As a member of Dentists’ Provident, you receive a share of our financial surpluses, which accumulate in your bonus account for when you retire.
The number of shares you hold has a key role in the size of your bonus account. Our shares don’t have a value in their own right, unlike a stock market share which increases or decreases in value. Our shares simply give you the right to our financial surpluses, and how much you receive, depends on the number of shares you hold.
You pay a regular premium for each share you hold. This gives you 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 bonus account each year as dividends.
As a member, you need to hold at least one share. After you have had our dentists’ income protection plan for at least two years, you can increase your shares depending on the level of your cover, up to a maximum of 3,000 shares. If, in the future, your financial circumstances change, you can change your shareholding before your plan ends, within these limits, by simply writing to us.
If you decide to continue your membership with our retired dentists' plan then, just before your dentists' income protection plan ends, you will have a final opportunity to increase your shareholding to the maximum available. However, once you join our retired dentists’ plan, you cannot increase your shareholding, although you can reduce your shareholding at any time. See retiring from dentistry to find out more.
You can normally only access your bonus account when your plan ends. However, if you are over 50, and you decide to retire and cancel your plan early, you can access your bonus account without a penalty.
With our retired dentists’ plan, you have complete access to your bonus account and you can take funds whenever you choose.
If you take your funds when your plan reaches its end date or if you hold our retired dentists’ plan, then you could also qualify for a terminal bonus.
Yes, you can cancel your plan before its end date, and take your funds early. However, in most cases this will result in an early surrender penalty which is equal to the bonus we have given you in the last two financial years. You will not receive anything if you cancel your plan within two years of its start.
In exceptional cases, we also allow members to access their bonus accounts early without cancelling their plan.
Every year we add a dividend to your bonus account, based on your shareholding during the year. We also credit your bonus account with interest, based on the performance of our investments. The dividends and interest accumulate over your membership and are available to you when your plan ends.
Depending on our financial performance over your membership, you 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.
Over the last five years we have returned £52.3 million to our members in bonuses and benefit payments.
For further information, please read the key features of our dentists’ income protection plan and our rules.