Contact after an endowment is surrendered?

kez_s

Hi - I don't know if anyone can help, but my husband took out an endowment policy when he was 18, the endowment was for 25 years, he had the endowment for 13 years and 2 years ago we decided to look into it and see what kind of return it was due to have, we found out that the return on what he had been told when he was 18 and what the actual realistic outcome were two very different things. So we decided to surrender it, we've thought no more about it since.

We've moved since this and suddenly over 2 years they have contacted my husband at our current address and want to contact him about the plan he previously had, if we have the policy number they can do it by phone, if not he has to return a form to them. We've hunted high and low and can't find anything apart from the very original documents of the plan which were under a different company, as it appears the policy number has changed they can't speak to him on the phone, so we now have to wait for them to do it in writing once they've received the forms back.

Does anyone have any idea why after so long they suddenly need to speak to him about the previous endowment as we are both rather baffled by it.

maninthestreet

So who was the original endowment provider, and who is contacting you now?

holly_hobby

Possibly the records weren't updated correctly when you surrendered, and as part of the migration process the new owner of the life book is trying to reconcile records.

OR, it could be that they have determined the surrender/SV was incorrectly calculated or administered.

Not much help I now ... you'll have to ring to find out !

Point I've noted, is the fact that you appear to still have the original policy document, despite its surrender 2 yrs ago. When a policy is surrendered, and as part of the process for encashment, the original policy document/schedule has to be returned to the provider, or if mis-placed/destroyed, a "lost policy" declaration signed by all lives assured. Now, if neither were actioned/requested as part of the surrender execise, this may well be the reason for their contact - which has probably been revealled by an internal audit.

Hope this helps ..... will be interesting to see what the actual reason is (keep us posted !)

Holly

kez_s

When my husband first took it out it was through a company called M&G, then it was taken over by Prudential who I believe is their parent company. We surrendered through Prudential and it's them who have contacted my husband about the former plan.

kez_s

holly_hobby wrote: »

Possibly the records weren't updated correctly when you surrendered, and as part of the migration process the new owner of the life book is trying to reconcile records.

OR, it could be that they have determined the surrender/SV was incorrectly calculated or administered.

Not much help I now ... you'll have to ring to find out !

Point I've noted, is the fact that you appear to still have the original policy document, despite its surrender 2 yrs ago. When a policy is surrendered, and as part of the process for encashment, the original policy document/schedule has to be returned to the provider, or if mis-placed/destroyed, a "lost policy" declaration signed by all lives assured. Now, if neither were actioned/requested as part of the surrender execise, this may well be the reason for their contact - which has probably been revealled by an internal audit.

Hope this helps ..... will be interesting to see what the actual reason is (keep us posted !)

Holly

Thanks for your reply, I've looked at the info from M&G and I don't know if it is copy of the policy as such, it says it's a schedule and just advises of the date it was started, when it was due to end and which companies the money was invested in and to what percentage.

If when it was surrendered and if they have miscalculated, could we owe them money?

holly_hobby

Could be the other way round .... but please bear in mind my comment re the SV is only one of a couple of very WILD guesses (and now knowing its unit linked a mis-calc is unlikely (unless amount of units were mis-calcd, as there is no terminal bonuses or other % of funds to be added, inc in the final mix), and I don't want you to panic without reason ..... !

Call them (my preferred guess, is that this is a "tidy up" admin wise) but the only way to top and tail this is will be after a one to one with them.

H

kez_s

Oh I'm not in a panic, more curious than anything, but as they won't discuss it without the policy number for Prudential and I can't find that anywhere, we've got to do it via snail mail! But if they've miscalculated and they owe us, I really don't mind! LOL!

holly_hobby

By the way Kez, I do like your signature ... its a mantra I always abide by esp when things go pear shaped or yet again I haven't won the Euro Millions .... " whats for you, won't pass you by" (its also in a Moloko song ... so good minds etc ... ! )

Anyways, I completely digress !!!

Keep us posted when you know the nitty gritty of this one !!

H x

kez_s

Thanks Holly, it's been a mantra of mine for many years and it's something that's kept me going through many a disappointment but as it turned out something far better was around the corner!

.....Just looked at the letter again and it's states, they have some important information to send about a plan we once had. I hate waiting, I'm too impatient when it comes to things like this and even though I'm a hoarder I can't for the life of me find the policy number!

holly_hobby

kez_s wrote: »

.....even though I'm a hoarder I can't for the life of me find the policy number!

Yep ... sounds like me .... keep everything .... and then when you do need .... you can never bl**dy find it ..... !!!!

Really though, it should be in their system (inc migrated M&G records), if you can confirm lives assured, policy details and address (if diff to the one you're at now), then quite why you need the policy no is baffling - they should/will have their own internal serach records, usually facilitated by the life assureds name and dob for starters .....

The plot thickens !!

H x

kez_s

You would like to think so wouldn't you! But no hubby phoned them with all the info, original policy number, could them the date the policy started, date it was due to end, even who the money was invested in but no without their policy number they won't do it by phone!