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GENERAL BONUSES
Under our Unitised With-Profits Funds, bonuses are allocated by means of an increase in the price of units - i.e. a Daily Price Bonus. Unlike conventional contracts, the bonus is not fixed yearly in arrears. The rates of daily price bonus are fixed from time to time and apply until a change is made.
Terminal bonus may also be payable when the units are cashed. The rates of terminal bonus currently depend on the year in which units were purchased but could, for example, also depend on the relevant with-profits fund and whether units were purchased by single or regular contributions.
For practical purposes, we maintain a separate With-Profits Fund for each class and series of contract, as follows:-
SAIF - With-Profits (1) : IPA plans, Flexi Pension 2
SAIF - With-Profits (2): Series 1 plans
SAIF - With-Profits (3): Flexible Retirement Portfolio
SAIF - With Profits (3A): Series 2
SAIF - With Profits (3B): Series 3
SAIF - With-Profits (4): Section 32 pre 1/10/97 business
Ex-SAL - With-Profits (5): Series 2 and 3, Trustee Investment Plan (1997) and post 30/09/97 Flexible Retirement Portfolio
Ex-SAL - With-Profits (6): Section 32 post 30/9/97 business
Ex-SAL - With-Profits (Series A): Series A & Premier Pension Plans
Ex-SAL - With-Profits (A2): Series A & Premier Section 32 plans
PAC - With-Profits (C): New Premier Pension plans and Trustee Investment Plans (Series A) (NB TIP A from 1/1/03* until 6/11/11 only)
PAC - With-Profits (C2): New Premier Section 32 plans from 1/1/03
PAC - With-Profits (D):Bulk Section 32 (Company Transfer Plan)- non-GMP element
PAC - With-Profits (D2): Bulk Section 32 (Company Transfer Plan) -GMP element
PAC - With Profits (F): Pru Flexible Retirement Plans pre 7/11/11
PAC - With Profits (G): Pru Flexible Retirement Plans, including product switch to Drawdown, and TIP (Series A) from 7/11/11
It should also be noted that plans set up before the Prudential takeover on 1 October 97 continue to be invested in the Scottish Amicable Investment Fund (SAIF). For this purpose, future contractual increases resulting from indexation or earnings-related increases for these plans will also be invested in SAIF.
Plans set up since 1 October 97 are invested in the Ex-Scottish Amicable Life Fund (Ex-SAL) with the exception of S226 increments under FlexiPension (Series 5)/IndePension (Series 3) which continue to invest in the SAIF fund - increments for Ex-M & G S226 Plans into FlexiPension (Series 5)/IndePension (Series 3) access With-Profits investment through Ex-SAL With-Profits.
* Plans set up from 1 January 2003 are invested in the Prudential Assurance Company Fund (PAC) with the exception of:
- increments and new members to existing Scottish Amicable group schemes at 31/12/02
- increments to existing Scottish Amicable individual contracts at 31/12/02.
