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Anyone with British Friendly Society and having end loyalty bonus declined?
Cash_Cow
Posts: 131 Forumite
After 40 years they denied my end bonus in April 2025 so as to bolster their coffers (sitting at 198% of legal requirement already) and at a time of great success for the society. This is pretty outrageous. I therefore decided to defer taking my savings out hoping they would reinstate it for 2025. But they haven't - they just again declined to pay it. All this as the 2024 annual report boasts:
"An increase in the Society’s membership has led to a record level of premium income of £13.6 million (£12.7m in 2023). The volume of new business written in 2024 has delivered a Society excess income over expenditure of £17.1 million (£8.6m in 2023)" .
I will review the 2025 annual statement when out in Jan but I will be taking legal action over this. For any friendly society to deny a bonus if they are struggling or income and reserves are down would be understandable - but the very opposite is true.
If anyone want to join me or has any advice I would appreciate it.
"An increase in the Society’s membership has led to a record level of premium income of £13.6 million (£12.7m in 2023). The volume of new business written in 2024 has delivered a Society excess income over expenditure of £17.1 million (£8.6m in 2023)" .
I will review the 2025 annual statement when out in Jan but I will be taking legal action over this. For any friendly society to deny a bonus if they are struggling or income and reserves are down would be understandable - but the very opposite is true.
If anyone want to join me or has any advice I would appreciate it.
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