Implications of 'yes' vote on Scottish Widows annuity?

bigadaj

Annie1960 wrote: »

This suggestion is not helpful, as I am taking the AVC before the vote. A number of people on this thread have raised helpful points. If you do not have anything helpful or concrete to say, please do not post on my thread. It is very annoying.

It might be annoying but it's factually correct.

It's an open board and you have to put up with others opinions, even on 'your' thread.

Edit. - just looking at your OP this is, in fact, an option you were considering. For a relatively small difference in payout then it would appear to be easier to take the second best option, as the benefit doesn't exceed the risk for sw.

OldBeanz

Facts are very thin on the ground at the moment.

The big life offices are suggesting that 90% of their business is in England so they would have a ridiculous business model which did not protect these customers.

On the other hand, you may care to believe Fat Eck that everyone in Scotland will become a multi-millionaire the day after the vote.

Thrugelmir

Annie1960 wrote: »

This suggestion is not helpful, as I am taking the AVC before the vote. A number of people on this thread have raised helpful points. If you do not have anything helpful or concrete to say, please do not post on my thread. It is very annoying.

Don't bother replying then.

I won't comment further anyway as I don't waste my time with people who lack common courtesy and manners.

Annie1960

Following the suggestion from Mania112 above about checking what the contract states, I phone SW. Basically they said it should be sterling, but when I pressed them to put this in writing to me this then turned int 'we've not been told anything about this yet.'

I then went online and put my question in writing to them. I have had a written response today which contradicts itself. It states they are part of Lloyds which is in England, so there should be no change in currency. Then they go on to say they are unable to confirm any definite details until after the referendum.

So, they are contradicting themselves by stating the payments will be in sterling, but they can't confirm this!!

The spelling in their letter is pretty unique, I would expect better from them.

So I think I will accept the second best offer. On the other hand, I might reconsider the whole thing in the light of yesterday's budget.

Thanks to those who made useful suggestions about factors to consider.

atush

Annie1960 wrote: »

This suggestion is not helpful, as I am taking the AVC before the vote. A number of people on this thread have raised helpful points. If you do not have anything helpful or concrete to say, please do not post on my thread. It is very annoying.

that kind of suggestion is what would focus my mind on my opinion answer. I wouldn't say yes to something I didn't know where/what the facts were.

And I say this as an outsider who would not be affected in the main.

So if you dont' know, say no.

Doshwaster

In the unlikely event of a Yes vote then I'm sure that all would happen is the "Scottish" financial institutions would move the accounts of their customers in England/Wales to a subsidiary based south of the border so that they will still be regulated by the FCA rather than whatever new body Scotland would set up.

Take Scottish Equitable now. It is owned by Aegon which is actually a Dutch company. Their UK head office is currently in Edinburgh but it would be easy for them to move it down the A1 to Newcastle.

I see no risk to customers of the "Scottish" financial institutions. The problem for the companies and their employees is how many will move the head offices south (where 90% of their customers will be) and the loss of tax revenue to the Scottish government.

But all this is hypothetical as I can't see a Yes vote.