Proposed transfer of business from Phoenix Life Limited to ReAssure
We are proposing to transfer a block of pension annuities from Phoenix Life Limited to ReAssure on 31 December 2016, under Part VII of the Financial Services & Markets Act 2000.
What does this mean for existing ReAssure customers?
There will be no changes to the terms and conditions of any existing ReAssure policies, nor will there be any changes to the way that ReAssure policies are administered, as a result of the transfer.
What does this mean for transferring Phoenix Life customers?
An information pack will be sent to transferring Phoenix Life customers to explain about the transfer. This pack will contain:
- A covering letter.
- Your questions answered.
- Policyholder guide.
If you haven’t yet received your pack, you can download the documents below.
What happens next?
Before the transfer can take place, we need approval from the High Court of England and Wales (High Court).
The Court hearing is scheduled for 19 December 2016 in London. If approval is granted it is intended that the transfer will take place at 23.59 GMT on 31 December 2016.
What do you need to do?
We’ve provided links below to a number of documents that give you more information about the scheme.
If you are a ReAssure policyholder, you may object to the transfer if you feel you would be adversely affected if it goes ahead. If you have any concerns about these proposals then please contact the team dealing with this transfer by calling: 0800 169 5577 (+44 1733 478 993 from overseas) or writing to: Restructure Team (reference AT16scheme), Lynch Wood Park, Lynch Wood, Peterborough, PE2 6FY.
If you have no concerns about the proposals then you do not need to do anything.
Related documents
View or download the following documents:
This is the legal document that sets out the terms of the transfer. A summary of the Scheme is provided in the Policyholder guide below.
This is the report from the Independent Expert, who was appointed to give his opinion on the likely effect of the proposal on policyholders. A summary of his report is provided in the Policyholder guide below.
This is an example of a covering letter from the transferring policyholders pack.
This booklet answers some questions about the transfer.
This booklet includes a Summary of the Scheme, a Summary of the Independent Expert’s Report and the Legal Notice (which sets out the details of the Court hearing), as well as other important information.
