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News Release - Wesleyan shares over £10 million in member benefits and increases charitable funding to £1 million

News Release - Wesleyan shares over £10 million in member benefits and increases charitable funding to £1 million

Wesleyan, the specialist financial services mutual, has committed more than £11m this year to extend its programme of member benefits and support good causes through the Wesleyan Foundation.

This follows two years of strong investment performance which has further strengthened Wesleyan's capital position.

The Society have committed to £9m additional payouts into the shares of its with profits open fund plans, a 0.34% increase in fund value. This would equate to £221 increase for customers holding a Capital Investment Bond with a fund value of £65,000*.

Wesleyan has also made a £1.2m financial contribution towards discounts on personal and commercial insurance products with 13,287 members in 2017 saving an average of £75.50 on their insurance.

Craig Errington, Wesleyan Chief Executive said: "Our mutuality is an integral part of who we are and shapes our business. As we have no shareholders, we can take a long-term approach to running our business which is one of the reasons that we've been able to maintain a market-leading capital position.

"We want to share our success with our members who have invested in Wesleyan and we're pleased to extend the benefits we can offer them.

"We've also increased the funding for the Wesleyan Foundation to £1m because customers tell us that they value the work we do to support causes and communities that are important to them."

As at July 2018, the Wesleyan Foundation had distributed over £715k to 162 projects with members and customers getting involved by nominating good causes and taking part in quarterly voting rounds.

Wesleyan has also announced plans to launch a financial literacy scheme for medical and dental student to help them become more financially savvy as they prepare to begin work. The scheme is set to launch later this year.

*The Capital Investment Bond is the leading product invested in the with profits open fund and has an average investment of £65,000.

Please remember the value of investments and any income can go down as well as up and you may get back less than you invest.

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2019 Wesleyan Assurance Society