We’re making changes to your with-profits policy to give you greater certainty about the future

You have a policy which invests in the Britannic Industrial Branch Fund. We’re planning to close this fund soon, we expect this to happen on 1 October 2026.

When the fund closes, all policies will move to the Phoenix Life Non-Profit Fund.

  • If your policy is with-profits, it will become non-profit.
  • If your policy is already non-profit, you won’t notice many changes.

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 will continue to provide the same guaranteed benefits.

  • All bonuses already added to your policy will remain safe.

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


 

If your policy is with-profits when the fund closes:

  • Your future bonuses will be fixed and guaranteed

    We’ll continue to pay both annual and final bonuses. The way we work out your bonuses will change - Your future bonuses will be fixed and guaranteed.

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

    We’ll work your future bonuses out once the fund has closed. We expect to write to you around January 2027 with the information you need.


 

We know change can feel uncertain. We want to reassure you that the things that may matter the most to you aren’t changing

What’s staying the same?

  • Your existing bonuses are safe. There will be no change to bonuses you’ve earned so far.
  • We’ll keep paying annual and final bonuses. If your policy is with-profit when the fund closes, you’ll continue to receive annual bonuses, and we’ll pay a final bonus when it’s time to make a claim.
  • The way you get in touch is staying the same. You’ll speak to the same team and use the same contact details as you usually do.

What else won’t change? Please select your policy type.


 

Some things will change, but there’s no need to worry. Your benefits are safe and secure, and they’ll be paid out as usual when it’s time to make a claim

What’s changing for with-profit policies?

  • Your bonuses will be fixed and guaranteed. The way we work out your bonuses will change. They’ll be fixed in advance and will be guaranteed. Find out more about your future bonuses here.
  • Your policy will become non-profit. It will move to the Non-Profit Fund. Find out more about how we’ll manage your policy after the fund closes.

How we’ll manage your policy

What else will change? Please select your policy type.

What happens next?

We expect to close the fund on 1 October 2026. After that, we’ll work out the future guaranteed bonuses for our with-profits customers.

If you’re impacted, we’ll write to you with the information you need. You’ll hear from us early next year, around January 2027.

Get in touch

If you can’t find the answer you’re looking for, please get in touch.

You can also view our timeline to see what happens when.