Transfer of business from Phoenix Life Limited (Phoenix) to ReAssure
On 19 December 2016, the proposed transfer of a block of pension annuities from Phoenix to ReAssure was approved by the High Court, 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 customers?
An information pack was sent to transferring Phoenix customers to explain about the transfer. This pack contained:
- 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?
The transfer will take place at 23.58 GMT on 31 December 2016.
Can I object to the transfer?
We advised customers who wished to object that they needed to do this before the High Court hearing. Any objections we received were reviewed by the Judge as part of the hearing. As the transfer has now been approved it is no longer possible to raise an objection.
Where can I find more information?
If you need to contact us about your policy, you should use the usual contact details.
If you want more information about the transfer, you can view any of the documents below:
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.