Scottish Amicable Endowment - Payment Of Further Bonus

bluefrew2

Be careful you don't get the special bonus and the "further bonus" mixed up. The special bonus was indeed added in 1997 but the further bonus was to be paid when the policy matures. A sum of £530 million was set aside for this!

radiouser

bluefrew2 wrote: »

Be careful you don't get the special bonus and the "further bonus" mixed up. The special bonus was indeed added in 1997 but the further bonus was to be paid when the policy matures. A sum of £530 million was set aside for this!

I have been following this topic with interest for sometime now and I’m not sure that bennyboy3’s original question regarding the “further bonus” has been fully answered.

I have a 1985 Scottish Amicable with profits endowment policy which is due to mature in October 2010 and it was always my understanding that, as bluefrew2 indicates, that a “further bonus” over and above the “special bonus” was payable at maturity.

I have retained all the paperwork relating to this policy since inception and wonder if anyone can throw any light on the matter?

Regards

radiouser

radiouser

Can anyone help regarding my post above please?

TIA

Radiouser

hansi

My Scot Am 1985 policy matured in May with a terminal bonus which I guess included the "special bonus" They didn't list it as a separate bonus.

radiouser

hansi wrote: »

My Scot Am 1985 policy matured in May with a terminal bonus which I guess included the "special bonus" They didn't list it as a separate bonus.

Hi Hansi and thanks for your kind response, however, I understand from all the previous posts, the situation with regards to the "special bonus" and the "terminal bonus" - It is the "further bonus" that gives me some concern and that matter does not appear to have been fully answered as yet.

Your assistance is much appreciated Hansi.

Regards

radiouser

talc

My 25 year Scot Am policy matured in March this year. Having read the posts I contacted Prudential and was informed that the additional further bonus I was expecting on maturity, was not relevant. They claim that they covered this further bonus in the yearly declaration the year after they took over Scot Am. I phoned them on numerous occasions to complain, and I even wrote a stern letter of complaint, expressing my disgust with the way in which they fobbed off my legimate claim for the "further bonus". After all they were the ones who promised this further bonus when policies matured. Talk about a cover up, and swindle!
All to no avail however, I may as well as been speaking to a wall.

radiouser

talc wrote: »

My 25 year Scot Am policy matured in March this year. Having read the posts I contacted Prudential and was informed that the additional further bonus I was expecting on maturity, was not relevant. They claim that they covered this further bonus in the yearly declaration the year after they took over Scot Am. I phoned them on numerous occasions to complain, and I even wrote a stern letter of complaint, expressing my disgust with the way in which they fobbed off my legimate claim for the "further bonus". After all they were the ones who promised this further bonus when policies matured. Talk about a cover up, and swindle!
All to no avail however, I may as well as been speaking to a wall.

Thanks for the info Talc.
Sorry to hear about the problems you had but I have to say that I am not surprised, I guess I was expecting to have problems over this issue and I want to be as prepared as I can be for the battle coming my way.
I will have to wait and see what payout I get in October and then I guess it will be over to the ombudsman or whoever deals with issues like this.
I ain't going away without a fight if I don't see evidence of a final bonus.

Appreciate your reply.

Regards

radiouser

hansi

radiouser wrote: »

Thanks for the info Talc.
Sorry to hear about the problems you had but I have to say that I am not surprised, I guess I was expecting to have problems over this issue and I want to be as prepared as I can be for the battle coming my way.
I will have to wait and see what payout I get in October and then I guess it will be over to the ombudsman or whoever deals with issues like this.
I ain't going away without a fight if I don't see evidence of a final bonus.

Appreciate your reply.

Regards

radiouser

I have kept all my bonus notices and there is a much higher bonus in the notice for 1997, so I guess this is what they mean by the extra bonus. I am sure that their legal team have carefully looked at this, and methinks you could be "flogging a dead horse here"

radiouser

hansi wrote: »

I have kept all my bonus notices and there is a much higher bonus in the notice for 1997, so I guess this is what they mean by the extra bonus. I am sure that their legal team have carefully looked at this, and methinks you could be "flogging a dead horse here"

Thanks Hansi and you are probably correct about flogging a dead horse here but I need to be sure about this issue before I am prepared to “throw in the towel”.

I also have all the paperwork from way back and my understanding is that the 1997 bonus included the “special bonus” which I would have expected at that time, It is the “further bonus” that I expect to have problems with and I just want to be prepared for the issue arising in October when my policy matures.
If everything works out “correct and above board” I will be happy to walk away, I’m just not convinced that is the case at the moment.

I appreciate your input.

Regards

radiouser

hansi

radiouser wrote: »

Thanks Hansi and you are probably correct about flogging a dead horse here but I need to be sure about this issue before I am prepared to “throw in the towel”.

I also have all the paperwork from way back and my understanding is that the 1997 bonus included the “special bonus” which I would have expected at that time, It is the “further bonus” that I expect to have problems with and I just want to be prepared for the issue arising in October when my policy matures.
If everything works out “correct and above board” I will be happy to walk away, I’m just not convinced that is the case at the moment.

I appreciate your input.

Regards

radiouser

Thamks for the reply. It would be interesting to hear how you fare with this. Perhaps you could pm me? Incidentally, is your endowment on track? Mine came in at only £600 short, so I was quite happy.