A Market Value Reduction (“MVR”) may be applied to your accumulated premiums when you surrender an ISA, With-Profit Bond or Flexible Savings Plan.
Premiums attract annual bonuses throughout the period of the plan but, following a period of adverse investment experience, your accumulated premiums may exceed the value of the assets that we hold to back your plan. To avoid our other members experiencing an unacceptable loss when you surrender in these circumstances, we may apply an MVR.
MVRs do not currently apply. They last applied from October 2008 to September 2009.