The boards of the £1.7bn Witan Investment Trust and Witan Investment Services have agreed to transfer the savings schemes to leading investment platform Hargreaves Lansdown to better serve account holders.
Both boards reviewed the current service available to savings scheme account holders and felt "a broader array of services" would be available elsewhere.
In a joint statement, the boards said in light of the "increasing variety, capability and cost effectiveness of investment platforms in the wider savings market", customers would be best served by a transfer to a specialist investment platform, free of charge.
The boards have chosen FTSE 100 name Hargreaves Lansdown as the recommended option though account holders may transfer to a different provider of their choice if they wish.
Harry Henderson, chairman of Witan Investment Services, said: "There is an increasing range of savings platforms offering a broader array of services than those available to Witan Savings Scheme investors.
"Coupled with this, in recent years there has also been a substantial increase in the regulatory cost associated with the provision of the schemes, which has been borne by Witan shareholders as a whole.
"We are confident the proposed transfer will result in improved flexibility and choice for account holders, at a competitive cost.
"We thank our members for the trust they have placed in us over the years in managing and administering their savings schemes. We will be doing all we can to ensure this necessary process will go as smoothly as possible."
Over three years, the trust is up 43%, behind its AIC Global sector average return of 53% and composite benchmark return of 46%, according to FE. It is currently trading on a discount of 1.85%.