The With-Profits Committee

1. Challenging us to show that our decisions are fair to all With-Profits customers, particularly where one group is treated differently from another
2. Checking we’re doing what we said we’d do. This means keeping to our 'Principles and Practices of Financial Management', a document setting out our approach to managing each of the With-Profits Sub-Funds
3. Making sure we’re being fair to both new and existing With-Profits customers, and not favouring one group over the other
4. Helping us make sure that we send clear and complete communications to With-Profits customers
5. Requiring us to respond to any recommendations raised by the committee, and if they believe we haven’t, the committee can tell the Financial Conduct Authority so they can follow up

Read the full terms of reference (PDF 290 KB)

• The committee meets about eight times a year. It works closely with our With-Profits Actuary and Capital Management Director. These are qualified technical experts who advise us on the management of our With-Profits Funds and life assurance business. The committee also has an independent actuarial adviser who provides extra expertise.
• The committee sends the minutes of its meetings to our Board. The Chair of the Committee also attends the Board each year.
• The committee regularly reviews its ways of working to identify improvements which can better reflect your interests.