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 Offshore With-Profits fund, an MVA will not apply.
• If you are already taking a regular withdrawal from the Offshore With-Profits fund before we have announced that MVAs apply, then an MVA will not apply to that regular withdrawal.
• If you have already instructed us that you want to start taking a regular withdrawal from the Offshore With-Profits fund from a specified date, 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 Offshore With-Profits 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.
• For more details please refer to the policy conditions.

*CMI Insurance Company Limited guarantees that the price of units in the Offshore With-Profits Fund can never fall, although a market value adjuster (MVA) may apply when you withdraw from the funds. The level of MVA depends on the currency and date of investment. Please read the ‘Clerical Medical Offshore With-Profits and the market value adjuster explained’ leaflet (HE567) for more information.