Lower endowment payouts at Royal London,,,
Homeowners with mortgage endowments from Royal London Mutual and Scottish Life will face a shortfall when their policies mature.
New figures show a with-profits endowment policyholder at Royal London Mutual can expect a payout of £34,304, down 3.3% on a similar policy maturing last year.
This is based on a £50-a-month saving over 25 years taken out by a man coming up to his 30th birthday.
At Scottish Life, part of the same group, the figure is £29,313, down 4%. The figures are both less than the £35,837 paid out by Prudential, the largest insurer, on a similar policy.
Some 95% of all mortgage endowment policyholders at Scottish Life will face a shortfall — and 53% of those with Royal London.
The payout on a personal pension plan with Royal London Mutual is £90,296 based on a £200-a-month saving over 20 years for a man retiring at 65.
The payout is 1.3% up on a similar policy which matured last year.
At Scottish Life the pension payout is £77,408, 4.3% down on a similar policy maturing last year.
