For customers | With-Profits investments

High Equity With Profits

Fund (WP2) quarterly fund
factsheet
Quarter Three 2015

High Equity With-Profits Fund (WP2)

Fund description
The WP2 fund offers a guarantee that the unit price will not fall (i.e. guaranteed return of capital
including annual bonus additions to date), if held to maturity date. WP2 invests in a wide range
of bonds, gilts, equities in the UK and overseas, plus direct property. Effective from 1 April 2015,
the target level of equity exposure is 60% - 70% of the overall investment, and the fund aims to
produce superior long-term returns through the growth potential afforded by investment in
equities. Any annual bonus will be declared in advance and the unit price will be increased
smoothly on a daily basis throughout the year in line with the rate of bonus declared. This will
protect the capital value of your investment from the volatility normally associated with equities
if the funds is held to the selected retirement date. A terminal bonus (TB) or market value
reduction (MVR) may be applied in certain circumstances when the benefit becomes payable. The
TB and MVR rates are not guaranteed. The current rates are shown at the end of this factsheet.

Performance
These returns are for periods ending 31 August 2015.
3 mths
(%)
-5.4%

1 yr
(%)
2.5%

3 yrs
(% pa)
7.2%

5 yrs
(% pa)
7.0%

10 yrs
(%pa)
5.6%

31/12/13

31/12/14
7.1%

31/12/12

31/12/13
11.8%

31/12/11

31/12/12
9.6%

31/12/10

31/12/11
-0.3%

31/12/09

31/12/10
12.4%

Source: Aegon. Figures in s on a bid-to-bid basis, net of charges, with gross income reinvested
to 31 August 2015. Periods of greater than one year show annualised compound returns.
Past performance is no guide to future performance. The value of this investment can fall as well
as rise for a number of reasons, for example market and currency movements. You may get
back less than the amount originally invested if you surrender the policy prior to the selected
maturity date.
These figures represent the investment return on the WP2 fund net of annual management
charge, but not incorporating charges for guarantees and the distribution from the inherited
estate (see Enhancements to asset share for more information). Actual With-Profit payouts also
incorporate the effects of smoothing of investment returns and will therefore not necessarily
reflect these returns.
Further information on the operation of With Profits funds is available from our website www.aegon.co.uk/with-profits.
If you have any questions, please speak to your financial adviser.

Fund Information
Fund Size (m)
Launched
Closed to new business*
Annual Management Charge
SEDOL Code

1,317.2
Feb 1996
Oct 2002
1%
783389

* This fund was closed to new customers in October 2002. You can continue any regular
premiums you are currently paying, but you will not be able to pay in any one-off lump sums or
switch money into With-Profits from any other investment you may have with us.

2
2

Asset allocation as at 31 August 2015

UK Equities
Overseas Equities
Property
Bonds & Fixed Interest

45.08%
11.88%
9.04%
34.00%

Reversionary bonus rates

Year
1996
1998
2000
2001
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

- 1997
- 1999
(01.01.01
(01.04.01
(01.04.02
(01.04.03
(01.04.04
(01.04.05
(01.04.06
(01.04.07
(01.04.08
(01.04.09
(01.04.10
(01.04.11
(01.04.12
(01.04.13
(01.04.14
(01.04.15

31.03.01)
31.03.02)
31.03.03)
31.03.04)
31.03.05)
31.03.06)
31.03.07)
31.03.08)
31.03.09)
31.03.10)
31.03.11)
31.03.12)
31.03.13)
31.03.14)
31.03.15)
onwards)

Rate
Applied
7%
6.5%
5.75%
5.75%
5.25%
4.5%
2.25%
1.25%
0.50%
0.25%
1.25%
2.5%
1%
2%
3%
1.50%
1.50%
1.50%
1.75%

Future benefits from contributions invested are not guaranteed and depend on the bonuses declared by
Aegon.

2
3
3

Guarantee Charges and Estate Distributions

Amounts payable to policyholders are guided by the calculation of asset shares. This reflects the
accumulation of premiums paid less any withdrawals, contract charges and expenses at the rate of
investment return on the underlying With Profits fund assets.
In addition, the investment return is increased by any distributions made from the estate and decreased
by charges for guarantees payable to the estate. The estate represents the excess of assets within the
With Profits fund over and above the amount required to meet customer benefits. Aegon has no
entitlement to any of the estate and we aim to distribute the estate equitably to with profits policyholders
over time.
The combination of these effects, plus an allowance for smoothing of investment returns, is then reflected
in policy payouts through the terminal bonus and MVR rates. The following table illustrates the effect on
the annual investment return from the movements to/from the estate (before any smoothing is applied).
Calendar
Year

2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

Investment
Performance
before estate
movements
8.4%
15.7%
7.9%
3.9%
-16.4%
16.2%
12.4%
0.2%
10.1%
12.4%

Charge for
guarantees
(to the
estate)
-1.25%
-0.75%
-0.50%
-0.25%
-0.25%
-0.50%
-0.50%
-0.50%
-0.50%
-0.50%

Estate
distribution
(from the
estate)
2.00%
1.50%
0.50%
0.25%
0.25%
0.50%
0.50%
Nil
Nil
Nil

Investment
Return after
estate
movements
9.2%
16.5%
7.9%
3.9%
-16.4%
16.2%
12.4%
-0.3%
9.6%
11.9%

Source: Aegon. Figures on a bid-bid basis, net of charges, with gross income reinvested.
It is important to note that the above estate distributions are not guaranteed. It may become necessary
to remove some or all of these (*) should the Scottish Equitable With Profits Fund (of which this
investment fund forms a part) experience adverse conditions.
(*)

Due to a continuation of a low interest rate economic environment, there has been an increased cost
of investment and other guarantees over recent years. To protect the capital position of the fund if
this continues, it has proved necessary to recover part of the past estate distributions from 2006
through 2012. The amounts recovered, totalling 7%, remain within the With Profits fund as part of
the estate. The table above reflects the position after this recovery.

2
4
4

Terminal bonus & market value reduction rates (effective 1 October 2015)
Investment Date
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March

1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
2000
2000
2000

MVR
Rates

Terminal
Bonus
Rates

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

74%
74%
69%
71%
72%
75%
70%
68%
69%
66%
66%
61%
61%
62%
60%
55%
56%
50%
54%
44%
53%
53%
47%
42%
36%
32%
33%
32%
34%
35%
50%
54%
47%
41%
38%
37%
35%
33%
29%
35%
32%
33%
33%
40%
37%
29%
24%
25%
33%
28%

April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August

2000
2000
2000
2000
2000
2000
2000
2000
2000
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2004
2004
2004
2004
2004
2004
2004
2004

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

31%
30%
28%
28%
23%
29%
28%
31%
31%
32%
35%
42%
36%
38%
42%
45%
48%
64%
58%
53%
54%
54%
56%
52%
54%
56%
67%
79%
78%
91%
84%
81%
87%
98%
95%
98%
87%
81%
80%
76%
75%
76%
74%
74%
69%
70%
67%
69%
69%
72%
70%
73%
70% 2
5
5

September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January

2004
2004
2004
2004
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2005
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2009

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

67%
66%
63%
57%
56%
54%
56%
58%
53%
50%
47%
46%
44%
47%
42%
36%
34%
32%
31%
32%
36%
35%
34%
33%
31%
29%
28%
26%
27%
26%
26%
24%
22%
24%
26%
26%
24%
21%
24%
23%
29%
29%
31%
27%
27%
33%
35%
31%
44%
56%
56%
50%
59%

February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June

2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2013
2013
2013
2013
2013
2013

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

67%
66%
59%
54%
55%
47%
39%
34%
37%
34%
31%
32%
30%
24%
25%
29%
32%
28%
26%
22%
21%
24%
19%
20%
18%
18%
16%
17%
18%
18%
25%
28%
23%
24%
22%
20%
18%
18%
19%
22%
20%
18%
16%
16%
16%
14%
14%
10%
8%
6%
6%
5%
9% 2
6
6

July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November

2013
2013
2013
2013
2013
2013
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%

5%
7%
8%
5%
5%
4%
5%
3%
4%
4%
3%
4%
4%
1%
3%
2%
0%

December
January
February
March
April
May
June
July
August

2014
2015
2015
2015
2015
2015
2015
2015
2015

1%
4%
4%
5%
5%
6%
2%
4%
0%

0%
0%
0%
0%
0%
0%
0%
0%
0%

The rates shown are not guaranteed and can be

increased or decreased at any time. In normal
circumstances we aim to review rates on a
quarterly basis. If money is taken out at any
time other than on death or selected retirement
date the amount may be subject to an MVR,
which would reduce your final plan value.

Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered office: Edinburgh Park,
Edinburgh EH12 9SE. Registered in Scotland (No. 144517). Authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services
Register number 165548. An Aegon company. www.aegon.co.uk
2015 Aegon UK plc
7