Skip to main content

What happens when my endowment plan matures?

What to expect when your plan matures

  • If you have an assignee linked to your plan, we’ll write to you six months before your plan matures. It’s important you let us know if there are any changes to this. We’ve included more information about assignees and how to let us know about any changes in our ‘What’s an assignee’ FAQ
  • We’ll write to you eight weeks before your plan matures to let you know the indicative value of your plan, the options available to you (if applicable) and information we need from you to complete your maturity claim.
  • To receive payment on your plan maturity date*, it’s important you give us the information we’ve requested in our letter (such as ID or confirmation of bank or assignee details) before your maturity date. If you don’t do this, it will cause a delay in your payment being made.

    *It also depends on the payment being cleared by the bank for it to be paid on the plan maturity date.
  • There are some steps you can take in advance using our online service or by contacting us to ensure you receive payment on your plan maturity date:

1. Check your personal details are up to date
This includes checking your name, marital status, address, mobile number and email address. By giving your mobile number, we’ll keep you updated on the progress of your maturity claim. For help on how to make changes to your personal details, see our handy FAQs on our endowment savings page

2. Review the assignee details linked to your plan (if applicable)
If we hold any details of an assignee, we’ll contact them to confirm if they should receive all or part of the payment. If the assignee is no longer applicable and our records don’t reflect this, it will delay payment being made. 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 sending us a secure message if you're registered for the online service or find out how you can contact us.

3. Check your bank details are up to date or completed
The quickest and easiest way for you to receive your payment is by providing us your bank details. If we don’t already have your bank details, or you’d like to change these, please send us a secure message or contact us. We’ll let you know if we need ID to confirm your bank account details.

If we don’t have any bank account details, we’ll send you a cheque.

Frequently asked questions

If you haven’t told us previously, we’ll treat the plan as still being jointly owned, which means we’ll need signed confirmation from both planholders agreeing how the payment should be made.

If your circumstances have changed, please send us a secure message or contact us.

If you're registered for our online service, you can send your ID documents by secure message or find out how you can contact us.

If your plan is held under trust, all trustees will need to complete the maturity claim form. 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.


An assignee is a person, company or entity 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 policy 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 policy. This means they are entitled to claim the policy proceeds.

If there’s a change to the assignee, please send us confirmation of the new lender by secure message or contact us.

Any options available to you will be detailed in the letter you receive eight weeks before your plan matures.

For some plans, a chargeable gain can arise on maturity and 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.

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.

 

© Prudential 2024

"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.