- About Phoenix Life
- Transfers and mergers
- 2023 EEA policy transfer
- EEA policy transfer
EEA policy transfer
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On 1 January 2023, we transferred all of the Irish, German, and Icelandic business in Phoenix Life Limited (Phoenix) to the new Irish company, Phoenix Life Assurance Europe dac (PLAE).
At the same time, ReAssure Life Limited (ReAssure) transferred its Swedish, Norwegian, and German policies to PLAE.
Phoenix, ReAssure and PLAE are all part of Phoenix Group.
You’ll find more information about the transfer in the sections below.
Phoenix policyholders who haven’t transferred will not see any changes.
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During July and August 2022, the following information was sent to customers who took their policy out in Ireland.
Letters which highlight the key points about the transfer.
Letter for non-profit policyholders - August 2022
Letter for with-profit policyholders - August 2022
Letter for annuity customers - August 2022A guide which includes a summary of the terms of the transfer (the Scheme) and a Summary Report from the Independent Person who was appointed to review the transfer.
Scheme guideA leaflet which includes more detail about the changes to with-profits policies.
With-profits changes explained leafletA booklet which includes answers to some questions that customers may have had may have about the transfer.
Your questions answered - August 2022 -
Here’s some additional information that you may find helpful.
A report prepared by an Independent Person, Philip Simpson, who is a Principal (a senior qualified actuary) at Milliman LLP, which details his review of the transfer and his opinion on whether any group of policyholders were materially adversely affected.
We informed the CBI of his appointment, which was approved by the PRA in consultation with the FCA.
Report from the Independent Person - 1 July 2022This is a summary of the Independent Person’s report.
Independent Person's Summary ReportThe supplementary report sets out the Independent Person’s consideration of the likely effect of the transfer on policyholders in light of developments since his main report, including the financial position of Phoenix and PLAE as at 30 June 2022, and his conclusion that his opinion of the impact of the Scheme on policyholders remains unchanged.
Supplementary report from the Independent ExpertThe legal document which sets out the terms of the transfer. Document updated on 26 September 2022 to correct a spelling error, provide additional clarity and include an updated actuarial calculation.
UK Scheme documentThe legal document which incorporates the Irish Scheme, setting out the terms of the transfer of Irish policies. Document updated on 26 September 2022 to correct a spelling error, provide additional clarity and include an updated actuarial calculation.
Irish PetitionThis is a summary of the UK and Irish Schemes.
Scheme summaryThese are the legal notices which set out the details of the UK and Irish Court hearings.
UK Legal notice
Irish Legal noticeActuarial 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 - 30 June 2022The 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 - 30 June 2022The Head of Actuarial Function for PLAE prepared a report regarding the impact of the transfer on all policyholders.
Report from the Head of Actuarial Function for PLAE - 28 June 2022In their supplementary reports, the Chief Actuary of Phoenix and the Head of Actuarial Function for PLAE consider developments since their main reports, including the financial position of Phoenix and PLAE as at 30 June 2022, and conclude that their respective opinions on the likely effect of the transfer on policyholders remains unchanged.
The supplementary report from the Chief Actuary of Phoenix includes an appendix which provides the opinion of the With-Profits Actuary of Phoenix supporting the conclusions in respect of the with-profits policyholders of Phoenix.
Supplementary report from the Head of Actuarial Function for PLAE
Reinsurance agreements
The following reports detail the reinsurance agreements that will be in place.
Phoenix With-Profits Fund reinsurance agreement
90% With-Profits Fund reinsurance agreement
Alba With-Profits Fund reinsurance agreement
Phoenix Unit-Linked reinsurance agreementInformation relating to with-profits policies
With-profits policies that were sold in Ireland transferred to new with-profits funds that were set up in PLAE.
To minimise the impact on customers, PLAE entered into a reinsurance arrangement with Phoenix and transferred the economic responsibility for the policies back to Phoenix. As a result of this reinsurance, the PLAE with-profits policies continue to invest in the same with-profits fund in Phoenix as they did before the transfer.
The with-profits funds in Phoenix continue to be managed in accordance with the Phoenix Principles and Practices of Financial Management (PPFM) which describes how the with-profits funds are managed. The PPFM was updated to take account of the transfer and reinsurance arrangement:
Phoenix Principles and Practices of Financial Management
The Phoenix Board continue to be responsible for the general management of the Phoenix with-profits funds.
The Phoenix With-Profits and SPI With-Profits Fund Supervisory Committee (WPC) oversee decisions made by the Phoenix Board in relation to its management of the Phoenix with-profits funds and are also responsible for determining investment and bonus policy for the SPI WPF With-Profit Fund. The Terms of Reference of the committee was updated to take account of the reinsured in business from PLAE.