Endowment converted to a whole of life plan

Stopping your annual payment

If you're thinking about stopping your annual payment, there are some things you and any other plan owner should consider before making any decision.

If you have any questions once you’ve read this summary, just call us on 0345 640 1000, or +44 178 644 8844 if you’re calling from abroad.

We might record your call for training and quality purposes. To find out more about how we use your personal data please visit pru.co.uk/mydata.

How your plan works

If you’ve got a whole of life plan that was converted from an endowment plan you can access your cash through regular and/or one-off withdrawals. On death the remaining value of your plan will be paid. You make a small annual payment which protects your plan’s favourable tax status.

You retain control over how the cash in your plan is invested. Provided you’re up to date with your payments, cash paid out from your plan is normally paid free from tax.

The value of your investment can go down as well as up so you might not get back the amount you put in.

Things to consider before stopping your payment

Your annual payment serves two important purposes:

  • It maintains your plan.
  • It protects your plan’s favourable tax treatment.

You might need to pay tax depending on your circumstances and the options you choose. Tax rules can also change in the future. You may want to seek advice.

Protecting yourself from investment scams

Fraudsters are always out there and constantly changing their tactics. So if you’re thinking of reinvesting the money from your plan, take a minute to find out how to stay ahead of the scammers."

What to do now

Give us a call on 0345 640 1000 or +44 178 644 8844 if you’re calling from abroad. 

We can’t give you advice or make your decision for you, but we’ll be happy to help you understand your plan and talk you through all your available options and their possible implications.

Alternatively, speak with a financial adviser - if you don’t have one, you can get details of financial advisers in your area at pru.co.uk. Financial advisers will charge you a fee for any advice they give you, but it will be personal to you.

We’re here 8am - 6pm Monday to Friday (except bank holidays) and happy to help in any way we can. Please make sure you have your plan number to hand when you call.