required percentage

54the required percentage referred to in COBS 20.2.17 R is, for each with-profits fund:

1. (a) the percentage (if any) required in respect of that fund by:
   1. (i) the firm's articles of association, registered rules or other equivalent instrument; or
   1. (ii) a relevant order made by a court of competent jurisdiction;
1. (b) if (a) does not apply, the percentage specified in the firm's PPFM, if that percentage reflects the firm's established practice;
1. (c) if (a) and (b) do not apply, not less than 90 per cent.