Standard Life Endowments- more cuts announced

Gorgeous_George

Surpirse, surprise.

From The Scotsman (link)

ALMOST two million Standard Life customers with pension and endowment policies have seen the value of their investments slashed following market turmoil.
The Edinburgh-based insurer yesterday (Tuesday) announced that it was cutting bonus rates for investors in its with-profits plans by up to 14 per cent, citing a year of "extreme investment conditions". Among the affected investments are endowment policies used to fund mortgages, although returns on all with-profits investments have fallen over the last year.

More than 1.8 million customers have with-profits policies, which hold back investment growth when markets are benign in order to bolster returns when they are more volatile. The plans are used as the basis of pensions, savings and mortgage endowments.

But Standard Life policyholders with mortgage endowments due to mature this year have seen their final pay-out fall by almost 5 per cent in the past 12 months. Pay-outs on mortgage endowments have now fallen by almost half in the last five years.

Anybody still recommending keeping endowment policies?

GG

prowla

Can you still claim for mis-selling?

dunstonh

prowla wrote: »

Can you still claim for mis-selling?

Not if you reason is cut in bonus rate.

If you havent been time barred and were mis-sold you can.