FOR ADVISERS ONLY
Who qualifies
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.