Understanding your Countrywide Assured with profits policy

Traditional with profits pension
The plan provides a minimum guaranteed pension at your selected retirement date. Your contributions are paid into an investment fund, the Guardian Assurance With Profits Fund. If the fund generates ‘profits’, they are added to your plan each year as an ‘Annual, Regular or Reversionary Bonus’. For some, a 'Final’ or 'Terminal’ bonus may also be payable at the selected retirement date, although it is not guaranteed. For details of your bonus and minimum guaranteed pension, please see your latest Bonus Notice and the traditional with profits customer friendly guide.

Unitised with profits pension
The plan provides a minimum guaranteed fund value at your selected retirement date. Your contributions are paid into an investment fund, the Guardian Assurance With Profits Fund. The fund generates ‘profits’ that are reflected in a Annual, Regular or Reversionary Bonus which is added each day by increasing the with profits unit price. This means the unitised with profits unit price will never fall. A Terminal or Final Bonus may be added at your selected retirement date or in the event of your death before this date. This bonus is not guaranteed and may not be payable.

For details of your unit value, please see your latest Annual Statement and the unitised with profits customer friendly guide.

Our With Profits plans are managed by ReAssure Limited (formerly Guardian Assurance plc), who are part of the Phoenix Group. They make all the decisions on bonuses, fund investment policy and valuations while we are responsible for both the benefits and day-to-day running of your with profits pension plan.

Investing in a with profits pension plan not only commits your money for the long term, but also to the current and future financial management performance of the fund manager, in this case ReAssure. 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.

Traditional with profits pension
These charges are particular to your plan, so please contact us for details.

Unitised with profits pension
Administration charge 
This is also known as the ‘Policy charge’ and covers the cost of looking after your plan until your selected retirement date.

Annual management charge
This yearly charge is 1% of the fund value. It covers the cost of managing the investment fund(s) and administration. The annual management charge is calculated each day based on the value of the fund. Because we deduct the charge when pricing the fund rather than by selling units from your plan, the amount shown on your Annual Statement is an estimated charge.

There’s a series of web pages to answer popular questions about managing a pension plan, such as “Can I change my selected retirement date?” or “What happens when my plan reaches this date?”.

If you can’t find the answer to your question, try using the searching the site. If that doesn’t work, please contact us.

Key documents for your with profits policies are here.

Your policy provides a minimum amount (referred to as the ‘sum assured’) at the maturity date or on your death, as long as your premiums are up to date. Your money is paid into an investment fund, the Guardian Assurance With Profits Fund. If the fund generates ‘profits’, they are added to your policy each year as an 'Annual or Reversionary Bonus'. For some, a 'Final’ or 'Terminal’ bonus is also payable. Once added, the yearly bonus cannot be taken away although it may not be paid in the final year of your policy. The amount of profit will depend on how well the investment fund is performing.

For details of your bonus and sum assured, please see your latest Bonus Notice.

Our with profits life assurance policies are managed by ReAssure Limited (formerly Guardian Assurance plc), who are part of the Phoenix Group. They make all the decisions on bonuses, fund investment policy and surrender values while we are responsible for both the benefits and day-to-day running of your policy.

Investing in a with profits life assurance policy not only commits your money for the long term, but also to the current and future financial management performance of the fund manager, in this case ReAssure. 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.

The charges are particular to your policy, so please contact us for details.

There’s a series of web pages to answer popular questions about managing a life assurance policy, such as “How do I find out what my policy is worth?” or “Does my policy have any guarantees?’ If you can’t find the answer to your question, try using the searching the site. If that doesn’t work, please contact us.

Key documents for your with profits policies are here.