Find answers to your common questions about the RNPFN fund
We'll help you understand more about your RNPFN policy, including fund and bonus questions and how to make a claim or get a valuation.
Existing customers
Here are some links you may find helpful
Policy questions
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.
Before assigning or placing your policy in trust you should seek legal advice.
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.
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.
Alternatively, you can complete our online change of address form.
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.
The PAYE reference for a Personal Pension Plan is: 049/WZ29705
The PAYE reference for a Retirement Annuity Contract is: 206/RAC253
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.
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 6294 (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
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 contact us to complete the claim. In most cases we can complete this process with you over the phone, alternatively we will be able to confirm if we require any additional documentation or completed claim forms.
If you are unable to call us, please visit our bereavement page which offers alternative ways to contact us.
Please contact us. We can normally provide you with the transfer value over the phone.
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.
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.
We can process most of our claims over the phone which removes the need of any documentation. However, if you do require a claim form, you can contact us via phone or email to request this and we will be able to confirm what documents are required for each type of claim.
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
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.
The regular bonus rates added to the with-profits policies in the RNPFN Fund are declared in April each year. Regular bonus rates are also known as annual bonus rates, or interest rates (for interest bearing policies).
The rates declared from July 2023 were materially increased from the longstanding low (or zero) rates previously declared. This was because of the increase in financial strength of the RNPFN Fund due to the transfer of non-profit policies (annuity and unit linked policies) from the RNPFN Fund to the main fund of LV= in 2021. The exception is for conventional single premium pension policies, which were held at zero given the strength of the lump sum guarantees on them.
More information on bonuses can be found here.
Investment Bonds are invested in the RNPFN Managed Growth Fund.
For more information on the RNPFN Managed Growth Fund please see our Managed Growth Fund pages.
With Profits Bonds, Moneybuilders, Retirement Saving Plans, Low Cost Endowments, Whole of Life policies, One ISAs, Retirement Annuity Contracts and Liberty Personal Pension Policies are invested in the RNPFN with-profits fund.
For more information on the RNPFN with-profits fund please see our with-profits fund pages.
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
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 Supervisory Board monitors the management of the fund, including the investment and bonus policies, against the requirements agreed when the business was acquired.
The Supervisory Board has three independent members, one of which acts as the Chairman. There are also two members appointed by LV=.
The Supervisory 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 technical 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”.
Visit our Principles and Practices page to find these documents, along with the latest annual report on how the with-profits fund has been managed compared to the PPFM.
During 2021, in order to continue to manage the RNPFN Fund fairly for its with-profits policyholders, a decision was made to move all non-profit RNPFN annuities and unit-linked policies out of the RNPFN Fund and into the Main Fund of Liverpool Financial Services Limited (LVFS). This move was supported by the RNPFN Supervisory Board and was completed on 30 November 2021. The LVFS Board of Directors remains responsible for the supervision and management of all RNPFN policies, but following the move the RNPFN Supervisory Board no longer monitors the management of the annuity and unit linked policies transferred. All customers with these policies were written to in the second half of 2021 to explain the change did not impact their policies.
If you don’t have a financial adviser you can find one in your area at www.unbiased.co.uk. 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 pension and annuity products from the whole of the market and investments from the Liverpool Victoria group of companies and a limited number of other companies.
Professional financial advisers can help you understand your options and advise you on the best choices for you.
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.
If you have an old policy you’d like to trace please contact us.
If you have an old policy you’d like to trace you can use our online tracing form.
We aim to process all written queries as soon as we can. Our standard service level is 3-5 working days.
