Investing in a with profits policy or pension plan not only commits your money for the long term, but also to the current and future financial management performance of the pension or policy provider. To protect both customers and insurance companies, the Financial Conduct Authority (FCA) requires all insurance firms to show how they run their with profits funds. This is documented in the ‘Principles and Practices of Financial Management’ (PPFM).

The PPFM is an important document because the ‘Principles’ cover the company’s high-level approach to the management of with profits investments, while the ‘Practices’ describe in greater detail how the Principles are applied. Insurance companies are required to produce an annual report detailing how they have complied with the PPFM.

WITH PROFITS INDEPENDENT COMMITTEE
Oversight of all Countrywide Assured With Profits business is provided by an independent Committee, which reports to the Board of Countrywide Assured. For more details about the Committee and its responsibilities, see the Committee Terms of Reference document.

COUNTRYWIDE ASSURED WITH PROFITS FUNDS

All Countrywide Assured’s with profits business (except for the Save & Prosper With Profits Funds) is managed by ReAssure (formerly known as Guardian Assurance plc). Under this arrangement, ReAssure makes all decisions about bonuses, fund investment policy and surrender values, including Market Level Adjustments (MVA). Countrywide Assured administers the policies and retains complete responsibility for providing your policy benefits.

Key documents

FORMER SAVE & PROSPER WITH PROFITS FUNDS

Countrywide Assured has responsibility for the former Save & Prosper funds and is required to provide an annual report for these funds, showing how we have complied with the Principles and Practices of Financial Management (PPFM). Our independent With Profits actuary reviews the report each year and provides the summary.

 

Key documents