This is the value, as at the relevant date, of the discretionary component of adjusted policy liabilities. This item is determined for capital base purposes in accordance with the relevant prudential and reporting standards. The discretionary component relates to the component of the policy liabilities whose valuation is subject to certain discretionary decisions made by the reporting entity. 

This is the discretionary component of the adjusted policy liabilities. It is the amount
by which they would reduce if:
- future bonuses and discretionary additions were set to zero;
- policy owner retained profits, investment fluctuation reserves and unallocated
surplus were set to zero; and
- surrender values were reduced to minimum termination values (or contractual
minimum surrender values if greater).