PHI Settlement Offered by Ins Co

chesney105

Hi All
I am 59 and have been in receipt of PHI benefit for 4 years. The benefit was due to continue until age 65 but the insurance company said the benefit was due to cease at age 62....where this figure came from I've no idea! My contract of employment terminates at age 65. I am still "employed" in that I receive the benefit via my employer and continue to receive employer pension contributions. I have recently received an offer in full and final settlement from the insurance company that equates to 54% of the amount they would pay out to age 62. It isn't a brilliant offer but one worth consideration. My contracted notice period is 6 months. Can anyone tell me if my employer is obligated to pay me severence pay on top of the offer from the insurance company?

lordhaldon

The 62 date may have been what was on the original proposal. Ask the Co for a copy of the application form.

chesney105

I have a copy of the original proposal form was completed by the broker and nothing was right!!....retirement age, salary, contribution rates....everything was corrected, sent back to the insurance comapny who accepted the changes.....doesn't stop them playing a fast one!!