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Term Definition Legal instruments

surplus funds

01/01/2016

THIS DEFINITION ONLY APPLIES TO THE SURPLUS FUNDS PART

means, in relation to a with-profits fund, accumulated profits which have not been made available for distribution to policyholders or other beneficiaries and which:

(1) satisfy the criteria for classification as Tier 1 own funds set out in Own Funds 3.1; and

(2) are represented by the output of the calculations set out in 3.