If you have a Unitised With-Profits plan and take money out of the With-Profits fund, we may adjust the value of your plan if the value of the underlying assets is less than the value of your plan including all bonuses.
This adjustment is known as a Market Value Reduction (MVR). It's designed to protect investors who are not taking their money out and it's application means that you get a return based on the earnings of the With-Profits fund over the period your payments have been invested.
We may apply an MVA in certain circumstances, for example, where market values are low.
However, we guarantee not to apply it if you cash in all or part of your plan on the 10th anniversary from the date the plan started or on payment of the death benefit.
If you have a child born between 1st September 2002 and 2nd January 2011, they may have a Child Trust Fund. You can no longer open new accounts because the scheme is now closed. You can continue to contribute money to an existing fund, or you can transfer the funds to a Junior ISA or if you have a CTF with us that's about to mature, we'll get in touch. You can find out more about Child Trust Funds here.