Questions & Answers

We received approval from the High Court and the Court of Session to transfer the policies of Phoenix Life Assurance Limited (PLAL) to Phoenix Life Limited (Phoenix).

The transfer took place on 27 October 2023.

At the same time, Standard Life* also transferred all of their policies to Phoenix. PLAL, Standard Life and Phoenix are all part of Phoenix Group, the UK’s largest long-term savings and retirement business.

We followed a rigorous legal and regulatory process designed to protect customers. You’ll find more information about the court process on this website.

So from 27 October 2023 Phoenix became your policy provider and is now responsible for your policy. You won’t notice any change to the service you receive as a result of the transfer, and you’ll continue to use the same contact details and speak to the same team of people that you did before the transfer.

*Standard Life refers to Standard Life Assurance Limited and Standard Life Pension Funds Limited.

We received approval from the High Court to transfer all policies of Phoenix Life Assurance Limited, Standard Life Assurance Limited and Standard Life Pension Funds Limited to Phoenix Life Limited.

The transfer took place on 27 October 2023.

We’ve transferred the policies because Phoenix Group would like to simplify the structure of its business.

Phoenix Group is committed to being a strong and sustainable business over the long term, to meet the needs of its customers and stakeholders. Simplifying the Phoenix Group’s structure will result in greater operational efficiency and reductions in expenses, through more efficient financial reporting, governance and administration. It will also enable more efficient management of the capital within the Phoenix Group’s life companies.

You’ll see no difference in the day to day operation of your policy as a result of the transfer.

There will be no change to your policy terms and conditions, to the current value of your policy benefits, to any guarantees you have or to the way any bonuses are calculated and applied to policies as a result of the transfer.

Your policy has transferred to a corresponding new with-profits fund in Phoenix, which is equivalent to your PLAL with-profits fund. Phoenix is now responsible for your policy.

There will be no change to the value of your policy benefits or the way bonuses are calculated and applied to your policy as a result of the transfer.

Phoenix will calculate annual and final bonuses in the same way as they were previously calculated. The future bonuses added to your policy are expected to be the same as you would have received had you remained a policyholder of PLAL.

More information about how the transfer affects your with-profits policy is in the With-profits changes explained leaflet.

If you are invested in a unit-linked fund, your policy will continue to operate as before and you will see no changes as a result of the transfer. New unit-linked funds have been created in Phoenix and are invested in the same, have the same assets, charges and are priced on the same basis as the previous PLAL funds.

The transfer will not change the number of units allocated to your policy, or the value of those units.

There will be no change to your annuity payments as a result of the transfer. You’ll continue to receive the same amount in the same way.

The transfer won’t change the way you get in touch. You’ll continue to use the same telephone numbers to speak to the same team of people. You’ll find the contact details in the Contact us section of our website, or on your most recent letter or annual statement.

Information about your policy will continue to be available on our website at www.phoenixlife.co.uk.