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Do I have a with-profits policy? - Your policy is likely to be a with-profits policy (in whole or in part) if your policy document (issued when your policy started) mentions 'with-profits' or 'carries the right to participate in the profits/surplus assets of Scottish Widows/the Society'
And at least one of the following applies:
- You have received each year a statement of your bonus headed 'Bonus Notice'
- You have received an Annual Benefit Statement referring to the Unitised With-Profits bonus rate and showing the value of units in the with-profits fund
- Your policy number starts with the letter 'Z' followed by the numbers '03'
and you have not:
- Switched from with-profits into unit-linked or other non-with-profits benefits
- Or started to take a pension from your policy (unless your policy is a Unitised Annuity)
Do I have a 'conventional' or 'unitised' with-profits contract?
Conventional with-profits - The with-profits part of your policy is likely to be a 'conventional with-profits' contract if you have received each year a statement called 'Bonus Notice' that shows what bonuses have been added in the year.
Unitised with-profits - The with-profits part of your policy is likely to be a 'unitised with-profits' contract if: You have received an Annual Benefit Statement each year referring to the Unitised With-Profits bonus rate and showing the value of units in the with-profits fund or your policy number starts with the letter 'Z' followed by the numbers '03'
This article was taken from Scottish Widows Website 27/5/2008
To contact Scottish Widows - Telephone - 08457 678910
