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FAQs

Q. Can you tell me how much the financial adjustment is on surrender?

A. When policyholders cash in their with-profits benefits early, we reduce the Policy Value and capital distribution by any financial adjustment to determine the surrender value. From 1 April 2014 the financial adjustment applied to non-contractual termination of with-profits policies is 0%. This may change in the future without notice.

The total of the Policy Value and capital distribution may be significantly less than the minimum guaranteed benefit under your policy even before the reduction of any financial adjustment. That is because minimum guaranteed benefits under the Society’s policies can be high. You and your adviser should always take account of the guarantee you will be giving up when deciding whether to cash in your policy

Q. What do I need to do in order to encash my life policy?

A. If you would like to surrender your life policy, please contact us.

Q. What do I need to do to transfer my life policy?

A. If you would like to transfer your life policy, please contact us.

Q. What do I need to do if I want to take my open market option to buy a pension elsewhere?

A. If you would like to take your open market option, please contact us.

Q. How can I find out the value of my policy?

A. Please contact us.

Q. What is the asset mix of the with-profit fund?

A. The asset mix of the with-profits fund as at 31 December 2015 was:

  • Gilts                                55%
  • Corporate Bonds               24%
  • Short-term gilts & Cash     19%                                        
  • Other                                 2%
  • Total                               100%

In line with the Society’s investment policy, with-profits investments are mainly in fixed-interest securities.

Q. Where can I find out how you manage the with-profits fund?

A. If you would like more information on our with-profits funds then the following documents should help.

We publish a detailed document intended to assist knowledgeable observers called Principles and Practices of Financial Management (PPFM) which explains how the with-profits fund is managed.

We also publish a customer friendly version of the PPFM which explains, as simply as we can, how with-profits work. This is "A guide to how we manage the with-profits fund".

Every year, we publish a report which covers the management of the with-profits fund. This is the Annual Report for with-profits policyholders.

Q. Where can I find information about the different funds?

A. You can find quick and easy information about the objectives of the different funds.

Q. Where can I find information on fund performance?

A. You can find quick and easy access to fund prices.

Q. Where can I find the forms and documents that I need to make changes to my policy?

A. We hold a library of forms and documents that you may need and can download. If you need help to choose the right document please contact us.

Q. Where can I find more information about the Government Compensation Scheme?

A. We have more information on the background to the compensation scheme and some questions and answers.

Q. Where can I find details of historical with-profits bonus rates?

A. Details can be found in the Appendix of the Society's Principles and Practices of Financial Management(PPFM)

Q. On the Annual Statement, what growth rates are used to show the projected benefits at retirement?

A. You can find quick and easy access to the growth rates we use to project benefits at retirement, also known as a Statutory Money Purchase Illustration.