scottish provident step up plan

kernowman_3

Hi,

I am wondering if there is anybody out there that can give me some guidance on my Scottish Provident step up investment plan. This is essentially a life assurance plan that uses a cluster of policies. i took it out as an impressionable 18 year old in 1993 and it does not mature until 2040!! basically it has given me no annual bonuses for the last 5 years and is aload of pants. I ahve worked out the amount i have put into it and the the return is negative (looking at inflation etc..). I want to sell this but have found nobody who is willing to deal with me so far. Basically because it has so long to go and it is a cluster they are not interested.

i there anybody out there who can give me a steer as to what i could do with this policy to maximise my return. it is worth around 4.5k if i surrender it to Scotprov.

Cheers kernowman

dunstonh

Scot Prov closed their investment side some time back. Their with profits fund is naff.

Considering the timecale, and remembering that this site is not authorised to give advice as there is no consumer protection under FSA/FOS here, I would be inclined to review your options and look to modern alternatives. My gut feeling without knowing any of the facts about this policy apart from generic info is that it isnt worth keeping. Mainly due to the timescale left and the low potential of the scot prov WP fund.

kernowman_3

Thanks for the reply dunstonh,

Are there any endowment buying companies that deal with these sorts of clustered policies? Rather than surrender it i am looking to sell, but like i said in the first post it doesn't mature until 2040.

Many thanks

dunstonh

I dont know if anyone would be interested as it isnt a mortgage endomwent and is structured in a different way. Plus its scot prov and that works against you.

EdInvestor

The ScotProv With-profits fund is a zombie, and no-one is interested in buying policies invested in such funds any more.

kernowman_3

Guys,

Thanks very much for the advice.

Cheers Kernowman