Yearly bonus declaration: funds where bonus is declared in arrears
The contracts in this category are:
- any with-profits contract that doesn't allow investment in a unitised fund, excluding SEF, BRAP, Money Plus and the Money Purchase Plan
- any with-profits pensions contract that allows investment in a unitised fund and is invested in the WPE or WP1 funds
- any Reflex plan taken out between 1981 and 1984
- with-profits investments under Mortgage Link
- with-profits investments under Passport for Life
If the contract doesn't allow investment in a unitised fund and is not a contract written under pensions legislation, the appropriate bonus rate is traditional with-profits – life.
If the contract doesn't allow investment in a unitised fund and is written under pensions legislation, the appropriate bonus rate is traditional with-profits – pensions.
With-profits investments under Mortgage Link and Passport for Life are in the Unitised With-Profits – Life WPC fund and Unitised With-Profits - Life WWP fund respectively.
If you took out a Reflex pensions contract between 1981 and 1984 and didn't switch or redirect future contributions into the Unitised Pensions WPE Fund, the appropriate bonus rate is Unitised With-Profits – Pensions Reflex Deposit Administration fund.
Yearly bonus declaration: funds where bonus is declared in advance
The contracts in this category are:
- SEF, BRAP, Money Plus and the Money Purchase Plan
- any with-profits pensions contract that lets you invest in a unitised fund and is invested in the WP2, DAF or DA2 funds
- any with-profits business under a Performance Bond contract taken out between 1 November 1996 and 30 September 2002
If you took out a with-profits Performance Bond contract between 1 November 1996 and 30 September 2002, the relevant bonus rate is Unitised With-Profits – Life WPB fund. The exception to this is if you have a contract variant with a yearly management charge of 1.5%, in which case the relevant bonus rate is Unitised With-Profits – Life WPB fund (1.5% annual management charge (AMC) version).