Annuity Plan Bonus: Overview

Bonus rates are announced in December and applied to the Annuity benefits on 1 January.

Bonus rates are not expected, necessarily to remain at constant levels from year to year, as bonuses are determined having regard to consumer price inflation for the period September to September in the currency of the annuity. This is not a guarantee but rather a long-term target and the target should not be regarded as the upper or lower limit of future increases. The year-on-year bonus may be higher or lower than the consumer price increase in that year.

The bonus rates are ratified each year following the results of the annual actuarial valuation.