Royal London United Friendly

garyhall249

Hi,
Royal London want to close the UFIB fund they use to manage my United Friendly with profits life insurance policy, as it is getting too small and transfer my policy to their Royal London Open Fund.
The proposal appears to be reasonable however it is quite involved, I wondered if there was any experience of previous closures or any expert views?
Thanks

dunstonh

The proposal appears to be reasonable however it is quite involved,

Changes to WP funds always requires far more administration and legal activity than a conventional unit linked fund.

I wondered if there was any experience of previous closures or any expert views?

Plenty of old WP funds have been merged into others.   It's a logical outcome of consolidation of life companies to the few left today.   Nothing to fear.

elle_may

Yes i too have this same policy and they are asking if holders would give them permission to do this .I am thinking it might be okay as it may give better returns at end of policy But it means they will extend the age of payments, in my case from 80yrs to 84yrs, If more people say yes they may go ahead. The  paper work was quite a read and i did not fully understand it until after a few reads but i think it is the way to go so the scheme does not get swallowed up in charges and so reducing profits at the end. 
It looks like it will take its time as the courts have to approve it. 

garyhall249

elle_may said:

But it means they will extend the age of payments, in my case from 80yrs to 84yrs

I have a whole of life policy and believe I pay premiums until I am 84, I did not think that was changing under this proposal, am I mistaken?
Thanks