Protecting your interests

As with everything we do, we’re committed to treating our customers fairly. Our With-Profits Committee provides independent input to make sure with-profits policyholders’ interests are protected.

Standard Life’s With-Profits Actuary also has a responsibility to advise on the fair management of with-profits business. The Committee discusses all relevant issues with the with-profits actuary and may take such external financial, accounting, actuarial, legal or other advice as the Committee deems appropriate.

The With-Profits Committee provides advice to Standard Life on fair treatment for its with-profits policyholders and raises any issues that it feels Standard Life needs to consider. It meets at least four times a year and its duties cover the following:

  • Treating you fairly
    Standard Life is responsible for the management of its with-profits business. The Committee reviews the decisions the company proposes to take to make sure they’re fair for all with-profits policyholders. If it feels they’re not, it will challenge Standard Life to justify them.
  • Your expectations
    The Committee doesn’t deal with individual customer complaints or queries, but it regularly reviews information about with-profits complaints to make sure Standard Life is treating customers fairly. If the Committee thinks there are any issues that Standard Life should be doing more about, it will raise them on your behalf.
  • Speaking up for you
    Standard Life explains how it manages its with-profits business in its with-profits guides. These are based on a more detailed document called the Principles and Practices of Financial Management (PPFM). The Committee checks that Standard Life is operating its business in the way described in the PPFM.
  • Making its views known
    At its meetings the Committee discusses its views and, where relevant, challenges the company's proposed actions with relevant senior managers. The minutes of the meetings, setting out the Committee’s recommendations, are also sent to the Boards of Standard Life, together with any additional reports from the Chairman of the Committee.

Once a year the Committee provides Standard Life with its opinion on how the company managed its with-profits business in the preceding year. The Committee considers in particular the fairness of how with-profits policyholders have been treated and if the business has been managed in the way described in Standard Life’s PPFMs.

Standard Life takes the Committee’s views into account when it produces the company's annual reports to UK with-profits policyholders. There is a separate report for each of Standard Life’s two with-profits funds for its UK business. 

As well as confirming the Committee’s opinion on how Standard Life has managed its with-profits business, the reports highlight any issues that the Committee has identified as being of particular significance. If the Committee ever feels that it has any concerns on which it needs to provide policyholders with further information it will do so here.

With Profits Committee's full terms of referenceWith-Profits Committee's full terms of reference

 Terms of Reference (pdf, 225kb)

Committee members

The With-Profits Committee’s terms of reference require that at least half of the members must be independent; amongst other restrictions these members must not be employed by Standard Life in any other role. Find out more about each of them below:

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