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The Nordben Triple C Plan is a retirement savings product that was available in seven currencies until the insurer stopped issuing this product to new business in 2015. It pays out at least the accumulated account (Policy) value on retirement (maturity) or on earlier death.
If you have a CHF Triple C Plan policy, you should consider this information in conjunction with the announcement that can be accessed by clicking here.
If you have a DKK Triple C Plan policy, you should consider this information in conjunction with the announcement that can be accessed by clicking here
The seven currency Policyholders’ Funds (the Funds) are held by the insurer to meet its liabilities under the Triple C Plan retirement savings product.
In order to effectively manage the liabilities under its Triple C Plan policies in-force, the insurer has entered into a reinsurance arrangement with its shareholder Monument Re Limited. The reinsurance applies from 31 December 2020.
For the Triple C Plan policies, the reinsurance transfers all of the lapse, mortality, and investment (i.e. market, liquidity, and foreign exchange rate) risks from the Funds to the reinsurer. This removes the volatility which these risks would otherwise introduce to the profits and losses in the Funds.
As a result, the prime source of the surplus in the Funds is the reinsurance arrangement. Further information is available by clicking here.
Under the reinsurance arrangement, the reinsurer also meets the Funds’ various expenses (costs). These costs include the investment management charges, policyholder protection charges, and an expected shareholder charge payable to the insurer.
The expected shareholder charge is part of the insurer's revenue to meet the costs of administering the Triple C Plan Policies including making payments from the Policies, complying with anti-money laundering legislation, tax reporting and fulfilling compliance and data protection responsibilities.
The above costs are itemised in the table below:
Investment management charges
0.085% per annum of funds under management (per Fund) subject to a minimum amount of NOK 150,000
Charges in respect of the Guernsey Policyholder Protection regime
GBP 25,000 spread across all Funds
Expected shareholder charge*
0.85% per annum for 2023 increasing by 0.05% per annum until 1%
In addition, there may be direct charges which apply to your Policy (such as a paid up charge; a charge applied to premiums paid; or charges for optional death/disability benefits). Please contact us to discuss any direct policy charges.
The Triple C Plan retirement savings product features a bonus which is credited to the accumulated account (Policy) value each year.
The discretionary annual bonus is declared in December each year and credited to your Policy in the following January (e.g. declared in December 2020 and credited in January 2021) and is available by clicking here.
The discretionary annual bonuses applying to Triple C Plan policies on and after 1 January 2021 are expected to remain stable as a result of the insurer entering into a reinsurance arrangement with its shareholder, Monument Re Limited.
Certain Triple C Plan policies have a guaranteed annual bonus defined in the terms of the Policy. Please login to view whether a guaranteed annual bonus applies to your Policy.
If the discretionary annual bonus is lower than the guaranteed bonus, the insurer will credit your Policy with the guaranteed annual bonus. Conversely, if the discretionary annual bonus is higher than the guaranteed annual bonus, the insurer will credit your Policy with the discretionary annual bonus.
If your Policy is surrendered between February to December (inclusive) then an interim bonus will be credited to the accumulated account value if one applies (policies surrendered in January are not subject to an interim bonus). The interim bonus applicable to your Policy can be accessed by clicking here.
The enhancement is currently set to ensure that policyholders receive a fair share of the Funds when they are paid their benefits.
The enhancement approach is determined by the insurer's Board at its discretion upon taking account of the advice of the Appointed Actuary. The approach for setting the enhancement is not guaranteed and may be changed without notice. The primary concern when setting the enhancement is to ensure that the Funds are able to meet their liabilities.
The enhancement is expected to remain stable as a result of the insurer entering into a reinsurance arrangement with its shareholder, Monument Re Limited.
Current enhancement information is available by clicking here.
Please note that due to a rise in interest rates, it has become necessary to reflect a market value adjustment and pay amounts on surrender which are lower than the Account Value, i.e. apply a surrender charge. The market value adjustment is likely to be greater the further a policy is surrendered from its specified retirement age (i.e. a policy surrendering 10 years from its scheduled retirement age would typically be subject to a greater market value adjustment than a policy surrendering 1 year from its scheduled retirement age). Please contact us prior to applying for cash payment for further information regarding the market value adjustment that would apply to your Policy.
The approach to determining market value adjustments is not guaranteed and can be changed without notice.
In order to determine bonuses, a financial review is carried out by the insurer's Appointed Actuary each year. The financial review compares the insurer's assets (the total value of our investments) with its liabilities (the total value of money we owe to our policyholders in respect of our insurance contracts) and considers the insurer's financial position. The basis used for calculating the liabilities is described in the insurer's Annual Report and Financial Statements which can be accessed by clicking here.
The most recent bonus declaration can be access by clicking here.
Once credited to your Policy, bonuses are guaranteed in full if held to retirement (so cannot be deducted from your Policy).
Up until and including 30 December 2020, the bonus regulations describe that the prime source of the surplus arising in the Funds for distribution to policyholders via bonuses was determined by investment returns, mortality and disability profits, as well as profits arising from surrenders, lapses and paid-up policies (where contractually possible).
With effect from 31 December 2020, the regulations for Triple C Plan policies have been amended to confirm the prime source of the surplus is the insurer's reinsurance arrangement with its shareholder, Monument Re Limited. More detail on how the bonus is set in practice is available by clicking here.
The insurer reserves the right to amend the bonus regulations and use its discretion when declaring future annual bonus rates.