Are you receiving regular pension payments from us? If yes, you have pension annuity. If no, does your statement show a sum assured, a guaranteed pension or annuity, or guaranteed cash sum? If it does, you have a traditional with-profits policy. If it does not, do any of the funds listed on your statement include words ‘with-profits’? If they do, you have a unitised with profits policy. If they do not, you have unit-linked policy.

With a unit-linked policy, some or all of the payments you make (the premiums) are used to buy units in our unit-linked funds. Each fund is divided into units that each represent an equal share of the fund.

Your yearly statement will show the fund(s) you are invested in, how many units you have and how much each unit is worth (the unit price). The value or ‘price’ of each unit goes up and down according to the value of the investments in the fund. Most unit prices are calculated every day and are available on this website, along with factsheets that give more information on each fund.

You may also find this guide to how we work out unit prices useful.

Guide to how we work out unit prices

If any of the funds listed on your statements include the words ‘with-profit’ or ‘with-profits’, you have a unitised with-profits policy - see the section below.

Your statements will show a ‘sum assured’, ‘pension or annuity’ or ‘cash sum’, which is the minimum amount we guarantee to pay you when your policy matures.

Your policy invests in one of our with-profits funds.

A share of the profits is passed on to policyholders as ‘bonuses’. We aim to add an annual or ‘regular’ bonus to the sum assured once a year and this increases the guaranteed minimum amount that we will pay out. However, the addition of annual bonuses depends on the performance of the fund, so we can’t guarantee that a bonus will be added every year. The value of any bonuses that have been added to your policy will also be shown on your statement. A final or ‘terminal’ bonus may also be added when your policy matures or pays out.

More information on with-profits bonuses and how they work

Your premiums are used to buy ‘units’ in one of our with-profits funds.

If the investments in your with-profits fund increase in value, bonuses may be added. For most policies, when annual bonuses are added these increase the value or ‘unit price’ of each unit, on a daily basis. However, this does not apply for former London Life unitised with-profits policies, where any bonuses are given in the form of additional units.

Your statement will show you how many units you have and how much each unit is worth (the unit price) at the time of the statement.

A final or ‘terminal’ bonus may also be added to your policy when it matures or pays out.

Some unitised with-profits policies allow you to invest part of your premium in unit-linked funds.

Find unitised with-profits and unit-linked fund prices

If you are receiving payments from your pension, then you have a pension annuity. For more information on with-profits annuities, please follow the links below.

Phoenix Life Limited Britannic With-Profits Fund – with-profits annuities

Phoenix Life Limited Scottish Mutual With-Profits Fund – with-profits annuities

Phoenix Life Assurance Limited London Life With-Profits Fund – with-profits annuities

If you don’t receive regular statements from us, or can’t find one, your original policy documents should also tell you what type of policy you have.

We’ve listed the main policy types below along with general guidance on how these policies work and where to find more information. Individual policy terms and conditions do vary though, and you should take a look at your original policy documents for this.