What is a Market Value Adjustment / Reduction?

A Market Value Adjustment (MVA) is a potential reduction to the cash-in value of your plan.

It is designed to ensure that you receive your fair share of the ISA With-Profits fund, and that other investors cashing in their units do not adversely affect the value of your continuing investment.

We may apply an MVA in certain circumstances, for example, where market values are low.

However, we guarantee not to apply it if you cash in all or part of your plan on the 10th anniversary from the date the plan started or on payment of the death benefit.

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