Important documents
We received approval for our proposals from the High Court and the Court of Session. The transfer of policies will take place on 27 October 2023.
The information on this page is for customers who have a policy with Phoenix which is not transferring.
If your policy is with PLAL it is transferring to Phoenix. Please go to the PLAL section of this website to find out how the transfer affects your policy.
Customer information
We only wrote to Phoenix customers who have unit-linked or with-profits funds where there are changes to the way their funds are managed as a result of the transfer.
Here’s the letter we sent to those customers between May and August 2023.
Don’t worry if you didn’t receive a letter about the transfer.
We didn’t write to customers where there is no impact on their policy and no change to the way the funds they are invested in are managed.
The following information explains what’s happening and provides answers to the questions you may have. Please have a read to find out more about what the transfer means for you.
A guide which includes a summary of the terms of the proposed transfer (the Scheme) and a summary of the report from the Independent Expert who was appointed to review the proposed transfer.
An information sheet which includes more detail about the changes to with-profits policies.
A booklet which includes answers to some questions that you may have about the proposed transfer.
Technical information
Here’s some additional information that you may find helpful.
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 has 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 has concluded that his opinion of the impact of the transfer on all policyholders (existing Phoenix policyholders or transferring policyholders) stated in his initial report, 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 existing Phoenix policyholders.
Summary of the effect of the transfer on Phoenix policyholders – April 2023
This is a summary of the Independent Experts report on the effect of the transfer on all policyholders (existing Phoenix policyholders or transferring policyholders).
Summary of the effect of the transfer on all policyholders – April 2023
The Independent Expert has 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 has stated that his conclusions are unchanged.
Update from the Independent Expert (updated 3 October 2023)
The legal document which sets out the terms of the transfer.
Proposed UK Scheme document - updated on 21 July 2023
On 21 July 2023, we updated the Proposed UK Scheme Document and replaced the previous version that was available on this website. We changed the following:
- the name of the High Court has been corrected on the first page; and
- an additional transferring subsidiary has been added to Schedule 3.
This document shows the change made to Schedule 3.
Change to the Proposed UK Scheme Document
This is a summary of the Scheme.
The legal notice which set out the details of the UK Court hearing.
Actuarial Reports
The Chief Actuary is an actuary who has been appointed by an insurer to provide guidance to the Board on actuarial matters.
The Chief Actuary of Phoenix prepared a report regarding the impact of the transfer on the policyholders of Phoenix.
Report from the Chief Actuary of Phoenix – 18 April 2023
The With-Profits Actuary of Phoenix prepared a report regarding the impact of the transfer on with-profits policyholders of Phoenix.
Report from the With-Profits Actuary of Phoenix– 18 April 2023
The Chief Actuary of Phoenix has prepared a supplementary report in which he updates his review of the effect of the transfer on Phoenix policyholders to include any developments since the initial report. The appendix of this report also includes the updated opinion of the With-Profits Actuary(ies).
Supplementary Report from the Chief Actuary of Phoenix - September 2023
The Chief Actuaries of PLAL, Phoenix and SLAL, and the With-Profits Actuary of SLAL have produced a joint update of their view on the impact of the transfer and any developments since their supplementary reports.
With-profits policies
Following the transfer, no other with-profits policies will be transferred into any of the Phoenix with-profits funds.
New with-profits funds will be set up in Phoenix to accept the with-profits policies which are transferring from PLAL and SLAL.
The Phoenix with-profits funds will continue to be managed in line with the Phoenix PPFM. The PPFM describes in detail how the Phoenix with-profits funds are managed and how bonuses are determined.
There will be some updates to the PPFM as a result of the transfer. New sections will be added, which will set out how the new with-profits funds for the business transferring from PLAL will be managed. There will be some other changes as a result of the transfer
Here you can read more about the changes to with-profits policies.
You can see a draft of the updated Phoenix PPFM we’ve prepared.
Draft Phoenix Principles and Practices of Financial Management
Following the transfer, the Terms of Reference for the Phoenix, PLAL and SLAL With-Profits Committees will be combined and aligned. There will be no change to membership of the With-Profits Committees or their responsibilities as a result of the transfer. The Scheme will amend certain minor requirements. You can see a draft of the updated Terms of Reference we’ve prepared.
Jersey and Guernsey
There were additional Schemes and court hearings for policies which are part of the business carried on in or from within Jersey (The Jersey Scheme), or that have been issued to customers resident in the Bailiwick of Guernsey (The Guernsey Scheme).
More about the Jersey and Guernsey court processes
Customer information
We only wrote to Phoenix customers who have unit-linked or with-profits funds where there are changes to the way their funds are managed as a result of the transfer.
Here are the letters we sent to those customers between May and August 2023.
Letter for Jersey policyholders
Letter for Guernsey policyholders
Don’t worry if you didn’t receive a letter about the transfer.
We didn’t write to customers where there is no impact on their policy and no change to the way the funds they are invested in are managed.
If your policy falls under the Jersey Scheme or the Guernsey Scheme, the content of the Scheme guide and other booklets applies to you. You can find these in the Customer information section
Technical information
If your policy falls under the Jersey Scheme or the Guernsey Scheme, the content of the other technical documents applies to you.
There are additional Scheme documents for the Jersey and Guernsey Schemes. These are the legal documents which set out the terms of the transfer.
Proposed Guernsey Scheme document
The legal notices which set out the details of the Jersey and Guernsey Court hearings.