When does an MVA not apply?

Even where we have announced that an MVA applies, it is important to remember that a deduction is not made in the following circumstances:

• If you leave your money invested in the Guaranteed Growth Fund, an MVA will not apply. However, an MVA may apply to future withdrawals and switches.
• If you are already taking a regular withdrawal from the Guaranteed Growth Fund before we have announced that MVAs apply, then an MVA will not apply.
• The amount of MVA being applied depends on when the investment into the Guaranteed Growth Fund was made, and it may be that investments recently made may not have an MVA applied.
• An MVA will not apply if money is being paid in the event of death.
• An MVA will not apply at the end of the plan term (Wealthmaster Plan), or a specified investment term (Premier Account) or a Life Care Plus claim (Lifetime and Wealthmaster Plan).
• An MVA will not apply for Guaranteed Growth Fund investment in the Flexible Savings Plan, if the Guaranteed Growth Fund investment is held until maturity and the term to maturity is not less than ten years.
• For more details please refer to the policy conditions.

MVA-free regular withdrawals are subject to limits per policy year. You should check that these limits are valid when pre-specifying regular withdrawals.

*CMI Insurance Company Limited guarantees that the price of units in the Guaranteed Growth Funds can never fall, although a market value adjuster (MVA) may apply if you withdraw from the funds before the end of the plan term. The level of MVA depends on the currency and date of investment. Please read the ‘Clerical Medical Guaranteed Growth Funds and the market value adjuster explained’ leaflet (HE568) for more information.