Standard Life Endowment advice please!

WinstonoBoogie

Hi any advice would be appreciated re my SLE, should I keep or go to APMM ? No mortgage so payout would go into cash ISA/ savings account


Guaranteed sum assured £58,900.00
Declared bonuses £8,081.16
Surrender value £20,106.28 (£18,582.51 basic value +£1,523.77 final bonus)

Monthly premium £76.39
Maturity date 08 Jan 2017
Maturity forecasts

3.75% pa 5.5% pa 7.25% pa Future payments due
£29,300.00 £33,000.00 £37,100.00 £7,257.05

Thanks in advance for any help!!

Gorgeous_George

I'd surrender it before the end of the month as it is possible that further cuts will be made to final payouts.

Of course, no-one knows what will happen over the remainder of your policy but I know what happened to my policy since 2003. I surrendered in July 2008 and haven't regretted it yet.

GG

EdInvestor

WinstonoBoogie wrote: »

Maturity forecasts

3.75% pa 5.5% pa 7.25% pa
£29,300.00 £33,000.00 £37,100.00

If you cashed it in and put it on deposit with an average 3% net return over the period, also paying in the premiums to maturity, your return would be 33,060, more than the SL mid rate, but with no risk.

So this one should be despatched to the bin asap.

Happychappy

Hi

I have two Standard Life Endowment assurance plans due to mature in 2009, the first is due on 13th March and the second in July.

Both were taken out in 1984 when unfortunately I lined the pockets of an IFA who said this was a surefire way of almost doubling your money ; ) wish I could laugh about it, but the IFA who was part of a Jones and Jones & Associates shut down when the endowment scandal first appeared, they are all now trading as individuals.

I tried making a complaint through the FSA at the building society who put me in touch with the IFA, the Building Society Manager made the recommendation, anyway water under the bridge as Standard Life coughed up the commission as they got a sale and the IFA was happy as he got paid and I am left with a policy which will well underperform.

Should I in view of the certainty of SL hacking any bonus or reducing payout, is it worth surrending the policies or whatever it is I need to do with them? Any pointers gratefully received unless you are from XXXXx&XXXXX Associates on a beach in Bermuda toasting my health!

EdInvestor

Since the final payouts are likely to fall, you may be wise to consider surrendering now.

WinstonoBoogie

Thank you for your advice