WL With-Profits Sub-Fund: Changes to the Fund's Investment Approach

We've introduced a change to the way some policies within the WL With-Profits Sub-Fund are invested.

Historically, many policies included a feature that gradually moved investments into a lower-risk mix of assets as they approached their planned end date. This approach was introduced at a time when customers generally took their policy benefits at a more predictable point in time.

We've reviewed this approach and decided to phase it out for policies that have not already entered this process by 1 October 2026. Today, customers often have greater flexibility over when and how they access their benefits, meaning the previous approach is no longer the best fit for many customers. 

As a result of this change, more customers will remain invested in the fund's long-term investment strategy for longer. This may provide greater opportunities for investment growth over the longer term, although investment returns are not guaranteed and the value of investments can go down as well as up.

Customers who had already started moving into the lower-risk investment approach before 1 October 2026 will continue under the existing arrangements. This ensures those customers are not disadvantaged by the change.

The change does not affect the terms, guarantees or options available under your policy.

You don’t need to take any action as a result of this change.

If you have any questions, please contact us using the details provided on your annual statement or policy documentation.