Where a mutual life assurance company had allowed some members to acquire reasonable expectations that they would receive certain benefits under their policies, such expectations fell short of a contractual right, and where necessary, the trustees and directors retained the discretion under the articles of the company to reduce bonuses in line with investment returns.
Citations:
Times 12-Oct-1999, [1999] EWHC 847 (Ch)
Links:
Jurisdiction:
England and Wales
Cited by:
Appeal from – Equitable Life Assurance Society v Hyman CA 21-Jan-2000
The life company had granted policies to members which had guaranteed certain standards of bonuses. The level of reward became unsupportable and the company imposed terms restricting returns on retirement policies where policy holders sought to . .
At ChD – Equitable Life Assurance Society v Hyman HL 20-Jul-2000
The directors of the Society had calculated the final bonuses to be allocated to policyholders in a manner which was found to be contrary to the terms of the policy. The language of the article conferring the power to declare such bonuses contained . .
Lists of cited by and citing cases may be incomplete.
Financial Services, Trusts
Updated: 23 May 2022; Ref: scu.135817
