Questions & Answers
We received approval for our proposals from the High Court and the Court of Session. The transfer of policies is expected to 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 is expected to 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 SunLife policy
Your SunLife policy is provided by Phoenix. It is not transferring and will remain with Phoenix.
You won’t see any changes to the way your policy works as a result of the transfer. Your policy number and policy terms and conditions won’t change.
Your policy benefits, including any guarantees, will not be affected by the transfer.
You’ll continue to contact the same SunLife customer services team using the same details as you do now.
*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 is expected to 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 SunLife policy is provided by Phoenix. It is not transferring and will remain with Phoenix.
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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.
You’ll continue to see the SunLife logo on the communications you receive. You’ll speak to same SunLife team using the same phone numbers as you do now.
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There will be no change to your policy benefits as a result of the transfer. If you have guarantees, these will not be affected by the transfer.
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Your premiums will not be affected by the transfer. You’ll continue to make the same payments in the same way as you do now.
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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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You’ll continue to contact the same SunLife team using the same details as you do now.
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No. Any arrangements you currently have in place with a funeral provider will not be affected.
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If you’re not sure what policies you have, please call your usual SunLife customer service team. You can find their number on your most recent letter or annual statement.
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Your policy will remain secure.
Phoenix will maintain financial security for your policy. Phoenix will continue to hold more capital than the amount required under regulations with the aim of ensuring that policies remain protected, even under difficult financial conditions.
Phoenix will be a much bigger company after the transfer. It will continue to issue new SunLife policies, and will issue new Standard Life policies. In determining the amount of additional capital to hold, the increase in the size of Phoenix will be taken into account, as well as the mixture of risks and the expected amount of new business to be issued. This will ensure that financial security 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.
Your policy and benefits
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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 is expected to take place on 27 October.
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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 is expected to 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 took place on 5 and 6 October 2023 at the High Court and 3 October 2023 at the Court of Session.
We received approval for our proposals from both of these courts and so the transfer is expected to take place on 27 October 2023.
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The transfer is expected to take place on 27 October 2023.
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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 is expected to 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 is expected to 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.