standard life payout

NAR

It won't be too late and you are doing the correct thing to maximise your return.

EdInvestor

It would really be much more helpful if projected windfalls were expressed as a percentage of surrender/transfer value of a member's fund.

At the DM vote in 2000, windfalls were expected to be c.40-50% of fund value, from memory that amounted to an "average windfall of 5-6k", but the latter figure is really completely meaningless.

Of course for some people fund values will have dropped considerably in intervening years with the demise of terminal bonuses.

At the same time, that 1k figure IIRC was mentioned at the time the DM was announced a year ago: since then the FTSE has gone up, and the life sector has been rerated, which should boost Standard Life's value and our DM bonuses.

A lot will depend on how well the management can turn round the company over the next year or so: they are doing quite well so far IMHO, though of course it's not showing up in policy values.

It's early days and perhaps the company is trying not to raise policyholder expectations of higher windfalls until they are further alomg with the restructuring.

dunstonh

At the DM vote in 2000, windfalls were expected to be c.40-50% of fund value, from memory that amounted to an "average windfall of 5-6k", but the latter figure is really completely meaningless.

I recall those £5-6k windfall comments of years ago and those same people are now saying £1000-1200.

The percentage terms would be ideal but I believe it is not as straight forward as that as the directors can decide how the money is sorted and percentage of fund value is just one of the options but is not the only one. Hence why you get the vague figures now which is based on the value of the company and the number of qualifying members.

Remember we are talking financial services companies here. Nothing is ever easy

rabialiones

my husband and i have a joint endowment life policy.
do we have to change it to my name?????????/

NAR

rabialiones wrote:

my husband and i have a joint endowment life policy.
do we have to change it to my name?????????/

Only if you have another qualifying policy on which he is the only/first-named.

NAR

dunstonh wrote:

I recall those £5-6k windfall comments of years ago and those same people are now saying £1000-1200.

Things are quite different from 2000 and I will eat my hat if the average payout is anywhere near £1000. The Board played down bigtime that average payouts would be £5k-£6k so they didn't lose the vote; this time round they are quite happy of rumours of £1k payouts so they can win the vote!

Lozz

Could someone help me out please? Hubby and I have had life insurance and critical illness cover with Standard Life for years, and we know nothing about this. We haven't had any info from Standard Life about it and don't know if it affects us at all. Should we have heard from them about this or have they not bothered to get in touch with us as it doesn't affect us?

Thanks for any help.

Lozz x

Editing as I have just realised I have a Stakeholder Pension with them as well, although have not contributed to it for 2 years since I gave up work.

dunstonh

If you do not have any holding in the Standard Life With Profits fund, then you are not classed as a member and will not benefit from demutualisation.

bootman

I ( and my then employer) have paid into a group personal pension plan with SL for some 3 years set up in my name. I have now changed employers and have asked to convert the pension to a personal one,which is a feature of these plans,they can move with you. This has now been done. Same policy number and still my name on policy but they say i have lost rights to any windfall due to the fact that i have made a change.

Is this right? Can they do this? Can anyone recommend a course of action to re establish my rights?

EdInvestor

As long as you have not moved the money out of the With profits fund this change should not affect your membership rights.Might be best to get this in writing.Have you received voting forms for the upcoming AGM?

To clarify, with a Group personal pension, the individual is a member and thus receives the DM bonus.But with an occupational money purchase pension scheme, the trustee of the scheme is the member, not the individual and thus the latter is not eligible.