Closed life fund consolidator Phoenix has held the majority of its annual bonuses at low rates or at 0% as it focuses on final payouts.
The provider will aim to provide better final bonus rates instead of higher annual bonuses, it said in a statement.
Phoenix, which operates 13 closed with-profits funds, said it is likely to hold annual bonuses at low or nil rates "over the next few years" as this gives it more flexibility in managing the funds.
This is because increasing annual bonuses will increase the guaranteed benefits the provider must promise, meaning it must adopt a more conservative investment strategy, Phoenix said.
Final bonuses have also remained low in comparison to the heyday of annual and final bonuses in previous years, Phoenix said.
However, some final bonus rates have increased, the provider announced.
Mike Merrick, chief executive of Phoenix Life, said: "We have continued our practice of enhancing final bonus rates out of surplus money in those funds which have excess assets.
"In other cases, our emphasis remains on ensuring the funds are safely managed so that we can deliver on our commitments to meet the guarantees already given and to ensure customers are treated fairly."
Phoenix has increased the annual bonuses on some of its 13 funds.
Bonuses on former Royal Life traditional pensions policies have increased from 0.2% last year to 1.5% this year, whilst some former Scottish Mutual Assurance unitised with-profits pension policies have seen bonus increases from 1% to 3%.
Some final bonuses have also been increased, Phoenix said.
Former Britannic Assurance policy holders have been paid a final bonus of 20% of the maturity payout on a 25-year life endowment product.
Follows McVey's resignation
Schroders and Aviva Investors
LightTower Partners, Seneca Partners and Unicorn AM
Integration with Money Dashboard
View from the front row