PIPA declared investment return

The DIR we apply to your policy will relate to the declaration on or immediately preceding your policy anniversary and depend on the entry date of your Pension Income Plus Annuity.

In addition to the DIR, PIPA policies benefit from mutual bonus and a one-off bonus. Mutual bonus uplifts policyholder income annually by the most recently declared rate. The most recent declaration was 0.9%.

The one-off bonus has been applied to policyholder income as a one-off uplift on 1 April 2026. 

In the unlikely event that our financial strength was to reduce to an unacceptable level, both the mutual bonus and one-off bonus can be reduced or removed entirely. 

We add mutual bonus and a one-off bonus as an addition to the income you receive, before allowing for any guarantees. These bonuses do not increase your guaranteed minimum income. 

Further information about the mutual bonus and the one-off bonus. 

We publish a guide called "How we manage our with-profits business" which describes in more detail the mutual bonus, the one-off bonus, how we decide the Declared Investment Returns, and explains how we operate our with-profits business. You can also find further information in your Pension Income Plus Annuity policy conditions.