Sources#

Source ids ([S#] primary product/firm documents; [R#] regulatory/actuarial references) are carried verbatim from _research/with-profits.md and are frozen — never renumber. Only sources actually cited in product-spec.md or technical-notes.md are listed; unused research sources (S14, S15) are omitted but retain their numbers in the research file. No new sources were fetched at drafting.

Access-date note: the research file’s per-entry access dates, originally recorded as “undefined”, have been corrected to 2026-08-03, matching its header statement that all successful fetches were performed on 2026-08-03; that date is used below.

Primary product and firm documents [S#]#

S1 — Prudential Assurance Company: main PPFM#

  • Publisher: The Prudential Assurance Company Limited (PAC), part of M&G plc

  • Title: “Principles & Practices of Financial Management (Applicable to UK with-profits policies issued by or reinsured into The Prudential Assurance Company Limited)”, Version 2.3, April 2026 (44 pp)

  • URL: https://www.mandg.com/assets/shared/documents/en/wpgb0014.pdf

  • Accessed 2026-08-03. Retrieved: YES (PDF fetched; text extracted with pypdf)

S2 — Prudential Assurance Company: PruFund PPFM#

  • Publisher: The Prudential Assurance Company Limited (M&G plc)

  • Title: “Principles & Practices of Financial Management (Applicable to PruFund UK with-profits policies issued by or reinsured into The Prudential Assurance Company Limited)”, Version 2.3, April 2026 (32 pp)

  • URL: https://www.mandg.com/dam/pru/shared/documents/en/wpgb0010.pdf

  • Accessed 2026-08-03. Retrieved: YES (PDF fetched; text extracted with pypdf)

S3 — Prudential PPFM Summary of changes#

  • Publisher: The Prudential Assurance Company Limited (M&G plc)

  • Title: “Principles and Practices of Financial Management — Summary of changes” (8 pp; covers versions to v2.3 April 2026)

  • URL: https://www.mandg.com/dam/pru/shared/documents/en/wpgg10116.pdf

  • Accessed 2026-08-03. Retrieved: YES

S4 — Phoenix Life Limited PPFM#

  • Publisher: Phoenix Life Limited (Phoenix Group)

  • Title: “Phoenix Life Limited — Principles and Practices of Financial Management”, July 2026 (443 pp)

  • URL: https://library.phoenixlife.co.uk/ppfm-pll.pdf

  • Accessed 2026-08-03. Retrieved: YES (PDF fetched; text extracted with pypdf)

S5 — Aviva Life & Pensions UK Limited PPFM (Old & New WPSF)#

  • Publisher: Aviva Life & Pensions UK Limited

  • Title: “Principles and Practices of Financial Management (PPFM) for Aviva Life & Pensions UK Limited Old With-Profits Sub-Fund and New With-Profits Sub-Fund”, 1 January 2026 (50 pp)

  • URL: https://static.aviva.io/content/dam/document-library/adviser/general/gn16214c.pdf

  • Accessed 2026-08-03. Retrieved: YES (direct WebFetch returned HTTP 403; successfully downloaded with a browser user-agent and text-extracted)

S6 — Royal London Main Fund PPFM#

  • Publisher: The Royal London Mutual Insurance Society Limited

  • Title: “Principles and Practices of Financial Management (PPFM) — Royal London Main Fund”, Version 17.7, 1 January 2026 (61 pp)

  • URL: https://www.royallondon.com/siteassets/site-docs/about-us/corporate-goverance/ppfm/rl-ppfm-january-2026.pdf

  • Accessed 2026-08-03. Retrieved: YES (downloaded and text-extracted)

S7 — NFU Mutual PPFM#

  • Publisher: NFU Mutual (The National Farmers Union Mutual Insurance Society Limited)

  • Title: “Principles and Practices of Financial Management (PPFM)” (25 pp; undated current edition from NFU Mutual website)

  • URL: https://www.nfumutual.co.uk/globalassets/investments/with-profits/principles-practices-financial-management-ppfm.pdf

  • Accessed 2026-08-03. Retrieved: YES (downloaded and text-extracted)

S8 — Prudential conventional with-profits customer guide#

  • Publisher: The Prudential Assurance Company Limited (M&G plc)

  • Title: “Your Plan — a guide to how we manage the Fund (Conventional With-Profits Plans: endowment assurance, whole-of-life, and pension plans expressed as yearly income)” (8 pp)

  • URL: https://www.mandg.com/assets/shared/documents/en/wpgb0028.pdf

  • Accessed 2026-08-03. Retrieved: YES

S9 — Prudential PruFund customer guide (smoothing parameter table)#

  • Publisher: The Prudential Assurance Company Limited (M&G plc)

  • Title: “Your With-Profits Plan — a guide to how we manage the Fund (PruFund range of funds)” (8 pp)

  • URL: https://www.mandg.com/assets/shared/documents/en/wpgb0031.pdf

  • Accessed 2026-08-03. Retrieved: YES

S10 — Prudential Investment Plan: Key Features Document#

  • Publisher: The Prudential Assurance Company Limited (M&G plc)

  • Title: “Key Features of the Prudential Investment Plan” (16 pp)

  • URL: https://www.mandg.com/dam/pru/shared/documents/en/pipk10011.pdf

  • Accessed 2026-08-03. Retrieved: YES

S11 — Prudential Investment Plan: Policy Provisions#

  • Publisher: The Prudential Assurance Company Limited (M&G plc)

  • Title: “Policy Provisions — Prudential Investment Plan” (40 pp)

  • URL: https://www.pru.co.uk/pdf/INVM11630.pdf (301-redirects to https://www.mandg.com/dam/pru/shared/documents/en/INVM11630.pdf)

  • Accessed 2026-08-03. Retrieved: YES

S12 — Shepherds Friendly Investment ISA guide (open with-profits product)#

  • Publisher: The Shepherds Friendly Society Limited

  • Title: “Investment ISA — Important Information Guide” (April 2025 edition, 24 pp)

  • URL: https://shepherdsfriendly.blob.core.windows.net/wp-media/2025/05/Investment-ISA-IIG-Final-170425.pdf

  • Accessed 2026-08-03. Retrieved: YES

S13 — M&G/Prudential PPFM document index page#

  • Publisher: M&G plc (Prudential customer site)

  • Title: “Financial Management of With-Profits Fund” (PPFM landing page)

  • URL: https://www.mandg.com/pru/customer/en-gb/funds/ppfm

  • Accessed 2026-08-03. Retrieved: YES

Regulatory and actuarial references [R#]#

R1 — FCA COBS 20.2 “Treating with-profits policyholders fairly”#

  • Publisher: Financial Conduct Authority (FCA Handbook)

  • Title: COBS 20.2 (as displayed 03/08/2026; last updated 26/06/2026)

  • URL: https://www.handbook.fca.org.uk/handbook/COBS/20/2.html

  • Accessed 2026-08-03. Retrieved: YES (full chapter text read via browser; site serves a JS shell to plain fetches)

R2 — FCA COBS 20.3 “Principles and Practices of Financial Management”#

  • Publisher: FCA Handbook

  • Title: COBS 20.3 (as displayed 03/08/2026; last updated 01/01/2016)

  • URL: https://www.handbook.fca.org.uk/handbook/COBS/20/3.html

  • Accessed 2026-08-03. Retrieved: YES (full text via browser)

R3 — FCA COBS 20.4 “Communications with with-profits policyholders”#

  • Publisher: FCA Handbook

  • Title: COBS 20.4 (as displayed 03/08/2026; last updated 01/01/2021)

  • URL: https://www.handbook.fca.org.uk/handbook/COBS/20/4.html

  • Accessed 2026-08-03. Retrieved: YES (full text via browser)

R4 — FCA COBS 20.5 “With-profits governance”#

  • Publisher: FCA Handbook

  • Title: COBS 20.5 (as displayed 03/08/2026; last updated 26/06/2026)

  • URL: https://www.handbook.fca.org.uk/handbook/COBS/20/5.html

  • Accessed 2026-08-03. Retrieved: YES (full text via browser)

R5 — FCA SUP 4.3 “Appointment of actuaries” (actuarial function and with-profits actuary function)#

  • Publisher: FCA Handbook

  • Title: SUP 4.3 (as displayed 03/08/2026; last updated 07/03/2016)

  • URL: https://www.handbook.fca.org.uk/handbook/SUP/4/3.html

  • Accessed 2026-08-03. Retrieved: YES (full text via browser)

R6 — PRA Rulebook: With-Profits Part#

  • Publisher: Prudential Regulation Authority (PRA Rulebook, Solvency II firms sector)

  • Title: With-Profits Part (viewed in force 03/08/2026)

  • URL: https://www.prarulebook.co.uk/pra-rules/with-profits

  • Accessed 2026-08-03. Retrieved: YES (full text via browser; plain fetch returns 403)

R7 — PRA Rulebook: Technical Provisions Part (Solvency UK; treatment of future discretionary benefits, risk margin)#

  • Publisher: PRA Rulebook (Solvency II firms sector)

  • Title: Technical Provisions Part (viewed in force 03/08/2026)

  • URL: https://www.prarulebook.co.uk/pra-rules/technical-provisions

  • Accessed 2026-08-03. Retrieved: YES (full text via browser)

R8 — PRA Rulebook: Surplus Funds Part (regulatory codification of asset-share methodology)#

  • Publisher: PRA Rulebook (Solvency II firms sector)

  • Title: Surplus Funds Part (viewed in force 03/08/2026)

  • URL: https://www.prarulebook.co.uk/pra-rules/surplus-funds

  • Accessed 2026-08-03. Retrieved: YES (full text via browser)

R9 — FSMA 2000 (Regulated Activities) Order 2001, Schedule 1 Part II (classes of long-term insurance business)#

  • Publisher: legislation.gov.uk (UK Statutory Instrument 2001/544)

  • Title: RAO Schedule 1 Part II — Contracts of long-term insurance

  • URL: https://www.legislation.gov.uk/uksi/2001/544/schedule/1/part/II

  • Accessed 2026-08-03. Retrieved: YES

R10 — CMI mortality and morbidity tables page#

  • Publisher: Continuous Mortality Investigation (CMI Limited / IFoA)

  • Title: “CMI mortality and morbidity tables” (actuaries.org.uk)

  • URL: https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/cmi-mortality-and-morbidity-tables

  • Accessed 2026-08-03. Retrieved: YES

R11 — FRC Technical Actuarial Standards (TAS 200; TAS 100)#

  • Publisher: Financial Reporting Council

  • Title: “Insurance Technical Actuarial Standard (TAS 200)” library page

  • URL: https://www.frc.org.uk/library/standards-codes-policy/actuarial/tas-200/

  • Accessed 2026-08-03. Retrieved: YES (TAS 200 page; the general actuarial-standards landing URL tried first returned 404)

R12 — IFoA APS L1: Duties and Responsibilities of Life Assurance Actuaries#

  • Publisher: Institute and Faculty of Actuaries

  • Title: “APS L1: Duties and Responsibilities of Life Assurance Actuaries”, Version 4.0, effective 2 April 2024 (8 pp)

  • URL: https://actuaries.org.uk/media/04ujhlcm/aps-l1-version-4-0.pdf

  • Accessed 2026-08-03. Retrieved: YES (PDF fetched and text-extracted)

R13 — IFoA SA2 resources page (canonical with-profits actuarial literature)#

  • Publisher: Institute and Faculty of Actuaries

  • Title: “Resources for SA2” (Life Insurance specialist syllabus resources)

  • URL: https://actuaries.org.uk/qualify/curriculum/life-insurance/resources-for-sa2/

  • Accessed 2026-08-03. Retrieved: YES (page fetched; the canonical papers it lists — Needleman & Roff 1995; Hibbert & Turnbull 2003; Hare et al. 2000; O’Brien 2012 — were not themselves fetched; cited via this page only)

Cross-product references [REG-R#]#

[REG-R#] tags resolve against the UK cross-product reference library references/regulatory-and-actuarial-references.md (ids R1–R38 frozen there; prefixed REG- in product documents to avoid collision with the product research R-numbering above). Research provenance: _research/regulatory-actuarial.md, compiled 2026-08-03. Entries cited by the two documents in this directory:

  • REG-R1 — PRA Rulebook: Technical Provisions Part. https://www.prarulebook.co.uk/pra-rules/technical-provisions (fetched_ok: yes)

  • REG-R2 — PRA Rulebook: Matching Adjustment Part (with-profits guaranteed annuity elements as MA “eligible element”). https://www.prarulebook.co.uk/pra-rules/matching-adjustment (fetched_ok: yes)

  • REG-R3 — PRA Rulebook: Transitional Measure on Technical Provisions Part. https://www.prarulebook.co.uk/pra-rules/transitional-measure-on-technical-provisions/31-12-2024 (fetched_ok: yes)

  • REG-R4 — Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023 (SI 2023/1346). https://www.legislation.gov.uk/uksi/2023/1346/made (fetched_ok: yes)

  • REG-R12 — FCA Handbook PRIN 2A — The Consumer Duty. https://handbook.fca.org.uk/handbook/PRIN/2A/1.html (fetched_ok: yes)

  • REG-R15 — ITTOIA 2005, Part 4 Chapter 9 — Gains from contracts for life insurance etc. (chargeable event gains; 5% allowance). https://www.legislation.gov.uk/ukpga/2005/5/part/4/chapter/9 (fetched_ok: yes)

  • REG-R16 — HMRC Insurance Policyholder Taxation Manual (IPTM). https://www.gov.uk/hmrc-internal-manuals/insurance-policyholder-taxation-manual (fetched_ok: yes, landing/contents)

  • REG-R17 — Finance Act 2012, Part 2 — Insurance companies carrying on long-term business (BLAGAB, I-E). https://www.legislation.gov.uk/ukpga/2012/14/part/2 (fetched_ok: yes)

  • REG-R18 — HMRC Life Assurance Manual (LAM). https://www.gov.uk/hmrc-internal-manuals/life-assurance (fetched_ok: yes, landing/contents)

  • REG-R22 — Continuous Mortality Investigation — main page (role and subscriber access model). https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation (fetched_ok: yes)

  • REG-R24 — CMI “92” Series tables (AM92/AF92 family). https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/cmi-mortality-and-morbidity-tables/92-series-tables (fetched_ok: yes)

  • REG-R30 — CMI Mortality Projections Model CMI_2025 (announcement, with Working Paper 211). https://actuaries.org.uk/news-and-media-releases/news-articles/2026/mar/10-mar-26-cmi-model-shows-further-rise-in-cohort-life-expectancy/ (fetched_ok: yes)

  • REG-R32 — ONS National life tables (UK series, 2021–2023). https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/lifeexpectancies/bulletins/nationallifetablesunitedkingdom/2021to2023 (fetched_ok: yes)

  • REG-R33 — FRC Technical Actuarial Standard TAS 100: General Actuarial Standards, v2.0. https://www.frc.org.uk/library/standards-codes-policy/actuarial/tas-100/ (fetched_ok: yes, standard’s FRC page)

  • REG-R38 — UK Endorsement Board — IFRS 17 Insurance Contracts (UK adoption). https://www.endorsement-board.uk/projects/ifrs-17-insurance-contracts/ (fetched_ok: yes)

Provenance note#

Extraction details — the key facts recorded per source, the extracted specification sections, the cross-insurer variation analysis and the gaps/caveats register that this product’s documents draw on — live in _research/with-profits.md. The cross-product regulatory bibliography with full annotations lives in _research/regulatory-actuarial.md (drafting provenance for references/regulatory-and-actuarial-references.md). Notable recorded gaps inherited by this specification: current declared bonus rates and EGRs were not collected (snapshot rates are std); original conventional policy conditions for closed books are unpublished (Chassis B anchors are std); Scottish Widows/Clerical Medical PPFMs could not be retrieved (S15, not cited); simple vs compound bonus classification is unverified convention; CMI qx tables are subscriber-restricted.

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