With-profits Fund

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Where can I find information on the with-profits fund?
The document Principles and Practices of Financial Management (PPFM) explains how the with-profits fund is managed and we also publish an explanation of the latest changes to the PPFM.

The PPFM only applies to UK Style German with-profits policies.  A German translation is linked here - Principles and Practices of Financial Management (PPFM)

Following the implementation of the Proposal on 1 January 2020 all other with-profit policies of the Equitable were converted to unit-linked. Irish and German policies remain with the Equitable. The UK and International policies were transferred to Utmost Life and Pensions, which the Equitable is now a subsidiary of.

Where can I find the latest reports on the with-profits fund?
We publish a report which covers the management of the with-profits fund. This is the Annual report to with-profits policyholders.

We also publish a guide for our unit linked funds which provides information about the funds and their features.

Who is the Investment Manager for the with-profits fund?
The principal investment of the with-profit fund is managed by J P Morgan.

How do you take account of environmental, social and governance factors when investing?
Environmental, social and governance factors (ESG or sustainability) are integrated into the investment manager’s process.

J.P. Morgan Asset Management (JPMAM) is committed to delivering superior investment performance to its clients worldwide. They believe that explicit incorporation of material Environmental, Social and Governance information in the investment process can help to deliver enhanced, risk-adjusted returns over the long-run. JPMAM have been practicing sustainable investing, in some capacity, for more than 30 years. They became a signatory to the UN PRI in 2007 and are committed to incorporating ESG factors into their investment practices and decisions. JPMAM offer various sustainable investing solutions across asset classes and geographies, and also have an established corporate engagement policy. They expect and encourage the companies in which they invest to demonstrate the highest standards of corporate governance and best business practice. JPMAM examines the share structure and voting structure of the companies in which they invest, as well as the board balance, oversight functions and remuneration policy. These analyses then form the basis of their proxy voting and engagement activity. They manage the voting rights of the shares entrusted to them as they would manage any other asset. It is the policy of JPMAM to vote in a prudent and diligent manner, based exclusively on their reasonable judgement of what will best serve the financial interests of their clients. So far as is practicable, they will vote at all of the meetings called by companies in which they are invested.

We support the incorporation of ESG factors into the investment process by JPMAM.

What is the asset mix of the with-profits fund?
Click here to view the asset mix of the with-profits fund.

Where can I find information on bonus rates?
Bonus rates after 1 January 2020 depend on the performance of the underlying investments. Information on the fund performance can be found here [from March 2020]. We publish a list of the bonus rates that applied prior to January 2020.

Where can I find the fund charges including the transaction charges for the With-Profits fund?
The fund charges including the transaction charges for all funds can be found here.

Can you provide advice on with-profits funds?
No, we are unable to provide advice and recommend you seek independent financial advice. A financial adviser will inform you of the fee they charge for their service.