Standard Life - Error in calculation. MEP Remediation.

lambo28

Hello,

I had a Homeplan endowment policy with Standard Life and I was paid in Feb 2008. Now in 2013 (5 years after the final amount was paid) I received an unexpected letter through the post saying I am entitled to £25.00. The letter states that "the payment paid to me included an amount in respect of the mortgage endowment promise. Unfortunately there as an error in our calculation and the amount we paid was too low. We are sorry this happened and now enclose a cheque for the underpayment."

My question is, why now? After 5 years would they contact me about it? So I called up but they said, that this is what I'm are entitled to - nothing else was said. I kept asking why now and am I entitled to any more money (had to try my luck as my endowment payout was significantly low ).

So where do I stand? What do I need to specifically ask for when contacting Standard Life? Am I entitled to more money?

Thank you! I know I can't get any answers directly but I am wondering if anyone else have experienced this.

warwicktiger

lambo28 wrote: »

Hello,

I had a Homeplan endowment policy with Standard Life and I was paid in Feb 2008. Now in 2013 (5 years after the final amount was paid) I received an unexpected letter through the post saying I am entitled to £25.00. The letter states that "the payment paid to me included an amount in respect of the mortgage endowment promise. Unfortunately there as an error in our calculation and the amount we paid was too low. We are sorry this happened and now enclose a cheque for the underpayment."

My question is, why now? After 5 years would they contact me about it? So I called up but they said, that this is what I'm are entitled to - nothing else was said. I kept asking why now and am I entitled to any more money (had to try my luck as my endowment payout was significantly low ).

So where do I stand? What do I need to specifically ask for when contacting Standard Life? Am I entitled to more money?

Thank you! I know I can't get any answers directly but I am wondering if anyone else have experienced this.

Because Standard Life (despite demutualisation) are an ethical company who will pay what they owe.
As regards lack of explanation that Will be because the people who issue the letters and respond to calls probably do not have a clue how such a shortfall in what you were due could be calculated. (I am not being malicious here, just factual!)

I worked for S/Life from 1984 to 2003.

flowerofscotland

lambo28 wrote: »

Hello,

I had a Homeplan endowment policy with Standard Life and I was paid in Feb 2008. Now in 2013 (5 years after the final amount was paid) I received an unexpected letter through the post saying I am entitled to £25.00. The letter states that "the payment paid to me included an amount in respect of the mortgage endowment promise. Unfortunately there as an error in our calculation and the amount we paid was too low. We are sorry this happened and now enclose a cheque for the underpayment."

My question is, why now? After 5 years would they contact me about it? So I called up but they said, that this is what I'm are entitled to - nothing else was said. I kept asking why now and am I entitled to any more money (had to try my luck as my endowment payout was significantly low ).

So where do I stand? What do I need to specifically ask for when contacting Standard Life? Am I entitled to more money?

Thank you! I know I can't get any answers directly but I am wondering if anyone else have experienced this.

I received a similar letter with a cheque for just over £200. I had complained and received about £3500 compensation during the life of the endowment but the final pay out was still short of what I owed.

dunstonh

My question is, why now? After 5 years would they contact me about it?

Because they have to.

So I called up but they said, that this is what I'm are entitled to - nothing else was said. I kept asking why now and am I entitled to any more money

They already told you why. They made a calculation error and left you short.

So where do I stand? What do I need to specifically ask for when contacting Standard Life? Am I entitled to more money?

What do you mean by where do you stand?
You are not entitled to any more. What makes you think you should be?