Protecting our customers interests is at the heart of everything we do, especially when it comes to decisions that affect your policy
Why we’re closing the fund
We’ve paid out many policies over the years, so the number left in the Britannic Industrial Branch Fund has reduced. This makes it harder to manage the fund effectively and fairly for all remaining policyholders. Closing the fund was always an option when it became smaller over time.
We want to give you certainty and peace of mind over the future of your policy.
The Phoenix Life Board has decided that closing the fund now is in the best interests of the customers that remain in the fund. By moving your policy to a non-profit fund, we can guarantee your future bonuses and provide greater certainty. What’s most important is that we can make sure all our customers are treated fairly.
What we’re doing to make sure you’re protected
We’ve taken the following steps to make sure our plans have been carefully reviewed and are fair to customers.