From: Jonathan Bryce 
Subject: Re: How to calc final bonus on endowment
Newsgroups: uk.finance
Date: Mon, 23 Oct 2006 21:49:22 +0100

Clifford Frisby wrote:

> Did I go wrong somewhere above?
> If so, where?
> If not, does there not appear to be something contradictory about a whole
> series of illustrations which are stated to be inclusive of any terminal
> bonus, culminating in an actual payout in excess of the illustrations due
> to the addition of a terminal bonus?

Well the actual growth rate of the investment was a lot more than 8%.  The
annual bonuses and terminal bonus are whatever they decide to give you. 
They bear some relation to investment growth, but they declare less than
total growth in good years and more than total growth in bad years to
smooth out returns.