I bought my policy overseas. How does that affect my payment?
If you bought your policy in a foreign currency, i.e., pre-Euro currencies, Euros or US Dollars, then your Relative Loss has been calculated in the currency in which it was bought and then converted into pounds sterling using the exchange rates applicable at 31 December 2009. This is the amount we will pay you in the form of a pounds sterling warrant if you are due a payment from the Scheme.
If you live outside the UK but bought your policy in £ Sterling, you will receive a £ Sterling warrant if you are due a payment.
If you hold a With Profits Annuity (WPA) policy, we will pay any regular annual payments you are due by £ Sterling warrant. For more information on WPA payments please see How will WPA policyholders be paid?.
We have decided to pay policyholders with foreign currency policies or who live outside the UK by £ sterling warrant, rather than electronically, in order to make these payments more quickly. This means we do not have to verify your bank account details in order to send your payment and, if you have a foreign currency policy, there is no need for the Sterling amount to be converted into either Euros or US dollars before your payment is made. You can also choose the most convenient and cost effective method to cash your warrant, for example choosing to bank the warrant in Sterling in a UK bank account or in your choice of currency, as you bear the cost of banking any payment that you receive from the Scheme.Back to the Q&A list