Bonus Announcements


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.

With Profits Sub Fund 1 (Reliance Mutual, Burslem Mutual and Nation Life policyholders)

Policies originally issued by Reliance Mutual.

The following annual bonus rates were declared with effect from 31 December 2017 and are unchanged at 1 April 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.

Policy type

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 April 2018.

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With Profits Sub Fund 2 (Criterion Life Assurance policyholders)

Policies issued by Criterion Life Assurance Limited

Annual bonus

The following annual bonus rates were declared with effect from 31 December 2017 and are unchanged at 1 April 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.

Final bonus

Only paid on life with profits policies. The following rates apply with effect from 1 April 2018.

Start date on or after Start date before Final Bonus Rate
1 July 1963 1 July 1964 242.80
1 July 1964 1 July 1965 228.50
1 July 1965 1 July 1966 214.20
1 July 1966 1 July 1967 199.90
1 July 1967 1 July 1968 185.60
1 July 1968 1 July 1969 171.40
1 July 1969 1 July 1970 157.10
1 July 1970 1 July 1971 142.80
1 July 1971 1 July 1972 128.50
1 July 1972 1 July 1973 114.20
1 July 1973 1 July 1974 100.00
1 July 1974 1 July 1975 85.70
1 July 1975   71.40


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With Profits Sub Fund 4 (Family & Time Assurance Retirement Annuity policyholders)

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 April 2018.

Policy Type

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 April 2018, no variation will be made in these amounts.

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With Profits Sub Fund 6 (Hearts of Oak Friendly Society)

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 April 2018, 100% of the special bonus is being paid on claims under both life assurance and pension policies plus a final bonus will be paid equal to 252% of the Special Bonus for Life policies and 205% for Pension policies. In addition 100% of the  non-guaranteed bonus will be paid.  The bonuses on annuities in payment are unchanged.

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 April 2018. Market Value Reductions will change from 1 April 2018 and apply for some entry years on Life policies only. Terminal bonuses will apply for all policies where MVRs do not apply.