Our year in review

Creating brighter financial futures for the professions we all trust

Welcome to our year in review. Here you’ll find key information on our highlights for 2021. For more details on our performance, strategy, governance and remuneration, you can download our Performance Review below. 

Our purpose

We’ve been creating brighter financial futures since the height of the Industrial Revolution. We started with support for Birmingham factory workers - covering their most pressing needs in times of sickness and to aid funeral expenses.

As a financially strong business with capital in reserve, we can take long-term decisions that deliver the best outcomes for our members and customers. We stand by our principles and our way of doing business which means we always put our values and the needs of our members ahead of short-term gain. We have served our members for over 180 years and plan to be around for many years to come.

Our mutuality defines who we are; we have no shareholders and so no distractions. We thrive by staying true to the needs of the people who matter most - our members, our customers and the professions we serve.

2021 highlights

Icon illustration value group operating

£6.1m group operating profit/(loss)

(2020: (-£18.6)m)

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£8.5bn total assets

Actively managed or administered by (or on behalf of) the Group. (2020: £7.9bn)

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£36M investment return boost

With Profits open fund boost through our Mutual Bonus payout. (2020: £29.7m)

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£589.1m Group Fund

For Future Appropriations, which represents our financial strength. (2020: 564.9m)

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£34.5m sustainable business investment 

Invested in building a stronger business to benefit members and customers. (2020: £28m)

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£3.9m Wesleyan Foundation reward

Awarded by Wesleyan Foundation since its launch in 2017, supporting our customers and communities across the UK. (2020: £3m)

Q&A with Nathan Moss

Nathan Moss, Chair of Wesleyan Board of Directors, gives an overview of how Wesleyan progressed in 2021 and tells us why mutuality works for customers and colleagues as well as members.

A sustainable mutual

We recognise that sustainability is a journey for us; with short, medium and longer-term activity required to meet our aims. Our approach is governed by our Sustainability Strategy which is approved by our Board of Directors.

With Environmental, Social and Governance (ESG) at its core, this strategy sets out our key sustainability principles, encompassing areas such as sustainability in our product offerings, our infrastructure, how we invest customers’ funds, support and guidance for our colleagues, and the good causes we support. The Sustainability Strategy drives vital behaviours and actions to ensure we meet our sustainability goals.

Here for you at every stage of your life

  • Starting a career

    Through university, graduation and transitioning into working life:

    • Financial education programme
    • 'The Next Step'
    • Savings options
  • Putting down roots

    Buying a home and building your family:

    • Saving for a deposit
    • Mortgage advice
    • Saving for you and your family’s future
    • Protecting your income and home
  • Starting and growing a business

    Whether you’re starting your own business, becoming a partner or buying a practice:

    • Commercial protection and insurance options
    • Dental membership plans
    • Patient finance
  • Building a secure future

    Saving for your future - including planning retirement options

    • Savings and investment products
    • Buy to let mortgage advice* and landlord insurance
    • Starting a pension
    • Retirement planning advice support by our specialist knowledge of occupational pension schemes
    • Retirement options including pensions, flexible access drawdown and annuities

    * Most buy to let mortgages are not regulated by the Financial Conduct Authority.

  • Retirement and later life

    Make sure you have a comfortable retirement and that inheritance affairs are in order:

    • A range of retirement options including flexible access drawdown and annuities
    • Inheritance tax planning and capital gains tax planning

    Inheritance tax planning is not regulated by the Financial Conduct Authority.

     

We’re all about you

We’re dedicated to creating brighter financial futures for society’s most trusted professions. Read more about who our Specialist Financial Advisers from Wesleyan Financial Services serve, letting them focus on the vital work they do.

Doctors

We have a long-standing heritage of providing financial advice for medical professionals, including GPs and Hospital Doctors. We are proud to act as the exclusive financial advice provider to the Royal College of General Practitioners (RCPG). Whether you’re a student, a partner or a consultant, we can help with many areas of specialist planning, such as your NHS Pension Scheme.

Dentists

We understand the dental profession and can support you, whether your needs are personal finance or practice related. Practice Plan, DPAS and Medenta are part of the Wesleyan Group and are market leaders in providing membership plans and business support.

Teachers

Designed to cater for the financial needs of the teaching profession, our expertise and experience, gained from working in conjunction with the NASUWT and other unions, enables us to assist you with everything from the Teachers’ Pension Scheme to retirement planning and investing.

Independent Financial Advisers (IFAS)

In 2021, we took the strategic decision to make our flagship With Profits Fund available to a wider customer base through IFAs. IFAs on the Novia investment platform now offer our With Profits Fund to their clients, helping to extend our reach without adversely impacting our specialist financial advice model. In 2022, we will extend our With Profits Fund to more IFAs and their clients.

The mutual that gives more

Our mutuality is an integral part of who we are and how we operate. We don’t have shareholders which means we can take a long-term view. It also means we can share our success and how we run our business with our members.

We thrive by staying true to the needs of the people who matter most - our members, our customers and colleagues, as well as to the communities in which we all live and work.

You can read more about our mutual difference.

Our strategy

Wesleyan’s purpose is to create brighter financial futures for the professions we trust - doctors, dentists and teachers. We aim to achieve this by delivering our strategy which will see us become a true lifelong partner to our customers, brilliant to do business with and leverage our mutuality with edge to provide added value for members, customers, and colleagues.

See our strategy

Our governance 

The Society aims to meet the highest standards of corporate governance. For all our customers and policyholders, the Board has chosen to adopt the UK Corporate Governance Code.

To learn more about our Senior Leadership Team, the Board of Directors and the Directors’ Remuneration Report, see our Governance Report.

Non-financial information

We comply with the non-financial reporting requirements contained in sections 414CA and 414CB of the Companies Act 2006.

Read more about the initiatives we’ve taken in these key areas:

  • Employees
  • Environmental matters
  • Social matters
  • Respect for human rights
  • Anti-corruption and anti-bribery

Key documents