On 14 September 2007, the Life Board of the Actuarial Profession issued a briefing note explaining how the mechanics of with-profits policies work (see, Briefing note: With-profit policies).

The note focuses on traditional non-pension endowment policies but goes on to explain how with-profits personal pension plans and with-profits defined contribution company pension schemes operate.

The note also sets out the distinctions between other types of with-profits policies, including whole of life policies, bonds and annuities.