The Britannic Industrial Branch Fund closed on 1 October 2026

If you have a policy which invested in the Britannic Industrial Branch Fund, it has now moved to the Phoenix Life Non-Profit Fund.

  • If your policy was with-profits at the time the fund closed, it has become non-profit.
  • If your policy was already non-profit, you won’t notice many changes.

We want to reassure you that your policy is still with Phoenix Life and will be looked after by the same team in the same way.

What this means for you

We want to reassure you that your benefits are safe and secure and will be paid out as usual when it’s time to make a claim.

  • Your policy continues to provide the same guaranteed benefits.

  • All bonuses already added to your policy remain safe.

  • If your policy was with-profits when the fund is closed, we’ll continue to pay annual and final bonuses. These are now fixed and guaranteed.


 

If your policy was with-profits when the fund closed your future bonuses are now fixed and guaranteed.

  • Your future annual bonuses are set at a fixed rate of your policy value

    This means that as your policy value grows, the amount of your guaranteed annual bonus will also go up each year.

  • Your final bonus is a fixed amount

    This means you’ll know the final bonus amount in advance.

We can’t confirm what your future bonuses will be just yet

Although the fund has now closed, it will take us a little time to work out your future bonuses. This means we can’t confirm your new bonus rates just yet.

We expect to write to you in January 2027 with the information you need.