The former Scottish Life Fund bonus report for 2021

Relevant planholders will receive their statement packs in June 2022.

Every year we issue the former Scottish Life Fund annual bonus report to our customers who own certain conventional and unitised with profits plans in this fund.

This report includes:

  • A bonus statement for each plan which aims to provide information about the performance of the plan over the last 12 months.
  • 'Your with profits policy' leaflet to keep you informed of the investment performance of the former Scottish Life fund in the year ending 31 December 2021 and the benefits under your with profits plan.

Key Points


  • The investments backing conventional with profits plans in the former Scottish Life fund returned +11.1% during 2021. For unitised with profits plans this was +13.6%.
  • On 31 December 2021 all policies were transferred from the former Scottish Life fund to the Royal London open fund.
  • We continue to target pay-outs at more than 100% of asset share.
  • Regular bonus rates were maintained at 0.1% for conventional with profits plans. We also haven't changed the regular bonus rate for most unitised with profits policies but for some groups of life policies we have increased the rate for 2022. Annual bonus rates applied to unitised with profits policies are between 1.25% and 3.0% depending on the type of policy.


More information about the With Profits fund

The way in which we manage the former Scottish Life fund is explained in detail in the PPFM section of this website.

Here you can view and download the following documents or you can ask us to send you copies by calling us on 0345 60 50 050.

  • Principles and Practices of Financial Management (PPFM) – a detailed technical document that explains how we manage the with profits fund including how our with profits plans work and what benefits you can expect from them. The Principles are high level statements setting out how we intend to manage the fund over the long term. The Practices are more specific statements that describe how we intend to follow the Principles in managing the fund on a day-to-day basis.

  • A guide to how we manage our with profits fund – a plain English guide to the key points of the PPFM. The version that covers your plan is Guide 5. We will send you an updated version of the guide with a future statement if we make any significant changes.

  • Investment mix and investment returns for with profits plans – a summary of the investment mix and investment returns in recent years for with profits plans invested in the fund.

  • The Directors' report to with profits planholders on our compliance with the PPFM. 

How can I find out more?

If you need any more information or have any questions on the former Scottish Life fund or your with profits plan please call us on 0345 60 50 050 between 8.00am and 6.00pm Monday to Friday.