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Standard Life Endowments

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J_P_D
J_P_D Posts: 10 Forumite
First Anniversary Combo Breaker
in Mortgages & endowments
Hello,

We have three endowments with SL. On doing my monthly check yesterday on line to verify the value of these polices I noticed that they had plummeted by about £4K. They had continued to rise, slowly, prior to this.These policies no longer form the basis for any mortgage repayment.

I have contacted SL but as yet have not had a reply, but have since found this article:

http://www.timesonline.co.uk/tol/money/investment/article5038213.ece

Can they do this without prior notification? :mad: If they had (sent out prior warning) I would have surrendered the polices & re-invested in a high interest account. Is this legal ? Is there any mileage in contacting the financial ombudsman ? :confused:

Our policies are:


Minimum cost plan (80) = 8,573.85

Homeplan = 5,491.71

Homeplan = 7,886.94


Due to mature between 2015 & 2016


Any advice would be much appreciated. Thank you.
«1

Comments

  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
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    J_P_D wrote: »
    Can they do this without prior notification? :mad:

    'Fraid so. They did it before in 2002, did you not notice?
    If they had (sent out prior warning) I would have surrendered the polices & re-invested in a high interest account.

    Of course you would, so that's why they don't warn you in advance, as the idea is you don't take out more than your share of the fund.
    Is this legal ? Is there any mileage in contacting the financial ombudsman ? :confused:

    Yes and no. It's part of the "With profits (and losses)" investment system.
    Trying to keep it simple...;)
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    First Anniversary Combo Breaker
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    The danger now is that you think that will be the last cut and that things can only improve. You may be right of course - but I doubt it. That is why I canned my policy in July.

    It's a lot less stressful having the money in my control.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • hum240
    hum240 Posts: 7 Forumite
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    done an on line check with mine


    final bonus 28/10/08 £1500


    final bonus 30/10/08 -£42.56

    :mad: :mad: :mad:
  • dunstonh
    dunstonh Posts: 116,707 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
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    You cannot have a negative final bonus. Its minimum is zero.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    First Anniversary Combo Breaker
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    I'd check it tomorrow. I believe the update is only finalised overnight tonight. IIRC I had similar fluctuations at the end of the month last January - ish.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • hum240
    hum240 Posts: 7 Forumite
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    was -£42.56 yesterday

    up to £98.15 today

    was going to cash it in still don"t know what to do with it as it has lost £1400 this week
    any ideas when it will make up ??
  • Josepina
    Josepina Posts: 112 Forumite
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    So glad I cashed mine in on 14th Oct.
    Whoever invented endowments should be shot imo!
  • The_Unready
    The_Unready Posts: 608 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
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    Hi,

    I've got a Standard Life WP Endowment, but I wasn't aware of a facility to check its progress on-line.

    Can some kind soul please post a link?

    Thanks.
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    First Anniversary Combo Breaker
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    The_Unready wrote: »
    Hi,

    I've got a Standard Life WP Endowment, but I wasn't aware of a facility to check its progress on-line.

    Can some kind soul please post a link?

    Thanks.

    See Post No 12 here

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • Jasoncook_2
    Jasoncook_2 Posts: 1 Newbie
    Options
    Hi all i am in the same boat £1400 in a day. Can the value go any lower or do they have to stick to the previous value. I am getting offered about £200 over surrender to sell it but if it aint going down i may sit on it .
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