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standard life payout

can anyone advise please, i have two standard life policies, both part with profits. first is stakeholder pension in my name, second is joint named endowment with mrs bockster, my name being first on the policy. thing is, they say that with joint policies, only the first named is a member. so i am a member twice but only one vote ,and i assume, one payout come windfall day. should i now be making mrs bockster the first named, inwhich case we both have membership rights and, i assume, two payouts come windfall day! or is it to late to make any difference. i know the details of the demutualisation have not been published yet but does anyone have any thoughts or experience from previous demutualisations etc. hope this makes sense, thanks in advance,
bockster
Please note, we've had to remove your signature because it was sh*te!
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Comments

  • antenna
    antenna Posts: 1,776 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I think it will be in your interest to change the first named to your wife,but at this late stage it may be too late.The days of 5000 pounds payouts are long gone,this may only be worth around 800 pounds,but better in your pocket then theirs.My low-cost mortgage endowment matured last year and paid me 4000 pounds over the mortgage amount,this made me no longer a member,but i opened a 5000 pound bond account on the same day and continued my membership,just for the windfall-if it occurs....
    Political?....I dont do Political....well,not much!
  • bockster
    bockster Posts: 448 Forumite
    yes i'm sure its got to be worth trying. i just don't want to invoke any negative consequences in the process. something silly like membership restarts from time of changing name! :eek: or something like that. i get quite nervous about everything being in order at this point so as not to miss out
    Please note, we've had to remove your signature because it was sh*te!
  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    It's sounds like a very specific question that only Standard Life can answer. I find them most helpful on the phone - very 'chatty' and no delays in answering phone.
  • bockster
    bockster Posts: 448 Forumite
    i did call them, but the guy could not really answer some questions bcause maybe details not available yet/cannot give financial advice?. and the questions he could answer he seemed unsure of his answers. i'll probably call again and try not to get the yts :rolleyes:
    Please note, we've had to remove your signature because it was sh*te!
  • dunstonh
    dunstonh Posts: 118,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    They cant give advice and are not allowed to go off script with those sort of questions.

    The payout is usually based on number and size of policies held. The voting though is by member. The estimate of average payout is around £1100.
    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.
  • NAR
    NAR Posts: 4,863 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    dunstonh wrote:
    The estimate of average payout is around £1100.
    Where did you get that estimate figure from?
  • Pal
    Pal Posts: 2,076 Forumite
    No idea where Dunston got his figures from but my company is coming out with similar figures.
  • dunstonh
    dunstonh Posts: 118,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ...general financial services information that flies around to those in the industry. Every time a figure has come out over the last 3-5 years, it has got lower.
    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.
  • simonleblank
    simonleblank Posts: 369 Forumite
    We have 2 joint policies with SL. I changed my wife to first name on 1 some time ago. I would suggest you change 1 asap
    Don't waste your words I don't need,
    Anything from you.
    I don't care where you've been or,
    What you plan to do.
  • bockster
    bockster Posts: 448 Forumite
    yes the request is now in the post, hope its not too late!!
    Please note, we've had to remove your signature because it was sh*te!
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