Changes to our PPFM
Version 13 of the PPFM issued in March 2025 contained the following changes:
Updates throughout the document referencing the treatment of unit-linked and non-profit policies, further to the launch of our Sustainable ISA and Fixed Bond products (sections 2.2, 2.4, 3.9, 3.12, 4.11, 4.18, 5.14, 5.19, 6.1, 6.2, 6.6, 6.8, 7.8, 7.9).
Investment Strategy (section 5.10) – The addition of the sentence “Performance is measured against recognised benchmarks and agreed annual targets” in reference to the monitoring of our Outsourced Chief Investment Officer.
Investment Strategy (section 5.21) – The addition of the sentence “If asset exposure falls outside of the above ranges, the OCIO will be required to provide justification at the FIC following the investment limit breach.”
Management of Mutual Capital (section 8.5) – Update to the sentence “The aim of the Society is to maintain a “solvency ratio” of 150% [increased from 140%] to 180%, subject to a minimum “solvency ratio” of 125%.”
Other changes were made to improve the clarity and presentation of the PPFM and/or to correct omissions or terminology, without materially affecting its substance (sections 1.2, 2.1(c), 3.2, 3.15, 3.23, 4.3, 4.20, 5.12).
A copy of the PPFM can be obtained free of charge below or by contacting the office on 01226 741 000.