PM asset switch offers change to CGNU with-profits

NU points out the firm is not actually moving assets from one fund to another, but needs to reduce the Provident Mutual with-profits fund assets into lower risk holdings to secure underlying guarantees on the fund for some of its existing policyholders. Such a move will reduce the potential return for investors so those holding a Provident Mutual mortgage endowment product could see potential returns drop from 6% to 4%. However, the CGNU fund still has a 67% equity ratio so it potentially offers higher returns in the long-term given the exposure to equities and property, and its mid-r...