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    • kennyb41
    • By kennyb41 15th Mar 17, 11:03 AM
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    kennyb41
    Standard Life Endowment
    • #1
    • 15th Mar 17, 11:03 AM
    Standard Life Endowment 15th Mar 17 at 11:03 AM
    Hi,


    Me and my ex partner took out a Standard life with profits Endowment in 1990 at £33 per month to cover our £25,000 mortgage,in 2012 we went through a torrid year and split and reluctantly had to sell the endowment,a so called friend offered £400 more than anyone we could find and promised us a sum of money when it matured in 2015.
    In 2012 Standard Life told us the guaranteed sum of £25,000 would probably be achieved with the attached bonus's to come in it's final years,we reluctantly sold it to him for £10,400 and waited to see what it matured at,later that year he told us he had had to sell it to raise funds for himself and only got £10,600.
    He did actually sell it but we think just transferred to another family member.
    And at the final maturity date of March 2015,he bought a new Audi,went to Vegas and built a new extention along woth a hell of a lot more things which seriously suggested he had a good windfall.
    Is there any way at all I can find somewhere Standard Lifes final payout for a £33 per month 'with profits endowment' that was started in 1990-2015,no payment were ever missed and at our last statement in 2012 it had a value on paper of approx. £14k but surrender value was a lot less,Standard Life cannot help although they sympathise but cannot give out details of who he sold it to,i totally understand their position but surely I must be able to find final values for that particular year.


    All help is very much appreciated no matter how small and if I haven't explained it clearly please ask.


    Tia
    Last edited by kennyb41; 15-03-2017 at 11:16 AM. Reason: wrong spelling
Page 1
    • dunstonh
    • By dunstonh 15th Mar 17, 12:25 PM
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    dunstonh
    • #2
    • 15th Mar 17, 12:25 PM
    • #2
    • 15th Mar 17, 12:25 PM
    Is there any way at all I can find somewhere Standard Lifes final payout for a £33 per month 'with profits endowment' that was started in 1990-2015,no payment were ever missed and at our last statement in 2012 it had a value on paper of approx. £14k but surrender value was a lot less,Standard Life cannot help although they sympathise but cannot give out details of who he sold it to,i totally understand their position but surely I must be able to find final values for that particular year.
    No.

    Not all endowments were the same. The rates would change on a daily basis. So someone who bought a week before you could get a very different amount. Plus, target growth rates could be varied on plans.

    Chances are that you would have been better keeping it. The last few years have been very good and I have seen the figures on the SL endowments on our books go up a lot. Plus, you also have the MEP they pay on top of that. The MEP was often many thousands of pounds (I have seen some in the tens of thousands although that is unlikely here).

    The reason SL plans were popular on the trading market was the MEP and the fact that SL tended to understate projections due to quirks in the methods they used.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • elmer
    • By elmer 15th Mar 17, 5:12 PM
    • 761 Posts
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    elmer
    • #3
    • 15th Mar 17, 5:12 PM
    • #3
    • 15th Mar 17, 5:12 PM
    I took out an endowment in 1991 for £33.00 per month to cover £26000, it matured last year with £20800

    Its not the same as you but may be a similar amount, I was very pleased with the amount even though it was short.
    • kennyb41
    • By kennyb41 15th Mar 17, 7:32 PM
    • 9 Posts
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    kennyb41
    • #4
    • 15th Mar 17, 7:32 PM
    • #4
    • 15th Mar 17, 7:32 PM
    With Standard life?
    • kennyb41
    • By kennyb41 15th Mar 17, 7:43 PM
    • 9 Posts
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    kennyb41
    • #5
    • 15th Mar 17, 7:43 PM
    • #5
    • 15th Mar 17, 7:43 PM
    In 1990 when we took it out,i specifically remember the financial adviser referring us to and showing us in a money magazine (I don't know name) what a similar policy maturing in 1990 after 25 years at £33 a month would be maturing at that year,and it was £57,000....it was a great selling point with the life assurance on both our lives to run with it,so in case of any of our deaths,the £25k would be paid off,we were not missold it and were very keen to procede,they were all the rage at the time.


    I just wish I knew what he referred to at that time and whether I could find such today,do Standard life not publish these things,i'm sure it was top of the performing table at the time with Eagle Star next,it was like a top 20 performing endowments league for that year,Scottish Widows was up there as well.
    • kingstreet
    • By kingstreet 16th Mar 17, 9:16 AM
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    kingstreet
    • #6
    • 16th Mar 17, 9:16 AM
    • #6
    • 16th Mar 17, 9:16 AM
    Yes, the maturity figures were published in the May edition of Money Management every year.

    The top performers then wheeled out pull-outs of the figures to show how well they were doing.

    If you look back from 1990, the 25 years saw high interest rates and high inflation, hence the higher returns.

    If you look back from 2015, the 25 years saw low interest rates and low inflation, hence the lower returns.

    Overall though, we've been better off in the last 25 than in the previous 25. What we should have been doing is regularly reviewing what was going into our endowments and using some of what we saved in interest to boost our savings values.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • kennyb41
    • By kennyb41 16th Mar 17, 12:17 PM
    • 9 Posts
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    kennyb41
    • #7
    • 16th Mar 17, 12:17 PM
    • #7
    • 16th Mar 17, 12:17 PM
    Thankyou so much Kingstreet,at least I have a lead now,just off the top of your head could you hazard a guess at what my old Standard Life policy may have matured at please?


    Started 1990 With profits Endowment/life assurance @ £33 per month maturing in March 2015,
    In 2011/12 it was £14,600 and it still had the highest bonus's to come,i know the last 3 years were something like 60%...120%....240% in it's final 3 years and maybe a final termination bonus,although that may have been the 240%,my apologies for being vague.


    Tia.
    • kingstreet
    • By kingstreet 16th Mar 17, 12:55 PM
    • 31,905 Posts
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    kingstreet
    • #8
    • 16th Mar 17, 12:55 PM
    • #8
    • 16th Mar 17, 12:55 PM
    No idea, sorry.

    I wouldn't even know where to start.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • dunstonh
    • By dunstonh 16th Mar 17, 1:34 PM
    • 89,431 Posts
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    dunstonh
    • #9
    • 16th Mar 17, 1:34 PM
    • #9
    • 16th Mar 17, 1:34 PM
    Thankyou so much Kingstreet,at least I have a lead now,just off the top of your head could you hazard a guess at what my old Standard Life policy may have matured at please?
    not possible to answer. What version did you have? What was the target growth rate? What was the MEP? What terms was it arranged on? Key things which impact on the returns.

    You sold it. It is no longer important. You almost certainly got less than you would have had you kept it. However, you cant change that. So, move on and put it to bed. This is a bit like someone selling an investment only to see it continue to grow after they sell it. You make your decision and you cant go back. So, don't waste energy on it.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • kennyb41
    • By kennyb41 16th Mar 17, 3:26 PM
    • 9 Posts
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    kennyb41
    We reluctantly had to sell it to keep the roof over our heads after a road accident,i'm not looking for sympathy but would like to know what it eventually matured at,yes it was stupid of us to sell it with just 3 years remaining and only £33 per month would only have cost us £1100,it was supposed to be guaranteed to cover £25,000 and it possibly could have gone on to achieve that.


    And yes it is 'important' to us as we feel the buyer pulled a fast one by telling us he didn't see it through (we know he did) and promised us a lump sum when it did,It was a Standard Life 'with profits' endowment,guaranteed at the time to cover £25,000 mortgage with life assurance running with it for same amount if any of us died.
    And if you can't contribute better,then please don't waste your 'energy' replying here.
    • dunstonh
    • By dunstonh 16th Mar 17, 4:22 PM
    • 89,431 Posts
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    dunstonh
    t was supposed to be guaranteed to cover £25,000 and it possibly could have gone on to achieve that.
    it probably got to around xxxx - deleted due to your attitude.

    And if you can't contribute better,then please don't waste your 'energy' replying here.
    Ok. I won't waste my energy on you. That includes removing the figure I worked out based on SL endowments on our books over a similar period before I noticed you saying that.

    You would get more help if you were polite about these things.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • kirtondm
    • By kirtondm 16th Mar 17, 4:26 PM
    • 139 Posts
    • 93 Thanks
    kirtondm
    Did you get this promise in writing?

    Because I think if you didn't you have no chance of getting any money back.
    • kennyb41
    • By kennyb41 16th Mar 17, 10:45 PM
    • 9 Posts
    • 0 Thanks
    kennyb41
    No,i am just curious as to it's final value,it may not be important to yourself but it is to me.
    The person that bought it made a gentlemans agreement to give us a lump sum on it's maturity,but then reneged by saying he had sold in 6 months after getting it from us,only for us to find out he put it in his Fathers name.


    Thankyou Kirton,we have kissed the chance of ever getting money from this goodbye,I just wish to know if there is any way I could find it's value on maturity,call it curiousity if you like.


    I don't particularly want to go into detail,but this does involve family and I do have a personal hold on him,though I didn't want to state that here.
    • silvercar
    • By silvercar 17th Mar 17, 9:11 AM
    • 35,863 Posts
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    silvercar
    A devious person would phone up standard life and pretend to be him. Claim to have mislaid the bank statements, give the policy number details etc and ask what the payout was.

    He wouldn't have received the mortgage promise extra on a bought policy.
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