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, David Davies and Rodney Baker-Bates. There are also two members appointed by LV=. These are currently Paul Downey (LV=’s Actuarial Function Holder) 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 2015. The Supervisory Board met four times during 2015.