Customer information
We wrote to Phoenix customers who have unit-linked or with-profits funds where there are changes to the way their funds are managed as a result of the transfer.
Here’s the letter we sent to those customers between May and August 2023.
Letter for Jersey policyholders
Letter for Guernsey policyholders
Don’t worry if you didn’t receive a letter about the transfer.
We didn’t write to customers where there is no impact on their policy and no change to the way the funds they are invested in are managed.
We also prepared the following information which explains what’s happening and what the transfer means for you.
The following guide includes a summary of the terms of the proposed transfer (the Scheme) and a summary of the report from the Independent Expert who was appointed to review the proposed transfer.
This information sheet includes more detail about the changes to with-profits policies.
This booklet includes answers to some questions customers may have had about the transfer.
Technical information
A report prepared by the Independent Expert John Jenkins, Milliman LLP, 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).
Report from the Independent Expert – 18 April 2023
The Independent Expert produced a supplementary report in which he updates his review of the effect of the transfer on all policyholders. This report considers any developments since the Independent Expert signed his initial report. He concluded that his opinion of the impact of the transfer on all policyholders (existing Phoenix policyholders or transferring policyholders) remains unchanged.
Supplementary Report from the Independent Expert – September 2023
This is a summary of the Independent Experts report on the effect of the transfer on all policyholders (existing Phoenix policyholders or transferring policyholders).
Summary of the effect of the transfer on all policyholders – April 2023
The Independent Expert produced a further update in which he considers his review of the effect of the transfer on all policyholders and any developments since his supplementary report. The Independent Expert stated that his conclusions are unchanged.
Update from the Independent Expert (updated 3 October 2023)
With-profits policies
No other with-profits policies have been transferred into any of the Phoenix with-profits funds.
New with-profits funds were set up in Phoenix to accept the with-profits policies which transferred from PLAL and SLAL.
The Phoenix with-profits funds continue to be managed in line with the Phoenix PPFM. The PPFM describes in detail how the Phoenix with-profits funds are managed and how bonuses are determined.
There were some updates to the PPFM as a result of the transfer. New sections have been added, which set out how the new with-profits funds for the business transferring from PLAL will be managed. There are some other changes as a result of the transfer.
Here you can read more about the changes to with-profits policies.
You can see the updated Phoenix PPFM here.
Phoenix Principles and Practices of Financial Management
Following the transfer, the Terms of Reference for the Phoenix, PLAL and SLAL With-Profits Committees have been combined and aligned. There is no change to membership of the With-Profits Committees or their responsibilities as a result of the transfer. The Scheme amended certain minor requirements. You can see the updated Terms of Reference here.