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You asked: What are conventional with-profits?

Conventional with-profits policies have an initial guaranteed amount. For life contracts and some pension products this is known as a basic sum assured. For other pension products it can be referred to as the basic benefit amount or guaranteed retirement fund. This initial guaranteed amount will increase over the lifetime of the policy through the addition of regular bonuses, also known as reversionary or annual bonuses.

With the exception of some older pension products, this initial guaranteed amount is the minimum amount payable on death or at the end of the policy.

This is not applicable to the With Profits Pension Annuity.

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