axa sunlife - moneyback plan

Brenski

hoping someone can advise.

i got one of these sunlife moneyback plans ten years ago (2002). I spoke to someone at sunlife in 2009, as the policy is a complete wast of time and wanted to cancel it - it's currently a 15 year plan @ £20 pcm.
The advisor said it was silly to cancel at that stage as i'd get nothing back, but if i waited til it was 10 years old i would get a return - based on 30% of payments made, plus acrued bonuses.

anyhow, i spoke to sunlife (now friendslife) yesterday and they said that although it is now ten years, it could be months or years before i get anything back if i cash it in, as it's still showing nil balance.

i have my bonus statements which show £269, added to the 30% of my payments to day - i calculate this should be between £800 and £900....why are they telling me different?

and if i am allowed to cancel and my calculations are anything near correct, how do i go about getting a settlement payment?

many thanks

dunstonh

Valuations are subject to investment returns and will go up and down. The surrender penalty will reduce each year as well.

You can surrender at any time and you can request a surrender value. However, it can often be worth waiting until certain points to pull out. Not because the plan is any good but the cost of surrender can be greater than what you would get on an alternative.