Pheonix Life - Deed of Assignment nightmare

Tallulah_Kitten_2

Please, can any one help before my brain explodes!!! :mad:

I amicably split with my partner over 12 years ago. We were not married and had 2 endowments in joint names - which I continued to pay. Due to a plethora of events, we never got round to reassinging the policies to me. Clerical Medical happily sent a Deed of Assignment for us to sign to reassign the policy to me. However, Pheonix Life refused (company policy, apparently) to send either of us a Deed of Assignment. They insist that they will only send the DoA to either a solicitor or broker. Seeing as we have neither - nor can afford them - we are in a tricky situation.

I am aware it is because of tax implications but we: split amicably; sold joint assets; split the proceeds and got on with life. Therefore, why do we need a solicitor or broker with regard to the reassignment of a policy? Is it because of the tax implications of the endowment payout, or of the division of assets? And, if so, what are the implications? HMRC were no help what-so-ever, so I have come to the only place I know of to get a straight answer.

PLEASE HELP ME xxx

dimbo61

No Tax implications with HMRC as you have had the policy for over 10 years.
Ring up and ask for a cheque and pay it into your account!
Worth a try

eranou

Strange they would not provide you with one if they
they have one available on their website...

http://www.google.co.uk/url?sa=t&rct=j&q=deed%20of%20assignment%20phoenix&source=web&cd=1&ved=0CCAQFjAA&url=http%3A%2F%2Fwww.phoenixlife.co.uk%2F~%2Fmedia%2FFiles%2FT%2FThe-Phoenix-Life%2Fpdf%2Fcustomer-centre%2FAssign_PbroN.pdf&ei=p7f0U5WPMKyy7AbRlIEo&usg=AFQjCNGrSpZdF0F719QUAmAlnvMw37IREQ&bvm=bv.73231344,d.ZGU

Tallulah_Kitten_2

Thanks dimbo61. I didn't think there were but just wanted to check as we were not married and this appears to complicate the issue with regard to tax.

Thanks eranou, I thought the same, too, as there are several forms online. The form you have linked to, however, does not apply to me.

This whole thing has been an absolute headache for both of us. I qualify for AgeUK - were the only agency that had funding to help with this dilema - but they did not have a tax expert. However, because Pheonix Life DID agree to send the DoA to an agency such as AgeUK, I was able to get my hands on a copy of the DoA; which is just a bog standard form.

The problem I have now is that my ex does not qualify for AgeUK (too young!) so we are back to square one with regards to reassigning the policies. Phoenix Life only agreed to send the DoA to an agency on the understanding that a covering letter is returned - along with the signed and witnessed DOA - stating that BOTH OF US were advised by them which we can't be because Ash is too young to use AgeUK.

Honestly, my belief is that the insurance industry had it hands slapped over all the mis-selling, and some of them are going to the nth degree to cover their butts by making ridiculous 'policy' rules.

Senior_Paper_Monitor

I'd be amazed if you can't find a solicitor/adviser willing to do this and collect fees from released funds. All agreed in advance shouldn't be a problem.

kingstreet

The insurer is trying to ensure it has clear proof of title before it pays out. If it pays the wrong person, it could end up having to pay out twice.

For this reason it wants the reassignment supervised by a solicitor.

It is not relevant if another company chooses to do it another way. It is entirely reasonable for an insurer to act the way being described.

It's just a shame matters like this aren't dealt with at the split, rather than years later when the insurer is then accused of delay and obstruction.

Thrugelmir

kingstreet wrote: »

It's just a shame matters like this aren't dealt with at the split, rather than years later when the insurer is then accused of delay and obstruction.

Totally agree with Kingstreet not the insurers issue.

No reason why fees cannot be paid from proceeds.

magpiecottage

When you and I worked for what, at the time, was the parent of Phoenix Assurance, they had "Equity of Redemption" forms that could be completed and signed.

We never insisted on solicitors, simply noted the assignment and passed it to the assignee or mortgage lender.