How we manage our funds

Following Police Mutual’s transfer to Royal London, all with-profits policies issued by PMAS are invested in Royal London’s Long Term Fund.

You can view and download the following documents from our website

  • ‘Principles and Practices of Financial Management’ (PPFM) which is a technical document that explains the way in which we manage our with profits fund.
  • The Directors report on compliance which is the most recent report about how we’ve complied with the PPFM.
  • ‘A guide to how we manage our with profits fund’ which is a plain English guide to the key points of the PPFM. This includes more information on asset shares and how we decide regular and final bonus rates and MVRs. Guide 1 covers Police Mutual’s conventional with-profits policies: Regular Savings Plan, Low Cost Endowment, Minimum Low Cost Endowment and Children’s Bond. Guide 3 covers Police Mutual’s unitised with-profits policies: Platinum bond, Guaranteed Investment Bond, Guaranteed ISA, Protected Growth OISA, Non Guaranteed OISA, Top-up Pension Plan and Group Personal Pension.

To find these documents visit If you’d like braille, large print or audio versions of these documents, you can ask us to send you copies by calling us on 0345 050 20 20.

Investment strategy and performance

On the website you can also find information on investment mix and investment returns for Royal London’s Long Term Fund.

For performance before the transfer to Royal London on 1 October 2020, you can check the quarterly updates for the Life Fund within our News & Blog section of the website.