Countrywide Assured

Countrywide Assured is a name many people recognise from a pension, life insurance policy, endowment or investment bond they took out years, sometimes decades, ago. It no longer sells new policies to new customers in the way a high street insurer does. Instead, its business is looking after a large book of existing policies: it administers them and, in its own words, "retains complete responsibility for providing your policy benefits"¹. If you hold a policy with the brand, the practical questions are usually what you have, what it is worth, what it costs, and what you can do with it.

The policies it looks after fall into a few broad types. Pension plans, including traditional and unitised with profits pension plans, are invested in funds that build up a pot you later turn into retirement income. Life assurance policies pay a sum of money on death, and some also build up a value over time. Endowments and investment bonds are long term savings policies, often taken out alongside a mortgage or as a way of investing for a set period. Protection policies, such as life cover, are there to pay out on illness or death rather than to grow in value. Countrywide Assured also looks after policies for legacy customer groups, including Canada Life customers, former Canada Life customers and former CASLP clients².

What Countrywide Assured looks after: pensions, life policies, endowments and bonds

The common thread across everything Countrywide Assured administers is that these are long term policies. The company describes its policies as "designed with the long term in mind" and suggests focusing on long term performance rather than short term movements⁷. That matters for how you judge the policy: a fund that has fallen over the past year is not necessarily performing badly against what it was set up to do.

For pensions, the money you pay in is invested in one or more funds until your selected retirement date, when you choose how to turn it into income. For more on how pensions work generally, see the guide to pensions. Life assurance policies combine a promise to pay on death with, in some cases, an investment element. Endowments, a product common in the 1980s and 1990s, were typically taken out to repay an interest only mortgage at the end of its term, and many are still running. Investment bonds are single premium policies that hold a lump sum in funds. If yours was sold alongside a home loan, the guide to mortgages explains how interest only mortgages are repaid.

Countrywide Assured's funds invest in a spread of underlying assets: shares, bonds, property, futures and cash, and they may also invest in collective investment schemes such as unit trusts and Open Ended Investment Companies⁸. The tax treatment depends on the fund type. Pension policies investing in UK pension funds are not subject to tax, while UK life funds pay income and capital gains tax, with an estimate for that liability built into the daily fund price⁸.

If you are unsure what type of policy you have, your latest Annual Statement is the place to look: it shows the policy type, the benefits covered and any guarantees attached³. If you cannot find it, contact Countrywide Assured with your policy number and it will confirm the details.

How unit linked funds work

Most modern investment and pension policies are unit linked. Countrywide Assured defines a unit linked fund as "an investment fund that is divided into units, each representing an equal share of the fund"⁸. When you pay money in, charges are deducted first, and the remainder buys units in your chosen fund. As the value of the fund's underlying investments rises or falls, so does the price of each unit, and so does the value of your policy.

Unit prices are calculated daily, excluding weekends and public holidays⁸. Some policies hold two types of units: accumulation units, typically purchased for regular contributions, and capital units. The annual management charge tends to be higher for capital units⁸. The underlying assets are mainly managed by external investment managers, and the mix of assets in any one fund varies⁸.

One feature worth knowing about is that the company may freeze the price of units or suspend buying and selling of units if the markets experience excessive levels of volatility⁸. Countrywide Assured states that the last time this occurred for funds it holds was after the attacks on the World Trade Center in New York on 11th September 2001⁸. A suspension is rare, but it means you could be temporarily unable to cash in units while markets are in turmoil.

With profits policies and the former Save & Prosper funds

A large share of Countrywide Assured's book is with profits business, and it works differently from unit linked investing. With a traditional with profits life assurance policy, your money is paid into an investment fund, the Guardian Assurance With Profits Fund, and the policy provides a minimum amount, referred to as the "sum assured", at the maturity date or on your death, as long as your premiums are up to date¹¹. A traditional with profits pension plan pays contributions into the same fund and provides a minimum guaranteed pension at your selected retirement date¹¹.

The returns come from bonuses. For a traditional with profits life assurance policy, an Annual or Reversionary Bonus is added each year, and once added, "the yearly bonus cannot be taken away although it may not be paid in the final year of your policy"¹¹. A Final or Terminal bonus may also be payable for some policies. For a unitised with profits pension plan, the bonus is added each day by increasing the with profits unit price, which means "the unitised with profits unit price will never fall", and a Terminal or Final Bonus may be added at your selected retirement date or on death before that date, though this bonus is not guaranteed and may not be payable¹¹.

Who decides the bonuses matters. All Countrywide Assured's with profits business, except for the Save & Prosper With Profits Funds, is managed by ReAssure, which was formerly known as Guardian Assurance plc¹¹. ReAssure makes all the decisions on bonuses, fund investment policy and valuations for pension plans, and surrender values for life assurance policies, while Countrywide Assured remains responsible for your benefits and the day to day running of the policy¹¹.

Insurance companies are required to produce an annual report detailing how they have complied with their Principles and Practices of Financial Management, known as the PPFM¹. Countrywide Assured has responsibility for the former Save & Prosper funds and provides an annual report for these funds showing PPFM compliance, and an independent With Profits actuary reviews the report each year and provides the summary¹. If you hold a Save & Prosper policy, that report is where you can see how the fund is being run.

How the charges on your policy work

Every policy has charges, and they are deducted from your money before it is invested: "Your money is invested in your chosen fund after we've deducted the charges from your premiums"⁹. Countrywide Assured sets out several types of charge on its policies, and it stresses that charges vary for each policy, with any figures shown on its own pages being illustrative only¹².

The main charges work as follows:

• Benefits charge: covers the cost of providing your policy's benefits¹²
• Administration charge, also called the policy charge: covers the cost of looking after your policy, including keeping you up to date about it each year until its maturity date¹²
• Annual management charge: calculated each day based on the value of the fund¹²
• Surrender charge: applied if you surrender your policy before the maturity date¹²
• Transfer charge: applied if you transfer your policy to another provider before the selected retirement date¹²

The annual management charge is deducted when pricing the fund rather than by selling units from your plan, so the amount shown on your statement is an estimated charge rather than a separate deduction you can watch leave your account¹². For with profits policies, the charges are particular to your policy, and Countrywide Assured asks you to contact it for details¹¹.

To find out what your own policy costs, check your latest Annual Statement, which carries details of your policy's charges⁷. Countrywide Assured is also currently making improvements to its Annual Statements to show details of all your policy charges and more⁷. For with profits pension plans, the administration charge covers looking after your plan until your selected retirement date, with details available on request¹¹. For today's figures for your own policy, contact Countrywide Assured or check your statement rather than relying on general illustrations.

Switching funds or transferring your pension: check for guarantees first

Two things people often want to do with an old policy are switch it into a different fund, or transfer a pension to another provider. Both can make sense, and both can go wrong if you do not check the details first.

If you are thinking of switching to another fund, Countrywide Assured's advice is to check your policy for any guarantees and any possible switching charges, and to use your latest annual statement to do so⁵. This matters especially with with profits policies, where guarantees such as a minimum sum assured, a minimum guaranteed pension or a minimum guaranteed fund value can be worth a substantial amount, and can be lost the moment you move out of the with profits fund¹¹.

Transferring a pension to a different provider is a bigger step. Countrywide Assured is blunt about it: "once you transfer your pension, there's no going back"¹³. It strongly recommends you read its Transfer guide and get financial advice before going ahead¹³. A transfer charge may also apply if you transfer your policy to another provider before the selected retirement date¹².

Before any pension transfer, the first check is what you would give up. Countrywide Assured advises checking your policy for any guarantees and any possible switching charges before switching to another fund, and your latest annual statement will help¹⁵. Policy guarantees are valuable benefits which could be lost if you switch funds or transfer to another provider, and once you transfer your pension, there's no going back¹⁵. There are also rules designed to protect pension savers from scams when money moves between schemes: under the transfer regulations, a transfer can proceed if the receiving scheme is a Public Service Pension Scheme, an authorised Master Trust or an authorised Collective Money Purchase Scheme¹⁵. A 2026 government consultation proposes amending the rules so that the first condition may also be met where trustees are satisfied, on the balance of probabilities, that the transfer is to a reputable pension scheme, so that the transfer will not lead to a scam¹⁶. If someone is pressuring you to move your pension quickly, that pressure is itself a warning sign: see the guide to scams and fraud.

Your options when you reach pension age

Countrywide Assured states that its pension options are available to everyone over the age of 55, and that it is possible to start benefiting from your pension from the age of 55, or even earlier if you can no longer work due to poor health⁴. The normal minimum pension age of 55 is the general rule for workplace and personal pensions, and official guidance confirms you may still be able to take your pension before age 55 in certain circumstances, for example if you are unable to work due to ill health¹⁷.

Taking your pension early has consequences. Payments you continue to make into a pension "will continue to benefit from tax relief"⁴, but accessing a defined contribution pension in a particular way, known as flexible access, triggers the money purchase annual allowance. Examples of flexible access include taking a lump sum of £10,000 or more, or using flexi-access drawdown⁴. Once that applies, you benefit from tax relief on money you pay in of up to 100% of your taxable earnings or £10,000, whichever is lower⁴. Before any flexible access, the standard rules apply: tax relief on pension contributions of up to 100% of your UK earnings each year¹⁷, up to 100% of your earnings as long as you are under 75¹⁸, or £3,600 if your earnings are lower¹⁹. Independent guidance puts the usual annual allowance at up to £40,000 each year, depending on your level of earnings²⁰.

Taking tax free benefits also uses up part of your Lump Sum Allowance and Lump Sum Death Benefit Allowance⁴. If you are retiring early due to an illness likely to affect your life expectancy, some providers may boost your pension²¹, and Citizens Advice notes you might be able to get your pension sooner if you are retiring due to ill health²². You can also usually carry on claiming a personal or workplace pension while working, as long as you have reached the age agreed with your pension provider²³.

When you come to convert your pot into income, an annuity is one option, and providers take your postcode, health and lifestyle into account to calculate your life expectancy and how much an annuity will pay you⁴. The decisions at this point are significant and hard to reverse, which is why the guidance and advice routes in the section below matter. The guide to pensions sets out the main options in full.

Managing your policy online with MyPolicy

Countrywide Assured offers an online service called MyPolicy. You can register to access your policy information online via MyPolicy², which means you can check details such as your fund and policy information without waiting for your annual statement or calling the company. Registration is through the Countrywide Assured website.

MyPolicy is useful for the everyday questions: which fund you are invested in, what your policy type is, and what your current details show. Your latest Annual Statement remains the document that shows your policy's investment fund⁹, and it is also where you will find your charges and any guarantees³, so it is worth keeping hold of each year's statement as well as using the online service.

If you want to put more money into your policy, note that it may not be possible to do this with an older policy, and Countrywide Assured asks you to call to find out⁵. If you hold a protection policy and your premium has changed, any change is usually the result of your regular Policy Review, which exists to keep the policy on track to achieve its target or to continue the current level of benefits³.

Making a claim or dealing with a bereavement

If you need to claim on a protection policy, for example after an illness or disability, Countrywide Assured publishes a claims guide that aims to make the claim process easier for you in the event of an illness or disability, and the company says it aims "to make the process as simple and stress-free as possible"². Your latest Annual Statement shows the benefits covered by your policy, and you can contact Countrywide Assured with your policy number for details³. If you want to reduce the level of your cover, whether you can, and how, depends on the type of policy you have, so call with your policy number³.

After a death in the family, there are two strands to deal with: the policy itself and any state support. Countrywide Assured publishes a Bereavement guide offering practical help and support during this difficult time². Separately, you may be entitled to state benefits. Bereavement Support Payment is for people who were married or in a registered civil partnership, and you can apply online, by telephone or by post. You will need your National Insurance number, your bank or building society account details, the date your spouse or civil partner died, and your partner's National Insurance number²⁴. Your partner must have paid national insurance contributions, or have died because of an accident at work or a disease caused by their work, in which case their contributions might not matter²⁵.

A Funeral Expenses Payment helps with the cost of a funeral. To claim, call the Department for Work and Pensions Bereavement Service if you live in England, Scotland or Wales, or the Northern Ireland Bereavement Service if you live in Northern Ireland, and seek advice if the funeral is not in the UK²⁶. The guide to benefits covers these and other payments in more detail.

Where to get independent guidance and advice

Countrywide Assured provides information and does not make recommendations or give advice as to the suitability of its products⁵. That is a deliberate boundary: it can tell you what your policy does, but not what to do with it. For guidance or advice, the organisation or company you deal with needs to be regulated, and Countrywide Assured points to Pension Wise and independent financial advisers as examples of where this is available⁵.

Pension Wise is the free government backed guidance service for people with defined contribution pensions. You can have an appointment if you are 50 or over, or under 50 in certain circumstances, such as retiring early due to poor health, having inherited a pension, or your scheme letting you take your pension before age 55²⁷. Citizens Advice also publishes guidance on preparing your finances for retirement and on what you can do with your pension pot²², and nidirect carries equivalent information for Northern Ireland¹⁷.

For a personal recommendation, an independent financial adviser is the route, and these advisers normally charge. Countrywide Assured suggests visiting unbiased.co.uk to find a regulated and independent financial adviser in your area⁷. Before taking any guidance or advice, make sure the organisation or company is regulated⁵. The guide to consumer protection explains how to check a firm's status and where the Financial Ombudsman Service fits in if things go wrong.

How money with Countrywide Assured is protected

Money held with Countrywide Assured sits within the same banking group as the Halifax, Lloyds Bank, Birmingham Midshires and Scottish Widows brands, and eligible money held with Bank of Scotland is protected by the Financial Services Compensation Scheme up to £120,000⁶. Countrywide Assured is a former trading name of Bank of Scotland plc, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with FCA reference number 169628⁶. You can check this on the FCA Register, which lists Countrywide Assured among the group's previous trading names⁶.

What protection applies depends on the product. Money in a pension or life insurance policy is an investment, not a bank deposit, so it is not covered by the deposit protection that applies to savings. Instead, the value of your policy depends on the performance of the funds it is invested in, and the guarantees written into the policy itself, such as the sum assured on a traditional with profits life policy or the minimum guaranteed pension on a with profits pension plan¹¹. Those guarantees are the company's promise, backed by the firm that administers the policy.

If you are unhappy with the service you have received, complain to Countrywide Assured first, using the contact routes on its website². If the company cannot resolve your complaint, you can take it to the Financial Ombudsman Service, the free independent body that rules on complaints about financial firms. The guide to consumer protection explains the process step by step.