When your client's dentists’ income protection plan ends, or if they are over 50 and either retire or have a change in their personal circumstances so that they no longer need income protection cover, then they can choose to move onto our retired dentists’ plan. This plan allows them to remain a member and continue building up their bonus account even though they no longer have income protection cover.
This plan allows your clients to continue saving with us and share in our surpluses after they no longer need income protection insurance. They have greater flexibility and control over their bonus account and they can access it immediately without any penalties. They can use this account to help fund their retirement, long-term care or just leave it to continue growing - it's up to them.
The size of their bonus account depends on the number of shares they have and if they decide to continue their membership with our retired dentists' plan, then just before their dentists' income protection plan ends, they will have a final opportunity to increase their shareholding to the maximum available. However, once they join our retired dentists' plan, they cannot increase their shareholding, although they can reduce their shareholding at any time.
They should let you know as soon as possible that they are thinking of retiring, or if they don't need our cover. Our member services team can run through the options available with you, so that you can advise them appropriately.
The number of shares your client holds has a key role in the size of their bonus account. Our shares don’t have a value in their own right, unlike a stock market share which increases or decreases in value.
They pay a regular premium for each share they hold. This gives them the right to a share of the surpluses we make on our insurance business. So, the number of shares directly affects the amount credited to your client’s bonus account each year as dividends.
Every year we add a dividend to their bonus account, based on their shareholding during the year. We also credit the bonus account with interest, based on the performance of our investments. The dividends and interest accumulate over their membership.
Depending on our financial performance over your membership, they may also receive a terminal bonus.
Although we aim to provide a smooth rate of growth, ironing out fluctuations in investment returns, we do not guarantee our future rates of dividend, interest or terminal bonus. The rates are reviewed regularly and can change without notice.
Robert joined Dentists' Provident over 60 years ago when he graduated from dental school but continued as a member after he retired...
A study that looked at the causes of premature retirement in dentists due to depression, anxiety and stress found that nearly half of all respondents felt it was directly related to pressures from work.