Liverpool Victoria Sale/Demutualisation.

planteria

no one really knows any more than is mentioned above and is referred to within the link i shared.. but i would guess a few hundred pounds each, and then the aforementioned uplift to our policies. it will be interesting.

planteria

https://www.baincapital.com/news/lv-agrees-transaction-bain-capital-credit

jimi_man

Aha. This thread that I've just stumbled upon, explains the letter my wife received late last year from LV, that she didn't understand. I didn't read it - but will do now. She has one of those With Profits savings plans from about 25 years ago, in the days when it was all the rage to have one.  

Every year we get an updated valuation saying what the Bonuses could be worth at maturity (five years time I think), and marvel at how little it is! It's one of the most opaque financial products I've ever seen.

planteria

glad this thread has been helpful jimi_man.
when you say 'savings plans' is it a plan that she's been paying into consistently over the years?
my bond was a lump sum back c20yrs ago. it's roughly trebled. the windfall payment and the uplift could make it quite a useful sum. i hope it will work out to be useful for your wife and yourself too.

jimi_man

Yes it's one of those alleged 'tax free' savings plans that she took out through her work and she pays an amount every month and has been since (I think) 1995. 

planteria

do you mean a Tax Exempt Savings Plan [TESP]? i didn't know that LV offered them, but if it is one of those their tax free status is not only alleged . a 40% uplift to the Sum Assured from a TESP would be nice, so let's see how it pans out.

planteria

not a new article, but a decent summary of where we're up to:
https://dailybusinessgroup.co.uk/2020/12/cash-payouts-due-as-lv-sells-to-us-firm-bain-capital/

jimi_man

planteria said:

do you mean a Tax Exempt Savings Plan [TESP]? i didn't know that LV offered them, but if it is one of those their tax free status is not only alleged . a 40% uplift to the Sum Assured from a TESP would be nice, so let's see how it pans out.

Sorry to resurrect this - yes, it was originally a RNPFN plan and got taken over by LV and I think £30 was the maximum you could pay in per month, which is what she paid. Not much, though she will have been paying it for 30 or 35 years. 

planteria

a TESP is limited to £25/m.. has been for as long as i've been aware of them, but perhaps the limit was higher in the past.

Royal National Pension Fund for Nurses.. you learn something new.. it'll be interesting to see how the Bain takeover does affect such policies. fingers crossed for your wife and yourself.

that said, perhaps the deal is in doubt... https://www.insurancejournal.com/news/i ... 600363.htm

savit4l8er

No that the details are out, I have no hesitation in voting no in both sections.