Performance
We've been around for over 130 years, and we’re proud of our performance both past and present. Keep reading for more information on our current bonuses, past performance and our highlights for the previous year.
Overview of 2022
Sheffield Mutual continued to differentiate itself from large banks and building societies by providing a personalised service, as highlighted by receiving a 95% satisfaction score.
A shift in the savings market saw rates fluctuate dramatically over the course of 2022. The Society, however, offers a stable rate year on year, aiming for better rates than banks and building societies over the longer term by smoothing out inflationary increases.
Directly held equity and fixed interest funds fluctuated throughout the year, however the Society’s diversified portfolio includes commercial property, providing a return of 7%, and was able to declare competitive rates across its product range.
Commenting on the results, Jamie Bellamy, Chief Executive, said: "Inflationary pressures have hit many families hard and we’ve spoken with many of our members about how they’ve been financially impacted. Our staff have been on hand to provide that reassurance that the Society continues to be in a financially strong position, through prudent management and our mutual ethos.”
2022 highlights
- Total assets including the Child Trust Fund (CTF) are £201 million
- Assets excluding the CTF are £151 million
- Traditional membership grew to 12,738 (2021: 12,627)
- Total number of traditional policies increased by 3% to 18,978 (2021: 18,498)
- Including the Child Trust Fund the Society now has 81,407 policies and accounts
More information on how we have performed over the last number of years can be found below.
|
|
2022 |
2021 |
2020 |
2019 |
2018 |
|---|---|---|---|---|---|
|
Premium Income £m* |
17.0 |
21.7 |
27.8 |
20.7 |
16.8 |
|
Total Assets £m |
201.1 |
206.5 |
183.0 |
175.0 |
144.3 |
|
Number Of Members* |
12,738 |
12,627 |
12,258 |
11,941 |
11,635 |
|
Number Of Policies* |
18,978 |
18,498 |
17,379 |
16,518 |
15,604 |
*Excludes Child Trust Funds
Our bonus rates
Unlike banks who add interest to their plans, we aim to add bonuses to our members' policies. An overview of our recent bonus rates can be found in the table below.
Please note, our interim rate is used for maturities and claims prior to the next declaration and is not a reliable indicator of future bonus rates. Interim bonus rates are not guaranteed and may go up or down until they are declared. The declared rate is agreed at the end of March each year.
In certain circumstances your capital is at risk, please read the product brochure and Key Information Document for further information.
|
|
2023 interim rate |
2022 |
2021 |
2020 |
2019 |
2018 |
|
Tax Exempt Savings Plan (Type 43)1 |
2.00% |
1.00% |
0.70% |
0.70% |
0.95% |
1.20% |
|
Tax Exempt Savings Plan with Life Insurance (Type 24)1 |
1.75% |
0.75% |
0.50% |
0.50% |
0.75% |
1.00% |
|
Regular Savings Plan (Type 47)1 |
1.75% |
0.75% |
0.50% |
0.50% |
0.75% |
1.00% |
|
Investment Bond2 |
3.00% |
1.75% |
1.50% |
1.50% |
2.00% |
2.50% |
|
Income Bond2 |
3.25% |
2.00% |
1.75% |
1.75% |
2.25% |
2.75% |
|
Investment ISAs*3 |
5.25% |
6/4/22-31/7/22: 3.75% 1/8/22-28/2/23: 4.00% 1/3/23-5/4/23: 5.00% |
3.50% |
3.50% |
4.00% |
4.50% |
|
Investment Junior ISAs*4 |
5.50% |
6/4/22-31/7/22: 4.00% 1/8/22-28/2/23: 4.25% 1/3/23-5/4/23: 5.25% |
3.75% |
3.75% |
4.25% |
4.50% |
Final (terminal) bonuses are not guaranteed and may go up or down at any time.
1A final (terminal) bonus of 2% is currently being applied to maturing endowment policies.
2Final (terminal) bonuses are being paid on bonds for any investments made pre 2014 of 5%.
35% final (terminal) bonus on ISA subscriptions in qualifying tax years. Types 30 & 31 (Insurance) ISAs issued in 2003 and 2004 and Investment ISA subscriptions in the 2009/10 tax years through to 2013/14 tax years.
45% final (terminal) bonus on JISA subscriptions which have been in force 5 years or more.
*Before deduction of the 1.25% annual management charge for ISAs and JISAs (effective from 6th April 2023), reduced from 1.50% which is applicable for all previous tax years.
Please see bonus rates for our older plans below (please be aware, these are no longer open to new business).
|
Plan |
2023 interim rate |
2022 rate |
2021 |
2020 |
2019 |
2018 |
|
Regular Savings Plan Old Issue (Type 27)1 |
1.50% |
0.50% |
0.30% |
0.30% |
0.55% |
0.80% |
|
Tax Exempt Savings Plan Old Issue (Type 23)1 |
1.75% |
0.75% |
0.50% |
0.50% |
0.75% |
1.00% |
|
Pension Bond2 |
3.50% |
2.25% |
2.00% |
2.00% |
2.50% |
3.00% |
Final (terminal) bonuses are not guaranteed and may go up or down at any time.
1A final (terminal) bonus of 2% is currently being applied to maturing endowment policies.
2For any investments made pre 2014 a final (terminal) bonus of 5% will be paid. This is calculated on the sum assured and previous bonuses.
A full review of our performance highlights for 2022 can be found here.