For an offshore regular savings plan held by an expat, there are usually several reasons working together: the plan's costs, especially in the early years, the performance of the funds you are invested in, currency movements, and any changes such as paused or reduced premiums. These plans are often expensive and frequently sold with high upfront commission, which is why the value can look lower than what was paid in, sometimes for a number of years. Understanding which factors apply to you is the first step to deciding what, if anything, to do.

Costs and the early years

Regular savings plans sold to expats commonly have costs at more than one level: the policy, the underlying funds and adviser remuneration. In many plans, costs weigh most heavily in the early years. That means the value can trail the total paid in for some time, even if the investments themselves have done reasonably well.

This is often a feature of how these products are designed, rather than, on its own, a sign that something has gone wrong. Your key features document and terms and conditions explain how costs apply to your particular plan. Our guide to this type of plan explains the general structure.

Fund choice and performance

What your plan is invested in matters as much as its costs. Common issues include:

  • Funds never reviewed. Many plans stay in the funds chosen at the start for years, even as markets and your goals change.
  • Too cautious or too adventurous. Very cautious funds may barely keep pace with costs. Higher risk funds can fall sharply in poor markets.
  • Fund costs. Each fund has its own ongoing costs, on top of the policy's.

Your transaction statement and fund factsheets show where your money is and how each fund has performed. Past performance is not a guide to the future.

Currency and timing

If your plan is in US dollars and you think in sterling or euros, or the other way round, exchange rate movements can make the value look better or worse than investment performance alone. Timing matters too. A valuation taken just after a market fall can look worse than one a few months later, and the reverse can also happen.

Changes along the way

Anything that changed the original pattern can also affect the value:

  • Premium holidays or reduced premiums
  • Partial withdrawals
  • The plan being made paid up
  • Fund switches made at an unfortunate time

The longer payments stay below the planned level, the further you may move from your original goal.

Current value is not surrender value

Check which number you are looking at. The current value is broadly what your investments are worth today. The surrender value, what you would actually receive if you cashed in, can be lower, particularly in the early years. Ask the provider for both in writing, on the same date.

Worked example

Illustrative example only, not a real client.

Chris started paying $1,500 a month into a plan five years ago. He took a six-month premium holiday in year three, so he has paid in $81,000 ($1,500 x 54 months), not the $90,000 he first assumed. His latest statement shows a current value of $76,000 and a surrender value of $66,000. These figures are invented for illustration and do not reflect any particular product. He requests his transaction statement, the key features document and the factsheets for his funds.

Reading them, he sees that his plan's costs fall most heavily in the early years, that his money has stayed in the same two cautious funds since day one, and that the premium holiday reduced what went in. None of this points to one simple answer, so he arranges an independent review to understand his figures and his options, which depending on his circumstances could include continuing, changing funds, or other routes under the policy's terms.

What to do next

  • Get the current value, surrender value and total paid in, in writing and on the same date.
  • Gather your key features document, terms and conditions and fund factsheets.
  • Avoid rushed decisions: stopping or surrendering on impulse can lock in an outcome you later regret.
  • If the provider does not answer your questions, raise a formal complaint. For insurers licensed by the Central Bank of the UAE, Sanadak may be able to consider unresolved complaints once the company has had the chance to respond.

Common mistakes

  • Comparing the surrender value with the total paid in and assuming the investments have lost that much.
  • Surrendering immediately after a market fall.
  • Never reviewing the funds inside the plan.
  • Assuming nothing can be done, or that the only option is to cash in.

Sources and further reading

Request a free independent policy review from a regulated financial adviser to understand why your plan is valued where it is, your figures and your options.

Last reviewed: October 2026. Tax year: 2026/27. Jurisdictions covered: UAE, UK. Rates, legislation and guidance change, so recheck before relying on this. Rules can differ between England and Wales, Scotland and Northern Ireland; tax residence is fact-specific; treaty outcomes depend on residence, domicile or nationality provisions; examples are simplified and omit reliefs, costs, exchange rates and anti-avoidance rules. This is general information, not financial, tax or legal advice. Take advice in the relevant country before acting.