Pru reattribution - Disgrace!

chromehorse

Anybody see Richard Dyson's article in Mail on Sunday yesterday? Pru are dragging their heels and, by not declaring an effective date they are stopping many many with-profits policyholders from possibly gaining their fair share of either a distribution or an incentive payment to give up their rights (re-attribution) to a fair share. We're seeing with Norwich Useless just how phenomnally greedy these companes can be about money to which shareholders have contributed NOTHING. Standard Life are distributing excess in their Inherited Estate (admittedly to prop up dismal policy returnes) on a 90:10 basis but NU and Pru want to steal as much as possible for shareholders. It's a disgrace!

vulcaniser

yes i did i have been a policy holder for 24 years maturing this year never heard of reattribution before until i came across the article in the m.o.s..
I hope this is a sub fund and does not effect my main / terminal bonus and why wasnt i informed about this by the pru i smell a rat and if it does go ahead after my policy matures can we still claim it ( like bank charges claim)one for martin to start to keep an eye on and expose to the media.

missile

I am sure it will be more than 12 months before Pru reattribution, if indeed it goes ahead at all. If your policy matures prior reattribution you will get nothing.

It is not a sub fund and I really do not understand why this money was not used to smooth out the impact of the stock market problems over recent years. After all, With Profits Bonds are sold on the basis of using good times to smooth out the returns during bad times. Is that just another financial services scam?

chromehorse

Yes - it is a scam. Mainly because these companies should just give policyholders 90% of the IE (like Standard Life). Instead they want to steal far more (eg AXA) for their shareholders - who haven't contributed a penny to the IE and have already taken a good share of 'profits' from them.
For more info on Pru re-attribution go to
http://groups.google.co.uk/group/resist-the-scam?hl=en

and for more on NU re-attribution go to
http://groups.google.co.uk/group/norwich-union-policyholder-reattribution?hl=en

Geoffo_M

Prudential said today that they are abandonning their reattribution payouts to policyholders. A few months ago, I received a letter from them stating that policyholders were to receive 3 annual bonuses, based on their holdings at the beginning of each year. Is that now cancelled by today's statements, or are these reattribution windfalls something else. Confusing!

Geoff