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How we manage the With-Profits Fund

As an investor in our With-profits Fund, you can be confident that your money will be managed by experts according to a set of rules and principles.

Guides to explain how we manage the With-Profits Fund

To help you understand how we manage the With-Profits Fund your money is invested in, we produce two types of guides.

There's a very detailed technical guide called the 'Principles and Practices of Financial Management' (PPFM) [PDF: 206KB], which describes how NFU Mutual manages its with-profits business.

Simple guides to with-profits

We also produce shorter, more reader-friendly guides for Conventional With-Profits and With-Profits Annuity. For Unitised With-Profits, please refer to pages 9-13 of Your Guide to Our Funds [PDF: 200KB].

 

Ensuring fairness through our With-Profits Committee

NFU Mutual has a With-Profits Committee. This Committee is set up by the NFU Mutual Board to advise them on the management of the with-profits business, ensure compliance with the PPFM and look after the rights, interests and expectations of different with-profits policyholders.

The current members of the With-Profits Committee are:

Brian Duffin (Chair of Committee)                       Non-Executive Director
Chris Stooke Non-Executive Director
Jim McLaren MBE Non-Executive Director
Gina Fusco Director of Strategy & Marketing
Gary Stewart
Life Analysis Actuary


The membership changes over time and is a mix of non executive directors and executives from the company.

The With-Profits Committee has its own terms of reference [PDF: 62KB].

Directors’ statement to their with-profits policyholders

At the end of each financial year, directors make a formal statement to their with-profits policyholders confirming that they have acted in accordance with their firm's PPFM and that discretion exercised by the firm has been applied in a fair and reasonable manner.

In addition, the With-Profits Actuary must state if, in his opinion, the interests of the with-profits policyholders have been taken into account in a reasonable and proportionate manner.

In June 2018 the Board published the 2017 Report to with-profits policyholders [PDF: 129KB].