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General Portfolio - Variable Investment Programme (1989)

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General Portfolio - Variable Investment Programme (1989)

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
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dionddiond Forumite
8 posts
Ninth Anniversary Combo Breaker
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
Good morning all,

Many years ago (near 30!) as a fresh faced out of school wet drip, I was convinced to sign up to a General Portfolio Variable Investment Programme, and I was strong-armed to sign up to contract out of SERPS too.

Well 30 years down the line, I've managed to be able to afford to buy a house and have been getting my finances in order. Whilst packing to move, I found some old paperwork regarding General Portfolio and the Variable Investment Programme.

Remembering that I'd paid a fair bit into this, I thought I'd contact them to see what happened to the money I'd paid in.

I do remember putting a temporary suspension on my payments as I'd just lost my job and had moved. However, in the meantime I got another job, moved again, and forgot about this investment programme.

General Portfolio changed hands a couple of times from Windsor Life to ReAssure, and it's ReAssure who replied to my letter in their letter saying that they hold little information, advising the policy terminated prior to their acquisition and they can only assume that my policy has either lapsed, matured or been cashed in more than seven years ago.

It does seem like they're trying to brush me off but would welcome any advice, which would be most appreciated. Thank you.

Replies

  • dunstonhdunstonh Forumite
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    and I was strong-armed to sign up to contract out of SERPS too.

    Well, at least that was a good thing.
    It does seem like they're trying to brush me off but would welcome any advice, which would be most appreciated.

    If the policy lapses with no value then later companies dont always get the full details of old policies. They buy the current business book and get supplied with current policy details.

    Data on old lapsed policies gradually fades away.
    I do remember putting a temporary suspension on my payments
    It wasnt that temporary if you never restarted them. Was this in the early years of the policy? You are talking about a period when plans needed upto 5 years in force before they obtained value. If you stopped premiums but retained the life assurance, the life assurance costs would be taken from the investment pot. When that ran out, the policy lapsed.

    They would have written to you at the time it happened. So, perhaps you cant recall the termination.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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