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2017 AWL policy transfer

On 8 December, all AXA Wealth Ltd (AWL) policies transferred to Phoenix Life Limited (PLL) following approval by the High Court on 21 November 2017. More information about the transfer is provided in the section below. 

 

Existing PLL policyholders are not transferring and will not see any changes. If you are a Phoenix Life customer and have any queries about the transfer you can find more information on the Phoenix Life website.

Transferred policyholders

The transfer does not affect your policy terms and conditions, policy benefits or the amount of premium payments. Transferred policyholders will not see any change to their existing brand, and will continue to see the name and logo of either Phoenix Wealth or SunLife on letters and documents.

More information

Customer information — letters, guides and Q&As

Information about the transfer was sent to transferring policyholders during August and September 2017.

Letter for SunLife customers

This includes questions and answers that SunLife customers may have about the Scheme

Letter for SunLife customers living in Guernsey

This includes questions and answers that SunLife customers may have about the Scheme

Scheme guide 'The Transfer of your Policy'

This includes a summary of the terms of the Scheme for SunLife customers.

Scheme guide for Funeral Plan holders

This includes a summary of the terms of the Scheme for SunLife customers with funeral plans where their Funeral Plan Provider has taken out an insurance policy with AXA Wealth Limited.

Summary of the Independent Expert's Report for SunLife customers

Technical information

Here is some additional information regarding the transfer that you may find helpful.

Report from the Independent Expert – 14 July 2017

A report prepared by the Independent Expert (Mr Oliver Gillespie, FIA) which considered the effect of the transfer on policyholders. His appointment was approved by the Prudential Regulation Authority (PRA) in consultation with the Financial Conduct Authority (FCA). The PRA and FCA are our industry regulators.

Supplementary report from the Independent Expert – 10 November 2017

The supplementary report sets out the Independent Expert's consideration of the likely effect of the transfer on policyholders in light of developments since his main report, including the financial position of AWL and PLL as at 30 June 2017, and his conclusion that his opinion of the impact of the Scheme on policyholders remained unchanged.

Full Scheme document – November 2017

The legal document, setting out the terms of the transfer, which was approved by the High Court.

Actuarial reports

Report from the Chief Actuary of Phoenix Life Limited – 13 July 2017

Supplementary report from the Chief Actuary of Phoenix Life Limited – 8 November 2017

Report from the Chief Actuary of AXA Wealth Ltd – 13 July 2017

Supplementary report  from the Chief Actuary of AXA Wealth Ltd – 8 November 2017

The Chief Actuary is an actuary who has been appointed by an insurer to provide guidance to the Board on actuarial matters.

The Chief Actuary of Phoenix Life Limited (PLL) prepared a report regarding the impact of the transfer on the policyholders of PLL.

The Chief Actuary of AXA Wealth Ltd (AWL) prepared a report regarding the impact of the transfer on the policyholders of AWL.

In their supplementary reports, the Chief Actuaries of PLL and AWL considered developments since their main reports, including the financial position of PLL and AWL as at 30 June 2017, and concluded that their respective opinions on the likely effect of the transfer on policyholders remained unchanged.

 

Guernsey

AWL has a small number of policies that may have been issued to people resident in Guernsey. We are proposing to transfer these policies separately under a Guernsey Scheme. The Guernsey scheme is on substantially the same terms as the UK Scheme.

The Guernsey Court hearing took place on 24 November 2017, at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey GY1 2PB. Policies of Guernsey residents will transfer to PLL on the same date as all of the other policies. 

Guernsey scheme document – November 2017

A draft of the legal document, setting out the terms of the transfer, which the Royal Court of Guernsey was asked to approve.

Contact us

If you are a SunLife policyholder and have a question about how the proposed transfer impacts you, please visit our Frequently Asked Questions page. 

If you are a SunLife policyholder and have any general questions about your policy, please contact us on the normal customer number.

If you are a Phoenix Life customer, you can find details about the transfer at: www.phoenixlife.co.uk

If you are a Phoenix Wealth customer, you can find details about the transfer at: www.phoenixlife.co.uk

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority but are registered providers with the Funeral Planning Authority.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by AXA Wealth Ltd, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.