I organised a collective protest against the bonus cut made by NTUC Income earlier this year. I reached a settlement as follows:
I promised policyholders that I would monitor the situation and give an update.
Recently, I decided to surrender my Living policy, which was affected by the bonus cut. I received a surrender value that included the special bonus to compensate for the bonus cut. In this case, I was slightly better off (with the special bonus included).
During the past six months, there has been turmoil in the financial market resulting in a large markdown of asset prices. I do not know whether the "compensating" special bonus will be withdrawn or reduced in the next few years of the global financial crisis.
Earlier, I wanted to press for the bonus cuts in past years to be restored due to the good financial results up to 2007. With the large drop in asset price in 2008, it will now be difficult to press for this measure. It is also likely that future bonus will remain at a low level, until after the global economy has recovered.
On the bright side, the cash value of a life insurance policy remain largely protection (although the yield is low) during a bad period. It does not suffer the capital loss that comes from shares and other investments.
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11/23 - 11/30
- Speaker's Corner 5 pm on 29 Nov - change of plan
- The Standard : Legco first on Lehman fizzles out
- To each his own
- The Online Citizen interview an investor
- Speaker's Corner 5 p.m. Sat 29 Nov
- 100,000 signatures so that more people will step f...
- Bonus is likely to remain low
- Lost the sense of bonding and togetherness
- An apology to Chee Soon Juan and his sister
- A sense of responsibility: Obama
- No reply from financial institution after four wee...
- End of Free Financial Advice
- Singapore Dance Theatre performs Nutcracker
- Suggestion: how to approach legal action
- Singapore Kopitiam Forum
- Swiss petition for national referendum to end "cor...
- Investors should see their Member of Parliament
- Why I wanted 100,000 signatures
- Buyer beware
- Singapore's investments in global banks
- Ask for information in writing
- Pinnacle Notes Series 9 and 10
- Experience with FIDREC
- Guide on FIDREC process
- Morgan Stanley website on Pinnacle Notes
- Risk analysis form - wrong statements
- Gathering 100,000 signatures
- Strategy on credit linked notes
- Low compensation offered by HLF
- Tan Kin Lian eyes elected presidency
- Issuers of toxic notes should take more of the bla...
- Plea to MAS - investors of Pinnacle Notes
- Manifesto - the future of Singapore
- Battle of the mind and the heart
- Reveal your identity
- Useful role for financial advisers
- Moral values and ethics
- Investors to see your Member of Parliament
- Speak up for our rights
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