The following details each stage of the process that was followed including the key legal requirements.
| Consultation Process |
October 2008 |
We wrote to Included Policyholders to get their views on the change.
We received an excellent response and most policyholders who responded wanted us to make the change. |
| Notification |
May/June 2009 |
We wrote to ALL Phoenix & London Assurance Limited (PALAL) with profits policyholders. This was
to notify policyholders that we were asking the High Court for permission to proceed with the Scheme. It also
informed policyholders that they were free to make representations to the Court regarding the proposed scheme. |
| Court Hearing |
29 July 2009 |
The Court agreed that we could proceed and that only those policyholders who were included in the Scheme should be invited to vote on it. |
| Decision pack(known as the Scheme circular) |
September/October 2009 |
Full information about the change was sent to Included Policyholders. They were asked to vote 'for' or 'against'
the Scheme or decide to 'opt out' and keep their guaranteed pension rate. |
| Postal proxy closing date |
9 November 2009 at 10am |
Closing date for all postal voting decisions to be received including decisions to opt out of the change. |
| Scheme meeting |
11 November 2009 at 10am |
This was the chance for Included Policyholders to discuss the Scheme, ask questions and vote in person 'for' or
'against' the scheme
Follow this link to see the final result of the Scheme meeting. |
| Court Hearing |
11 December 2009 |
We reported the result of the vote to the High Court and the judge approved the Scheme. As the required majority of those Included Policyholders who voted were in favour of the Scheme, and the judge approved the Scheme,
the change was made to all Included Policyholders (excluding those who opted out) whether they voted for or against or did not vote at all.
Excluded Policies (including those who opted out) will be affected by some small changes to the way in which we manage those policies.
Follow this link to see a copy of the order of the High Court (including the Court undertaking contained in the First Schedule to the order). |
| Effective Date |
31 December 2009 at 23:59 |
This is the effective date that all included policies were changed (excluding those who opted out).
Excluded policies (including those who opted out) will be affected by some small changes to the way in which we manage those policies. |
| Change confirmation |
February/March 2010 |
A letter sent to all included policyholders confirming the change to their policies. |
