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Principles and Practices of Financial Management

As we offer with-profits investments, we publish PPFM documents that set out how our funds are managed.

You can download our PPFM documents, along with guides to help you understand them. The PPFM and guides that will apply to you depend on who issued your policy.

Royal London PPFM document

This document covers all with-profits policies issued by Royal London including those originally issued under the Scottish Life, United Friendly, Refuge Assurance, Police Mutual, Phoenix Life Assurance Limited and Royal Liver brands.

What has changed in the latest version of the Royal London PPFM?

There have been a small number of updates to PPFM Practices to improve clarity.

RLCIS PPFM documents

These documents cover all with-profits policies that were originally issued by Co-operative Insurance Society Limited.

This PPFM is relevant for RLCIS with-profits business excluding those pension and stakeholder policies covered by the RLCIS With-Profits Pension Fund PPFM or the RLCIS With-Profits Stakeholder Fund PPFM.

This PPFM is relevant for RLCIS with-profits individual personal pension business excluding those pension and stakeholder policies covered by the RLCIS OB & IB Fund PPFM or the RLCIS With-Profits Stakeholder Fund PPFM.

This PPFM is relevant for RLCIS stakeholder pension plans.

What has changed in the latest versions of the RLCIS PPFM documents?

There have been a small number of updates to PPFM Practices to refine our bonus setting methods and to improve clarity.

Additional information for With-Profits policies

Terms of reference for With-Profits Committee

This document outlines the current terms of reference of the Royal London With Profits Committee.

Investment mix and investment returns

These leaflets show the approximate investment mix and investment returns for our funds.

Directors’ reports on compliance

These reports confirm how we comply with the PPFM documents.

Guides

Royal London PPFM Guides

  • Guide 1 - For Ordinary Branch conventional with profits policies that were taken out with Royal London before 1 January 2001 or conventional with profits policies that were taken out with Police Mutual. By Ordinary Branch we mean a policy where your payments have never been collected in person by a Customer Services Representative.
  • Guide 2 - For Ordinary Branch conventional with profits policies that were taken out with Refuge Assurance or United Friendly before 1 January 2001.
  • Guide 3 - For unitised with profits policies (including Individual Savings Accounts (ISA) invested in with profits) that were taken out with Royal London, Refuge Assurance or Police Mutual.
  • Guide 4 - For Industrial Branch with profits policies. By this we mean a policy where you originally had a premium receipt book and normally paid your premiums to a Customer Services Representative.
  • Guide 5 - For with profits or deposit administration policies that were taken out with Scottish Life before 1 July 2001.
  • Guide 6 - For Royal London Funeral Investment Plans taken out after 31 December 2014 or Scottish Life branded with profits policies that were taken out after 30 June 2001. You should also read this guide if you have increased your premiums or paid additional single premiums to a Scottish Life with profits policy after 30 June 2001.
  • Guide 7- For with profits policies previously taken out with Phoenix Life Assurance Limited.
  • Guide 8 - For conventional with profits policies that were taken out with Royal Liver Assurance Limited before 1 July 2011. This includes conventional with profits policies written by Royal Liver and Friends Provident.
  • Guide 9 - For with profits policies that were taken out with Royal Liver Assurance Limited before 1 July 2011. This includes unitised with profits policies written by Royal Liver and Friends Provident.
  • Guide to unit-linked policies with ProfitShare - For unit-linked policies with a ProfitShare Account.

For policies that are relevant to Guides 8 and 9, we have produced this document that sets out the charges for guarantees that currently apply.

RLCIS OB and IB PPFM Guides

  • Endowment Guide - For with profits Endowment Assurance policies including Low Cost Endowment (Mortgage Endowment) Assurance policies that were taken out with Co-operative Insurance Society Limited.
  • Whole Life Guide - For with profits Whole Life Assurance policies that were taken out with Co-operative Insurance Society Limited.
  • Funeral Investment Guide - For with profits Funeral Investment or Funeral Pre-Payment Plan policies that were taken out with Co-operative Insurance Society Limited.
  • Platinum Products Guide - For with profits Platinum Bond Plus or Platinum Plus policies that were taken out with Co-operative Insurance Society Limited.
  • Personal Pension and SERPS Guide - For with profits Personal Pension policies (including policies with voluntary contributions and/or SERPS contributions) or with profits Free Standing Additional Voluntary Contribution (FSAVC) policies that were taken out with Co-operative Insurance Society Limited.
  • Insured Pensions (Individual) Guide - For with profits Insured Pension policies from Individual Arrangements or Group Money Purchase plans that were taken out with Co-operative Insurance Society Limited.
  • Insured Pensions (Group) Guide - For with profits Insured Pension policies from a Group Defined Benefit Scheme that were taken out with Co-operative Insurance Society Limited.
  • Option 32 Pension Transfer Guide - For with profits Option 32 Pension Transfer policies that were taken out with Co-operative Insurance Society Limited.
  • Annuity (Table P) Guide - For with profits Pensions Annuity policies (Table P) that were taken out with Co-operative Insurance Society Limited.
  • AVC Pensions Extra Guide - For with profits Additional Voluntary Contributions (AVC) Pensions Extra policies that were taken out with Co-operative Insurance Society Limited.

RLCIS With-Profits Pension Fund PPFM Guides

  • Individual Personal Pension Guide - For with profits Individual Personal Pension policies that were taken out with Co-operative Insurance Society Limited.
  • Unitised With-Profits Pension Plans Guide - For unitised with profits pension policies (other than individual personal pension and stakeholder pension plans) that were taken out with Co-operative Insurance Society Limited.

RLCIS With-Profits Stakeholder Fund PPFM Guide

  • Stakeholder Pension Guide - For with profits Stakeholder Pension policies that were taken out with Co-operative Insurance Society Limited.