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September 2005

Policy Number

Dear Policyholder

IMPORTANT INFORMATION FOR SCOTTISH PROVIDENT WITH PROFITS TRADITIONAL LIFE AND PENSION POLICYHOLDERS

I have recently been appointed as Chief Executive of Abbey’s Insurance and Asset Management Division, which is responsible for all of Abbey’s Life Assurance business. As part of this role, I also am a member of the Abbey Executive Committee.

The reason I am writing to you is to inform you of changes to the way we manage your With Profits Fund.

We have recently made some changes to our Principles and Practices of Financial Management (effective from 30 June 2005) and intend to make some further changes at the end of this year. Please see the attached leaflet explaining these changes in further detail.

Along with this letter you will also find "An Independent Report for 2004 prepared for Scottish Provident Policyholders" b By the SPI Fund Supervisory Committee describing developments in the With Profits Fund.

A more recent development relates to this fund’s property investments. While up to 15% of the fund can be directly invested in property, it was recently decided to take advantage of the current high property values and to dispose of the fund’s entire direct property holdings. The fund will re-invest in property as and when market conditions are appropriate. It is most likely that this will be through indirect rather than direct investment (for example, buying shares in a property fund rather than buying property).

If you would like to speak to someone directly about the information provided in this letter, you can call our help line on 1890 331 331, email us at info@scotprov.ie, or you can also speak to your Independent IntemediaryIntermediary who will be happy to advise on any queries you may have.

Yours faithfully

Paul Bradshaw

Chief Executive

Insurance and Asset Management Division -– Abbey

 

 

Scottish Mutual International Limited is regulated by the Central Bank of Ireland.
Phoenix Life Limited is authorised and regulated by the Financial Services Authority in the United Kingdom .