Cancellations, redemptions and surrenders

All Metfriendly plans can be cancelled, surrendered or cashed in at any stage. However, depending on the plan involved, there are usually some conditions and consequences that come with any cancellation or cashing-in.

For details of how we calculate surrender values click here.

Which plans can be surrendered?

Fixed Term Savings Plans and With Profit Bonds can only be surrendered in full. However, if your investment or regular premium was particularly large we may have split it into smaller individual ‘certificates’ when you applied. If this is the case then each individual ‘certificate’ can be surrendered independently. Your latest benefit statement will show whether there has been a split into individual certificates.

For ISAs (including lump sum investments) you can always request the complete surrender of a plan certificate. Additionally we allow part withdrawals from your oldest ISA certificate(s) if you are taking out at least £500, and the total value of your remaining ISA certificate(s) is at least £1,000. Partial surrenders can be made on multiple occasions. However Monthly Savings ISA certificate(s) that are in the period during which the annual bonus rate is guaranteed (the tax year of making the contribution and the following year) and Regular Savings ISA certificates that are in the current (open) tax year can only be surrendered in full. Should you do this but continue paying premiums, we will issue a new plan certificate and it will be subject to our then current minimum premium.

Your Flexible Savings Plan may have been split into segments. If this is the case individual segments can be surrendered – you do not have to surrender the entire plan. You may find it useful to request a written surrender valuation to identify the value of each segment. If it hasn’t been split into segments the whole plan has to be surrendered.

How to initiate a surrender

We must have written notification that you want to surrender your policies, including your signature, the plans/segments to surrender and bank details for any benefit payment.

The easiest way is for you to download our Surrender/Redemption Request Form (PDF), print it out, sign it and return it to us at the address given at the top of the form, or via email/fax.

Alternatively you can send or fax us a signed letter detailing your request and giving details of the bank or building society account (which must be in your name) where we should pay your money.

When will I get my money?

Where you pay regular premiums, including payments into the current year of a flexible plan (Regular Premium ISA or Flexible Savings Plan), then premiums will cease and we will pay out your plan on the 7th day of the following month. (Earlier payment will incur an administration fee of £10, and we will hold back any premiums in transit.)

For lump sum contracts, and those plans where premiums have ceased (e.g. ISAs in a previous tax year), we will pay the surrender value into your bank account on the Wednesday of the following week.

Cancelling your protection policies.

The policyholder is authorised to cancel their own protection policy. If there are two policyholders then we must receive signed authorisation from both of the policyholders.

Cancellation requests must be received in writing, quoting the policy number, when to cancel and including dated signatures from all policyholders.

We will action cancellation requests immediately but may not be able to stop a scheduled premium collection through payroll. If this is the case we will refund any additional premiums after they have been received by Metfriendly.

‘I would recommend Metfriendly to everyone.’

Mrs V Thompson, Dagenham

Very happy with the service. I have a number of policies for myself and my children.

Police Sergeant S Drysdale, DPS Borough Support

‘I have been a member since 1980. Never had any problems or issues. Staff always helpful.’

Mr Nino Trancucci, London

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house. I will be signing back up next year to help save towards my kids future.’

Mrs A Cooper, Met CC, Bow

‘I have always been pleased with the returns from my Metfriendly policies.’

Mr P Payne, Bordon

‘Very pleased with the service I’ve received to help me save money direct from my salary.’

DC Chris W, SO15

Good service – always very helpful and informative.

Miss J Coward, South Norwood, London

‘Hassle-free savings that are started every year on my behalf, without me having to call up.’

 

D.C. R McLaren, Hackney Borough Stations

Great opportunity for family members to be offered the same offers as members.

Miss A McLeary, ESB