How is your policy currently managed?

Your policy is in the Britannic Industrial Branch Fund, which is a with-profits fund. This mean the fund shares its profits with customers by adding bonuses to their policies. These bonuses can change over time, depending on how the fund performs.

The Britannic Industrial Branch Fund is managed in line with the Principles and Practices of Financial Management (PPFM). This is a technical document which describes how we manage with-profits funds.

One of the main purposes of the PPFM is to set clear rules for how we decide bonuses, ensuring profits are shared fairly among customers. There are two types of bonuses:

  • Annual bonuses, which are added to your policy each year.
  • Final bonuses, which are paid when your policy matures, or a claim is made.

What will change?

When the Britannic Industrial Branch Fund closes, all policies will move to the Phoenix Life Non-Profit Fund. Policies that are with-profit at this time will become non-profit.

Because your policy will no longer be part of the with-profits fund, the PPFM will no longer apply. Future bonuses will be fixed and guaranteed, so there’s no need for any decisions about future bonuses.

However, your policy will continue to be managed in line with your policy terms, and other rules and regulations which protect customers and ensure you're treated fairly.

You don’t need to worry. Your benefits are safe and secure and will be paid out as usual when your policy matures, or a claim is made.