GAR and guaranteed sum assured

gmje

Further to my recent post on vested sum. Can anyone please tell me if the guaranteed sum assured ever changes. Pension payments stopped years ago and the sum assured has stayed the same for years but now at the point of taking the pension - its claimed to have risen by £35?  seems odd to me.

dunstonh

The guaranteed sum assured should remain constant as long as you continue the premiums as per the starting terms.  If you make the plan paid up, it will fall.  If you reduce the term (by taking it early) it can fall.   So, yours would have dropped when you made it paid up but remain constant since then.

if the pension is deferred past the scheme age, it can rise again as it has gone past the original target point.    This is because the guaranteed sum assured includes timescale in its creation.