Frequently asked RNPFN questions

We're here to answer your burning questions 

Policy questions

Can I assign my policy to someone else?

If your policy is a Pension, Annuity or an ISA you are not able to assign your policy.

We would also not normally expect Moneybuilder type policies to be assigned as this would mean both a loss of the annuity option and the lump sum payment becoming taxable income.

For all other policies: If you would like to assign your policy we have assignment forms and guidance notes on our useful documents page. You could also put your policy into trust and our trust forms and guidance notes can also be found on our useful documents page.

Before assigning or placing your policy in trust you should seek legal advice.

Can I deal with someone else's policy?

If you’d like information on a policy that you don’t own we may be able to arrange this, it depends on the circumstances, but we’d always need consent of the policy owner or a Power of Attorney or Court of Protection document. If you’re unsure, please call us and we’ll be happy to help. 

For jointly owned policies we will need permission from both policy owners.

If the policy owner(s) are unable to give this permission we’ll need to see an original Power of Attorney or Court of Protection document. Once we’ve seen this we’ll be able to discuss the policy with the owner’s attorney.

Please see our contact us page for our address, phone number and email address.

How do I update my information? (name, address, bank details)

Change of name

If your name has changed due to marriage, we'll need you to send us a letter with your policy number, full address and previous name together with the original marriage certificate.

If your name was changed by deed poll, we'll need you to send us a letter with your policy number, full address and previous name together with the original deed poll confirming your new name.

If you've noticed that there's a spelling mistake on your policy details, please contact us. We can recall the original application to double check the details. If these aren't available, we'll ask you to send your original birth certificate to allow us to amend your details.

Change of address

For a change of address please contact us. We can amend your address details over the phone but please have your policy number and the current address we hold on the system for you. You can also write to us but please make sure you include your policy number and previous address.

Change of bank

If you are the policyholder, and the new Direct Debit is in your name please contact us. We can normally update direct debit details over the phone.

If you don't know your new bank details yet, or the Direct Debit is to be in someone else's name, we can post a paper mandate form for you to sign and return.

You can also download a copy of the Direct Debit form (PDF, 75KB) to print, sign and return.

Where can I find RNPFN’s PAYE reference?

The PAYE reference for a Personal Pension Plan is: 049/WZ29705

The PAYE reference for a Retirement Annuity Contract is: 206/RAC253
Why have you changed my tax code on my annuity?

Her Majesty’s Revenue and Customs (HMRC) notify us when your tax code changes, which we then apply to your annuity. We have to use the codes that HMRC give us, so if you have a query regarding this then you should speak directly to HMRC or look at your recent Tax Code Notification.

For more information please visit the HM Revenue & Customs: Tax Codes Page.

Can I increase the amount I pay into my ISA?

If you are interested in increasing the amount you save into your existing LV= With Profits Life ISA or RNPFN OneISA please contact us.

You can call us Monday to Friday from 9am to 5pm on 0800 681 6293 (we will record and/or monitor calls for training and audit purposes).

Alternatively you can email us at [email protected].

Making a claim and getting a valuation

How do I make a claim on a life policy when someone has passed away?

Losing a loved one is always a very difficult time and can be quite a daunting task making all the necessary arrangements. Our lovely claims handlers will help and support you through this process as quickly as possible. If you need to make a claim please call us on 0800 681 6294 Monday to Friday, 9am to 5pm.

We'll need the next of kin, nominee or the executor of the will to complete a claim form.

The claim form should be returned to us by post at the earliest convenience together with policy documents (if available), a copy of the will (if applicable) and the original death certificate.

How do I get a transfer value for my pension policy?

Please contact us. We can normally provide you with the transfer value over the phone.

My policy is due to mature what do I need to do?

4 weeks before your maturity date we’ll write to you to let know exactly what will happen when your policy matures. If your policy is due to mature in less than 4 weeks and you haven’t received a letter please contact us using the details on our contact us page.

How do I cash-in my life policy?

Please contact us. We can often process the surrender request over the telephone but if we can’t do this we'll send you the forms you’ll need to complete.

You can also find links to the surrender forms on our useful documents page.

What documents do I need to send you in relation to a claim on my policy?

The documents we’ll need to see for each type of claim are detailed on our claim forms which can be found on our useful documents page.

How can I claim on my RNPFN pension due to ill health?

Early retirement due to ill health
In some circumstances you may be able to claim your pension before retirement age, if you can no longer work due to ill health. Please call us to discuss this option.

Claiming your pension due to serious ill health
If you're in serious ill-health and life expectancy is less than a year, you may be able to take the whole of your pension pot as a lump sum, under pension rules. If you think this might be an option for you please give us a call and we’ll talk you through what you can do.


Fund and bonus enquiries

Will my policy receive a Final Bonus Enhancement?

A final bonus is added when you cash-in your policy in order to increase your payout when the regular bonuses previously added may not fully reflect the amount of growth in the fund.

For eligible with-profits policies (broadly, those taken out before 10 July 2001), final bonus rates include an enhancement designed to distribute the ‘inherited estate’ within the with-profits fund. The inherited estate is the amount of money built up in the with-profits fund that is in excess of the amount needed to pay policy benefits.

For more information please see our Bonus page.

Why am I no longer receiving a regular bonus?

After RNPFN was taken over by LV= on 31 December 2001 the RNPFN Supervisory board made the decision to no longer apply a regular bonus to conventional with-profits policies. By not adding regular bonuses, and so not increasing the level of guarantees under these policies, we can be more flexible with our investment policy which we believe improves overall payout prospects. Any benefit from this is likely to be seen in final bonuses (which may be added when policy benefits are paid) rather than regular bonuses.

What fund is my Investment Bond or Maximum Investment Plan invested in?

Investment Bonds and Maximum Investment Plans are invested in the RNPFN Managed Growth Fund.

For more information on the RNPFN Managed Growth Fund please see our Managed Growth Fund pages.

What policies are invested in the RNPFN With-Profits Fund?

With Profits Bonds, Moneybuilders, Retirement Saving Plans, Low Cost Endowments, Whole of Life policies and One ISAs are invested in the RNPFN with-profits fund.

For more information on the RNPFN with-profits fund please see our with-profits fund pages.

Can I switch funds?

It is not possible for RNPFN policies to switch funds. For more information on the RNPFN funds please see our Managed Growth Fund pages and our With-Profits fund pages.

Other enquiries

How does the RNPFN Supervisory board look after the interest of policyholders in the RNPFN Fund?

The interests of the policyholders in the RNPFN Fund are looked after by a Supervisory Board set up at the time that LV= acquired the RNPFN business. The Board monitors the management of the fund, including the investment and bonus policies, against the requirements agreed when the business was acquired.

The Board has three independent members: Peter Nowell, who acts as Chairman, Mike Kipling and Rodney Baker-Bates. There are also two members appointed by LV=. These are currently Paul Downey (LV=’s Chief Actuary) and Andy Young (LV=’s Head of Finance - LVFS).

The Board also acts as the With-Profits Committee for the fund. In this capacity, it reviews the way discretion is exercised in relation to the with-profits business in the fund. In addition, it monitors compliance with the Principles and Practices of Financial Management (“PPFM”). The PPFM is a document setting out how we manage the with-profits business in the fund. We also have a customer-friendly version called “Your guide to how we manage the RNPFN fund for with-profits business”. All RNPFN policyholders were sent a copy of this in 2012 or 2013.

Visit our Principles and Practices page to find these documents, along with a report to policyholders on the management of RNPFN with-profits business during 2018. The Supervisory Board met four times during 2018.

What if I need financial advice?

If you don’t have a financial adviser you can find one in your area at Alternatively you can speak to one of the LV= financial advisers by phoning 0800 756 5837 (for Text Direct dial 18001 first), 9am to 6pm Monday to Thursday and 9am to 5pm Friday. The LV= financial advisers offer advice on a range of the pension, annuity and investment products from the Liverpool Victoria group of companies, and also offer annuities from the whole of the market and investments from a limited number of other companies.

Professional financial advisers can help you understand your options and advise you on the best choices for you.

Where can I find information about Liberty Pension AddPlan and Liberty Personal Pension Plan, my interest bearing policies?

As these are interest bearing pension policies this means that rather than having bonuses added, interest is added instead.

For more information please see our interest bearing policies page.

How can I trace an old policy?

If you have an old policy you’d like to trace please contact us.

How quickly will my request to trace a policy take to be completed?

We aim to process all written queries as soon as we can. Our standard service level is 3-5 working days.

What was Life Assurance Premium Relief?
Her Majesty’s Revenue & Customs (HMRC) used to pay Life Assurance Premium Relief (LAPR) of 12.5% of the yearly premium for most qualifying life insurance policies taken out before 20 March 1984 and Moneybuilder policies issued by RNPFN after this date. The Government decided to stop this for premiums paid from 6 April 2015.