How you qualify
To be eligible for ProfitShare, all you need to have is a pension plan with us that began on or after 1 July 2001. If that applies to you, we’ll automatically set up a ProfitShare account under your plan. You don’t need to lift a finger.
If you’re a member of an occupational scheme, your eligibility for ProfitShare is based on the date your scheme began – not the date you joined. If you’re unsure about the date your scheme began, you should speak to your employer or the scheme trustees.
Unfortunately, we're unable to offer ProfitShare under our Crest Secure, Retirement Account contracts or any self-invested retirement savings you have. Any plans set up with The Co-operative Insurance Society Limited (CIS) also won't qualify.
ProfitShare awards will be applied as at 1 April each year. To qualify, your plan must be in force on 31 December the previous year and on the date the award is given.
If you aren't eligible for ProfitShare, you could take out a new plan with us – but you need to tread carefully.
Moving to a new plan could mean you lose out on valuable benefits that can’t be replaced – such as guaranteed annuity rates, loyalty bonuses, protected tax-free cash, waiver of contribution cover or death in service benefits.
You could also trigger an exit charge. And that could be more than what you might get through ProfitShare.
So if you’re thinking of starting a new plan or transferring out of your old one, talk to a financial adviser. They’ll keep you right.