Information we will need for surrender, withdrawal and maturity
We must comply with Money Laundering regulations so will require proof of identity before we can act on an instruction.
- A telephone based handling process (where applicable for surrenders and maturities).
- A written process where expert administrators ensure that all requests are paid as quickly and efficiently as possible, and with the minimum of fuss.
We will ask for details of the life assured. Their...
- Full name of policy holders
- Plan number
- Signatures of all owners
- Instructions of where to make the payment
- Details of the payee
We will only make payment to Plan Owners, Beneficiaries, Trustees, or the following third parties: Solicitors, Financial Services Companies and Independent Financial Advisers who are regulated by the FCA, Nursing Homes or fee charging schools.
If you wish for more clarification on this, please do give us a call.
How to notify us of a surrender claim
We aim to process all requests quickly and accurately and over the phone where possible. Typical payments are made within five working days. See the table below for how to notify us.
Surrender information – PDF 124618
Telephone surrender instructions
In most cases it is possible to complete the surrender process over the telephone (not possible for cases in trust) by the customer calling us. For cases with joint ownership, we will need to speak to both owners.
Other surrender instruction options
We can issue a surrender form to the policy holder within five working days of notification. Alternatively, you can download the form from the previous tab, complete, and post the form.
Evidence required for surrender, withdrawal and maturity
We may need to obtain further specific documentation, to avoid potential fraud risks:
- Identification documents for those we are making payment to and plan owners/trustees. (ID such as bank statements and utility bills (except for annual bills) need to be dated within the first 6 months and certified within the last 3 months).
- Bank account documents for the account we are paying
- Address Identification if there has been a recent change of address.
Certified copies of evidence should include the following wording:
- For non-photo bearing documents: 'I certify this is a true copy of the original document'. Documents should be dated, include the full name, and the address and occupation of the person certifying.
- Or for photo documents: 'I certify this is a true copy of the original document and any photograph bears a good likeness of the applicant'. Documents should be dated, include the full name, and the address and occupation of the person certifying.
We'll only accept documents certified by a regulated Financial Adviser, a Mortgage Adviser, the customer's General Practitioner, a Solicitor, an Accountant or a Dentist.
We will check we have all the documentation and information we need to make a payment within five working days of the receipt.
We will make payment by electronic payment or if requested, by cheque, which can be sent to either the customer's bank or to their home address.
Please allow 3 – 5 days for bank clearance of BACS payments.
Setting up regular withdrawals
When we receive the documentation we will check that we've got all of the information that we need and will return any official documents i.e. Passport, marriage certificate, driving licence as soon as possible. Within 5 working days of the receipt of all the required evidence, we will be able to set up the regular withdrawal. Payment dates depend on the type of Plan.
Sterling ISA and Investment Accounts / 10th of the month / BACS
Approximately 6 to 12 weeks prior to a plan reaching its maturity date; a maturity pack is automatically sent to the customer detailing the options available to them.