endowment surrender value

thehairybuilder

We`re looking to surrender 4 of our endowments and have had quote for 2 from Standard Life regarding their values , still waiting for Refuge !!!!!! to post their values to us .
Is it generally best to accept the Companies offer or is there somebody who will give us more to buy them off us ?
Any halp appreciated as always
Thanks
Hairy

EdInvestor

Hi Hairy

Are your Standard Life endowments in the With profits fund?If so a windfall should be on the way to you later this year when they demutualise, so I should hold on.:)

If you can get a better offer for the others well and good.
Try a Google search for "TEP traders" to find people who buy endowments.

NAR

Also bonuses have just been cut by Standard Life on 1st February. The next potential date for bonus cuts is 1st August, so I would let your policies "grow" until July before selling. And as Edinvestor says you may also get windfall monies after EGM in May/June.

thehairybuilder

I will try the `TEP Traders` search thanks . I need to sell fairly soon to finance purchase of house so cannot wait for the windfall unfortunately. I also have my pension with Standard Life though so I assume I`ll get my windfall payment for it . . . ?

Milarky

thehairybuilder wrote:

I will try the `TEP Traders` search thanks . I need to sell fairly soon to finance purchase of house so cannot wait for the windfall unfortunately. I also have my pension with Standard Life though so I assume I`ll get my windfall payment for it . . . ?

Only if that was in the 'with-profits' fund, and better for you frankly if it isn't. The windfalls are compensation for loss of property rights (via free shares) but it is a double edged sword since the funds out of which with-profits are paid are (and have been) subject to raids known as bonus cuts. So you'll only get windfalls for any policy which has been held in ('under') with-profits wrappers.

I agree that SL is next due to review bonus rates on 1st August (they could do it at any time, of course, but won't wan't the bad publicity of doing so whilst seeking members' co-operation in voting through demutualisation)

July is thus the best time to exit IMO

thehairybuilder

OK , July isn`t so far away I guess. . . . . and am I right in thinking then that if we have 2 with-profits endowments we should receive 2 windfalls or is that unlikely to happen ?

EdInvestor

It depends on when the company is floated: at present it's planned for June, but it depends on the state of the stockmarket.

You should get two windfalls, one for each member.But the amount will depend on the value of your policies and how long you have been a member.

EdInvestor

The windfall goes to the first named on each policy , who is the member.They will agggregate the policy values all together.Only money in the WP fund counts.