Wesleyan in Cash Reward ; FINANCE: Society Grants Pounds 100 Loyalty Bonus

By Jon Griffin

BIRMINGHAM-based Wesleyan Assurance Society is sending its 84,000 members an early Christmas present in the shape of pounds 100 loyalty bonuses.

The cashback scheme is expected to cost the society up to pounds 8 million and is part of an ongoing initiative designed to reward members' loyalty.

Members throughout the UK will be sent a voucher, starting this month, entitling them to pounds 100 cashback when they take out a new product or top up an existing one.

Eligible products include home and motor insurance, unit trusts and ISAs, capital investment bonds, personal pensions and mortgages. The voucher will be valid until December 31, 2008.

Craig Errington, Wesleyan's chief executive, said: "According to the Association of Mutual Insurers, shareholders cost a plc about 2.5p in every pound.

"As a mutual we are run by and for the benefit of our members.

As we don't have shareholders to consider, we can pass on the benefits of mutuality and of our success to members.

"There are real practical benefits to the Mutual Rewards Scheme, which could, for example, lead to savings of as much as 34 per cent on car insurance. As the vouchers will be valid alongside other special offers and discounts, members could make even more significant savings.

"Our aim is to encourage and enable as many members as possible to benefit from the pounds 100 cashback. We will be mailing them all individually with a voucher and full details."

Dr Judy Gilley, of the Wesleyan Medical Sickness Advisory Board, said: "I'm pleased that Wesleyan is recognising the value of member loyalty.

"This is an excellent scheme that will bring real savings for members and highlights the benefits of being part of a mutual society."

(c) 2007 Evening Mail; Birmingham (UK). Provided by ProQuest Information and Learning. All rights Reserved.