Pearl bids to remove with-profits fund 'constraints'

It says the move will remove the fund’s “investment constraints” and could boost returns for its 400,000 policyholders. Pearl says it will involve transferring NPLL With-Profits Self Employed Retirement Plans (SERPs), which have valuable guarantees, to a newly created with-profits fund in Pearl Assurance. Currently the NPLL fund, it says, is not permitted to have different investment strategies for different groups of policyholders. This means it has been tied to a cautious investment policy across the entire fund to meet the cost of the guarantees as SERPs policyholders retire. It ad...