insurance-based investment product

(1) (other than in DISC) a contract of insurance which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations, and does not include:

1. (a) non-life insurance products as listed in Annex I to Directive 2009/138/EC (Classes of non-life insurance);
2. (b) life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or disability;
3. (c) pension products which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement, and which entitle the investor to certain benefits;
4. (d) officially recognised occupational pension schemes falling under the scope of the UK provisions which implemented Directive 2003/41/EC or UK provisions which implemented Directive 2009/138/EC;
5. (e) individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider.

[Note: article 2(1)(17) of the IDD]

1. (a) a unit-linked policy;
2. (b) a with-profits policy; and

3. (c) a Holloway sickness policy.