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Customer information
We didn’t write to Phoenix Wealth customers as there is no impact on your policy and no change to the way the Phoenix Wealth unit-linked funds are managed.
We 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 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)
The Independent Expert also produced a summary of his report on the effect of the transfer on Phoenix Wealth policyholders only. You can read the summary for policyholders in Section 6 of the Scheme Guide above.