Scottish Amicable Endowment - Payment Of Further Bonus

Froggitt

Complaint now raised with the POS

sunshinesadly

Is there anyone out there who understands this issue (me, confused) that could suggest a list of questions to put to Scottish Amicable by any interested reader who had a Prudential endowment and has been transferred to Scottish Amicable. Maybe it would be a good idea if folk concerned started contacting ScAm by phone or letter?

Froggitt

Start with "You stated in the transfer document that a Further Bonus would be paid on maturity. Why have you not paid me my Further Bonus?"

spaceman62

Maybe I'm off the mark here but isn't the SAIF a closed fund so eventually all the proceeds will be paid to remaining members. Which means they could get more generous as the liabilities reduce. Does anyone know how many people still are members of SAIF, I can't find anything in the Pru site and I think about 40,000 transferred in 1997.
I have a policy maturing in 2014 and have been tracking final bonus rates carefully. It seems to be a lottery no matter what info they will provide and no clear patterns.

spaceman62

Search for [ex scottish amicable policy holders] on google and pick the link to WPGB0014.pdf it explains how the SAIF is managed.

If your into heavy duty finacial analysis maybe you can make something of this link it seems to support the idea that they are gradually distributing the "further bonuses" in a fantastically opaque and convoluted manner but always erring on the side of caution. Which means the last 100 members could be in for a significant windfall, given that policies were written up to the transfer that means there could be some lucky people in 2022, although I note that the SAIF contains some elements of pensions and annuities so could be even longer.

sheslookinhot

spaceman62 wrote: »

Maybe I'm off the mark here but isn't the SAIF a closed fund so eventually all the proceeds will be paid to remaining members. Which means they could get more generous as the liabilities reduce. Does anyone know how many people still are members of SAIF, I can't find anything in the Pru site and I think about 40,000 transferred in 1997.
I have a policy maturing in 2014 and have been tracking final bonus rates carefully. It seems to be a lottery no matter what info they will provide and no clear patterns.

How do you manage to track final bonus rates ?

spaceman62

sheslookinhot wrote: »

How do you manage to track final bonus rates ?

Search for Bonus rates for SAIF either on Google or Pru site directly and you should find PDF's for last few years, and it gives final bonus figures dependent when you took out the policies, I think they also use these for the valuations if you want to surrender.

Tasape

http://http://www.ftadviser.com/2012/02/28/pensions/personal-pensions/prudential-cuts-m-off-with-profits-bonuses-QSfnPNDo4mIeVCIt4sBBZJ/article.html

YNWA12

Read the posts with interest. Suggest we restrict replies to the matter of the £530 million further bonus. I too have complained to the Financial Ombudsman about where this money has gone. I kept the paperwork and was expecting an extra payout. The adjudicator rejected my complaint because demutualisation is outside of their jurisdiction. If Prudential are allocating this to former Scot Am policy holders at maturity, surely they must know how much is from this pot? Some transparency is all that is needed. I am pleased that many posters are getting close to their promised amounts at payout. Remember this includes the special bonus that was added by the Pru in 1997 out of the £1billion that already belonged to the members!! I reckon about 5% of the final value of my payout was due to the special bonus. Does anyone know if the FSA are involved?

Froggitt

Ive just had my second policy maturity value, and its about £7,000 short. Similarly no Further Bonus, so rather than dance around the handbags for a month again, Ive asked Pru either to confirm they will pay me the Further Bonus, or send me a Final Written Letter that I can take again to the Ombudsman.