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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

with-profits fund surplus

    27The difference between:

      1. (a) the value of the assets of the with-profits fund identified in accordance with COBS 20; and
      1. (b) the value of the best estimate component of technical provisions in respect of the policies written out of or transferred into that with-profits fund and the value of the other liabilities, including those referred to in COBS 20.1A.1 R, in the fund;

    calculated in accordance with PRA Rulebook: Solvency II Firms: Valuation, Technical Provisions, and Surplus Funds rule 2, and applicable parts of the Solvency II Regulation (EU) 2015/35 of 10 October 2014, and as determined by actuarial investigation.