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Scottish Widows Scottish Widows
Keeping you in the picture  

We've produced a number of documents on our With-Profits Fund. The contents are summarised below so you can decide which one is suitable for you. We've also provided links to up-to-date information on bonus rates and market value reductions (MVRs).

We’re committed to treating all of our customers fairly. To ensure that we do this we have an independent With-Profits Committee. The Committee reviews how the with-profits fund is managed and scrutinises any major proposal that affects the fund. It provides advice directly to the Clerical Medical Board.

The Committee has five members, none of whom have any management or executive role with the company (or our parent company, Lloyds Banking Group). One member is a non-executive director and one member is a former non-executive director.

For further information about what the With Profits Committee does, you can read the terms of reference.

Principles and Practices of Financial Management (PPFM)

The PPFM goes into great detail, focusing on the standards, methods and controls we adopt to ensure we run with-profits robustly and fairly. It also explains how we respond to changes in the business and economic environment. The PPFM was last updated on 1 January 2016 to reflect the recent transfer of business from Lloyds Banking Group's other UK regulated life insurance companies into Clerical Medical (which has now been renamed Scottish Widows Limited) and a number of regulatory changes that also became effective at this time. None of these updates materially alter the operation of the Clerical Medical With-Profits Fund.

With-profits summary

This is a customer friendly version of our PPFM (also referred to as our CF-PPFM) that gives you important information about how our with-profits investments work, including MVRs and bonus rates.

PPFM annual report to policyholders

This report tells you how we have managed the fund for the previous year in line with the PPFM.

With-profits investment factsheet

This provides information on the fund’s investment objective, its assets - their breakdown and performance, and gives examples of sample policy returns.

Market Value Reductions

This document provides information on a reduction we might apply to with-profits investments. It includes example scenarios along with details of when we guarantee not to apply MVR’s.

Click on the links below for downloadable versions of the items described above.

Document File Size
Principles and Practices of Financial Management (pdf) 104K
Annual report (pdf) 39K
With-profits summary (pdf) 37K
With-profits investment factsheet (pdf) 57K

If you’d like to check the latest information on bonus and MVR rates, please see the items below:

Document File Size
Bonus rates (pdf) 29K
Market Value Reduction rates (pdf) 41K
Market Value Reductions leaflet (pdf) 106K


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Issued by Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655. These pages are intended for UK residents only.