2017 AWL policy transfer

Phoenix Life Limited (PLL) policyholders will not see any changes – This Guide for Phoenix Life Limited policyholders explains what the Scheme means for PLL policyholders and contains a summary of the terms of the Scheme and a summary of the Independent Expert’s report.

Guide for Phoenix Life policyholders

Information about the transfer was sent to transferring policyholders during August and September 2017.

Sun Life customers received the following information:

Letter for SunLife customers, which includes questions and answers that SunLife customers may have about the Scheme

Scheme guide ‘The Transfer of your Policy’, which includes a summary of the terms of the Scheme for SunLife customers

Summary of the Independent Expert’s Report for SunLife customers

Phoenix Wealth customers received the following information:

Letters for Phoenix Wealth customers

Letters for Phoenix Wealth customers who are self invested Retirement Wealth Account holders

Letter for trustees and administrators of Trustee Investment Plans

Scheme guide, which includes a summary of the Independent Expert's report along with a summary of the terms of the Scheme.

'Your Questions Answered' leaflet, which includes answers to some questions that Phoenix Wealth customers may have had about the Scheme.

Here is some additional information regarding the transfer that you may find helpful.

Report from the Independent Expert – 14 July 2017

A report prepared by the Independent Expert (Mr Oliver Gillespie, FIA) 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). The PRA and FCA are our industry regulators.

Supplementary report from the Independent Expert – 10 November 2017

The supplementary report sets out the Independent Expert’s consideration of the likely effect of the transfer on policyholders in light of developments since his main report, including the financial position of AWL and PLL as at 30 June 2017, and his conclusion that his opinion of the impact of the Scheme on policyholders remained unchanged.

Full Scheme document – November 2017

The legal document, setting out the terms of the transfer, which was approved by the High Court.

Actuarial Reports

Report from the Chief Actuary of Phoenix Life Limited – 13 July 2017

Supplementary report from the Chief Actuary of Phoenix life Limited – 10 November 2017

Report from the Chief Actuary of AXA Wealth Limited – 13 July 2017

Supplementary report from the Chief Actuary of AXA Wealth Limited – 10 November 2017

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 Life Limited (PLL) prepared a report regarding the impact of the transfer on the policyholders of PLL.

The Chief Actuary of AXA Wealth Limited (AWL) prepared a report regarding the impact of the transfer on the policyholders of AWL.

In their supplementary reports, the Chief Actuaries of PLL and AWL considered developments since their main reports, including the financial position of PLL and AWL as at 30 June 2017, and concluded that their respective opinions on the likely effect of the transfer on policyholders remained unchanged.

AWL had a small number of policies that may have been issued to people resident in Guernsey. These policies were transferred separately under a Guernsey Scheme. The Guernsey scheme was on substantially the same terms as the UK Scheme.

The Guernsey Court hearing took place on 24 November 2017, at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey GY1 2PB. Policies of Guernsey residents transferred to PLL on the same date as all of the other policies.

Guernsey Scheme document – November 2017

A draft of the legal document, setting out the terms of the transfer, which was approved by the Royal Court of Guernsey.