Examples of WP Fund in a sentence
For the purposes of this paragraph 20, the " Relevant With-Profits Fund Closure Date" shall be the date determined by the PLAE Board on which the relevant PLAE WP Fund shall cease to be maintained.
The manner and timing of the distribution of such surplus shall be determined by the PLAE Board in accordance with, and subject to, paragraph 16 where applicable and shall be as fair and equitable as is practicable, subject to the need to ensure a prudent amount is retained in respect of any amounts which may be charged to the relevant PLAE WP Fund in accordance with this Scheme.
For the avoidance of doubt, neither Phoenix nor PLAE may allocate any such costs to a Phoenix WP Fund or, as the case may be, a PLAE WP Fund.
This paragraph 27 applies to any Transferred Policy that is, immediately prior to the Effective Date, written in or allocated to the Non-Profit Fund of Phoenix if and to the extent that the WP Investment Element is transferred or allocated to, or reinsured by, the Phoenix SPI WP Fund.
Except as expressly permitted or required by this Scheme, no part of any surplus in any PLAE WP Fund shall be applied over time other than as bonus on, or reduction, rebate or suspension of premiums to, or otherwise applied for the benefit of, any Policy which is written in, reinsured or allocated to the relevant PLAE WP Fund (including to meet liabilities of the same).
Without limitation, such basis may include an allocation of investment return as if distinct and different asset mixes had been allocated to identified groups of Policies, whether or not the NPL WP Fund in fact holds such assets.
Except as otherwise provided in this Scheme, the PLAL Long-Term Insurance Fund shall be operated in accordance with Parts E to G of the PLAL 2012 Scheme in relation to the NPL WP Fund and on the basis that (without limitation) paragraphs 22 ( Merger and closure of linked funds), 26 (Capital support and the Pearl Capital Policy) and 28 (Reallocation of certain policies) of the PLAL 2012 Scheme shall apply in relation to the NPL WP Fund on the basis that the NPL WP Fund is a WP Fund of PLAL.
The PLAL Board shall (save to the extent that such practice is inconsistent with the provisions of this Scheme) manage the NPL WP Fund having regard to the established practices of NPLL as set out, from time to time, in its PPFM prior to the Transfer Date, as they applied in respect of the National Provident Life Fund or the Transferred Policies comprised therein.
For the avoidance of doubt, the effect of this provision is that (i) PLAL shall be required to close the NPL WP Fund if the statutory liabilities (gross of reassurance) relating to With- Profits Policies allocated or reassured to the NPL WP Fund fall below £50 million and (ii) PLAL may at any time, subject to the requirements of paragraph 23.2 of the PLAL 2012 Scheme, transfer the Policies, assets and liabilities allocated to the NPL WP Fund to another WP Fund.
Amounts allocated to the NPL WP Fund in respect of investment management fees shall be determined by the PLAL Board on such basis as the PLAL With-Profits Committee may approve, such approval not to be unreasonably withheld.