• COVID-19 Support
  • Annual Report & Accounts
  • Performance Review
  • Q&A WITH CHAIR, NATHAN MOSS

    Hear from Nathan as he shares his thoughts on the extraordinary year that was 2020, sharing the highs and lows of navigating the Covid-19 pandemic.

    See how Wesleyan faced the challenges of operating within a pandemic, providing dedicated support to key worker customers, while continuing to invest for long-term success.
    Find out more


    2020 Highlights

    Group Operating Profit/Loss (2019: -£8.1m (restated))

    total assets actively managed or administered by or on behalf of the group (2019 : £8.0bn)

    to boost the investment returns of our With Profits open fund investors through our Mutual Bonus payout (2019: £28.0m)

    Group Fund for Future Appropriations which represents our financial strength (2019: £598m)

    invested in building a stronger, more sustainable business to benefit members and customers (2019: £24.3m)

    awarded by the Wesleyan Foundation since its launch in 2017 supporting our customers and communities across the UK

    *The definition of Operating Profit has been revised at full year 2020 to exclude the impact of long-term actuarial experience assumptions. The revised definition reflects the profits generated from the core business. It is aligned to the way management measures performance of the business and is therefore consistent with staff incentive schemes.
    The 2019 KPI has been restated on this basis for comparison.
    **The total assets actively managed or administered by, or on behalf of, the Group.

    View our full highlights overview here.

    Our purpose

    Over the years we've stood strong in an ever changing and often challenging world. We've survived two world wars, global depressions and the financial crisis of 2008 that saw the collapse or bailout of some of the biggest names in financial services.

    In 2020 we showed our resilience once more as we faced into the challenges arising from the Covid-19 pandemic. We've remained a financially strong business over the years and this has allowed us to take a long-term view. We don't let short-term events derail our plans; instead, we stay focused on what will deliver the best outcomes for our members and customers in the future.

    Today we specialise in creating brighter financial futures for the professions we all trust. This includes doctors, dentists and teachers. We aspire to build lifelong relationships with our customers, providing a range of personal and commercial financial services from across the Wesleyan Group.

    Our mutual status is as important to us today as it was to our founders. As a mutual, we don't have shareholders to satisfy so we can work to benefit those who invest in our business - our customers and members. That is why we say, "we are all about you".

    Performance Review 2020

    Covid-19 Statement

    As Covid-19 spread across the world, we took steps to prepare for any impact on our business. In early February 2020, we set up a Silver Command Team, mirroring the approach taken by the emergency services in major event planning.

    Our team of key people from around the business met twice a week initially, to lead us through the fast-paced events as they unfolded. They made sure we could continue to provide key services to our customers, many of whom were playing an active role in managing the impact of Covid-19, while also protecting the health and wellbeing of our colleagues and their families.

    Read more

    Life stage

    Your career path

    How Wesleyan supports

    Starting a Career

    Through university,
    graduation and
    transitioning into working life.

    Specialist financial advice

    • Financial education programme, The Next Step
    • Student Income Protection
    • Savings options

    Buying a home and starting a family

    Putting down roots,
    stepping on the property ladder,
    and growing your family:

    Specialist financial advice

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

    Starting and growing a business

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

    Specialist financial advice

    • Commercial funding range including loans and asset finance
    • Commercial protection and insurance options

    Building your wealth

    Save and plan for your family's future:

    *Most Buy to Let Mortgages are not regulated by the Financial Conduct Authority.

    Specialist financial advice

    • Range of saving and investment products
    • Buy to Let Mortgages advice* and Landlord Insurance
    • Starting a pension
    • Retirement planning advice support by our specialist knowledge of occupational pension schemes

    In Retirement

    Ensuring a comfortable retirement
    and that inheritance affairs are in order.

    Inheritance Tax Planning is not regulated by the Financial Conduct Authority.

    Specialist financial advice

    • Retirement range including Flexible Access Drawdown and Annuities
    • Inheritance Tax Planning/Capital Gains Tax Planning

    Your career path

    How Wesleyan supports

    Starting a Career

    Through university,
    graduation and
    transitioning into working life.

    Specialist financial advice

    • Financial education programme, The Next Step
    • Student Income Protection
    • Savings options

    Buying a home and starting a family

    Putting down roots,
    stepping on the property ladder,
    and growing your family:

    Specialist financial advice

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

    Starting and growing a business

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

    Specialist financial advice

    • Commercial funding range including loans and asset finance
    • Commercial protection and insurance options

    Building your wealth

    Save and plan for your family's future:

    *Most Buy to Let Mortgages are not regulated by the Financial Conduct Authority.

    Specialist financial advice

    • Range of saving and investment products
    • Buy to Let Mortgages advice* and Landlord Insurance
    • Starting a pension
    • Retirement planning advice support by our specialist knowledge of occupational pension schemes

    In Retirement

    Ensuring a comfortable retirement
    and that inheritance affairs are in order.

    Inheritance Tax Planning is not regulated by the Financial Conduct Authority.

    Specialist financial advice

    • Retirement range including Flexible Access Drawdown and Annuities
    • Inheritance Tax Planning/Capital Gains Tax Planning

    WE'RE ALL
    ABOUT YOU

    Now more than ever, we're dedicated to creating brighter financial futures for society's most trusted professions. Read more about how Wesleyan Financial Services can support doctors, dentists and teachers.

    So they can 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 were selected by the Royal College of General Practitioners (RCGP) to be their exclusive financial advice provider. 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 have a strong reputation for our expertise in the dental sector, whether your needs are personal or practice-related. Practice Plan, DPAS and Medenta are part of the Wesleyan Group and are market leaders in providing dental 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.

    LAWYERS

    We will no longer have a dedicated team of Financial Advisors supporting the legal profession but have refocused our finite resources where demand is greater. We will continue to support existing legal customers both now and in the future.

    WE'RE ALL
    ABOUT YOU

    Now more than ever, we're dedicated to creating brighter financial futures for society's most trusted professions. Read more about how Wesleyan Financial Services can support doctors, dentists and teachers.

    So they can 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 were selected by the Royal College of General Practitioners (RCGP) to be their exclusive financial advice provider. 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 have a strong reputation for our expertise in the dental sector, whether your needs are personal or practice-related. Practice Plan, DPAS and Medenta are part of the Wesleyan Group and are market leaders in providing dental 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.

    LAWYERS

    We will no longer have a dedicated team of Financial Advisors supporting the legal profession but have refocused our finite resources where demand is greater. We will continue to support existing legal customers both now and in the future.

    The Mutual Difference

    Wesleyan Assurance Society have shareholders. As a mutual, we work only to benefit those who invest in our business - our customers and members.

    As we celebrate 180 years of Wesleyan, we remain committed to our mutual status. It sets us apart from other financial services companies. It also shapes the way we operate as a business, putting members first while caring for our people and our communities.

    In the coming years, we'll continue to build on our mutuality and focus on creating a sustainable business so that members can benefit for many more years to come.

    You can read more about our mutual difference or explore the benefits of being a member.

    More Information

    Our Strategy

    In 2020, the impact of the coronavirus pandemic was felt by both the business and our customers.

    To make sure we continued to serve our customers the best we can, we reviewed our strategy, business model, customer segmentation and future direction. Considering the impact of the pandemic on our customers' personal and professional lives, we looked at how our business needed to evolve.

    We found that our core strategy of providing financial advice and products to our specialist customers is still the right direction. We'll continue on our journey to transform our business, increasing digital capability and becoming more efficient as we make significant investment in our infrastructure.

    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.

    More Information

    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

    We have updated some key policies such as Family Leave and Inclusion & Diversity, and enhanced some of our initiatives such as the Partnership Council, Employee Networks and mental wellbeing strategies.

    Environmental Matters

    Protecting our environment is important to us and is a key part of our sustainability strategy. We have committed to reduce our impact on the environment, and as part of this commitment we have set a target to be Carbon Neutral in our Operations by the end of 2023.

    Social Matters

    Wesleyan Foundation has continued to support our local communities and professions. In addition to this we also supported our colleagues with volunteering days and work with the following charities and groups: Governors for Schools the Business in the Community Waste into Wealth project, Make Good Grow, MicroTycovirtually, the Social Mobility Foundation, Envision and The Girls Network and the Homelessness Task Force in Birmingham.

    Respect for Human Rights

    We have updated the following policies and initiatives: Anti-Bullying and Harassment Policy, Inclusion and Diversity Policy, Slavery and Human Trafficking Statement, Domestic Violence Policy and the Vulnerable Customer Policy.

    Anti-corruption & Anti-bribery

    We have updated policies such as Speak Out Policy and Conflicts of Interest and Anti-Bribery Policy. All colleagues undertake annual training on corruption, bribery, financial crime and Conduct Rules in Financial Services. We have upskilled our people to recognise and respond appropriately to potential threats.

    Downloads

    Annual Report & Accounts 2020

    Download this report

    Performance Review 2020

    Download this report

    Wesleyan Notice of Meeting

    Download this Notice