I wonder if anybody could shed any light on the following...
A good friend has a Endowment Mortgage. The policy was originally taken out with Scottish Life but it seems assigned to the Building Society.
When the takeover of Scot. Life by Royal London took place a few years back we seem to recall that they were informed that as the policy had been assigned to the BS they were told they would not get the single paymenr of (I think) $500.00 but as it was a "with profits" policy the bonus that would have been paid on top of the £500 would be available when the endowment came to end.
On speaking to the BS it seems they have no knowledge of "anything like this" nor comprehension of the query. Its not a complaint as they seem to suggest but just wanting to know what the situation is.
Would BS have actually benefited to the tune of £500 when this payout was made or not and what has/will happen to any extra that may have been paid due to the "with profits" element.
If anybody with more knowledge or experience could fill us in it would be very much appreciated.