Who qualifies

To be eligible for ProfitShare, customers must have a pension plan that started with us on or after 1 July 2001.

If that's the case, we’ll automatically set up a ProfitShare account under their plan. You don't need to do anything.

If the customer is a member of an occupational scheme, their eligibility for ProfitShare is based on the date their scheme began - not the date they joined.

Unfortunately, we're unable to offer ProfitShare under our Crest Secure contract.

Any plans taken out with The Co-operative Insurance Society Limited (CIS) don't qualify. Self-invested personal pensions (SIPPs), protection, life and direct to customer plans also don't currently qualify.

ProfitShare awards will be applied as at 1 April each year. To qualify, the customer's plan must be in force on 31 December the previous year and on the date the award is given. 

If a customer isn't eligible for ProfitShare, they could take out a new plan with us - but you'll want to make sure they won’t be any worse off.

Moving to a new plan could mean they lose out on valuable benefits that can't be replaced - such as guaranteed annuity rates, loyalty bonuses, protected tax-free cash, waiver of contribution or death in service benefits.

They could also trigger an exit charge which could be more that the amount of ProfitShare we award over the remaining term of their plan.

If you need more information to help review a customer's individual circumstances, please get in touch.

Last updated: 10 Nov 2017

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.