With-profits Fund

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How does Capital Distribution work?
Capital Distribution Questions and Answers can be founds here.

Where can I find information on the with-profits fund?
We publish a simple guide to how the with-profits business works called "A guide to how we manage the with-profits fund".

We also publish a more detailed document called the Principles and Practices of Financial Management (PPFM) which explains how the with-profits fund is managed and an explanation of the latest changes to the PPFM.

Following the Implementation of our strategic Proposal, expected to be 1 January 2020, the PPFM will no longer apply to with-profits policies affected by the Scheme as these will become unit-linked policies.  The PPFM will continue to apply to UK Style German with-profits policies which are not converted to unit-linked by the Scheme.  A revised PPFM will be introduced at the Implementation Date to reflect the requirements of the German with-profits fund, and an explanation of the proposed changes can be seen here.  These documents are also available in German and can be found here.


Where can I find the latest reports on the with-profits fund?
We publish a report which covers the management of the with-profits fund. This is the Annual report to with-profits policyholders.

We also publish guides for our unit linked funds and with-profits fund which provide information about the funds and their features.

Who is the Investment Manager for the with-profits fund?
Under the direction of our Board, Blackrock Investment Management (UK) Ltd manage our investments.

How do you take account of environmental, social and governance factors when investing?
Environmental, social and governance factors (ESG or sustainability) are integrated into the investment manager’s process. Such ESG concerns are one factor among several that are used in the selection of securities for our portfolios. The investment manager advocates will look for sustainability excellence when it engages with companies they are considering investing in. We support the incorporation of ESG factors into the investment process by its investment managers.

What is the asset mix of the with-profits fund?
Click here to view the asset mix of the with-profits fund.

Where can I find information on bonus rates?
We publish a list of the current and previous year's bonus rates.

Where can I find the fund charges including the transaction charges for the With-Profits fund?
The fund charges including the transaction charges for all funds can be found here.

Where can I find information about the With-Profits Committee?
The Board forms a With-Profits Committee at each Board meeting and here are their Terms of Reference.

Can you provide advice on with-profits funds?
No, the Society is unable to provide advice. We therefore recommend you seek independent financial advice. A financial adviser will inform you of the fee they charge for their service. To find Independent Financial Advisers in your area, the website www.unbiased.co.uk is very helpful.

The Pensions Advisory Service is also able to provide you with free impartial information and guidance on all pension matters. Their telephone number is 0800 011 3797 and their website can be found at www.pensionsadvisoryservice.org.uk.

Alternatively, the Money Advice Service offers a range of guides on financial matters, including pensions. They can be contacted on 0800 138 7777 or via their website at www.moneyadviceservice.org.uk. 

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