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Get ready for your plan's maturity
It’s important you give us the information we need before the maturity date. If we don’t have everything we need it will cause a delay in your payment being made.
Take these steps in advance, using our Online Service or by contacting us, to help avoid delays when your plan matures.
1. Check your personal details are up to date
- Make sure your name, marital status, address, mobile number, and email are up to date.
- Giving us your mobile number helps us keep you updated on the progress of your maturity claim.
2. Review the assignee details linked to your plan (if applicable)
If your plan has an assignee, we’ll contact them about payment.
- If the assignee no longer has an interest in your plan and our records don’t reflect this, it’ll delay your payment.
- You can find the details of any assignee linked to your plan in your Annual Benefit Statement.
- If there are any changes to the assignee, please send us confirmation from the new lender by either sending us a secure message if you're registered for the Online Service, or calling us.
3. Check your bank details are up to date
The quickest and easiest way to receive payment is by bank transfer. If we don’t have any bank account details, we’ll send you a cheque. If we don’t already have your bank details, or if you need to update them you can
- log in to our Online Service to send us a secure message
- fill in a Direct Debit form and send it back to us, or
- call us - we may need ID to confirm your bank account details.
If you have a joint plan and your situation has changed
- If your circumstances have changed (for example, you’ve separated from your partner or now live at different addresses) please send us a secure message or contact us.
- If we haven’t been told of any changes, we’ll treat the plan as still being jointly owned.
- To progress with your maturity payment, we’ll need signed confirmation from both planholders agreeing how it should be paid.
If your plan is held in Trust
- All Trustees will need to complete the ‘Maturity claim’ form, which we’ll supply.
- Trusts must be registered for the Trust Registration Service (TRS) with HM Revenue & Customs (HMRC).
- For further information on how to register for TRS, see our TRS completion guide.
Understanding Assignees
An Assignee is a person, company or lender who receives the transfer of property, title or rights from another, according to the terms of a contract.
- When endowment mortgages were set up, the plan may have been legally assigned to a mortgage lender. This meant when the plan matured, money would be paid directly to the bank or building society (mortgage lender) to clear the mortgage loan and then pay any excess to the borrower.
- If your plan is being used as security for a loan or mortgage, the lender may have provided us with either a ‘Deed of Assignment’, ‘Notice of Assignment’ or ‘Notice of Deposit’. They would then be noted as the Assignee of the plan. This means they are entitled to claim the plan proceeds.
- If there’s a change to the assignee linked to your plan, please send us confirmation of the new lender by secure message or contact us.
Tax considerations
- For some plans, a Chargeable Gain can arise on maturity.
- You may be liable to pay tax on the gain.
- You'll only be affected if you're a higher rate taxpayer or become one as a result of a gain.
- You won't have any personal liability on lower rate Income Tax, but will be liable up to a maximum of the difference between higher and lower rate Income Tax.
- Tax rules can change and the impact of taxation and any tax relief depends on your circumstances.
If a Chargeable Gain arises on maturity, we’ll send you a Chargeable Gains Certificate shortly after the maturity date. A copy will be issued to HMRC. This certificate will have the information needed to complete a tax return.
