Windfall

bildonone

My endowment mortgage pays out next month from Standard Life, thankfully not with a shortfall. I am told i will no longer be a member and so will not qualify for expected windfall which seems a bit mean after having paid premiums on time for 25 years. Does anyone know of a way around this.

Bill

EdInvestor

Hello Bill

You can reinvest the proceeds in a With profits bond and maintain your membership, though not your seniority: this will give you a windfall.

However: there is no penalty free withdrawal date from a SL WP bond, so there is a risk that your money could get caught in there with a penalty which ate up the windfall.

I wouldn't take the risk myself. Rather I'd be happy I escaped with no shortfall.Millions would be delighted to be in your position

Robert_Sterling_3

I agree with the above reply.
Count your blessings.

dunstonh

Quite a lot of SL endowments are still hitting target, even when told before hand on the projections that they will not.

However, the SL with profits fund is not very good and re-investing into that to get a small bonus would potentially cost you more over the short to long term than calling it quits now.

bildonone

Thanks for all your help, i think i will take the money and be grateful.

bill