5% of its actuarial surplus as Bonus to with-profit policy
holders every year.
The insurance giant told with-profit policy
holders it was maintaining or increasing annual bonuses on policies after the fund achieved a 13.
So the typical with-profit policy
offered a guaranteed return known as the sum assured.
THE Hibernian Life and Pensions company is reducing bonus payments to the estimated 85,000 with-profit policy
holders on its books.
And if it is a with-profit policy
, terminal bonus payments are made.
The pattern was set five years ago when Abbey National took over the poorly- performing Scottish Mutual and paid extra bonuses to with-profit policy