Hi, hope someone can help here. In 1983 my parents took out a policy with the Refuge for my eldest daughter and paid in approx £1200 over 15 years which returned around £3000. When my other daughter was born in 1993 they took one out for her, then 2 more (1 each) in 1995. They paid around £400 into each during the 1st 5 years then paid lump sums of £1200 each into the 2 taken out in 1995 & £1100 into the one taken out in 1993 and left them to mature for the 15 years. At the time they were told the policies would earn interest at between 5 - 7.5% each. These policies matured earlier this year but because of an error on the companys part we have only just tracked them down. We have been told that the 3 policies will only pay out a total of £6800 which seems a bit low. The Refuge was taken over by United Friendly & is now owned by Royal London. Can anyone advise on this please as my calculations make the interest on the policies less than 2%

Hello. Have you asked them how they calculated the figures, or have they told you?

HB

Hi, they said they will put it all in writing, they refused to discuss over the phone. When we were told the amount they asked staright away if we wanted to make a complaint

It's not easy to advise you before the letter arrives, I don't know if anyone else feels able to.

Are you expecting the letter soon?

HB

That all depends on Royal London, to be honest it has been a bit of a shambles. They originally sent the cheques to an unknown address earlier in the year but they were never cashed. They claimed that was the address they had on their system although they have sent letters to the correct address in the past but they claim they have no record of the correct address. As soon as the letter turns up I'll post the calculation

Well if they've been that incompetent, I'd expect some extra interest to be forthcoming because of the lateness of sending the money.

Please post again once you have the letter and we'll do our best.

HB

That's great, I will do, thanks

The returns have been that low believe you me I know, I paid into a pension scheme with united friendly taken over by Royal London, also other pension schemes I took out would of paid out better if ISA!s were around in early years, comment made by more than one insurance agent. One pension Norwich Union no increase for 12 years in fund after the 1st 3 years.

Even when they said the interest would be between 5-7.5%?

Even when they said the interest would be between 5-7.5%?

Projections i.e. 4% 7% 9% per cent were the usual projections in the past, not guarantees, my projection for Norwich Union was 5.5% (I WISH) ,anyway complain to them and see what happens - good luck.