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Clerical bonus

Paul Wearden&#39s letter (Money Marketing, November 15) discussed the Tunbridge Wells terminal bonus being reduced between the pre-maturity advice and the cheque being received.

My own policy with Twefs fell into this category but at the same time I received a letter from Clerical Medical regarding the maturity of one of my client&#39s policies. Clerical clearly stated that if it had to reduce terminal bonuses between the pre-maturity advice and actual maturity, the former would be honoured. But if it were to increase terminal bonuses, the higher figure would be paid.

I sent a copy of Clerical&#39s letter to Twefs and almost by return of post I received a further cheque for the difference.

Mr Wearden&#39s letter does bring out another point – the relative performance over the last 10 years of with-profits and unit-linked. I still wonder where the criticism of with-profits is grounded when it continues to bring home the bacon.

Malcolm Lindley

IFA,Tring, Hertfordshire


Baillie Gifford – Investment Grade Bond Fund

Friday, December 7, 2001.Type: Oeic.Aim: Income by investing in investment grade fixed-interestsecurities.Minimum investment: Lump sum £1,000.Investment split: 100 per cent in investment grade fixed-interestsecurities.Yield: 5.5 per cent.Isa link: No.Pep transfers: No.Charges: Initial 3.5 per cent, annual 1 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 0800 9174752.

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