With Profits:


PIPA Declared Investment Returns

We aim to add declared investment returns (DIR) to provide steady growth.

These will vary from time to time (and may be negative and reduce your client's income). We'll add any DIR to your client's basic annuity after allowing for the chosen assumed investment return (AIR). If the DIR added is higher than your client's chosen AIR, then their income will increase. Similarly, if the DIR added is lower than your client's chosen AIR, then their income will decrease.

Your client's income will be guaranteed to not fall below the minimum income shown in their policy schedule.

Declared investment returns reflect:

  • Investment performance of our main With-Profits Fund
  • The annual charge applied
  • Our current approach to smoothing
  • Our own and/or industry mortality experience (we look at trends of when people die) and how we think they might change.

We currently declare investment returns four times a year - they will apply from 1 February, 1 May, 1 August and 1 November. The DIR applied will relate to the declaration on or immediately preceding the policy anniversary and will depend on the entry date of the Pension Income Plus Annuity.

Recent Declared Investment Returns

Our next investment returns will be declared in July 2024 for policies with anniversaries during the quarter beginning 1 August 2024. 

Our most recent declared investment returns are shown below:

Entry-Date in the quarter beginningDIR
01 May 20127.60%
01 May 20137.35%
01 May 20147.25%
01 May 20157.05%
01 May 20166.85%
01 February 20125.65%
01 February 20135.45%
01 February 20145.25%
01 February 20155.05%
01 February 20164.95%
01 November 20113.30%
01 November 20123.00%
01 November 20132.75%
01 November 20142.40%
01 November 20152.05%
01 November 20161.75%
01 August 20122.05%
01 August 20131.70%
01 August 20141.45%
01 August 20151.05%
01 August 20160.75%

In addition to declared investment returns, Pension Income Plus Annuity (PIPA) policies are eligible to receive a mutual and exit bonus. 

If bonuses are declared, we add them as an addition to the income your client will receive before allowing for any guarantees. These bonuses do not increase your client’s guaranteed minimum income. 

More information about the mutual bonus

More information about the exit bonus

Contact Phone

Let's talk

0800 032 8298

9am - 5pm Mon-Fri

TextDirect: first dial 18001. We will record or monitor calls for training and audit purposes.

Email [email protected] to book an introductory meeting. Please quote your FCA number and postcode.