Scottish Provident/Phoenix With Profits Policy

Hi,

I have a Scottish Provident With-Profits policy now administered by Phoenix.

I set it up some 15 years ago for a small amount and it has 20 years to run. The encashment value (loosely) offered it approx €9,000 which is slightly more than the paid in amount.

As I understand it, due to the length to maturity and small size, the companies that purchase these polices pre-maturity won't look at mine so I have two options:
1) pay the premiums for the next 20 years and hope the annual bonuses provide a nice uplift on maturity, or
2) take the encashment offer and cancel the policy.

Given the fact it's 20 years to maturity I'm leaning towards cashing-in now and banking the lumpsum.

Has anybody any thoughts or advice?

Much appreciated,

Dave

I didn't think that Standard Life operated with Phoenix. In fact I thought that Phoenix had been sold. Surely the best thing would be to contact Standard Life directly, who should give you your best options. SL are a well run company.

Mercman,

Good spot, it was a Scottish Prov policy originally.

Apologies,

Dave

No one knows what will happen with these policies over 20 years, so any advice based on expected outcome is pure speculation.

In my opinion these policies are totally opaque and should be banned.

Sell now