Your guide to with-profits

For detailed or technical information on your policy, look at our Principles and Practices of Financial Management (PPFM) (PDF, 513KB). We’ve summarised it by producing shorter booklets below called ‘your guide to with-profits’.

If you’re not sure which type of policy you hold, there are some simple questions to help you decide which guide is right for you.

If you can’t view these guides you can call us and we can send you one.

If after reading these documents, you are still unclear about how we manage our with-profits business, you should speak to your financial adviser.
 

‘Your guide to with-profits’ booklets

Type of contract Type of policy Download link
Conventional Pensions CWP Pensions (PDF, 292KB)
Conventional Life Assurance (including endowments) CWP Life (PDF, 2MB)
Conventional Pensionplanner Pensionplanner (PDF, 355KB)
Unitised Pensions UWP Pensions (PDF, 589KB)
Unitised Life Assurance (including endowments) UWP Life (PDF, 142KB)
Unitised Flexible Options Bond With-Profits Growth Fund FOB Growth (PDF, 154KB)
Unitised Flexible Options Bond With-Profits Income Fund FOB Income (PDF, 216KB)
Unitised Unitised Annuity UWP Annuity (PDF, 243KB)

Which guide is right for you?

  • Your policy is likely to be a with-profits policy (in whole or in part) if your policy document (issued when your policy started) mentions ‘with-profits’ or ‘carries the right to participate in the profits/surplus assets of Scottish Widows/the Society’

    and

    at least one of the following applies:

    • You have received each year a statement of your bonus headed ‘Bonus Notice’
    • You have received an Annual Benefit Statement referring to the Unitised With-Profits bonus rate and showing the value of units in the with-profits fund
    • Your policy number starts with the letter ‘Z’ followed by the numbers ‘03’

    and you have not:

    • Switched from with-profits into unit-linked or other non-with-profits benefits
    • Or started to take a pension from your policy (unless your policy is a Unitised Annuity)

  • Conventional with-profits

    If you received a statement or bonus notice, it's likely that you have a 'conventional with-profits' contract.

    Unitised with-profits

    The with-profits part of your policy is likely to be a ‘unitised with-profits’ contract if:

    • You have received an Annual Benefit Statement each year referring to the Unitised With-Profits bonus rate and showing the value of units in the with-profits fund
    • Or your policy number starts with the letter ‘Z’ followed by the numbers ‘03’

  • Your policy will either be a pensions or life assurance policy.

    Pensions policies

    If you are using your with-profits policy to save up for retirement and/or it has the word pension in the name on your contract, it will be a pensions policy. Here are some of the names of pensions policies:

    Executive Pension Policy, Free Standing Additional Voluntary Contributions (FSAVC), Pegasus Executive Pension Plan, Pegasus Early Leavers Plan, Pegasus Plus Pension Plan, Personal Pension Plus, Personal Pension Policy, Section 32 (Buy Out) Policy, Top Hat Policy.

    Life assurance policies

    Otherwise it is likely to be a life assurance policy. This might be associated with a mortgage or other regular savings you are making. It may be called:

    Endowment, Endowment Plan 10, Extra Cover Assurance, Flying Start Endowment, Full Endowment, Low Cost Endowment Assurance, Versatile Endowment Plan, Whole of Life Assurance.

    Pensionplanner

    The third guide is only for a special group pension contract used by a small number of defined benefit schemes, which is called Pensionplanner.

  • If your policy documentation says your policy is a Flexible Options Bond, you could be invested in either the Growth or Income Fund. Your annual statement will indicate which fund and the respective guide that applies to it.

    If you are already receiving a pension and it is a unitised with-profits pension from Scottish Widows, then it will be a Unitised Annuity.

    Otherwise, the two main types of policy are pensions or life assurance.

    Pensions policies

    If you are using your with-profits policy to save up for retirement and/or it has the word pension in the name on your contract, it will be a pensions policy. Here are some of the names of pensions policies:

    Executive Pension, Free Standing Additional Voluntary Contributions (FSAVC), Group Personal Pension, Pension Solutions, Personal Pension, Section 32 (Buy Out) Plan, Pensionbuilder.

    Life assurance policies

    Otherwise it is likely to be a life assurance policy. This might be associated with a mortgage or other regular savings you are making. It may be called:

    House Purchase Savings Plan, Regular Savings Plan, With-Profits Savings Plan, Flexible Investment Bond, International Investment Bond, Jersey With-Profits Bond, Lifetime Protection Plan, With-Profits Bond.

  • Easy. Just call us on 0345 845 0845 and we’ll arrange to send you a copy of the relevant guide.