SCOTTISH WIDOWS WITH-PROFITS BONUS RATES. Scottish Widows announces changes to bonus rates for its with-profits policies as of 1 January 2014.
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1 Press Release SCOTTISH WIDOWS WITH-PROFITS BONUS RATES Scottish Widows announces changes to bonus rates for its with-profits policies as of 1 January Regular bonus has been added to 338,000 unitised with-profits policies, 72,000 conventional withprofits life assurance policies and 13,000 conventional with-profits pension policies. The Scottish Widows With Profits Fund pre-tax investment return was 9% for the 12 months to 31 December Market Value Reductions (MVRs) do not apply to most Unitised With-Profits units. A 25-year 50 a month mortgage endowment will pay 25,842. A 20-year 200 a month personal pension will pay 70,863. Scottish Widows plc. Registered in Scotland No Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: Scottish Widows plc is authorised and regulated by the Financial Services Authority. Our FSA Register number is
2 Included in this news release: 1. payouts 2. Regular bonus rates 3. Final bonus rates 4. Financial strength 5. Asset mix 6. Fund size 1. MATURITY PAYOUTS PAYOUT EXAMPLES The tables below show examples of how the values of typical policies changed over the last 12 months. Conventional With-Profits Policies a) Personal Pension 1/1/13 1/1/14 at 1/1/14 of 20 years 60,757 70,863 13,251 2,400 10,106 The above example is based on a male, investing 200 a month, for 20 years, ending one month before retirement at age 65 on 1 January b) Life Endowment 1/2/13 1/2/14 at 1/2/14 of 20 years 14,782 16,824 3, , years 23,287 26,453 5, ,166 The above examples are based on a male non-smoker investing 50 a month from age 29 for the policy terms shown ending on 1 February c) Life Mortgage Endowment 1/2/13 1/2/14 at 1/2/14 of 20 years 14,463 16,462 3, , years 22,569 25,842 5, ,273 The above examples are based on a male non-smoker investing 50 a month from age 29 for the policy terms shown ending on 1 February 2014.
3 Unitised With-Profits Policies a) Personal Pension 1/1/13 1/1/14 at 1/1/14 of 5 years 10,480 13,758 1,227 2,400 3, years 25,145 29,498 3,086 2,400 4, years 41,849 48,709 7,642 2,400 6,860 The above examples are based on a male investing 200 a month, for the terms shown above, ending one month before retirement at age 65 on 1 January b) With-Profits Bond over the 1/1/13 1/1/14 period 15 years 15,080 16,748 1,668 The above example is based on a 10,000 single contribution on 1 January 1999, made by a male aged under 70 at the outset. 2. REGULAR BONUS RATES a) Conventional With-Profits Policies Regular bonuses on conventional with-profits policies are normally reviewed annually and are added on 31 December each year. The rates added on 31 December 2013 are set out below. The rates in brackets are those added on 31 December Product Category Bonus Rates per annum Sum Assured Attaching Bonus Life Contracts 1.00% (0.25%) 2.00% (0.50%) Pre-15 February 1999 Pensions 0.00% (0.00%) 0.00% (0.00%) Post-15 February 1999 Pensions 1.00% (0.00%) 1.00% (0.00%)
4 b) Unitised With-Profits Policies With effect from 1 January 2014 the regular bonus rates for unitised with-profits policies are as shown below (the last declared rates, from 1 July 2013, are in brackets). Product Category Bonus Rates per annum Pension-fund policies 2.50% (2.00%) With Profits Bond & Regular Premium Life 3.25% (2.50%) policies Flexible Investment Bond 2.25% (1.25%) Jersey Bond 3.50% (3.00%) International Investment Bond (Sterling) 3.25% (2.25%) International Investment Bond (Euro) 1.00% (0.00%) International Investment Bond (Dollar) 4.00% (3.00%) All of these policy types are eligible for.
5 3. FINAL BONUS RATES Final (or 'terminal') bonus rates are set taking account of the actual investment experience of investment with the further aim of smoothing out the extremes of fluctuations in stock markets. Rates vary depending on policy types and terms. The following tables show examples of the rates applying from 1 January The rates in brackets are those declared previously on 1 July a) Conventional With-Profits Policies Final bonus Year of entry Life assurance Regular premium pension Single premium pension % (196%) 198% (184%) 198% (184%) % (89%) 102% (89%) 109% (99%) % (24%) 9% (3%) 55% (47%) % (23%) 23% (18%) 7% (2%) 2003 N/A 41% (36%) 50% (43%) The is expressed as a percentage of guaranteed cash benefit, including regular bonus added. b) Unitised With-Profits Pension Policies Units Purchased Final bonus % (32%) % (29%) % (2%) % (13%) % (7%) The is expressed as a percentage of the bid price of units, which includes regular bonus added.
6 4. FINANCIAL STRENGTH Independent consultants and ratings agencies have analysed Scottish Widows financial strength and we have been allocated the following ratings: The rating agency Moody s has rated Scottish Widows as A2 (Good) (source: Moody's, May 2013) The rating agency Standard & Poor s has rated Scottish Widows as A (source: Standard & Poor s, May 2013) AKG Actuaries & Consultants has rated Scottish Widows as B+ (Very Strong) (source: AKG, May 2013) 5. ASSET MIX With Profits Fund The majority of with-profits policies are currently backed by the following mix of assets 31 December June December 2013* Fixed interest Corporate 19% 18% 20% Government 10% 10% 9% Property 13% 13% 14% Equity shares UK shares 24% 26% 21% Non-UK shares 15% 16% 26% Other investments 19% 17% 10% *Estimated asset mix based on the most up to date information available (30 November.2013) 6. NUMBER OF WITH-PROFITS POLICIES IN FORCE The total number of with-profits policies in force as at 31 December 2013 is shown below. Number of Policies Life Pensions Total Conventional 72,000 59, ,000 Unitised 46, , ,000 Total 118, , ,000
7 7. FUND SIZE The size of the With Profits Fund as at 31 December 2013 is 14bn. END NOTES TO EDITORS For further information policyholders and Financial Advisers should call We ll record and monitor calls to help us to improve our service. Past performance is not a reliable indicator of future results. For further information, please contact: Kevin Brown Media Relations Manager Lloyds Banking Group Tel Scottish Widows news releases appear on our website at The content of this news release is intended for information only and should not be relied upon for making investment decisions. Whilst every effort is made to ensure the content of this news release is accurate at the time of publication, Scottish Widows plc disclaims liability for any losses, disputes or claims which may arise as a result of the use of this information.
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