21 APRIL 1933, Page 34


The Chairman of the United Kingdom Provident Institu- tion, Lord Revelstoke, was able to refer at the recent annual meeting of that Institution to the satisfactory results disclosed by the recent triennial valuation. This Institution assumes an interest rate of only 2} per cent. in calculating its lia- bilities, and in addition' there has been set up a Reserve of £700,000 against -Investments depreciation. Lord Revel- stoke, however, pointed out that the declining yield on investments must have an effect on the future surplus available for bonuses, and he said they would not be justified in con- tinuing their former practice of paying interim bonus during the current triennium on the same high scale as the bonuses just announced. The rates, however, he added, would be substantial, ranging from 37s. to 41s. according to class, on sums assured, plus existing bonus, and these rates approxi- mated very closely to the quinquennial bonuses paid in pre-War years.

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