Can I swap an endowment policy to a pension/saving plan

SueWright

I had an endowment mortgage, then on remarrying I sold my house paid up what was owing but kept the endowment policy running to put into my pension pot when it matures. Can the policy be changed into a pension plan? I keep getting notifications that it will have a shortfall, yet it was orginally a guaranteed plan by Norwich Union.

dunstonh

but kept the endowment policy running to put into my pension pot when it matures.

If you have the income to support a contribution of that size.

Can the policy be changed into a pension plan?

Not directly but it can indirectly (get cheque from endowment, pay into your bank, you write cheque out to pension provider).

I keep getting notifications that it will have a shortfall, yet it was orginally a guaranteed plan by Norwich Union.

Norwich Union haven't issued any guarantees since the days of full cost endowments. It is fair to say you wont have one of those.

They do have a mortgage promise value that is not included in the projection and most projections do not include terminal bonus that currently sits on the plan. So, with NU, the projections tend to understate the real position.

EdInvestor

You need to surrender the endowment and then pay the money into your pension plan (assuming it is not more than your annual salary.)

It might be worth seeing if you could get more by sellling the endowment, try here:

https://www.apmm.org

SueWright

Thanks everyone for your sound advice, I will act on it. Thanks again