Transfers of business

The information contained on this page is correct as of 1 December 2008.

The High Court hearing scheduled for 4 December 2008 was adjourned. We now anticipate the effective date for the transfers of business into Phoenix Life Limited will be during the first quarter of 2009, if approved. We will keep this website updated with information.

If you are reading this page about our proposals to transfer certain businesses of Scottish Provident Limited and Scottish Mutual Assurance Limited into Phoenix Life Limited or The Royal London Mutual Insurance Society Limited then you have probably been directed here by a letter we have sent you, one of our national adverts or by your financial adviser.

If you are interested in what we propose and how it works, you can access below the letter and pack we are sending to affected policyholders, together with a number of documents that have been submitted to the High Court.

Our plans require approval of the High Court. Our regulator, the Financial Services Authority (FSA), has also reviewed our plans and an Independent Expert was appointed to review the proposals to ensure the protection of all policyholders involved in the transfers. A copy of the Independent Expert’s report is also available below.

Please feel free to read and download any of the documents on the site. These documents tell you what we are planning to do, how we intend to do it and what the impact is on you. They also detail the steps you can take if you wish to object to the High Court about the transfers. If you have any questions, please call the helpline on 0845 938 0521

UK Timetable of Events

June / July 2008

Documents relating to the transfers, including internal actuarial reports, the Independent Expert’s report and policyholder mailing packs were submitted in draft to the FSA for their approval.

7 August

Initial (Directions) hearing held at the High Court of England and Wales at which we asked the High Court for directions about how to communicate information regarding our proposals to policyholders.

From 8 August

Policyholder mailing commences - letter, Questions and Answer leaflet, brochure and (where applicable) with profits leaflets, sent to policyholders outlining the proposed transfers, their impact, how to find out more and how to raise any queries or objections.

Legal notice of proposed transfers published in the press.

9 December

Final Court Hearing - the High Court Hearing of the transfer from Scottish Mutual and Scottish Provident to Phoenix, which was scheduled to be heard on 4 December will now be heard on Tuesday 9 December. Transfers will be considered by the United Kingdom High Court. Policyholders may exercise their rights to object by appearing in person or through a representative.

29 December

Intended date on which the transfers will become effective if approved.

Documents

Click on a document title below to download the document. If you are unable to access any of the documents linked below, please contact us.

You will require a copy of Adobe Acrobat reader in order to view these files click here to download a copy.

If you would like this information in large print, in Braille or on cassette or CD, please call our Helpline number.

Letter to Phoenix Life Limited policyholders (89kb)

Policyholder Brochure ‘Simplifying our business’ in respect of business transferring to Phoenix Life Limited (139kb)

Policyholder Questions and Answers in respect of business transferring to Phoenix Life Limited (66kb)

The Independent Expert's Report (804kb)

An Independent Expert’s report will be submitted to the High Court as part of the evidence to support the proposed transfers. The report, as its title implies, has been written by an Independent Expert, whose appointment has been approved by the FSA and whose role is to consider the likely implications of the transfers for policyholders of all the companies involved in the transfers. A summary of the report can be found in the policyholder brochure, but please click above if you would like to download a copy of the full Independent Expert’s report.

The Independent Expert’s Supplementary Report for the transfers to Phoenix (332kb)

Technical Information

For further Technical Information about the transfers click here.

Channel Islands Documents

Please click here to access additional documents relating to the Channel Islands.