Hi Mr. Tan
When NTUC cut the bonus last year, the reason was to allow NTUC to invest the surplus into the stockmarket to get a higher return. Many policyholders opposed this move, as it would increase the risk. These policyholders are now proven correct, as the stockmarket dropped by 50%. It now appears that the cut in bonus is gone and cannot be recovered.
Earlier this year, you organised a collective protest against the bonus cut but did not lodge it at the AGM due to the assurance given by former NTUC boss Lim Boon Heng and the chairman Ng Kee Choe. The chairman also gave some assurance at the AGM. Are the assurances being kept and honoured?
As the bonus cut turns out to be a disaster, can the policyholders organise another protest to restore the old bonus rates? Can you take this matter to Speakers' Corner?
Let me sort out the problem with the minibonds and other structured products over the next few months. We can review this matter in early 2009.
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