Help withdrawing from Scottish Friendly

andy1988

Hi all,

I've searched the Scottish Friendly and MSE website and forum to try and find help with my issue, but I'm still somewhat confused. If someone who has been through this process, or knows how it works, could please advise me, it would be greatly appreciated.

I set up 2 accounts with Scottish Friendly, an ISA in 2020 and an investment account in 2021. Due to some recent health issues, I need to withdraw from both of them entirely and might as well close them down (but this isn't essential). The Scottish Friendly app shows me how much my accounts are "worth" on the main app page, but then when I click on each one, I see a higher value noted as their "fund value". When I go to withdraw, it gives me a statement that I must agree to that reads as if the amount I think I'm withdrawing will differ from what I actually get, and it doesn't tell me by how much or give me any sort of range or assured quote before I commit to withdraw. Can anyone please advise me on what happens after I click that "withdraw" button? Do I get a final offer that I can accept/decline, or am I "at the mercy" of the system? I'm open to moving the funds to another type of investment before withdrawing, if this makes the process easier or saves on fees. Neither account matures until 2030 or beyond.

The account types are:
My Select ISA in the Unitised With-Profits Fund
Investment My Choice in the Unitised With-Profits Fund

Thank you in advance for any help you can provide.

MEM62

The values are shown as they are today. When you withdraw your funds (i.e. sell your investments) you will receive the value at the point of sale and therefore you cannot know the exact amount you will receive until you shares are sold.

dunstonh

When I go to withdraw, it gives me a statement that I must agree to that reads as if the amount I think I'm withdrawing will differ from what I actually get, and it doesn't tell me by how much or give me any sort of range or assured quote before I commit to withdraw. 

That's the same with all investments. The value changes daily. So whilst you can see your value currently, it is subject to daily movement. You will get the value on the day that they process the withdrawal.

Can anyone please advise me on what happens after I click that "withdraw" button?

They will start the withdrawal process.

Do I get a final offer that I can accept/decline, or am I "at the mercy" of the system?

You're not at the mercy of the system, but you are at the mercy of the markets.But that can also work in your favour. Being a with-profits fund, you're unlikely to see much in the way of swings.

I'm open to moving the funds to another type of investment before withdrawing, if this makes the process easier or saves on fees. 

That doesn't achieve anything and still leaves you with the same issue.

andy1988

https://forums.moneysavingexpert.com/discussion/comment/82117824#Comment_82117824

Thank you for your reply, it is very helpful and has reassured me.

andy1988

https://forums.moneysavingexpert.com/discussion/comment/82117945#Comment_82117945

Thank you for your reply, like MEM62 your comments were very helpful and have reassured me. Truly, thank you :).