My pension matured in 2003 when I reached NRD (normal retirement date) The insurance company then added final bonus without telling me. I won't be taking my pension until after April 5th and if my final bonus was to be added when I take my pension I would have been much better off. There is nothing in the rules saying when final bonus is to be added. Have I been short changed?
When is final bonus added?
Jan 26, 2006
4 Replies
In message , Stickems. writes
If that maturity date was in the contract then they dont have to.
Actually, many final bonuses are far less now than they were a few years ago so you may actually be better off.
Unlikely. Have you got interest to date though?
Yes, I have had the interest and thinking about it further, with bonus rates as they are, I am no worse off. But, if annual and final bonus rates were normal I could have been considerably disadvantaged. The insurance company, perhaps, should give their customers the choice, then they wouldn't be blamed when the customer lost out.
"Stickems." wrote
You'd probably find that if they *did* give customers the choice, then they would declare slightly lower rates of final bonus than they do now....
Would you be better or worse off then?
In message , Stickems. writes
Yes, either that or the adviser who arranged it should have done.
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required