2018 Abbey Life policy transfer

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

Guide for Phoenix policyholders

Information about the transfer was sent to transferring Abbey Life policyholders during August, September and October 2018.

Abbey Life customers received the following information:

Letters for Abbey Life customers, which includes questions and answers that Abbey Life customers had about the Scheme.

Letter for with-profits policyholders

Letter for non-profit or unit linked policyholders

Letter for policyholders who only have an annuity

Letter for financial advisers

Scheme guides, which include a summary of the terms of the Scheme and a summary of the report from the Independent Expert who was appointed to review the Scheme.

Scheme guide for Abbey Life policyholders

Scheme guide for Abbey Life policyholders who only have an annuity

With-profits leaflets, which include a summary of the changes to with-profits policies.

With-profits leaflet for policyholders in the Abbey Life Participating Business Fund

With-profits leaflet for policyholders in the Hill Samuel Participating Business Fund

‘Your Questions Answered’ leaflet, which includes answers to some questions that Abbey Life policyholders had about the scheme.

Your Questions Answered leaflet

Here is some additional information that you may find helpful.

Report from the Independent Expert – July 2018

A report prepared by the Independent Expert Tim Roff, 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 – November 2018

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 Abbey Life and Phoenix as at 30 June 2018, and his conclusion that his opinion of the impact of the Scheme on policyholders remained unchanged.

Full Scheme document – July 2018

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

Actuarial Reports

The Chief Actuary is an actuary who has been appointed by an insurer to provide guidance to the Board on actuarial matters.

Report from the Chief Actuary of Phoenix – July 2018

Supplementary report from the Chief Actuary of Phoenix – November 2018

Report from the Chief Actuary of Abbey Life – July 2018

Supplementary report from the Chief Actuary of Abbey Life, containing a supplementary opinion of the With-Profits Actuary of Abby Life – November 2018

Report from the With-Profits Actuary of Abbey Life – July 2018

The Chief Actuary of Phoenix prepared a report regarding the impact of the transfer on the policyholders of Phoenix.

The Chief Actuary of Abbey Life prepared a report regarding the impact of the transfer on the policyholders of Abbey Life.

The With-Profits Actuary of Abbey Life prepared a report regarding the impact of the transfer on with-profits policyholders of Abbey Life.

In their supplementary reports, the Chief Actuaries of Phoenix and Abbey Life considered developments since their main reports, including the financial position of Phoenix and Abbey Life as at 30 June 2018, and concluded that their respective opinions on the likely effect of the transfer on policyholders remained unchanged. The supplementary report from the Chief Actuary of Abbey Life includes an appendix which provides the opinion of the With-Profits Actuary of Abbey Life supporting the conclusions in respect of the with-profits policyholders of Abbey Life.

Abbey Life has a small number of policies that may have been taken out as part of the business carried on by Abbey Life in or from within Jersey, or have been issued to people resident in Guernsey. These policies were transferred separately under a Jersey Scheme and a Guernsey Scheme on 31^st December 2018. These schemes were on substantially the same terms as the UK Scheme.

Jersey Scheme information

On 21^st December 2018 the Royal Court of Jersey approved our proposals to transfer the policies held by Jersey policyholders of Abbey Life to Phoenix Life Limited.

Jersey policyholders of Abbey Life received the following letters:

Letter for Jersey with-profits policyholders

Letter for Jersey non-profit or unit linked policyholders

Letter for Jersey policyholders who only have an annuity

Jersey Scheme document – July 2018

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

Guernsey Scheme information

On 21^st December 2018 the Royal Court of Guernsey approved our proposals to transfer the policies held by Guernsey policyholders of Abbey Life to Phoenix Limited.

Guernsey policyholders of Abbey Life received the following letters:

Letter for Guernsey with-profits policyholders

Letter for Guernsey non-profit or unit linked policyholders

Letter for Guernsey policyholders who only have an annuity

Guernsey Scheme document – July 2018

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