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Principles and practices of financial management

Our guides to the Principles and Practices of Financial Management (PPFMs) explain in detail how we manage our With–Profit funds. You can get a copy of the PPFM for each of Aviva's With–Profit funds here (Just click on the appropriate fund name below). They're very detailed, so if you would prefer to see simplified versions, go to our with–profits homepage. If you're invested in a unit–linked fund, you'll need to refer to our unit–linked PPFM (2,439kb).

Every financial year, we have to produce documents confirming we've complied with our PPFMs. We've produced a report from the Board of Directors and the With–Profits Actuary, together with an Annual Compliance Statement. We've also produced a document highlighting any changes to the PPFMs. You'll find copies of these documents under each fund heading.

From 1 October 2009, with the approval of the High Court and the Aviva board, all the policies of CGNU Life, Commercial Union Life Assurance Company and Norwich Union Life (RBS) Limited were moved into two new sub funds of Aviva Life & Pensions UK Limited (Old With-Profits Sub Fund and New With-Profits Sub Fund).

A new PPFM has been written covering both new sub-funds which from 1 October 2009 totally replaced the PPFMs of CGNU Life Assurance Limited, Commercial Union Life Assurance Company Limited and Norwich Union Life (RBS) Limited. For CGNU Stakeholder Pension policies which were in CGNU Life, the PPFM for this business has been amended to reflect the transfer of policies into Aviva Life & Pensions UK Limited.

PPFM for Aviva Life & Pensions UK Limited Old and New With-Profits Sub Funds

This PPFM is effective from 1 October 2009 and applies to the following

  • Aviva branded policies purchased since June 2009
  • Norwich Union branded policies purchased since October 2000
  • CGU branded policies
  • General Accident branded policies
  • General Life Assurance branded policies
  • Scottish Insurance Corporation branded policies
  • Yorkshire Insurance Company branded policies
  • Yorkshire-General branded policies
  • NatWest With-Profit Bond provided by Norwich Union
  • RBS With-Profit Bond provided by Norwich Union
  • NatWest Portfolio Bond provided by Norwich Union
  • RBS Portfolio Bond provided by Norwich Union
  • NatWest Portfolio bond provided by Aviva
  • RBS Portfolio bond provided by Aviva
  • Commercial Union branded policies
PPFM for CGNU Life Assurance Limited (applicable until 1 October 2009)

PPFM for CGNU Life Assurance Limited

This PPFM was effective until 1 October 2009 and applied to the following:

  • Aviva branded policies purchased since June 2009
  • Norwich Union branded policies purchased since October 2000
  • CGU branded policies
  • General Accident branded policies
  • General Life Assurance branded policies
  • Scottish Insurance Corporation branded policies
  • Yorkshire Insurance Company branded policies
  • Yorkshire–General branded policies
  • NatWest Porfolio bond provided by Norwich Union
  • RBS Portfolio bond provided by Norwich Union
  • NatWest Porfolio bond provided by Aviva purchased since June 2009
  • RBS Portfolio bond provided by Aviva purchased since June 2009
PPFM for Aviva Life & Pensions UK Limited Stakeholder With-Profits Sub Fund (formerly CGNU Life Assurance Limited (Stakeholder Pension))

Aviva Stakeholder Pension policies

  • Aviva branded Stakeholder Pension policies purchased from June 2009
  • Norwich Union branded Stakeholder Pension polices
  • NatWest Stakeholder Pension policies provided by Norwich Union
  • RBS Stakeholder Pension policies provided by Norwich Union
  • NatWest Stakeholder Pension policies provided by Aviva purchased since June 2009
  • RBS Stakeholder Pension policies provided by Aviva purchased since June 2009
PPFM for Commercial Union Life Assurance Company Limited (applicable until 1 October 2009)

This PPFM was effective until 1 October 2009 and applied to the following

  • Commercial Union branded policies
PPFM for Aviva Life International Limited

Aviva International Bonds

  • Aviva International branded policies purchased from June 2009
  • Norwich Union International branded polices
PPFM for Aviva Life & Pensions UK Limited With-Profits Sub Fund
  • Policies invested in the former Norwich Union Life & Pensions Limited With-Profit Fund
  • Norwich Union branded policies purchased prior to October 2000
  • Aviva Isle of Man Pension policies
  • Aviva With Profit Annuities
  • Scottish Union & National branded policies
PPFM for Norwich Union Life (RBS) Limited (applicable until 1 October 2009)

This PPFM was effective until 1 October 2009 and applied to the following:

  • NatWest With-Profit Bond provided by Norwich Union
  • RBS With-Profit Bond provided by Norwich Union
PPFM for Provident Mutual Sub Fund

Applicable to Provident Mutual branded policies

Unit Linked

Unit Linked Customer Friendly PPFM

WC06003 04/2010