Hello and welcome. Thank you for providing an opportunity to assist you.
As you rightly said, you took a "closer look" at your policy NOW when you received the communication. As a matter of fact, you ought to have taken a similar closer look when you purchased this policy in 1999. I am sorry, but I am just trying to diagnose the problem correctly.
From what I understand from your question, this appears to be a case some some minor type of mis selling or willful concealment of material information when you were sold this policy.
Kindly note that your ability to freeze the sum, OR increase the final sum would grossly and solely depend upon the terms and conditions handed out to your when you took out the policy.
However, I am aware that you have already spoken to the Phoenix Group and Financial Conduct Authority.
Based on these inputs, I would suggest you to try and adopt little hard nosed approach with Phoenix.
Begin with sending them a written communication asking them to justify in writing as to why you cannot freeze the sum or increase the final sum. Also ask them to justify and explain in writing that WHICH of the terms prohibit you from doing so. Also mention that you would expect reply to this within a stipulated time frame, say for example, 15 days failing which you would consider some other alternatives.
Further to this, if you do not receive a satisfying response, you can consider approaching Financial Ombudsman and you can file a complaint there. They following links would guide you in detail in doing so.
I am sure this would help.
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