Frequently Asked Questions (FAQs)

Unless your query relates specifically to your policy, please review these questions before contacting us.

Administration Questions

(click on the links below to be shown the answers to these FAQs)

How should I notify you of a change of address?
How long does it take to respond to correspondence and email?
How do I switch the fund(s) that my units are invested in?
If I have a unit-linked policy, what price will I receive if I cash in the policy or it reaches the final payout date?
I have lost my policy document – what do I do?
The policy belongs to my parent, but they are now in a Nursing Home, what should I do?
How do I make a claim on a policy when someone has died?
I have an annuity, when can I expect to receive my P60 for my tax return?
When will the bonus updates be issued?

With Profits Questions

What is a bonus?
Is there any difference between bonuses on life and pensions policies?
How much bonus will I receive?
How does this year's bonus compare with last year's?
Where is my money invested?
Why have I never received an annual notification of bonuses?
What has happened to WPSF3 and WPSF5?

 

How should I notify you of a change of address?

You may telephone us to change your address, our details are as follows:

Life Team
Telephone on 01892 773396

Pensions Team
Telephone on 01892 773280

OR

If you have a change of details form, please return this to us at the address below.

OR

Alternatively, you can write to us:

Reliance House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1RG

Please note, we cannot accept a change of address via email.

How long does it take to respond to correspondence and email?

We endeavour to ensure that all payments and unit-linked valuations are promptly dealt with. We aim to respond to your request/enquiry within 10 working days.

How do I switch the fund(s) that my units are invested in?

You can print a fund switch form here, then complete and return it to us at the address below.  Units will be switched on the next working day after we receive your request

You can fix the fund switch date to the next working day by emailing your completed form to us.  To do this, your email will need to reach us by 5pm on a normal working day.  If it’s received outside our normal office hours, your email will be deemed to have been received on the next working day.  We will still need you to send the original completed form to us by post to complete the process.

If you are unsure which funds your units can be invested in please contact our Client Services department on 01892 510033.

Reliance House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1RG

contact@reliancelife.co.uk
(Please note that this link enables you
to contact us via unencrypted email.
Please do not enter data you consider
to be sensitive to your identity)

   

If I have a unit-linked policy, what price will I receive if I cash in the policy or it reaches the final payout date?

For a cash in value we will use the price on the day we receive your valid instruction.
For a final payout, we will use the price on the date the final payout is due. Some individual policy conditions may vary from this.

I have lost my policy document – what do I do?

The reason we request policy documents is so that they are no longer available for use as security for loans. If you are making a claim and sign the discharge form that you cannot find the policy document this will not hold up your claim. If you require a copy for information purposes then we can provide this.

The policy belongs to my parent, but they are now in a Nursing Home, what should I do?

You should seek legal advice as to the best way to protect their interests. This may include considering a Trust, Power of Attorney or assignment of the benefits.

How do I make a claim on a policy when someone has died?

To make a claim under a policy when someone has died you will need to send us the policy document (if available), the Grant of Probate and the Death Certificate. We will then contact you with any further requirements.

I have an annuity, when can I expect to receive my P60 for my tax return?

P60s are typically sent to clients about 6 weeks after the end of the Tax year

When will the bonus updates be issued?

Bonus updates are usually sent out in May each year.

What is a bonus?

They are additions to the benefits that are paid under the policy and are the way in which your policy shares in the profits of your Reliance Life with profits sub fund.

They can either be annual (reversionary) bonuses or final (terminal) bonuses.
A reversionary bonus may be added to the policy annually. Once added it cannot be reduced or taken away. However future bonus rates are not guaranteed and can be changed or removed at any time.

The annual bonuses will be paid in full on the maturity or normal retirement date of your policy or on earlier death, provided you have paid all premiums due and have not altered your policy.

A final bonus is an additional bonus which may be paid on termination of the policy due to death or maturity. This bonus is not guaranteed and can be changed or removed at any time. 

A proportion of the annual and final bonus is also paid on the early termination of any life or pension policy when taking the proceeds or, for pension policies, when transferring them to another provider. The amount is determined when the event occurs.

Is there any difference between bonuses on life and pensions policies?

Annual and final bonuses attaching to pensions policies are paid in the same manner as the basic benefit; that is as an addition to the basic guaranteed pension, open market option, cash payment or transfer value.

Life assurance policies receive the guaranteed sum assured together with any annual and final bonuses in cash when a claim arises or on the policy maturity date (if any).

How much bonus will I receive?

The amount declared depends on the progress of the underlying fund in which premiums are invested. This depends mainly on the returns earned from the assets in which the fund is invested. Profits from all the business written in the fund are available to be distributed as bonuses.

In setting bonus rates, returns are smoothed so that part of the short-term fluctuations in investment values are not reflected in payments. The aim is that policy benefits will be broadly similar year on year.

The amount of total annual bonuses accumulated so far is shown on your Bonus Update. Bonus Updates are usually issued in May each year for most policies.

How does this year's bonus compare with last years?

For all sub funds annual bonus rates are the same as last year. Annual bonuses had been set to zero for with profit policies in WPSF6 before these policies were acquired by Reliance Mutual. Unless there are significant changes in the investment returns available from fixed interest securities, it is unlikely that the annual bonus will change in future years except for annuities in payment.

Final bonuses are used to determine the overall level of policy payouts. Final bonus rates changed on 1 April 2018. The following figures compare the payouts from 1 April 2018 with those payable on 1 October 2017.

In WPSF1, Final Bonus rates decreased by 15% giving a decrease in payouts of between 1.8% and 15% depending on the entry year and type of policy.
In WPSF2 payouts have increased by between 0.8% and 1.5%.
In WPSF4 payouts have increased by between 8.1% and 9.2%.
In WPSF6 the proportion of special bonus payable on life policies and pension policies has remained at 100%. The additional final bonus has decreased from 244% to 252% of special bonus on Life policies and from 199% to 205% on pension policies. The proportion of non-guaranteed bonus remains at 100%. There are no changes to bonuses on annuities in payment or on the bonuses for UWP linked policies.
Future annual bonuses and all final bonuses are not guaranteed and the rates may be changed without notice.

Past performance is not necessarily a guide to the future.

Where is my money invested?

Your premiums are combined with those from all the other policyholders in your sub fund and are invested in a wide range of securities including:

  • UK shares
  • Overseas shares
  • Fixed interest securities
  • Property
  • Cash deposits

Why have I never received an annual notification of bonuses?

  • Industrial Branch policyholders do not currently receive annual bonus updates. The main contact was traditionally between the agent who called at the door to collect premiums, and thus was able to answer questions face to face. The nature of this operation has changed, and we are giving consideration to sending bonus information by post at some time in the future.
  • Annual notifications of bonus are also not normally sent in respect of annuities in payment, unless the amount due to be paid changes.
  • Only with profits policies receive bonuses. You may have a non-profit or unit-linked policy.
  • If you used to receive bonus updates, it may be that we no longer hold your current address. You can get in touch with us to update your address by calling us on 01892 510033 or by writing to us at Client Services, Reliance Life Limited, Reliance House, 6 Vale Avenue, Tunbridge Wells, Kent TN1 1RG. Calls may be recorded for training and monitoring purposes.

What has happened to WPSF3 and WPSF5?

When WPSF3 and WPSF5 were established in 2004 and 2007 respectively, the High Court agreed to arrangements that enabled the sub funds to be wound up once they had declined to less than a certain size. We decided to wind up WPSF3 and WPSF5 with effect from 1 October 2013, as the trigger points for wind up had been passed. We felt that the risk of a small fund having significant and frequent revisions to bonus rates was high and that it would be advantageous to policyholders to have certainty as to the amount their policies would pay out.

We therefore replaced the non-guaranteed and uncertain future bonuses on the with profits policies in these sub-funds with a guaranteed policy value. Having done this there is no need to keep a separate fund of assets and liabilities as all policy payouts are guaranteed by Reliance Life as a whole. WPSF3 and WPSF5 were therefore merged with our main non-profit sub fund, the Ordinary Sub Fund (OSF).

With profits policyholders in WPSF3 and WPSF5 have been advised of the guaranteed benefits now attaching to their policies.