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Bonus Information

The Pensions in Payment bonus is applied to Pensions in Payment arising from Triple C Plans; Flex Plans; Unit Linked Plans; and Group Risk Plans, with the exception of pensions which do not qualify for annual increases, and disability benefits under Level Plans.  The bonus is applied to benefits with effect from 1 January each year.

Increases given on this website do not apply to Pensions in Payment arising from selected Pensions or Claims in Payment accepted by the Company on or after 1 January 2016.  In such cases, Nordben will contact the Claimants and Policyholders directly.

Please see the Level Plan bonus or Annuity Plan bonus for benefits in payment relating to these two products (other than Level Plan disability benefits).

The bonus regulations applying have been issued to Policyholders by regular mail.  In addition, an Amendment to the Bonus Regulations is available at the following link:  please click here.   If you have any questions, please contact us (https://nordben.com/contact/).

Nordben was closed to new business in 2015 and since that date the number of policies has continued to decline.  In order to manage the risks associated with a declining number of policies, Nordben has entered into a reinsurance arrangement with its shareholder, Monument Re Limited.

The reinsurance treaty has the following advantages:

  • The longevity and investment risk has been transferred to the reinsurer.  
  • It will help ensure that the shareholder charge does not increase beyond the increases announced on 22 October 2018
  • Future bonus rates will continue to be declared on 1 January each year but it is anticipated that, whilst Nordben still applies discretion when determining annual bonus rates, future annual bonus rates declared are unlikely to change other than in exceptional circumstances. 

The annual discretionary bonus rates that were affordable for the policyholders’ funds at the date the reinsurance was transacted are given in the below table.  These are expected to apply from 1 January 2021 (i.e. declared in December each year and credited to your Policy in the following January).

CHF

0.00%

EUR

1.88%

GBP

1.09%

NOK

2.98%

SEK

2.80%

USD

0.73%

Nordben reserves the right to amend the bonus regulations and use its discretion when declaring future annual bonus rates.

Information on the 2019 declaration, average annualised bonus % and bonus history for this product is accessible at the following link: Historic Bonus Information.