I'm Confused ++ Re Endowment

Jenga12

My plan is a 'Mortgage Repayment Plan' under the old Halifax Life team, taken over by Scottish widows. There are 3 funds - balanced, opportunity and foundation, all in equal proportions. I've been paying around £90 each month for the last 25 years; they buy units on my behalf.
When it comes to selling the units, who actually buys them? I've been asking ++ but they won't give me an answer.
The paperwork talks about 'cancelling units'.
There's an 'Exceptional Circumstances' bit where one of the points talks about market falls, in which situation they say they can delay cancelling units. It says they will let me know if that needs to happen. What if they don't? Should I flag this up with them, seeing what the markets were like yesterday?

MWT

When does your plan (... and your mortgage) mature?

How does the current plan value compare to your outstanding mortgage balance?

Old_Lifer

Cancelling units is a way of paying for the life cover.  

A condition commonly found on old unit-linked policies is the ability of the Life Office to,  in times of market turmoil,  delay payment  for  up to 30 days,  or up to 6 months if the fund holds physical property.   The condition is very rarely exercised.  Although markets have been volatile  this year,  it seems to me we are nowhere near that situation at the present time.

Jenga12

The plan matures this week and the mortgage needs to be paid off end november. There should be enough to pay off remaining balance.
Who actually buys the units when they go on the market? Individuals/ companies? I'm asking because I wanted to know if I (with a loan) could buy them back. It's pie in the sky I know, probably wouldn't buy them back, even if I had the option but would still be good to know who buys them.

TrickyDicky101

The company redeems the units itself (so pays you whatever the unit price * no. units held = redemption proceeds) - there is no external or 3rd party buyer.  
Modern options say investments within an ISA (for example) would be a better idea if you don't need the cash (or if there is a surplus after you settle the outstanding mortgage balance).

Jenga12

TrickyDicky101 said:

The company redeems the units itself (so pays you whatever the unit price * no. units held = redemption proceeds) - there is no external or 3rd party buyer.  
Modern options say investments within an ISA (for example) would be a better idea if you don't need the cash (or if there is a surplus after you settle the outstanding mortgage balance).

The company said they get sold on the 'open market'. Have they given incorrect information? It's like the left hand doesn't know what the right one's doing, when it comes to answering my queries. This is why I say I'm confused.
If they have my redemption form a week before redemption date, how soon should I be able to get the money into my account?

TrickyDicky101

The customer service team (assuming that's who you are speaking to) won't really know - ultimately the investments that back your units will get sold to fund your redemption proceeds but there is no direct link between their sale and the money you will receive.
I can't answer the how soon bit - you should have timescales in your policy documents (although payment may happen faster given the prevalence of electronic payment media in this day and age).

dunstonh

Unit linked funds can have the units cancelled and no-one needs to buy them.  The underlying assets are sold on the stock exchange (unless there is sufficient cash in the fund to cover redemptions or new money coming in) and if units need to be cancelled they will be.  Or they will be allocated to someone else in collective basis.  i.e. if they have thousands of people paying into fund each month and hundreds of maturities or withdrawals, then the net position will be looked at and units will be created or cancelled as is required.

 I've been asking ++ but they won't give me an answer.

Call centre staff are not qualified to answer.  It would be a very unusual question to ask them.

 seeing what the markets were like yesterday?

Nothing special or unusual happened yesterday.