Hi all

We have decided to take this action as we don't wish to face having to pay tax on any increase in the value of our endowment between now and when it matures.

Is anyone able to recommend a company who will purchase it from us for more than the policy company ? I have done various internet searches and the choice of companies is huge

Thanks in advance for any replies

We did all the reasearch and decided that cashing in with the company it was with, in our case Norwich Union, paid a decent amount similar to other companies I'd never heard of. All it took was a phone call and less than a week later we had the cheque.

www.thisismoney.co.uk is a good starter.

Ours is with Norwich Union as well

Will check out the website when I get home (at work at moment).

Thanks for the reply

Karma sent

try freetrawl.com ..... not sure if youneed to be an ifa to register tho.

Also a google search will list companies with some giving online qoutes.

HTH
Mans

Make sure you get a FIRM offer price and not an auction price. The auction price may never happen. Isn't it worth hanging on to until you actually go???

( PS it is a 100% with profits endowment isn't it, or they wont touch it)

We have used a company called AAP (Absolute Assigned Policies) Tel 020 8282 8000. They gave us a firm offer for our endowment which was more than the surrender value. Sent off all the details yesterday and now waiting for the transaction to be completed. Will let you know outcome when it happens.

Regards

We have an endowment policy with about 9 years left to run. We were thinking of keeping it going as a savings option (it is underperforming so we gave up on it being used to pay off the mortgage!) but had not thought about the tax implications of this. Would we be better to surrender it before we go or pay the tax when it matures? I know this is a "how long is a piece of string" sort of question but any advice appreciated!

Many thanks for the replies - they have given me things to think about.

Silver birch - as I understand it, any increase in capital between the value of it when you land, and the value when it matures is taxable. Ours has just over 10 years to run and when we calculated (roughly) how much we would have to pay in premiums and how much we would lose in tax it just didn't seem worth it - don't forget that the final bonuses are a large increase (if at all) that you only get right at the end.

I'm sure an IFA out there will correct me if the above is totally rubbish

Hi Dont Know if this is useless info or not. My aunt who has been in canada for many yrs, has pensions and other monies that go in a U.K bank account. She uses it when she comes to U.K for visits, she also gets one of us to draw money out every so often when she fancies a cruise or holiday somewhere, she says its cheaper for us to book it from U.K , then for her to book it in Canada. Bit crafty my old aunt

[QUOTE=Dying to leave England]Hi all


Is anyone able to recommend a company who will purchase it from us for more than the policy company ? I have done various internet searches and the choice of companies is huge

We used AAP as well, all straight forward and painless but need certain documentation including passports etc. Took about 4 weeks start to finish but our endowment was used against a mortagge so we need to get a release from the building society

So long as she is declaring it and paying tax on it I don't see a problem with that at all. I am going to keep paying my Army pension into my UK account - I just have to make sure I declare it (very tempting not to)

I won't even consider cashing it is until we have sold our house - I started it before I owned a house so no "building society" issue for us

Hello......I think your not liable for the increase if you land and then return to the UK (just to get you PR card)......I think its when you have your residential ties in Canada or when you are actually living their full time/permanent. Somebody who knows what they are talking about might be able to clarify this.

I think you are spot on but, as we all want to get there eventually, isn't the above point a little academic (unless of course the policy matures before one makes the "final move"

We sold our endowments to an independant co. as they offered way more than the issue co.

when you get here watch out if considering transfer of pensions. many co's out here cannot match the performance of european pension schemes

As other posters have said the internet is a good place to find alternatives for cashing in endowments.