PRODUCT GUIDE
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PENSION PRODUCTS
GENERAL
BONUSES
Conventional With-Profits
Under conventional with-profits contracts, there is a guaranteed minimum maturity benefit. Each year a decision is made on the percentage rate of bonus which will apply to with-profits benefits for the previous year (the Declared Rate) and also the rate which will be used during the period until the next declaration (the Interim Rate). Currently, different rates apply to the guaranteed minimum maturity benefit and to previously declared bonuses.
Declared Rates apply to single and annual premium contracts. For monthly premium contracts, bonuses are added at the rate of one-twelfth of the annual rate for each monthly premium payable in the calendar year. Interim and/or terminal bonus rates are not guaranteed and can be varied at any time.
Once added, declared bonus cannot be taken away.
Terminal bonus differs from Reversionary Bonus in that a right does not arise until a plan becomes a claim by maturity or death. Currently terminal bonus depends on the year in which the contract was effected (the year of entry) and the rate declared from time to time is applied to the total otherwise payable.
Mortgage Products
Legacy
Disclaimer
Pension Products
Contact
Protection Products
Investment Products
General
GENERAL BONUSES
Under conventional with-profits contracts, there is a guaranteed minimum maturity benefit. Each year a decision is made on the percentage rate of bonus which will apply to with-profits benefits for the previous year (the Declared Rate) and also the rate which will be used during the period until the next declaration (the Interim Rate). Currently, different rates apply to the guaranteed minimum maturity benefit and to previously declared bonuses.
Declared Rates apply to single and annual premium contracts. For monthly premium contracts, bonuses are added at the rate of one-twelfth of the annual rate for each monthly premium payable in the calendar year. Interim and/or terminal bonus rates are not guaranteed and can be varied at any time.
Once added, declared bonus cannot be taken away.
Terminal bonus differs from Reversionary Bonus in that a right does not arise until a plan becomes a claim by maturity or death. Currently terminal bonus depends on the year in which the contract was effected (the year of entry) and the rate declared from time to time is applied to the total otherwise payable.
