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PPFM – Principles & Practices of Financial Management

Recent changes to the PPFM

The Principles and Practices of Financial Management (PPFM) are reviewed by the Board regularly, and the most recent changes were agreed as summarised below.

View the current version of the PPFM – latest version January 2020

Summary

The practices have been reviewed to remove redundant wording, to improve clarity with no material changes to the principles, and to update them to reflect:

  • The removal of the market value reduction subsidy for all business written from 1 January 2020 and the reduction in the charge that is made to assets shares in respect of the expected cost of this guarantee. This reflects a change following the Society’s move to an investment strategy which is designed to more actively mitigate downside market risk and enables the Society to continue to write increasing volumes of new business whilst remaining financially strong.  For ISA business written on recurrent premiums, a new policy is issued for each tax year which means that any contributions made to these ISA policies from the 2020/21 tax year onwards do not have the market value reduction subsidy.

 

‘I have always been pleased with the returns from my Metfriendly policies.’

Mr P Payne, Bordon

‘I would recommend Metfriendly to everyone.’

Mrs V Thompson, Dagenham

‘Hassle-free savings that are started every year on my behalf, without me having to call up.’

 

D.C. R McLaren, Hackney Borough Stations

‘Very pleased with the service I’ve received to help me save money direct from my salary.’

DC Chris W, SO15

Very happy with the service. I have a number of policies for myself and my children.

Police Sergeant S Drysdale, DPS Borough Support

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house. I will be signing back up next year to help save towards my kids future.’

Mrs A Cooper, Met CC, Bow

Good service – always very helpful and informative.

Miss J Coward, South Norwood, London

Great opportunity for family members to be offered the same offers as members.

Miss A McLeary, ESB

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house which we are moving into next month. I will be signing back up next month to help save towards my kids future.’

 

Amanda Cooper (Met CC, Bow)