Endowment converted to whole of life plan

Changing the investments in your plan

If you’re considering changing the funds your 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.

How your plan works

If you’ve got a whole of life plan that was converted from an endowment plan you can access your cash through regular and/or one-off withdrawals. On death the remaining value of your plan will be paid. You make a small annual payment which protects your plan’s favourable tax status.

You retain control over how the cash in your plan is invested. Provided you’re up to date with your payments, cash paid out from your plan is normally paid free from tax.

The value of your investment can go down as well as up and you may not get back the amount that you put in.

Your options

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. You can’t make additional payments to your plan.

Things to consider before making your decision

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. You should also think about:

  • Your thoughts on,
  • There may be a charge to switch funds.
  • 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.

If you're thinking of making changes to your plan, including switching funds, it's really important you speak to a financial adviser. They can help you understand if what you want to do is right for you and your aims and circumstances, that may have changed since you took your plan out. They'll be responsible for the advice they give and you'll also have protection from the Financial Ombudsman Service.

Regardless of whether you’ve taken advice, you can refer any matter to the Financial Ombudsman Service for consideration should you feel that you haven't been treated fairly, or for any other aspect under the Financial Ombudsman Services remit.

Protecting yourself from investment scams

According to Action Fraud, the UK’s fraud and internet crime reporting centre, an estimated £1.2bn is lost to investment scams every year. 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 you’re calling 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 www.pru.co.uk and selecting ‘contact a financial adviser’. 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 and happy to help in any way we can. Please make sure you have your plan number to hand when you call.