Your Annual Statement – bonus rates FAQs

Annual statements - going paperless

Thank you for saving with Metfriendly. Members should soon receive their 2023 Annual Statement and for the first time in over 130 years, we’re going paperless. So, Members who have provided us with a personal email address will now have their Annual Statements delivered securely to their inbox. This will help us to reduce our environmental footprint, and print and postage costs.

Security first

Your Annual Statement will be sent as a secure email attachment that can only be opened using personal information, which we will signpost in the email.

Your Annual Statement

Your latest Annual Statement will show the performance of your plan(s) and those of any children for whom you are the registered contact, up to 31st December 2023. Members who have not provided us with an email address will be sent their statements through the post.

You may find our Guide to Understanding your Annual Statement helpful and please see our Frequently Asked Questions below.

For any further queries, please call Member Services on 01689 891454 (Monday to Thursday 8:30 to 17:00, Friday 8:30 to 16:30) or email [email protected]

If you have not received your Annual Statements by the end of March, please contact us.

How do I go paperless?

Simply contact Member Services on 01689 891454 (Monday to Thursday 8:30 to 17:00, Friday 8:30 to 16:30) or email [email protected]  to provide your personal email address.

How do Metfriendly ensure that the Annual Statement can be sent securely?

Your Annual Statement will be sent as a secure email attachment that can only be opened when you input your National Insurance (NI) number in the password box. You’ll find your NI number on your payslip, P60 and HMRC correspondence regarding tax, pension or any benefits.

Where will I find my National Insurance number?

You’ll find your NI number on your payslip, P60 and HMRC correspondence regarding tax, pension or any benefits.

I’ve input my National Insurance number – why is it not working?

Please ensure that you input the whole use capital letters when inputting your number, with NO spaces.

Why do I need to provide a personal email address?

Work emails often block attachments, so a personal email address is preferable.

What is a with-profits investment?
  • A with-profits investment allows savers access to a fund, where their money is pooled with others’ and all share in the investment return.
  • The share is in the form of annual (reversionary) bonuses added to the policy. Once added they cannot be taken away.
  • A final bonus will often be applied at encashment if you invest for a minimum of three years. This is not guaranteed and will vary depending on the type of investment.
How does the With-Profits Fund work?

The fund is invested in a mix of equities, commercial property, corporate bonds and cash and therefore not solely dependent on one market.

Any payments made to our members by way of an annual or final bonus must reflect the way in which the value of the fund has performed throughout the period of investment.

The Society aims to avoid large changes in the bonuses paid from year to year by applying smoothing.

What is smoothing?

It is a process designed to protect the investor from sudden movements in the stock-market.

In practice, smoothing means we hold back some of the high investment returns from the good years and use them to boost with-profits payments in years where returns are lower.

What are costs and expenses?

The Society aims to keep charges for its costs as low as possible and these are reviewed annually.

All costs are deducted prior to annual and final bonuses being applied.

We do not pay commission to anyone.

What is conventional with-profits (CWP)?

These are endowment type plans which have a sum assured that is slightly lower than the premiums which will be paid by the time the policy matures. 

Tables 8, 10, 11, 12, 14, 15, and 21.

What is accumulating with-profits (AWP)?

The value increases as contributions or premiums are paid into the policy.  The total benefit (final column) is the amount paid to 31 December plus all annual bonuses from previous years (including the statement year). 

Tables 19, 24, 25, 26, 27, 28, 29, 30 and 31. 

What are fixed benefit policies?

The Guaranteed Five-Year Savings plan and the various protection protects Metfriendly offer – Income Protection, Critical Illness Cover and Tables 17 (DTA) and 23 (LTA).  These products are not affected by the returns on the With-Profits Fund.

What is the sum assured (CWP only) and why is it less than I will have paid in?
  • The ‘Total of Sum Assured & Bonuses’ column is the minimum amount Metfriendly guarantee to pay on death of the policyholder (including any bonuses that have accrued).
  • This is also the minimum amount due at maturity assuming all premiums have been paid.
  • In keeping the sum assured below the full amount which you will have paid in, we allow for the expenses incurred in running the policy, and the cost of providing the death benefit.
How are bonuses calculated and when are they applied?
  • Bonuses take into account investment return less any expenses, smoothing, taxation and the cost of providing death benefits.
  • The annual bonus is added to applicable plans on 31 December each year. Any that have been applied are guaranteed at maturity or on death.
  • On your statement the ‘Bonus Rate’ that we paid at the end of last year is shown under the ‘New Annual Bonus’ column.
  • The final bonus (also known as terminal bonus) may be added to your lump sum investment on or after the third anniversary. Other regular contribution contracts may attract a final bonus at maturity and this is factored into surrender values from the 6th anniversary onwards.
  • The final bonus is for the first time shown on the annual statement for lump sums (where applicable). The rate reflects investment performance and is decided at the time of surrender. Please note the final bonus is not guaranteed and may fluctuate.
What is a Market Value Reduction?

We have to reflect the return we make on our investments, even in bad times. Therefore, a negative bonus or market value reduction (MVR) may be applied to adjust the surrender values accordingly.

Please note that an MVR would not apply to maturity values or death claims.

Can my savings plan be compared with interest rates on savings accounts offered by banks and building societies?

The rates are difficult to compare but it is important to note that on conventional (CWP) savings plans our bonuses are calculated from and are added to the sum assured, not just the money you pay in.

Why does my statement not show my contributions from the last few months?

Your statement covers the last complete calendar year up to 31st December only. If you have any queries about more recent transactions, please call Member Services on 01689 891454 (Monday to Thursday 8:30 to 17:00, Friday 8:30 to 16:30)

How do I increase my Income Protection?

Please call Member Services on 01689 891454 to discuss your requirements. (Monday to Thursday 8:30 to 17:00, Friday 8:30 to 16:30)

Why does my statement not show all my plans?

Your statement covers the last complete calendar year up to 31st December 2023 only. If you have surrendered, withdrawn or cancelled a plan before then, they will not be detailed within your annual statement.

Does my statement reflect the actual value of my savings plan at maturity?

No, your statement covers the period to 31st December 2023 and does not include any subsequent contributions nor bonuses which may be applicable when your plan is at maturity.

What are the current bonus rates?
How can I find out more information?

‘I would recommend Metfriendly to everyone.’

Mrs V Thompson, Dagenham

Good service – always very helpful and informative.

Miss J Coward, South Norwood, London

‘Hassle-free savings that are started every year on my behalf, without me having to call up.’

 

D.C. R McLaren, Hackney Borough Stations

‘Very pleased with the service I’ve received to help me save money direct from my salary.’

DC Chris W, SO15

Great opportunity for family members to be offered the same offers as members.

Miss A McLeary, ESB

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house which we are moving into next month. I will be signing back up next month to help save towards my kids future.’

 

Amanda Cooper (Met CC, Bow)

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house. I will be signing back up next year to help save towards my kids future.’

Mrs A Cooper, Met CC, Bow

‘I have always been pleased with the returns from my Metfriendly policies.’

Mr P Payne, Bordon

Very happy with the service. I have a number of policies for myself and my children.

Police Sergeant S Drysdale, DPS Borough Support