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Scheme of Arrangement for Phoenix & London Assurance Limited*

This site tells you about a change we have made to the Phoenix & London Assurance Limited (PALAL)* With Profits Fund. The change involved removing the guaranteed pension rate (GPR) from certain individual policies with a retirement date on or after 1 January 2020. In return we increased the immediate value of these policies and made changes to our investment strategy. We believe this change could improve the future retirement benefits of those policies that were included.

The change was carried out under a formal legal process known as a 'Scheme of Arrangement'. Under this process, Included Policyholders could either vote "for" or "against" the change or "opt out" of the Scheme and keep the GPR.

The vote on the Scheme took place in November 2009 and a sufficiently large majority of policyholders voted in favour of the Scheme. On 11 December 2009 the High Court approved the Scheme. As a result all Included Policies, excluding those that were who opted out of the Scheme, were changed on 31 December 2009.

Excluded Policies (including those opted out) are affected by some small changes to the way in which we manage those policies.