Dedicated Information

Information for LV= With-profits policyholders

Members have voted on our proposals for Bain Capital to acquire the LV= life and pensions business

Find out the results of the Special General Meeting and Members' Meeting held on 10 December 2021.

Dedicated information especially for LV= With-profits policyholders

With-profits policyholders hold a long-term investment product where the premiums are pooled together in a fund and invested. These policyholders receive bonuses that reflect the performance of the investments plus additional bonuses at the discretion of the Board. The policies are primarily made up of longer-term financial products including endowments and whole-of life policies that are no longer actively marketed. They are sold by LV= or friendly societies previously acquired by LV= and the bonuses might include a regular bonus, final bonus, mutual bonus and an exit bonus.

Other With-profits policies that were sold by companies we have acquired, including RNPFN and Teachers are not classed as LV= With-profits policies. 

Useful information:

Catch up on our With-Profits Member Webinars and more member events

Full list and LV= With-profits FAQs 

More information for RNPFN and Teachers policyholders 

List of member-qualifying products sold today or in the past 

Payout enhancement

The payout enhancement is for eligible LV= With-profits policyholders only as they participate in the wider business risks of running the business and could see additional rewards because of this.

The payout enhancement is expected to be an additional 0.1% for every complete calendar year that the policy has been held since 1996 - up to when the policy comes to an end or money is received from it - either through partial withdrawals or an income.

Therefore members who hold an eligible LV= With-profits policy are expected to receive a payout enhancement which will be added to the underlying value of the policy.

Find out more about the payout enhancement and examples of what it could be

Payout enhancement - your questions answered

When does an eligible policy need to be in place to qualify for the payout enhancement?
When will members holding an eligible LV= With-profits policy receive the payout enhancement?
When will the payout enhancement be paid?
Are there any With-profits members who will not benefit from an enhanced payout?
What happens if an eligible policy is in place at the SGM but ends before the transaction with Bain Capital completes?
Why don’t payout enhancement calculations start earlier than 1996?
Will any top-ups or increments for certain With-profits policies be entitled to the payout enhancement?
What would a member be entitled to if their policy expires or matures before the votes take place?
Will I get taxed on the payout enhancement?
Will you still award mutual and exit bonuses?

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