Quinn Life investment funds: right to be worried?

I think JJ2000 has a very good point. If a policy is currently worth 100,000 can you simply split the policy into 5 equal 20K policies? Surely it cant be this simple to get around the Max 20K limit guarantee?
 
I just cashed in my Quinn-Life policy, valued at around 90k. Was in profit by around 3k, so didnt lose out in any way really

In my opinion there is too much going on in the Quinn group to be sure my money is 100% safe.

Problem is what to do with the money now - I think its probably safest in Rabo for a few months until things settle down - any suggestions?
 
Can anyone tell me how the tax is handled on encashment of quinn life policies?
Do Quinn deduct the 28% exit tax at source on your behalf or do you have to pay it?
Is there any other tax liability on the encashment of quinn life funds other than the stated exit tax?
 
kfpg said:
Can anyone tell me how the tax is handled on encashment of quinn life policies?
Do Quinn deduct the 28% exit tax at source on your behalf or do you have to pay it?
Is there any other tax liability on the encashment of quinn life funds other than the stated exit tax?
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Quinn Life pay the Exit Tax on your behalf if you cash in and have a liability, i.e. if you're cashing in for more than what you invested.
 
For those primarily interested in the compensation scheme, Standard Life (and possibly Caledonian Life / Royal Liver but I'm not sure) operate as branches of their UK parents and as such, qualify for the UK Financial Services Compensation Scheme.

Potential compensation is 90% of the claim with no upper limit.
 
finbar10 said:
Hi. I've a relatively modest amount (<10k) in a Quinn Life Freeway fund. I've thought about cashing this out just in case. But if 90% of this would be covered by the investor compensation fund I think I'd probably just leave it in there.

Can anyone confirm for certain that the Quinn Life unit funds are actually covered under the investment compensation scheme? Another poster elsewhere on the web was actually saying these funds are not covered by this scheme. Can anyone clarify what the exact situation is in this regard?

Finbar
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As far as I've been able to determine the investor compensation scheme does not apply to QL. Quinn Life is a life company rather than an investment company. Its funds are basically investment policies contained within a life assurance wrapping. The compensation scheme therefore would likely not apply. QL is a separate company. Its funds are backed by corresponding "ring-fenced" assets. But if the entire Quinn Group collapsed it's unclear to me how "ring-fenced" these assets would be.
 
[broken link removed]

Any further views on safety of our Freeway Funds with Quinn following the above article on Saturday last.
 
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