Questions & Answers
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.
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We received approval from the High Court and the Court of Session to transfer the policies of Phoenix Life Assurance Limited (PLAL) and Standard Life * to Phoenix Life Limited (Phoenix).
All of these companies are part of Phoenix Group, the UK’s largest long-term savings and retirement business.
The transfer will take place on 27 October 2023.
To transfer these policies we have followed a rigorous legal and regulatory process designed to protect customers. You’ll find more information about the court process on this website.
Your Phoenix policy
Your policy is with Phoenix and will not move as part of the transfer. You’ll see no difference to the way your policy works.
There will be no change to your policy number, your policy terms and conditions, to the benefits payable on your policy, or to any guarantees you may have, as a result of the transfer.
You’ll continue to contact the same customer services team using the same details as you do now. You’ll continue to access policy information online in the same way as you do currently.
*Standard Life refers to Standard Life Assurance Limited and Standard Life Pension Funds Limited.
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We received approval from the High Court and the Court of Session to transfer the policies of Phoenix Life Assurance Limited, Standard Life Assurance Limited and Standard Life Pension Funds Limited to Phoenix Life Limited.
Phoenix will become a much larger company after the transfer and will issue new policies under a number of different brands, including the Standard Life brand.
The transfer will take place on 27 October 2023.
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Standard Life* became part of Phoenix Group in 2018 when it was acquired from investment company Standard Life Aberdeen plc (now known as abrdn plc).
In May 2021, Phoenix Group took full ownership of the Standard Life brand, reinforcing their commitment to Standard Life customers.
After the transfer, although Phoenix will be responsible for the Standard Life policies, Standard Life customers will continue to see the Standard Life brand and can expect the same Standard Life experience from the same people.
*Standard Life refers to Standard Life Assurance Limited and Standard Life Pension Funds Limited
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We’re doing this 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.
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The ‘Scheme’ is how we refer to our proposed transfer of PLAL, SLAL and SLPF policies to Phoenix.
Details of the proposed transfer is set out in a legal document known as a Scheme document. This sets out the terms under which the transfer will take place. A copy of the full Scheme document can be found on this website. You can also find a summary of the Scheme.
What’s happening?
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Your policy is with Phoenix and will not transfer. You will remain a policyholder of Phoenix, who will continue to be responsible for your policy in the same way as it is now.
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You’ll see no difference to the way your policy works. There will be no change to your policy number, your policy terms and conditions, to the benefits payable on your policy, or to any guarantees you may have, as a result of the transfer.
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There will be no change to the value of your policy benefits or the way your bonuses are calculated and applied to your policy as a result of the transfer. If you have guarantees on your policy, these will not be affected by the transfer.
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There will be no change to the terms and conditions of your policy as a result of the transfer.
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There will be no change to any guarantees or options you have as a result of the transfer.
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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.
If you have any guarantees on your policy, these will not be affected, and the way the Phoenix with-profits funds are invested will not change as a result of the transfer.
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Your policy is not being transferred. It will remain with Phoenix and will continue to be part of the same fund as it is now.
If your policy was originally with NPI Limited*, the way it is invested will be simplified.
*See the question further down that referes to NPI Limited.
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Except for with-profit policies originally sold by NPI Limited*, the transfer will not affect your with-profits fund and no other policies will be transferred into your Phoenix with-profits fund. New funds will be set up in Phoenix to accept the transferring policies.
*See the next question that referes to NPI Limited.
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If your policy was originally sold by NPI Limited, it currently sits in the Phoenix Non-Profit Fund. The with-profits benefits of these policies are currently allocated to the NPI With-Profits Fund in Phoenix, which then invests them in the Pearl With-Profits Fund in PLAL.
After the transfer, these with-profits benefits will invest directly in the Pearl With-Profits Fund set up in Phoenix, removing the involvement of the NPI With-Profits Fund.
You’ll see no change to your benefits as a result of this simplification. Your benefits are currently invested in the Pearl With-Profits Fund and this will continue to be the case following the transfer.
Communications customers receive after the transfer will refer to the Pearl With-Profits Fund instead of the NPI With-Profits Fund.
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Your with-profits fund in Phoenix will continue to be managed in line with the Phoenix Principles and Practices of Financial Management (PPFM).
There will be some updates to the PPFM as a result of the changes to be made by the Scheme. You can find more detail about these updates in the Your with-profits policy information sheet.
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You can follow the links below for the version of the PPFM you’d like to see:
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If you are invested in a unit-linked fund, your policy will continue to be invested in the same unit-linked funds in the same way and by the same investment manager as now. The transfer will not change the number of units allocated to your policy, or the value of those units.
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Currently, Phoenix has the right to close (wind up) a unit-linked fund if its value falls below a threshold level. After the transfer, the wind-up threshold will be removed. Phoenix will then have the right to wind up a fund or close it to new investment so long as the change is made on terms the Board considers fair to policyholders and policy terms and conditions don’t prevent this.
If a fund is closed, policyholders will be given units of the same value in an alternative fund having similar investment exposure where possible. If policyholders prefer to invest in a different fund they will be able to switch investment free of charge.
There will be no change to Phoenix’s right to close a fund in the Phoenix Wealth and Abbey Life fund ranges as currently a wind-up threshold does not apply to these unit-linked funds.
There will be no changes to Phoenix’s rights in relation to unit-linked funds which are part of the Hill Samuel fund and Target Life fund ranges.
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Your policy is not transferring and you’ll see no difference to the way your policy works as a result of the transfer. There will be no change to the title deed for your property, which is in the name of Phoenix. Phoenix will continue to be responsible for your policy. The property deeds will continue to be stored securely in the same place as currently.
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If you’re not sure what policies you have, please call your usual customer service team. You can find their number in the Contact us section of our website, or on your most recent letter or annual statement.
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Your policy will remain secure.
Financial security for policies is based on the amount of capital held by a company. In other words, the amount of cash or assets held above that needed to meet claims and expenses.
Financial security for your policy will continue to be maintained by Phoenix. Phoenix will hold more capital than the amount required under current regulations with the aim of ensuring that policies remain protected even under difficult financial conditions.
Phoenix will be a much bigger company as a result of the transfer, and will issue new policies under a number of different brands. The calculation of the amount of additional capital held by Phoenix will take into account the size of the company, the mixture of risks and the amount of new business to be issued. This will ensure financial security for all policies is maintained.
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There is no change to your access to FSCS protection as a result of the transfer. The FSCS is a statutory UK based compensation fund which protects policyholders if an insurer is unable, or likely to become unable, to pay claims against it.
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There will be no change to the UK tax status of your policy as a result of the transfer. If you are resident overseas for tax purposes, you may wish to take advice on how the transfer affects your tax position.
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Your policy will continue to have the same options at retirement as now. If you have a guaranteed annuity, this will not be affected by the transfer. You’ll continue to have the option to purchase an annuity elsewhere and will still be able to consider other options.
Your policy and benefits
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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 as you do now.
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If you are paying premiums, these will not be affected by the transfer. You’ll continue to make the same payments at the same time as you do currently.
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If you receive payments from us, there will be no change to the amount you receive or the date you receive any payments as a result of the transfer.
Your payments
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We received approval from both the High Court and the Scottish Court of Session so the transfer of policies to Phoenix Life Limited will take place on 27 October.
Jersey and Guernsey Court hearings
We also received approval from the Royal Court of Jersey and the Royal Court of Guernsey to transfer policies which are part of the business carried on in or from within Jersey, or that have been issued to customers resident in the Bailiwick of Guernsey.
These policies will also transfer on 27 October 2023.
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To transfer these policies we followed a rigorous legal and regulatory process designed to protect customers. This included:
- obtaining approval from the High Court of England and Wales (the High Court);
- obtaining approval from the Court of Session in Scotland (the Court of Session) to vary or replace previous SLAL transfer schemes;
- consulting with our regulators, which are the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA);
- appointing an Independent Expert to share their opinion on the impact of the proposed transfer on policyholders; and
- informing customers of the proposals by writing to them where possible, and publishing notifications in the press and on our websites.
Anyone who felt they may be adversely affected by the transfer had the right to raise an objection. All objections were submitted to the High Court to take into consideration when reaching its decision.
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.
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To transfer the policies, we applied for approval from the High Court of England and Wales (the High Court).
We also required approval from the Court of Session in Scotland to vary or replace previous SLAL transfer schemes.
You’ll find more information about the Court process on this website.
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The court hearings were at:
- The High Court of England and Wales on 5 and 6 October 2023
- The Court of Session, Edinburgh on 3 October 2023
- The Royal Court of Jersey on 17 October 2023
- The Royal Court of Guernsey on 20 October 2023
We received approval from the High Court, the Scottish Court of Session and the courts in Jersey and Guernsey, and so the transfer of policies will take place on 27 October 2023.
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The transfer will take place on 27 October 2023.
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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).
The Royal Court of Jersey Court hearing took place at the Royal Court of Jersey at 9am on 17 October 2023 at the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey JE1 1BA.
The Royal Court of Guernsey Court hearing took place at the Royal Court of Guernsey at 9:30am on 20 October 2023 at the Royal Court of Guernsey, the Royal Court House, St Peter Port, Guernsey GY1 2NZ.
You can find more information about the Jersey and Guernsey court process on this website.
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Policies have been transferred to or from SLAL, through previous schemes under Scots law.
As these previous SLAL Schemes were approved by the Court of Session, any changes to them need the Court of Session’s approval. We have made applications to the Court of Session for its approval to replace or amend the SLAL Schemes, so that the business of SLAL can transfer to Phoenix.
You’ll find more information about the Court process on this website.
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The Independent Expert is an impartial actuary appointed to review the proposed transfer and the impact it will have on policyholders. They have a duty to the High Court to give a professional, independent assessment of the proposed transfer.
John Jenkins, who is a Principal (a senior qualified actuary) at Milliman LLP, has been appointed to review this transfer. His appointment has been approved by our regulator, the PRA in consultation with the FCA.
An actuary is a professionally qualified person who has wide ranging and in depth knowledge of the insurance industry and can use their skills to assess the impact of changes on insurers and on their policyholders.
John Jenkins has produced an independent report, in which he details his review of the proposed transfer and his opinion on whether any group of policyholders are materially adversely affected. In his report he says the Scheme will not have a material adverse effect on any group of policyholders.
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All objections were shared with our regulators, the Independent Expert and also submitted to the High Court to take into consideration when reaching its decision.
We received approval for our proposals and so the transfer of policies will take place on 27 October 2023.
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The information available on our website provides full details of our proposals and formed part of the consultation phase. The legal process we have followed is designed to protect policyholders and means the Scheme doesn’t need to be voted on by policyholders.
However, anyone who felt they may be adversely affected by the transfer had the right to raise an objection. All objections were submitted to the High Court to take into consideration when reaching its decision.
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The costs and expenses will be met by the Phoenix Shareholders’ Fund. No costs will be passed on to policyholders.
More about the process we've followed
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We received approval from both the High Court and the Scottish Court of Session so the transfer of policies to Phoenix Life Limited will take place on 27 October.
Please take the time to carefully read the information we’ve prepared on our website to ensure you understand what the transfer means for you.
You’ll see no difference to the way your policy works. There will be no change to your policy number, your policy terms and conditions, to the benefits payable on your policy, or to any guarantees you may have, as a result of the transfer.
If you have any questions or would like to discuss your policy in more detail please get in touch.
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All the information about the proposals is on this website. You can download and print out the documents or get in touch and we’ll send you copies.
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If you’d like a copy of the any of the documents in a different format then please get in touch and we can arrange for copies to be sent to you.