Income Protection Plus
Profit Share Account
Investing in your future
PG Mutual are a not-for-profit friendly society. We share any profits we make with our members through their Profit Share Account. Member plans aim to accumulate a lump sum during the duration of their policy, whether they make a claim or not, that pays out once their policy reaches maturity.
How the Profit Share works
When becoming a new income protection member you will be allocated a number of profit shares based on the amount of income benefit cover you have. The higher your level of cover, the more profit shares you will be allocated, which means your final lump sum payment could be larger.
At the end of each calendar year, any profits we make from our Income Protection Plus business are shared with you through an ‘annual bonus’ to your Profit Share Account. We then invest our members’ profit share funds for your future benefit.
Interest awarded during the term of your policy is apportioned on a compound basis. This means that the longer you stay with us, the more substantial your future lump sum payment could be.
How we calculate your Profit Share
- Examine our performance at the end of each calendar year.
- Based on performance decide if an annual bonus can be awarded to our members.
- Apportion any annual bonus award to your Profit Share Account.
- Send an Annual Bonus Statement (usually May each year) to keep you updated on the performance of your Profit Share Account.
- If you terminate your policy before you have been a member with us for more than 2 years, you will forfeit any funds in your Profit Share Account.
To find out more about the PG Mutual Profit Share Account please call us on 0800 146 307 or email us at enquiries@pgmutual.co.uk