Clerical Medical applies first ever general MVA

For the first time Clerical Medical has decided to apply a general market value adjuster (MVA) to its With-Profits fund in response to the sustained decline in global equity markets. The group explained that so far this year, stock market values have been depressed and its trigger point for an MVA review was breached some time ago. The group noted however, that high encashment volumes from the Clerical Medical With-Profits Fund had not been experienced to date. This said, Clerical expects encashments to increase against a background of MVAs already being applied by other providers, th...