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Endowment

Changing the investments in your endowment plan

If you’re considering changing the funds your endowment plan is invested in, we’ll be happy to help. It's important to note that you can't cancel a switch instruction once it's been given, however you can give subsequent instructions to us. Please be sure you understand all your options, and the effect  of any changes you make. There are a few things you and any other plan owner should think about before you make any decisions.

If you have any questions once you’ve read this summary, or need any help understanding your options - just call us on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad.

We might record your call for training and quality purposes. To find out more about how we use your personal data please visit pru.co.uk/mydata.

How an endowment plan works

An endowment plan is a long-term savings and investment plan with life insurance. You pay a premium for an agreed period and receive a lump sum at the end of that time. If you die before then, we pay a guaranteed minimum amount, called a sum assured.

Endowments were often used to help repay mortgages or other debts and as long-term savings and investment plans with life insurance.

Your investment choice

We can discuss where your money is currently invested, and your choices if you call, or discuss with your financial adviser.

Where you have a choice of funds you can switch at any time, however there may be a limit to the number of switches you can make, or the number of funds you invest in.

Your options

These vary depending on your plan type. We can explain these to you if you get in touch. They could include:

  • Switching some or all of your money to another fund(s).
  • Redirecting future regular payments to another fund(s) and leaving your existing money where it is.

Things to consider before making your decision

How long you intend to remain invested. When changing funds it’s important to remember that the value of investments can go down as well as up, and that you could get back less than you paid in.

  • Switching out of the With-Profits Fund could result in a market value reduction causing the amount switched from the fund to be reduced.
  • There may be a charge to switch funds, although redirections are usually free.
  • Charges may differ between funds.
  • Timing: some switches are actioned straight away, others may take place 28 days after we receive your instruction.
  • Possible delays: in exceptional circumstances your switch instruction could be delayed by up to six months. We'll let you know if this applies to you.

Protecting yourself from investment scams

Fraudsters are always out there and constantly changing their tactics. So if you’re thinking of reinvesting the money from your plan, take a minute to find out how to stay ahead of the scammers.

What to do now

Give us a call on 0345 640 1000 or +44 178 644 8844 if phoning from abroad. We can’t give you advice or make your decision for you, but we’ll be happy to help you understand your plan and talk you through all your available options and their possible implications.

Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers in your area from at pru.co.uk. Financial advisers will charge you a fee for any advice they give you, but it will be personal to you.

We’re here 8am - 6pm Monday to Friday (except bank holidays) and happy to help in any way we can. Please make sure you have your plan number to hand when you call.

 

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"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.