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Standard Life recently imposed penalties of up to 25% on early surrender of policies.
"This is because insurers and investment houses slam people with early surrender charges," says Keith Churchouse, a director of Surrey-based Churchouse Financial Planning.
Although the order is a public document, neither Mr. Pirro's spokeswoman, Colleen Roche, nor his close friend Michael R. Edelman, were aware of Mr. Pirro's early surrender before they were contacted by reporters, they said yesterday.
Fund closure can have a big impact on investment performance: the managers no longer have the spur of needing to attract new investors while existing ones are usually locked in by charges for early surrender.
Michael G. Santangelo, one of Mr. Pirro's lawyers, would not give a reason for Mr. Pirro's early surrender at the Eglin Federal Prison Camp in Eglin, Fla., which was first reported by The Journal News in Westchester and The Daily News.
With an insurance policy you're going to get nicked for an early surrender fee in the first seven years.
Similar(52)
Clemens struggled to keep loose during the delay after the first inning and never really had good stuff, and got pummeled early, surrendering four runs in the first four innings.
Hoste was furious at the behaviour of Flore's officers and sent a note into Lesina demanding that they give up the ship as indicated by its earlier surrender.
Richard I (the Lionheart) was crowned king of England for the second time, after earlier surrendering his kingdom to the Holy Roman emperor Henry VI.
It's not a joyful occasion to allow 109 points in an NBA game, though the Lakers were giving up an average of 112 before the night began and rolled over two days earlier, surrendering 136 to Golden State.
It's a little early to surrender".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com