 70 countries. There were various fintech options (e.g. Adyen, who were in the same building as us and the respective company owners knew each other) but in the end we went for HSBC because it was cheap and easy.
It also provided a 'virtual' account in any country. I suspect that this functionality isn't yet available to retail customers, if you can't yet pay in Euros but suspect they are being honest when they say it's on its way.
That's also what I assumed when I saw it, and got very excited about it, as I use those firms and was literally on the point of junking HSBC and relying on them for foreign payments. However on MSE forums, as on here, there are some funny types, and one of them upbraided me for not recognising that its an account for Brits to travel with on their hols (but they might change it to something else in the future if I'm a good little boy and wait my turn). In vain I pointed out to him that HSBC boasts that you can move up to £50k per day, which sounds like quite a holiday .
But also as a result of my brush with these banking nerds ( I assume they are, in the same way that I'm a train nerd), I can warn everybody that HSBC also has a "Currency account" which you can open, in various countries. However if say, that account is in euros, when you want to transfer the euros back to your GB account, they will give you the "HSBC" rate, which is emphatically not the super mid-rate they offer on the new Global Money account.
Can someone recommend a book/websites to understand pensions/ the stock market - just to a basic level? Would love to understand it a bit more and this chat goes completely over my head!
I used to buy The Economist Guide to Financial Markets for people joining my team. From memory, I think it's pretty good for entry level.
Shaky opener for equity markets this morning, although they are recovering. I would like to point out that if we closed the competition right now the winner would be ...me :-) But of course the Fat Lady has not even thought about warming up yet...
The general mood across the FT articles this morning is that it should not be a re-run of 2008 because of the many improvements in the way big banks are regulated and run, however some cautious notes were sounded based around the less visible areas, such as private markets, and a more general worry about some banks having been caught out by the swift rise in interest rates. Gulp. I have also realised that money market funds are nowhere near as good as interest bearing savings accounts at banks (provided you stay within the guarantee limit).
So just for once, fortune favours the cautious. I just totted up, and found I have cash spread across 16 (!) different cash accounts in two countries, paying between 2.7% and 6%, then there is the hilarious Czech Republika bond which is based on RPI plus 0.5% for 6 years, so I think must be running at something like 15% right now. Unfortunately I've only got about £4k there since when I took it out nobody thought inflation was any kind of issue, even though it always stayed a little above 2% here which raised my suspicions.
But while I've been writing this, I believe I have lost the competition leadership. Oh, well, so long as its because of upward movement...
Anybody know the approx interest rate for a 50% LTV mortgage?
Depends whether you want fixed or tracker & over a specific time period (2,3,5 or 10 years). 2 year fixed are more expensive that 5 year fixed. 10 year fixed probably the cheapest. Did see the first sub 4% deal earlier (3.99%) so I would say for a 50% LTV you're probably looking at around 4.1%-4.2% for a 5 year fixed
I opened a Fidelity account in 2020 and have money in a handful of funds, within an ISA, I do not track/follow them, most have lost money in this time, all have once you allow for inflation (overall loss is 3.27% plus inflation). Best performing fund is Fidelity Index UK Fund P Accumulation in which I have apx 10% of my money, up 4.68% in this time (still well down in real terms). Fund I have most in is Fidelity Global Dividend Fund W-Accumulation (UK), about 30% of my money, down 2% (much more in real terms). Worst performing fund is IFSL Marlborough UK Micro-Cap Growth Fund P Acc in which I have apx 2.5% of my money, down 23.1% (much more in real terms).
Reluctant to put any more money in but it is coming up to ISA deadline so time to review, any recommendations for fund(s) to invest in ?
I opened a Fidelity account in 2020 and have money in a handful of funds, within an ISA, I do not track/follow them, most have lost money in this time, all have once you allow for inflation (overall loss is 3.27% plus inflation). Best performing fund is Fidelity Index UK Fund P Accumulation in which I have apx 10% of my money, up 4.68% in this time (still well down in real terms). Fund I have most in is Fidelity Global Dividend Fund W-Accumulation (UK), about 30% of my money, down 2% (much more in real terms). Worst performing fund is IFSL Marlborough UK Micro-Cap Growth Fund P Acc in which I have apx 2.5% of my money, down 23.1% (much more in real terms).
Reluctant to put any more money in but it is coming up to ISA deadline so time to review, any recommendations for fund(s) to invest in ?
If you want to use this tax years ISA allowance but want / need time looking at which fund to invest into you could always put it into an instant access Cash ISA for now & then transfer it into your S&S ISA at a later date.
I opened a Fidelity account in 2020 and have money in a handful of funds, within an ISA, I do not track/follow them, most have lost money in this time, all have once you allow for inflation (overall loss is 3.27% plus inflation). Best performing fund is Fidelity Index UK Fund P Accumulation in which I have apx 10% of my money, up 4.68% in this time (still well down in real terms). Fund I have most in is Fidelity Global Dividend Fund W-Accumulation (UK), about 30% of my money, down 2% (much more in real terms). Worst performing fund is IFSL Marlborough UK Micro-Cap Growth Fund P Acc in which I have apx 2.5% of my money, down 23.1% (much more in real terms).
Reluctant to put any more money in but it is coming up to ISA deadline so time to review, any recommendations for fund(s) to invest in ?
What was your strategy for investing into those funds originally ? What's you attitude to risk ? Seems pretty high as they are all equity funds (although last year Bond funds did worse than equities).
You might need the help of a Financial Advisor 😉
As an aside, 2020 onwards has seen quite a rollercoaster ride for equities. When lockdown started in March 2020 world stockmarkets generally fell around 25%, but by the summer they had recovered & by the end of 2020 most were in positive territory to where they were 12 months earlier, especially the US (IT stocks mainly). 2021 followed a similar pattern but last year was a nightmare. 2023 started well with gains of around 5% up until a month ago. Since then there has been fears of higher than expected interst rates (US....again) and stubborn inflation. Then there was SVB & now Credit Suisse.
My SIPP is back to where it was this time last year having been up almost 10% since Sept.
Measuring your portfolio against inflation doesn't really mean anything at this point, unless your aim was to specifically buy something in x months / years with that money, and which would be affected by inflation. If that was the case a S&S ISA might not have been the best place for it
There are a couple of bonds, Jupiter Strategic Absolute Return Bond I GBP Hedged Acc biggest has about 17% of my funds (+0.43%). I did swap out a couple of bonds last year.
I used to but stopped last year since prices were inexorably down
That's probably when you want to be drip feeding in. But it does depend on your time horizon as well. Assuming 5 years plus (as it should be for equities), try drip feeding. You don't have to follow things day-to-day and over time, it will work well - a fixed amount will buy more when prices are cheap, less when they are expensive, known as pound cost averaging.
There are a couple of bonds, Jupiter Strategic Absolute Return Bond I GBP Hedged Acc biggest has about 17% of my funds (+0.43%). I did swap out a couple of bonds last year.
Probably got that recommendation of here.....from me. One of my favourite Bond funds.
There are a couple of bonds, Jupiter Strategic Absolute Return Bond I GBP Hedged Acc biggest has about 17% of my funds (+0.43%). I did swap out a couple of bonds last year.
Probably got that recommendation of here.....from me. One of my favourite Bond funds.
I took due note of your Waverton . I swapped out a chunk of the dreaded Vanguard LS20 for some of that. Lets see. I have some Jupiter Strategic Bond, ( but not the version you mention above). Both have significantly out performed the Vanguard fund ( but in the last year so has cash under the mattress 🤣)
Comments
You need an HSBC current account, then you transfer wedge into the Global Money "partition", and then you can transfer freely between 14 currencies, at mid market rates, no fees, and its super-slick. Gives you 50 seconds to accept the exchange rate and bang, you are done.
Now the funny thing is, HSBC have not quite worked out why they are offering this account. I belatedly discovered that right now you can only pay GBP in, not foreign currencies. This won't bother most of you. However if you get regular wedge in, say, euros, maybe from renting out your little place on the French coast, you cannot send that money back in euros, to the euro sub-partition in your GM account, and then convert it back to GBP at the mid market rate. WTF? But they coyly say in their T&Cs, that this will be possible "in the future". Why don't they offer it now? Because, big banks... But you definitely can use it to trade currency in ways previously enjoyed only by pro traders. I have a funny feeling that when HSBC twig that mug punters are using it this way they will put a stop to it, as we mug punters are not allowed to do such things, are we? So get in and make hay while the sun shines...
It also provided a 'virtual' account in any country. I suspect that this functionality isn't yet available to retail customers, if you can't yet pay in Euros but suspect they are being honest when they say it's on its way.
Yet the risks are far higher for the DC contributor, so I don't have a lot of sympathy for DB schemes and certainly don't think they should get special treatment, particularly not those guaranteed by tax payers' money.
The problem is that a DB member has no control over input or growth. An NHS member can not increase or reduce what they contribute, not can they select a highly adventurous or extremely cautious fund to increase / decrease the rate of growth in their pension. The problem around the AA is even more acute & increasing it to £60k should alleviate a lot of problems that I see around the excess tax charge this brings.
There really needs to be 2 sets of rules- one for DC schemes & one for DB schemes. You simply can not compare the amount a DC member can invest to how a DB scheme calculates the AA. Its chalk & cheese.
But also as a result of my brush with these banking nerds ( I assume they are, in the same way that I'm a train nerd), I can warn everybody that HSBC also has a "Currency account" which you can open, in various countries. However if say, that account is in euros, when you want to transfer the euros back to your GB account, they will give you the "HSBC" rate, which is emphatically not the super mid-rate they offer on the new Global Money account.
Pension rules is a whole different ball game.
The general mood across the FT articles this morning is that it should not be a re-run of 2008 because of the many improvements in the way big banks are regulated and run, however some cautious notes were sounded based around the less visible areas, such as private markets, and a more general worry about some banks having been caught out by the swift rise in interest rates. Gulp. I have also realised that money market funds are nowhere near as good as interest bearing savings accounts at banks (provided you stay within the guarantee limit).
So just for once, fortune favours the cautious. I just totted up, and found I have cash spread across 16 (!) different cash accounts in two countries, paying between 2.7% and 6%, then there is the hilarious Czech Republika bond which is based on RPI plus 0.5% for 6 years, so I think must be running at something like 15% right now. Unfortunately I've only got about £4k there since when I took it out nobody thought inflation was any kind of issue, even though it always stayed a little above 2% here which raised my suspicions.
But while I've been writing this, I believe I have lost the competition leadership. Oh, well, so long as its because of upward movement...
Best performing fund is Fidelity Index UK Fund P Accumulation in which I have apx 10% of my money, up 4.68% in this time (still well down in real terms).
Fund I have most in is Fidelity Global Dividend Fund W-Accumulation (UK), about 30% of my money, down 2% (much more in real terms).
Worst performing fund is IFSL Marlborough UK Micro-Cap Growth Fund P Acc in which I have apx 2.5% of my money, down 23.1% (much more in real terms).
Reluctant to put any more money in but it is coming up to ISA deadline so time to review, any recommendations for fund(s) to invest in ?
You might need the help of a Financial Advisor 😉
As an aside, 2020 onwards has seen quite a rollercoaster ride for equities. When lockdown started in March 2020 world stockmarkets generally fell around 25%, but by the summer they had recovered & by the end of 2020 most were in positive territory to where they were 12 months earlier, especially the US (IT stocks mainly). 2021 followed a similar pattern but last year was a nightmare. 2023 started well with gains of around 5% up until a month ago. Since then there has been fears of higher than expected interst rates (US....again) and stubborn inflation. Then there was SVB & now Credit Suisse.
My SIPP is back to where it was this time last year having been up almost 10% since Sept.
Measuring your portfolio against inflation doesn't really mean anything at this point, unless your aim was to specifically buy something in x months / years with that money, and which would be affected by inflation. If that was the case a S&S ISA might not have been the best place for it
I did swap out a couple of bonds last year.