Scottish Amicable Endowment - Payment Of Further Bonus

radiouser

hansi wrote: »

I would like to know that too. My policy matured in May of this year.

Hi hansi,
As you can see, I have had very little feedback on the issue of the further bonus but I will keep you informed of any progress I might make.

Regards

radiouser

bluefrew2

Hansi & Radiouser

I thought I'd take another look into the forum after a few months and see if there was any progress in SA policy holders and the missing "Further Bonus"-and I see there isn't. I made a complaint to the Financial Ombudsman Service after a rejection by the Pru over the matter of the "Further Bonus" and received a reply only a few days ago. Effectively the adjudicator rejected my complaint because "he could find nothing to say that the bonus was guaranteed but was dependant on a number of factors including future investment returns". This is absolute nonsense as the "Further Bonus" was guaranteed as was the special bonus and the cash payout. I can accept that the level of payout would be governed by further investments but we had £530 million to start with! The guarantee was that the promised benefits were placed before the Court of session in Edinburgh who had to sanction the Scheme and are legally binding (see top of page 4 in the Policyholder Booklet". I have an option to reply to the Adjudicator and I'll make the same arguments and see if he will change his mind, failing that then my next step is to take the Prudential to the Small Claims Court.
Don't give up on this.
For your information I also complained about not receiving the expected payout after receiving green letters for at least 3 years, including our last one, prior to maturing! However the Adjudicator just toed the Prudential line about performances etc, what then is the use in having them at all?

radiouser

Hi bluefrew2
Many thanks for the comprehensive update of your situation.
I am presently dealing with this issue so I have sent you a PM.

Regards

radiouser

hansi

radiouser, keep me in the loop please:T

radiouser

Absolutely Hansi, I've not forgotten about you

comedyoferror

Hi

I've just received a red letter on my Pru (Scot Am) Endowment which matures on 12/12/11.

The target was £17,750.

Projections are:
4% 15,700 (-2050)
6% 16,000 (-1750).

A couple of queries. I too was under the impression I would get a final bonus but from the above it looks like that is not the case. Is 4% realistic for the next year? Also, this was taken out for a mortgage which was repaid many mortgages ago. Will they repay me directly?

Thanks

dunstonh

I too was under the impression I would get a final bonus but from the above it looks like that is not the case.

Why do you think that?

Is 4% realistic for the next year?

Hard to say. They have been exceeding 8% over the last year. We wont know what happens next year until it happens.

Also, this was taken out for a mortgage which was repaid many mortgages ago. Will they repay me directly?

as long as its not assigned to a lender then yes.

comedyoferror

I just called them to ask a few questions.

They said the surrender value today is 14,833. The bonus is 3921.

They said a % from the Scottish Amicable fund had been added to the bonus and would form part of the terminal bonus, but I'm not sure I undestand.

comedyoferror

and thank you Dunstonh - I hadn't seen your reply.

capmate

Just received my maturity letter from the Pru for my Scot Am policy

Matures 15 Nov 200, taken out for £12600 25yrs ago

Sum assured £4436
Regular bonus £4336.91
Final bonus £3245.97 (37% of both of above)

Total value £12018.88 so just under £600 shortfall

strange thing is they think its still assigned to the Woolwich, when I have the letter confirming re-assigning it to me from 1997

Phone call needed tomorrow to clarify this