Important documents
On 27 October 2023, all Phoenix Life Assurance Limited policies transferred to Phoenix Life Limited.
The information on this page is for customers who had a PLAL policy which transferred to Phoenix.
If your policy is already with Phoenix then please go to the Phoenix section of this website to find information about how the transfer affects your policy.
Customer information
We sent the following information to transferring PLAL customers between May and August 2023.
Letter for Jersey policyholders
Letter for Guernsey policyholders
The following guides include a summary of the terms of the transfer (the Scheme) and a summary of the report from the Independent Expert who was appointed to review the proposed transfer.
This leaflet includes more detail about the changes to with-profits policies.
With-profits changes explained leaflet
This booklet includes answers to some questions customers may have had about the transfer.
Technical information
A report prepared by the Independent Expert John Jenkins, Milliman LLP, which considered the effect of the transfer on policyholders. His appointment was approved by the Prudential Regulation Authority (PRA) in consultation with the Financial Conduct Authority (FCA).
Report from the Independent Expert – 18 April 2023
The Independent Expert produced a supplementary report in which he updates his review of the effect of the transfer on all policyholders. This report considers any developments since the Independent Expert signed his initial report. He concluded that his opinion of the impact of the transfer on all policyholders (existing Phoenix policyholders or transferring policyholders) remains unchanged.
Supplementary Report from the Independent Expert – September 2023
This is a summary of the Independent Experts report on the effect of the transfer on all policyholders (transferring policyholders and existing Phoenix policyholders).
Summary of the effect of the transfer on all policyholders – April 2023
The Independent Expert produced a further update in which he considers his review of the effect of the transfer on all policyholders and any developments since his supplementary report. The Independent Expert stated that his conclusions are unchanged.
Update from the Independent Expert (updated 3 October 2023)
The Independent Expert also produced a summary of his report on the effect of the transfer on PLAL policyholders and PLAL annuitants. You can read the summary for policyholders in Section 6 of the Scheme Guide above and the summary for annuitants in the Scheme guide for annuitants.
The legal document which sets out the terms of the transfer.
With-profits information
The with-profits policies in PLAL transferred to corresponding new with-profits funds which were set up in Phoenix. These new with-profits funds are identical to the corresponding with-profits funds in PLAL.
Here you can read more about the changes to with-profits policies.
With-profits changes explained leaflet
The Principles and Practices of Financial Management (PPFM) describes in detail how with-profits funds are managed.
Following the transfer the Phoenix PPFM was updated to include new sections for each of the PLAL with-profits funds. There were also some other updates as a result of the transfer.
You can see the updated Phoenix PPFM here.
Phoenix Principles and Practices of Financial Management
Following the transfer, the Terms of Reference for the Phoenix, PLAL and SLAL With-Profits Committees have been combined and aligned. There is no change to membership of the With-Profits Committees or their responsibilities as a result of the transfer. The Scheme amended certain minor requirements. You can see the updated Terms of Reference we’ve prepared.