Scottish Amicable/Prudential Endowment

stulaunch

I took 2 endowments out in 1984 & 1987,with Scottish Amicable, received the cheque when it was taken over by Pru, but am I right in thinking that there is an extra bonus at maturity of the endowments, due to the takeover, or is it added on to existing bonus. Can anybody else with one of these endowments remember, because i can not find any paperwork.

dunstonh

Terminal bonuses (or sometimes called final bonus) are added to the plans on maturity. Some providers give you the figure you have accrued to date as you go through the years whilst others hide it away unless you ask for it.

EdInvestor

Yes you are right. See this thread about the part of the demutualisation bonus which should be received at policy maturity.

http://forums.moneysavingexpert.com/showthread.html?t=71259

Factor25

stulaunch wrote: »

I took 2 endowments out in 1984 & 1987,with Scottish Amicable, received the cheque when it was taken over by Pru, but am I right in thinking that there is an extra bonus at maturity of the endowments, due to the takeover, or is it added on to existing bonus. Can anybody else with one of these endowments remember, because i can not find any paperwork.

Thats interesting, we also took policies with SA 1984 & 87, didnt receive anything on takeover though, maybe I shoud give them a call.

It might also be worth checking whether you get anything from the orphan assets being released by Pru. I am not sure if we receive this if the policy was originally Scot Amic.

stulaunch

Factor25 wrote: »

Thats interesting, we also took policies with SA 1984 & 87, didnt receive anything on takeover though, maybe I shoud give them a call.

It might also be worth checking whether you get anything from the orphan assets being released by Pru. I am not sure if we receive this if the policy was originally Scot Amic.

I'm sure i read somewhere that Scot Amic policies wont qualify from orphan assets, but if you find out let me know.

Maybe your policies were not (with pofits) policies.

Factor25

I rang them and they are going to put it in writing to me re the orphan assets, the chap didnt seem to know what I was talking about. I will let you know what they say.

tambour

Hi Dunston H

My Scotam / Prudential WP Endowment matured last month. Final amount was reasonable but Special and / or other Bonuses were not itemised only sum assured , regular bonus and final bonus. Have concern about the lack of transparency of thes bonuses and wonder if you have any advice on the matter. Would like to be asured that all bonuses have been paid according to the entitlement set out in Scotam circular letter of October 1997 ( signed by Sandy Stewart, Chairman, Scottish Amicable Supervisory Board). PRU seem to having trouble finding a copy of the 1997 bonus statement I have requested which would at least clarify part of the story as to how the promised bonuses were dealt with.