Friends Provident International
TEP International Investment Account Capital Guarantees
Following our earlier correspondence regarding those clients that wish to exercise the FPIL (nee Royal & SunAlliance) capital guarantee we wish to advise that we have now received the following advice as to the procedure that should be followed;
Should the fifth anniversary capital guarantee be applicable to the client and they choose to take the proceeds at this time, we will require the completion of the attached request for payment on surrender form and the return of the original policy documents. Should the client not be able to locate the original documents then we will require the completion of the loss of policy declaration. We will require these completed documents in our office before the fifth anniversary date and the request can then be processed on the anniversary. The guarantee states that the client will receive back the premium invested in to the TEP Managed Fund at commencement which is still invested in the fund minus any withdrawals or part surrenders taken. Proceeds will be paid out once the fund has priced and the investment has been sold making the cash made available.
Furthermore, I can confirm that the fifth anniversary guarantee applicable to the TEP Managed Fund does apply if the client switches out of the fund.
A normal fund transfer form should be completed and we ask that it is made clear on the form that the client is exercising the guarantee and also if they state the anniversary date to avoid the instruction being processed as a normal switch instruction.
Please note that we will require the completed form in our office before the fifth anniversary date.
As we are keen to ensure that no client is prejudiced, we are going to ensure that all of September’s claims are submitted before the end of August and will continue to follow suit with claims being placed in the month immediately preceding the fifth anniversary. The form(s) that you will require have been placed on the client side of our website, so if you have not already registered, you will need to do so to access these downloads. If you are not sure when the anniversary takes place, are unsure as to how to complete the form(s), or have any other questions regarding this process, please contact our US Office direct.