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Windsor LIfe assurance
eden1969
Posts: 85 Forumite
My husband has a couple of these policies. We need the money right now and were wondering can you cash these in and if so what is the penalty if we do.
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Comments
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Windsor life are a life assurance company. A provider of insurance and pensions. They are not a policy.
What policies do you have? if pensions, then no you cannot cash them in. The Govt gives tax relief on contributions and tax free growth to aid your retirement. In exchange for that they do not to allow you to dip into the money before age 50 (55 from 2010).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
He has 3 policies
1. Flexible Pension Plan - investment fund multiselect pension accumulator
2.- Called Wealth plan- investment fund managed type i pension accumulator
3. Wealth Plan- investment Managed type I pension capital
All are in units0 -
I had a Gen Portfolio MIP, which has ended up as a Wealth Plan.
How / when did it convert from a 10 year savings pan in Gen Portfolio to a pension scheme in Windsor Life?
I presume that the funds are locked until age 55 in the Windsor Life wealth plan?0 -
How / when did it convert from a 10 year savings pan in Gen Portfolio to a pension scheme in Windsor Life?
It cant. The 10 year plan was an endowment. It has no link to a pension. To put he maturity proceeds into a pension would require a new application and your signature.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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