A Market Value Reduction (MVR) is the method by which your insurance company will ensure that you get your fair share of the With Profits fund when you ask for your money back. It could be applied when the performance of your fund during the time you have been invested is a lower value than the amount shown by the addition of bonuses. The presentation below explains how a With Profits Bond is valued, how the MVR works and why an "MVR Free Date" is so valuable.