With Profits Operating Principles (WPOP)

How we manage our funds

As we have with-profits policies, we also publish WPOP documents that show you just how our with-profits funds are managed.

The with-profits policies we hold were transferred from The Royal London Mutual Insurance Society Limited (Royal London) on 7 February 2019. Some of Royal London’s documentation, such as the Royal London Principles and Practices of Financial Management (PPFMs), continue to be relevant for our policyholders. This is explained in the WPOP documents. Some documents produced by Royal London are therefore included on this page.

The WPOP documents were previously referred to as PPFM Guides. We have renamed them to be WPOP documents because of new regulations that have been introduced in Ireland. There have been no material changes to the PPFM Guides previously published on our website. 

Choosing the relevant WPO

Policy Issue by

Relevant Documents

Royal Liver Assurance Limited in Ireland, Irish Life Assurance or Caledonian Insurance Company

Liver Ireland Sub-Fund WPOP

Royal London in Germany German Bond Sub-Fund WPOP

Liver Ireland Sub-Fund

Liver Ireland Sub-Fund WPOP

This is a closed fund that relates to with-profits business previously with Royal Liver Assurance Limited and sold in Ireland. This business was transferred from Royal London to Royal London DAC on 7 February 2019. 

Royal London PPFM

There remains a link between the Liver Ireland Sub-Fund and Royal London’s Royal Liver Sub-Fund, as explained in the WPOP. Royal London explain how they manage their Royal Liver Sub-Fund in the Royal Liver Sub-Fund PPFM.

What charges for guarantees are applied to policies in the Liver Ireland Sub-Fund?

We have produced this document that sets out the charges for guarantees that currently apply.

German Bond Sub-Fund

German Bond Sub-Fund WPOP

This is a closed fund that relates to with-profits business sold in Germany and transferred from Royal London to Royal London DAC on 7 February 2019. 

Royal London PPFM

There remains a link between the German Bond Sub-Fund and Royal London’s Main Fund, as explained in the WPOP. Royal London explain how they manage their Main Fund in the Royal London PPFM.

Investment mix and investment returns

Supplementary information on investment mix and investment returns (up to 30 June 2019) for with-profits policies in the:

Liver Ireland Sub-Fund 
German Bond Sub-Fund 

Directors’ reports on compliance 

These reports refer to compliance with the WPOPs over the previous year. Since the WPOP came into force on 7 February 2019, when policies were transferred from Royal London to Royal London DAC, no directors’ reports are currently available.

You can find Royal London’s directors’ reports on compliance with their PPFMs on their website here. These will be relevant for the period before 7 February 2019 when policies were transferred to Royal London DAC.