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Dedicated information

RNPFN & Teachers policyholders

Member payment

If approved by members, the proposed acquisition of LV= by Bain Capital - Vote 1 - will see all eligible members benefit financially by way of a one-off member payment.

Provided that your RNPFN or Teachers With-profits  policy is still in place as at the date of the Special General Meeting (SGM) on 10 December 2021 you’ll be eligible for the one-off member payment if the transaction goes ahead.

Find out more about the one-off member payment

Payout enhancement

RNPFN and Teachers With-profits policies sit in closed ring-fenced funds so are not eligible to receive the payout enhancement. 

This is because the Estates within these funds are, and will continue to be, distributed solely to RNPFN and Teachers With-profits policyholders.

  • For RNPFN With-profits policyholders this is in the form of an enhancement to final bonus rates. 
  • For Teachers With-profits policyholders this is in the form of a special bonus added to their policy value.
 

What this transaction means for a RNPFN policyholders

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RNPFN With-profits and non-profit policies currently sit in the ring-fenced RNPFN Fund. In the future fund structure, RNPFN With-profits policies will remain in the RNPFN Fund as part of the With-Profits Fund in Liverpool Victoria Life Company Limited (LVLC) and the With-Profits Committee will assume oversight of these policies. RNPFN non-profit policies (i.e. annuity and unit-linked policies) are being moved out of the RNPFN Fund into the Main Fund of Liverpool Victoria Financial Services Limited (LVFS) shortly. In the future they will be part of the Non-Profit Fund in LVLC.
If the transaction goes ahead RNPFN With-profits policies will remain as they are now in their ring-fenced fund. If we are also able to complete a Part VII transfer, the RNPFN Supervisory Board will be dissolved and its responsibilities for the oversight of the RNPFN Fund will be adopted by the With-Profits Committee on the same terms under the updated RNPFN Scheme. The powers exercised by the With-Profits Committee will be of the same scope as those previously exercised by the RNPFN Supervisory Board.

RNPFN - your questions answered

 

What are the plans for the future governance of the RNPFN Fund?
What’s happening to RNPFN non-profit policyholders?

What this transaction means for a Teachers With-profits policyholders

Teachers With-profits policies are in their own closed ring-fenced fund and will continue to be ring-fenced regardless of the outcome of the votes. The Teachers Assurance ring-fenced fund is also already governed by the With-Profits Committee with a Teachers representative, and this would continue to be the case.
In its day-to-day role the With-Profits Committee reviews how LV= is managing the With-profits business in its Main Fund and Teachers Assurance Fund, and the extent to which it is doing what it said it would do.

Your questions answered

 

What do you mean by ring-fenced?
Who will manage and oversee the assets of the business if the proposals go ahead in full?

Contact Us

We're here for you if you have any concerns or questions

Call us

0800 066 5373

Non-profit members - Press option 1 
With-profits members - Press option 2 

Our phone line is open:
8am – 7pm Monday to Friday
9am – 1pm on Saturday

We’ve extended our usual opening hours to provide additional member information and support on our proposals.

For Textphone first dial: 18001. We will record and/or monitor calls for training and audit purposes

Email us

Non-profit members please email [email protected]

With-profits members please email [email protected]

Register for a webinar

Non-Profit Member Webinar

Register for the Non-Profit Member Webinar on 29 November 2021 at 11am

With-Profits Member Webinar

Register for the With-Profits Member Webinar on 29 November 2021 at 2.30pm

Q&A sessions

We’re running three virtual member Q&A sessions on 22 November, 3 December and 6 December.

Register for a member Q&A session

Write to us

LV=, Proposals for change, County Gates, Bournemouth, Dorset, BH1 2NF.