Earning rates

The recent volatility in shares has necessitated more regular updating of earning rates so as to protect the interests of all members. This has been done on an ad hoc basis in response to market movements (both up and down). In discussions with our providers, we have decided to adopt (at least for the time being) weekly (rather than monthly) updating of earning rates as our standard practice. Earning rates will be issued each Thursday and will be reflected in your accounts shortly thereafter. It is possible that ad hoc updates may also occur from time to time.

For members who switch their investment option it is important to note that the processing of your investment switch will occur approximately three weeks after the switch effective date. For example, a switch from Balanced to Growth that is effective on 1 May will not be processed until approximately three weeks later. Once this has occurred, your account will be credited with the Balanced Option earning rate up to 30 April and the Growth Option earning rate from 1 May. If you view your account in the period before the investment switch is processed your account balance will include earnings based on the rate applicable to the Balanced Option.