On 30 June 2015, all National Provident Life Limited (NPLL) policies transferred to Phoenix Life Assurance Limited (PLAL), following approval by the High Court on 1 May 2015.
More information about the transfer is provided in the sections below.
Transferring policyholders will start to see the Phoenix Life name and logo on their letters and documents, although this will not happen immediately.
Information relating to transferring policies is now available on this website and you can contact us on the normal customer number.
More information
The following information was sent to National Provident Life Limited (NPLL) policyholders during December 2014 and January 2015.
Letter for NPLL with-profits policyholders
Letter for NPLL non-profit (including unit-linked) policyholders
Letter for NPLL policyholders with a pension annuity in payment
The following guides include a summary of the report from the Independent Expert who has been appointed to review the Scheme, along with a summary of the terms of the Scheme itself.
Simplifying our business – Scheme guide for Phoenix Life Assurance Limited policyholders
Simplifying our business – Scheme guide for National Provident Life Limited policyholders
This leaflet includes answers to some questions that NPLL policyholders may have about the Scheme.
Here is some additional information relating to the Scheme that you may find useful.
Report from the Independent Expert – 15 December 2014
Supplementary report from the Independent Expert – 22 April 2015
Reports prepared by an Independent Expert (Dr David Hare of Deloitte MCS Limited) which consider the effect of the transfer on policyholders. His appointment has been approved by our regulator, the Prudential Regulation Authority (PRA).
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 NPLL and PLAL as at 31 December 2014, and his conclusion that his opinion of the impact of the Scheme on policyholders remains unchanged.
Full Scheme document – 28 November 2014
Updated Scheme document – 22 April 2015
Drafts of the legal document, setting out the terms of the transfer. The Scheme document was updated on 22 April 2015 to reflect the revised expected transfer date of 30 June 2015 and to delete references to the 'effective date', as the expected transfer date and effective date are now the same. These changes do not affect the impact of the Scheme on policyholders. The updated Scheme document was approved by the High Court at the hearing on 1 May 2015.
Information relating to transferring with-profits policies
On the transfer date (30 June 2015), policies moved from the NPLL National Provident Life Fund to a new fund within Phoenix Life Assurance Limited, called the National Provident Life With-Profits Fund (NPL WPF). The PPFM (Principles and Practices of Financial Management) describes how we manage our with-profits funds. The revised PPFM for Phoenix Life Assurance Limited reflects the changes resulting from the Scheme and incorporates the new NPL WPF. We have also prepared new guides to the NPL WPF. You can find copies of these new documents on our with-profits page.
Summary of the main differences between the existing NPLL PPFM and the new PLAL PPFM
Following the transfer, and in line with current regulation, the PLAL Board will be responsible for the general management of the NPL WPF. The PLAL With-Profits Committee (WPC) will oversee decisions made by the PLAL Board in relation to its management of the NPL WPF and will also be responsible for determining investment and bonus policy for the NPL WPF.
PLAL With-Profits Committee – revised terms of reference
Following the transfer, the security of the NPL WPF will be protected by, and capital support will be provided under, the PLAL capital policy that is set out in the PLAL 2012 Scheme.
PLAL 2012 Scheme document (setting out the PLAL capital policy)
Actuarial reports
Report from the Actuarial Function Holder of PLAL
Supplementary report from the Actuarial Function Holder of PLAL
Report from the With-Profits Actuary of PLAL
Report from the Actuarial Function Holder of NPLL
Supplementary report from the Actuarial Function Holder of NPLL
Report from the With-Profits Actuary of NPLL
The Actuarial Function Holder (AFH) is an actuary who has been appointed by an insurer to provide guidance to the Board on actuarial matters. The With-Profits Actuary (WPA) is an actuary who is appointed by the Board of an insurer and who is required to provide advice to the Board on the implications of certain matters for with-profits policyholders of the company.
The AFHs and WPAs for NPLL and PLAL have prepared reports concerning the impact of the proposed transfer on policyholders of the two companies.
In their supplementary reports, the AFHs of NPLL and PLAL consider developments since their main reports, including the financial position of NPLL and PLAL as at 31 December 2014, and conclude that their respective opinions on the likely effect of the transfer on policyholders remain unchanged.
NPLL has a small number of policies that may have been taken out as part of the business carried on by NPLL in or from within Jersey, or have been issued to people resident in Guernsey. We will transfer these policies separately under a Jersey Scheme and a Guernsey Scheme.
These schemes were approved at court hearings that took place as follows:
Jersey Scheme – 18 May 2015, at the Royal Court of Jersey, Royal Court Building, Royal Square, St Helier, Jersey JE1 1JG
Guernsey Scheme – 8 May 2015, at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey GY1 2PB