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Management and Run-Off of With Profits Funds

This Working Party is considering what With Profit Funds will look like in five years

The areas which the working party focussed on were around four broad topics as described below:

  1. Risk, Capital and Distribution. Considered under this topic were how companies assess and manage risk in the estate, the setting of capital requirements to determine when distributions can be made, and the benefits and drawbacks of different forms of distribution from the estate.
  2. Customer outcomes. As part of this topic the working party considered fairness, customer outcomes (likely as well as potential), the balance of risk and reward for customers and customer communications.
  3. Managing the fund in run-off. This looked at how management of the fund might need to change as it runs off, including consideration of investment strategy, bonus philosophy, smoothing and guarantee charges.
  4. Actions that could be taken in run-off, including outsourcing of administration, mergers and consolidations, and conversion to non profit.


Subgroup Chairs: Keith Jennings, Nick Rowley, Dan Diggins, Phil Roberts
Membership: 26
Established: 2013

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