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Our bonus rates

You'll find details of our bonus rates across each product type, including business acquired by Scottish Friendly, below.

Bonus Recommendations - Scottish Friendly Assurance Main Fund

The following regular bonus declarations were recommended by the Board of Scottish Friendly Assurance Society in December 2022.

Conventional Ordinary Branch Business

The following regular bonus declarations were recommended by the Board of Scottish Friendly Assurance Society in December 2022.

The rates are detailed below

Table Bonus rate

Tables W1, W2, E1, E2, N3, N4, N6, N7 & V1

A regular bonus of 0.75% on the sum assured and the previously declared bonus

Tables A3, A7, P1, P4 & P6 (Deferred Annuities and Personal Pensions)

A regular bonus of 0.75% on the sum assured and the previously declared bonus

Old City of Glasgow Tables (pre 1975)

A regular bonus of 0.75% on the sum assured and the previously declared bonus

Policies issued by other societies including Old Scottish Friendly (pre transfer to City of Glasgow)

A regular bonus of 0.75% on the sum assured and the previously declared bonus

Tables 15, 17 & 25

A regular bonus of 0.75% on the sum assured and the previously declared bonus

Tables G1 & B1 (Tax Exempt)

A regular bonus of 1.0% of the sum assured and the previously declared bonus

Resolution Bond

A regular bonus of 0% of the sum assured and the previously declared bonus

For Old Scottish Friendly (pre transfer to the City of Glasgow) business, tables 5, 8, 9 & 10

A regular bonus of 0.75% of the sum assured

Where applicable, until further notice, the interim rate of regular bonus to be applied to claims will be equal to the rate declared for 2022.

Unitised Ordinary Branch Business

For unitised with profit business regular bonus is reflected within the unit prices and as such needs to be declared in advance of unit purchases. These rates are subject to review at any time and rates that apply from any future date may therefore be subject to amendment. The rates are detailed below.

Product Bonus rate

Taxable - Growth & Security Bond and MoneyBuilder

A rate of 1.25% per annum should be reflected as the annual rate of increase in the unit price of the fund

Taxable - Mutual Investment Bond

A rate of 1.25% per annum should be reflected as the annual rate of increase in the unit price of the fund

Taxable - Scottish Bond Plus

A rate of 1.75% per annum should be reflected as the annual rate of increase in the unit price of the fund

Tax-Exempt - Bonus Bonds, Personal Pension and Bonus ISA

A rate of 2.25% per annum should be reflected as the annual rate of increase in the unit price of the fund

Tax-Exempt – My Plan ISA

A rate of 0.25% per annum should be reflected as the annual rate of increase in the unit price of the fund

Pioneer Business

The current regular bonus rates apply to the basic sum assured at the rate of 1.50% for tax-exempt business and 0.75% for taxable business.

Royal Standard Business

A regular bonus of 1.0% applies to the sum assured and previously declared bonuses.

Conventional Industrial Branch Business

Product Bonus rate

Whole Life, Endowment and Pension Policies

A regular bonus of 0% of sum assured

Endowment Assurance with Deferred Life Assurance

A regular bonus of 0% of sum assured

Recurring Endowment 5 years

A rate of 3.0% of each recurring endowment payment

Recurring Endowment 10 years

A rate of 8.0% of each recurring endowment payment.

The Special Members’ Share

We're a mutual and with no shareholders we're owned by and run for the benefit of our members, which include our main fund With-Profits policyholders such as you.

As a With-Profits policyholder in our main fund you share in the profits (or losses) that Scottish Friendly makes each year - we like to call this the ‘Special Members’ Share’.

To ensure The Special Members’ Share is fair each year our Board, having considered advice from the With-Profits Actuary, decides how the underlying investment return (positive or negative) of the assets backing your policy should be increased or reduced to reflect any profits (or losses) arising in Scottish Friendly. The adjusted value is then reflected in the bonuses we declare and the payouts received.

The Special Members' Share has been an important contributor to policy value and, for example, With-Profits policyholders joining us before 2015 have seen a total enhancement to their investment value of 5.3% as a result of the Special Members’ Share.

Bonus Recommendations - Scottish Legal Life Fund

The following regular bonus declarations were recommended by the Board of Scottish Friendly Assurance Society in December 2021.

Conventional Ordinary Branch Business

The same rates of bonus will apply in respect of both the UK and the RoI business. The rates are detailed below

Table Regular bonus rate

9, 10d & 11

2.25% p.a. compound

11b

Nil

18

1.75% p.a. compound

61 & 61b

Nil

80, 81, 82, 84, 84a, 86, 88 & 88a

0.50% p.a. compound

83, 85, 85a, 87, 89 & 89a

0.50% p.a. compound

201, 202, 203, 211, 212, 221, 222 and 231

1% p.a. compound

281 & 282

1.0% p.a. compound

Where applicable, until further notice, the interim rate of regular bonus to be applied to claims will be equal to the rate declared for 2022.

Unitised Ordinary Branch Business

For unitised with profit business regular bonus is reflected within the unit prices and as such needs to be declared in advance of unit purchases. These rates are subject to review at any time and rates that apply from any future date may therefore be subject to amendment. The rates are detailed below.

Product Regular bonus rate

UK Taxable

A rate of 1.75% per annum

UK Tax-Exempt

A rate of 2.25% per annum

RoI

A rate of 2.25% per annum

These rates will be reflected as the annual rate of increase in the unit price of the fund.

Conventional Industrial Branch Business

The same rates of bonus will apply in respect of both the UK and the RoI business. The rates are detailed below.

Table Regular bonus rate

1, 2, 3, 6, 21, 23 & 27 and Loyal Hearts 2, 3 & 7

0.75% p.a. simple

4 & 22 and Loyal Hearts 4, 6 & 8

0.75% p.a. simple

12 (a)

Nil

101, 111, 121 & 131

1.25% p.a. simple

Where applicable, until further notice, the interim rate of regular bonus to be applied to claims will be equal to the rate declared for 2022.

Bonus Recommendations - Rational Shelley Fund and LANMAS Fund

Rational Shelley

The rates are detailed below.

Product Bonus rate

Industrial Branch

A regular bonus of 2% p.a. of the sum assured

Ordinary Branch

A regular bonus of 3% p.a. of the sum assured

Where applicable, until further notice, the interim rate of regular bonus to be applied to claims will be equal to the rate declared for 2022.

LANMAS

For LANMAS the guaranteed rates of 3% and 0% will be applied to the unit price for policies commencing before and after July 1998 respectively. An annual bonus of 1% will apply to conventional with profits policies

MGM

Regular Bonus

Coventional business

The rates are detailed below

  Annual bonus rate in respect of period from 1 January 2022 to 31 December 2022 Interim bonus rate (1 January 2023 to 31 December 2023)
Conventional Life

0.75%

0.75%

Pensions DFR/ AVC

0%

0%

Pensions SEPRs

0%

0%

Unitised with Profits regular bonus rates from 1 January 2023.

Fund Annual Bonus rate

UWP UK Life

0.75%

UWP UK Pensions

1.0%

UWP International

0.50%

MPPO

0.75%

FIA Bonus rates from 1 April 2022

  Rate per annum

Member bonus rate

1.50%

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