Additional conditions applicable to smoothed linked long-term contracts
8. The conditions under this paragraph are—
(a)the manager must make available, to each investor who is also a policyholder or to anyone else requesting it, the information necessary to enable a person making such a request properly to understand the essential elements of the insurer’s commitment under the terms of the policy;
(b)the manager must make available, to each investor and anyone else requesting it, information on its policy on and charges for smoothing;
(c)no payment may be made or property attributed from the underlying fund to any person other than an investor, except for permitted reductions in the investor’s rights and investment property in accordance with regulation 9;
(d)the manager must manage the underlying fund with the aim of attributing to each investor on the maturity or surrender of his rights under the linked long-term contract a value that falls within a target range which is notified to each investor before he enters into the linked long-term contract;
(e)except as provided for in paragraph (f), there is no guarantee of the value of an investor’s rights under the linked long-term contract;
(f)the manager may guarantee that, on the death of an investor, the value of an investor’s rights under the linked long-term contract are no more than 101 per cent .of the total of the value of the units allocated to that contract.