Simplifying our business
Transfer of Phoenix & London Assurance Limited (PALAL) policies to Phoenix Life Limited (Phoenix)
The information contained on this page is correct as of 22 February 2011
All PALAL policies transferred to the SAL With-Profits Fund of Phoenix on 21 February 2011, following the approval of the United Kingdom High Court on 11 February 2011. If you are interested in what we did, please see the information below.
UK timetable of events
| 22 October 2010 |
The initial (Directions) hearing was held at the High Court of England and Wales at which we obtained approval from the UK High Court on how we would inform policyholders about our proposals. |
| 25 October to mid November 2010 |
Letters and documents were sent to PALAL policyholders and other interested parties to inform them about the transfer, its impact, how to find out more and how to raise any queries or objections. |
| From end November 2010 |
The UK legal notice of the transfer was published in the press. |
| 11 February 2011 |
Date of the final court hearing where the transfer was approved by the UK High Court. |
| 21 February 2011 |
Date when PALAL policies transferred to Phoenix. |
Documents
More detailed information about the transfer is set out in the documents below. Click on the document title to download a document. If you are unable to access any of the documents below, please contact us.
You will need a copy of Adobe Acrobat reader to view these files. Click here to download a copy.
If you would like this information in large print, in Braille, or on cassette or CD, please call us on 0845 070 4060.
Letter for PALAL with-profits policyholders
Letter for PALAL non-profit policyholders (including people receiving annuities)
'Simplifying our business' Scheme guide (for PALAL policyholders)
'Simplifying our business - Your questions answered' (for PALAL policyholders)
'Simplifying our business' Scheme guide (for Phoenix Life Limited policyholders)
Full report of the Independent Expert (Mr David Murray, Deloitte LLP), dated 15 October 2010
Supplementary report of the Independent Expert (Mr David Murray, Deloitte LLP), dated 8 February 2011
The Independent Expert's reports were submitted to the UK High Court as part of the evidence in relation to the transfer. The reports, as the titles imply, were written by an Independent Expert, whose appointment was approved by the FSA and whose role was to consider the likely implications of the transfer for the fair treatment of PALAL and Phoenix policyholders. A summary of the full report (dated 15 October 2010) can be found in the 'Simplifying our business' Scheme guides, but please click above if you would like to download a copy of the full Independent Expert's report or his supplementary report. The Independent Expert's supplementary report sets out the Independent Expert’s opinion on the likely effect of the proposals on policyholders, in light of the estimated financial position of Phoenix and PALAL at 31 December 2010. This supplementary report should be read alongside the original October 2010 report.
Technical information
For further technical information about the transfers click here.
Jersey, Guernsey and Hong Kong Schemes
The transfer of certain policies required the approval of the courts in Jersey, Guernsey and Hong Kong. Follow this link for more information.
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