To change the setup for the interest rate used by default, Click Admin> Group Settings to open the Group settings page.

 

Set the Redress + Interest to;

 

·         Rate to be used - Bank of England Base Rate

·         Additional % rate - 1%

·         Method - Simple % Total

·         Remove tax % - 20.000

·         Surrender effect - Remove increase

 

Set the Premiums Interest and Refund Monthly payment calculations to;

 

·         Rate to be used - Bank of England Base Rate

·         Additional % rate - 1%

·         Method - Simple % Monthly

·         Remove tax % - 20.000

·         Surrender effect - Remove increase

 

 

 

Whilst running standard calculations and selecting the action ‘Redress + Interest’, Bank of England Base rate + 1 % will apply. This will also apply when carrying out a Premiums + Interest or Refund Payment calculation.

 

The Tax % can differ for different types of calculations, please consult the Financial Ombudsman Service for further advice.

Related Topics

Group Settings