Please click on the link below to go to the correct link for you according to the company with whom you originally took out your policy.
Reliance Mutual (WPSF1)
Criterion Life Assurance (WPSF2)
Family/Time Assurance Ordinary Business (WPSF3)
Family/Time RA Business (WPSF4)
University Life Assurance Society (WPSF5)
Hearts of Oak Friendly Society (WPSF6)
As explained here, from 1 October 2013 WPSF3 and WPSF5 were merged with OSF. Policies were converted to non-profit contracts for guaranteed benefits and discretionary bonuses no longer apply.
Policies originally issued by Reliance Mutual.
The following annual bonus rates were declared with effect from 31 December 2017 and are unchanged at 1 October 2018. They are percentages applied to the original sum assured, with the exception of Reliance ordinary branch insurances where the rate is a percentage of the original sum assured plus attaching bonuses.
Annual Bonus Rate
Reliance ordinary branch whole of life and endowment insurances
Reliance industrial branch with profit policies
Reliance industrial branch mortuary bonus policies without regular cash bonuses
Reliance industrial branch mortuary bonus policies with regular cash bonuses
This table does not include contracts originally written by Burslem Mutual and Nation Life.
A final bonus (sometimes also called "terminal bonus") may be paid on all with profits policies when they become claims on death or at maturity. An allowance may also be made for final bonus within the calculation of surrender values. Where paid, the amount of bonus is expressed as a percentage of the basic sum assured and attaching annual bonuses on the date of the claim. Final bonus rates are not guaranteed and may be altered at any time.
Different rates apply to ordinary and industrial branch business and to whole life and endowment assurance policies. The rates of final bonus depend on the year the policy commenced to share in profits, with longer duration policies receiving higher rates of bonus. Click here to view the detailed scales of final bonus which apply to death and maturity claims arising on or after 1 October 2018.
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Policies issued by Criterion Life Assurance Limited
The following annual bonus rates were declared with effect from 31 December 2017 and are unchanged at 1 October 2018.
Life policies - For all premium paying policies, 55% of the sum of all premiums, other than those to cover special risks, paid since the last declaration of bonus in December 2016 are available as a cash benefit or may be converted to an annual bonus. For non-premium paying policies an equivalent premium is used.
Pension policies - For most premium paying group pension scheme policies, 55% of the sum of all premiums paid since December 2016 are converted to an annual bonus using a set mortality factor and interest rate. No bonus is paid on paid-up plans, although some contracts have a guaranteed increase in benefits each year.
Only paid on life with profits policies. The following rates apply with effect from 1 October 2018.
This fund contains the former Family Assurance Time RA with profits fund.
Both the annual and final bonus rates are percentages applied to the annuity plus attaching bonuses for deferred annuities. The annual bonus has been declared in respect of the year 2017. The final bonus applies to policies commencing to pay a pension from 1 October 2018.
Annual Bonus Rate %
Final Bonus Rate %
Regular premium deferred annuities (series 1)
Single premium deferred annuities (series 1)
Deferred annuities (series 2)
When deferred annuities commence being paid, the proportion of the annuity represented by the final bonus remains a non-guaranteed amount, and may be varied from year to year. For October 2018, no variation will be made in these amounts.
This fund contains the former Hearts of Oak Friendly Society with profits fund.
Click here for details of the circular sent by the Hearts of Oak Board explaining the changes resulting from the transfer to Reliance Mutual. This circular refers to the restructure of guaranteed benefits that was implemented at the time of transfer. The benefit restructure replaced part of the previously guaranteed benefits with a non-guaranteed special bonus.
With effect from 1 October 2018, 100% of the special bonus is being paid on claims under both life assurance and pension policies. From 1 October 2018, an extra final bonus (sometimes also called "terminal bonus") will be paid on all with profits policies in this sub fund when they become claims on death or at maturity. An allowance will also be made for extra final bonus within the calculation of surrender values. The amount of extra final bonus is expressed as a percentage of the guaranteed benefits and attaching bonuses on the date of the claim. The rate of extra final bonus that will be added to claims from 1 October 2018 is 24.5% for pensions business and 23.3% for life business. Extra Final bonus rates are not guaranteed and may be altered at any time. In addition 100% of the non-guaranteed bonus will be paid. Annuities in payment from WPSF6 will see a bonus of 0.5% of the basic annuity during 2019. This bonus is non-guaranteed.
For Unitised With profit policies the non guaranteed bonus on policies with a 3% guaranteed bonus will remain at 0% and for policies with a 0% guaranteed bonus the non guaranteed bonus will remain at 2% from 1 October 2018. Market Value Reductions will change from 1 October 2018 and apply for some entry years on Life policies and Pension policies. Terminal bonuses will apply for all policies where MVRs do not apply.