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

A. The value of your policy can be found on your last annual/anniversary statement. You can also contact us.

Q. What do I need to do if I want to take my retirement savings?

A. For more information on the options available to you, please view our Retirement Options page. If you would like to discuss your options further, find out the current value of your policy or request a payment form please contact us.

Q. How do I transfer my retirement savings to another company?

A. Please view our transfer options page for more information. The transfer payment form can be printed from our Forms and Documents page.

Q. What do I need to do to surrender/cash in my life policy?

A. You will need to contact us for payment forms and confirmation of the current surrender value. We will require your original policy document before payment can be made. If you no longer have this please let us know when you contact us.

Q. Is there a financial adjustment or charge for transferring or surrendering my life policy?

A. We do not charge you to transfer your retirement savings to another company or surrender/cash in your life policy.

If you have funds invested in our with-profits fund the policy value and the share of capital may be reduced by a financial adjustment. From 1 April 2014 the financial adjustment is 0%. This may change in the future without notice.

If you are transferring or surrendering/cashing in your with-profits policy at a time specified in your policy, you will receive the higher of your minimum guaranteed value and the policy value and share of capital. Your guaranteed value is shown on your last annual/anniversary statement.

Q. What is the contribution charge for my policy?

A. There are no initial charges on contributions to pension or life funds on or after 30 June 2018.

Q. Where can I find more information about charges?

A. Full details of charges can be found in policy documentation and our with-profits and unit-linked guides.

Q. How do I notify you of a change of address?

A. In most cases we can change your address over the telephone by calling 0330 159 1530. Kindly have your policy number available. If you are calling from overseas please call +44 1296 386242. Alternatively you can change your address by completing our change of address form. The form can be returned by post or by email. On receipt we may need to ask you for further information.

Q. How do you manage the with-profits fund?

A. We publish a detailed document called Principles and Practices of Financial Management (PPFM) which explains how the with-profits fund is managed. This can be located under the with-profits heading on our website or by clicking here.

We also publish a customer friendly version which explains, as simply as we can, how with-profits work. This is "A guide to how we manage the with-profits fund". This can also be located under the with-profits heading on our website or by clicking here.

Every year, we publish a report which covers the management of the with-profits fund. Please click here for a copy.

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

A. The asset mix of the with-profits fund as at 31 December 2017 was:

  • Gilts 51%
  • Corporate Bonds 26%
  • Short-term gilts & Cash 20%
  • Other 3%
  • Total 100%

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

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

A. These can be found in the Appendix of our Principles and Practices of Financial Management (PPFM) document. This document is located under the with-profits fund heading or by clicking here.

Q. Where can I find information on your unit-linked funds, their past performance and prices?

A. Information regarding our unit-linked funds can be found under the unit-linked heading on our website or by clicking here.

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 know as Statutory Money Purchase Illustration.