Selling Royal Liver Endowment

Selling a London and Manchester Endowment Policy (F.S.A. Guide )

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February 2000

The association of friendly societies



Royal Liver Assurance, one of the country’s leading Friendly Societies, has announced as part of its 1999 Bonus Declaration, a special bonus in celebration of its 150th Anniversary which will be paid to all with-profits policyholders.

Like many other financial services providers, Royal Liver has restructured its reversionary bonus rates this year to reflect difficult market conditions with interest rates at their lowest levels for many years.

Brian McCaul, Royal Liver’s Chief Executive, commented “We are extremely pleased to be able to reward policyholders with this special 150th Anniversary Bonus, in addition to increasing or maintaining our terminal bonus rates. As a Friendly Society, we work for our members, not shareholders, and this announcement reinforces our commitment to offer them good value for money and a fuller future”.

With many organisations cutting overall payouts significantly, this is a major achievement for the Society. The 150th Anniversary Bonus will effectively mean that the overall rates declared to policyholders will remain the same as last year.

As a result of the 1999 declaration, the Society’s Ordinary Branch endowment plans will enjoy a reversionary bonus of £30 per £1000 sum assured for non-compound bonus policies and 2.5% for compound versions. The 150th Anniversary Bonus will add £15 and 1% respectively to these values, bringing the totals to £45 and 3.5%.

The Society launched a highly flexible new-style personal pension plan towards the end of 1998 and with-profits plan holders will benefit from an annualised bonus value of 4% plus 1% ‘Anniversary’ rate, bringing the total to 5%.

In practical terms, a typical 15 year endowment policy taken out on 1 January 1985, by a 30 year old male paying £60 per month, will mature this year with a value of £27,925. This equates to a substantial growth of 158% on the total contributions (£10,800) with all taxes paid. Compared with a typical building society return of £15,033* the Royal Liver plan clearly offers excellent value for money. 

Commenting on the special bonus and other developments at Royal Liver, Brian McCaul said “This is an exciting time for the Society which is successfully blending 150 years of experience and tradition with major new initiatives and a determination to ensure continued success in the 21st Century.”

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