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On 27 October 2023, the policies of Standard Life Assurance Limited and Standard Life Pension Funds Limited were transferred to Phoenix Life Limited (Phoenix).
At the same time, all Phoenix Life Assurance Limited (PLAL) were also transferred to Phoenix.
All of these companies are part of Phoenix Group, the UK’s largest long-term savings and retirement business.
The transfer to Phoenix Life Limited was approved by the High Court in London on 10 October 2023. On 3 October 2023 the Court of Session in Edinburgh approved the replacement of two existing Standard Life transfer schemes and the variation of another.
You can find out more about the transfer on the Standard Life website.
Standard Life Buy-In policies and Lifetime Income Plans
If you have a Standard Life Buy-In policy or a Standard Life Lifetime Income Plan, then this is already provided by Phoenix Life Limited and did not transfer.
We prepared a customer guide which 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.
If you’d like more information, you can find the reports prepared by the Independent Expert in the section below.
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.