Principles and Practices of Financial Management

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Principles and Practices of Financial Management (PPFM)

Our PPFM was last changed on 1st January 2024, we have produced a Summary of Changes document you can download that outlines the changes that were made. The PPFM sets out the detail of how we manage our With-Profits funds.

We have also produced an appendix to the PPFM. This contains additional useful information about our With-Profits business.

You can download the Principles and Practices of Financial Management (PPFM) [PDF: 290KB] and Principles and Practices of Financial Management (PPFM) Appendix [PDF: 210KB].

To ensure fairness, the NFU Mutual Board set up a With-Profits Committee 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.

Unitised With-Profits

We call a With-Profits policy unitised when your investment buys units in the With-Profits Fund. If you want to invest in a new unitised With-Profits policy or you have one of the following NFU Mutual policies, you should read Your Guide to Our Funds [PDF: 364KB].

Flexibond
Shrewd Savings Plan ISA
Personal Pension Account
Additional Voluntary Contributions Plan
Group Personal Pension Plan

If you have one of the following NFU Mutual policies, which are unitised With-Profits but no longer open to new business, and require further information please contact us on 0800 622 323.

Capital Access Bond
Personal Pension Plan
Executive Pension Plan
With-Profits Personal Pension Plan
Capital Investment Bond
NFU Mutual Vintage Bond

Conventional With-Profits

If you have a Conventional With-Profits contract, you should read A guide to Conventional With-Profits [PDF: 143KB]. We call a With-Profits policy conventional when we guarantee to pay out an agreed amount when the policy matures. This could be a lump sum (the sum assured) or a series of payments (an annuity or pension). NFU Mutual Conventional With-Profits policies include:

Endowments (a regular savings contract that promises to pay a minimum amount at the maturity date), including minimum cost endowments
Whole of life policies (a regular premium policy that promises to pay out a minimum amount on death), including low cost whole of life policies
Any other With-Profits policy taken out before 1st July 1988

With-Profits Annuity

If you have a With-Profits Annuity contract you should read A guide to the With-Profits Annuity [PDF: 85KB].