Extending a Skandia Maximum investment plan

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Skandia has now closed their Maximum Investment Plan (MIP) but if you already have a MIP you have the option to extend the policy.  This option allows you to extend the policy for a further 10 years at any time.  This means you keep the benefits of your policy for as long as you pay into it because you can use the extension option many times.

When can I use the option to extend?

You can take the extension option on any anniversary of the start of the policy, so if you have a 4 year old policy you can extend for a further 10 years on the 5th anniversary, the extended plan will mature on the 15th anniversary unless you extend the policy again.

Why should you take the extension?

The extension allows you to benefit from all of the features of a MIP, You will have:

Control over when you receive the money

  • You will retain the ability to cash in all or part of the money in your plan at a time which suites you and your financial situation.
  • Allow you to continue to benefit from the MIP while you wait for market conditions to improve before cashing in.

Control over how your receive the money

  • If you take the extension and continue to pay into the policy, you will have the option to withdraw money from it each year in without it going on your tax return.  No income tax or capital gains tax is payable.

Control over investment decisions

  • You will be able to take advantage of a wide variety of funds which you can shape to suit your approach to investment.

N.B. The value of units will fluctuate and you may not receive back the full amount of your investment. As with all investments you should seek professional advice if you are in any doubt about what to do next.

 

Here's a little more information about our team:

Q: Qualifications Include

A: My degree in modern languages included a module on economics and personal finance, and that's how I got into financial planning.

Since then, I've become dual qualified as both a Certified Financial Planner and a Chartered Financial Planner, including the specialist qualifications in Tax & Trusts (G10) and Pensions (AF3/G60).

The full list is:

AF3 - Pensions (CII) (I did that to totally update my pension knowledge, as I had done G60 in 1994.)
K10 - Retirement Options (CII)
K20 - Pensions Investment Options (CII)
G20 - Personal Investment Planning (CII)
Chartered Financial Planner (CII)
ER1 - Equity Release (CII)
HR1 - Home Reversion Plans (CII)
G10 - Taxation and Trusts (CII)
CFP - Certified Financial Planner Licence (IFP)
H15 - Supervision and Sales (CII) 

In November 2016 I added the STEP (Society of Trust and Estate Practicioners) Certificate for Financial Services.

Q: Do your clients have anything in common with each other?

A: They are all lovely and there are a few similarities in their aims that I've noticed. 

Many of my clients want to do more than just meet their own needs. They also see themselves as custodians of their money for the next generation or for other beneficiaries. 

In other cases, their aim is to manage their wealth efficiently during their lifetime, with the aim of spending it all… but minimising tax on the way there.

Q: What type of work do you enjoy most?

A: I do get a real sense of satisfaction from the work with those clients who engage me to manage the needs of two generations of the same time. That can be 'just' a long-term and balanced investment strategy or it can be trust planning and estate planning to avoid paying too much Inheritance Tax.

Q: Where would you be right now if you weren't at work?

A: In the Lakes

Q: In the film of your life, who would play you?

A: In my head, it's Uma Thurman, but I expect they would approach 'Nursey' from Blackadder II.

Q: Curry or Hot Pot?

A: Agh, too difficult. Curry.

Q: Sherbert or Chocolate?

A: Chocolate

Q: Lawn or Flowers?

A: Lawn

Q: What are you most likely to do whilst being 'on hold'?

A: Infuriate my colleagues by opening conversations then cutting off their reply when my call is answered.