Discretionary participation feature

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A contractual right to receive, as a supplement to guaranteed benefits, additional benefits:

  1. That are likely to be a significant portion of the total contractual benefits;
  2. Whose amount or timing is contractually at the discretion of the issuer; and
  3. That are contractually based on:
    1. The performance of a specified pool of contracts or a specified type of contract;
    2. Realised and/or unrealised investment returns on a specified pool of assets held by the issuer; or
    3. The surplus or deficit of the company, fund or other entity that issues the contract.
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