You are using an outdated browser. Please upgrade your browser to improve your experience.

2017 Proposed AWL policy transfer

We have applied to the High Court for permission to transfer all the policies of AXA Wealth Limited (AWL) to Phoenix Life Limited (PLL), AWL and PLL are both companies within the Phoenix Group. The High Court will only give permission if it is satisfied that all the necessary legal requirements have been met and that the proposals treat policyholders appropriately. We expect the High Court hearing to take place on 21 November 2017. If the High Court approves the proposed Scheme we expect the transfer to take place on 8 December 2017. More information about the transfer is provided in the sections 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.

Transferring policyholders

The Scheme will not affect policy terms and conditions, policy benefits or the amount of premium payments. Transferring policyholders will not see any change to their existing brand, and will continue to see their existing 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 proposed transfer is being 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 proposals 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 considers the effect of the transfer on policyholders. His appointment has been approved by the Prudential Regulation Authority (PRA) in consultation with the Financial Conduct Authority (FCA). The PRA and FCA are our industry regulators.

Full Scheme document – July 2017

A draft of the legal document, setting out the terms of the transfer, which the High Court will be asked to approve.

Actuarial reports

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

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

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 is expected to take place on 24 November 2017, at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey GY1 2PB. If the Guernsey scheme is approved, policies of Guernsey residents will transfer to PLL on the same date as all of the other policies. If the UK Scheme is approved but the Guernsey scheme is not approved, the Guernsey policies will remain with AWL but will be reinsured to PLL.

Guernsey scheme document – July 2017

A draft of the legal document, setting out the terms of the transfer, which the Royal Court of Guernsey will be 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. Alternatively, you can call us on 0808 164 4711 or use our online form .

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?

AXA Wealth Ltd 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. AXA Wealth Ltd is a company limited by shares and the registered office is at 1 Wythall Green Way, Wythall, Birmingham B47 6WG (registered in England, No. 01225468). AXA Wealth Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. AXA Wealth Ltd is entered on the Financial Services Register (registration no. 119201).

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). 

‘SunLife’ (comprising of the companies AXA Wealth Services Limited, AXA Wealth Limited and AXA Sun Life Direct Limited) has been acquired by Pearl Life Holdings Limited (and now forms part of the Phoenix Group – www.thephoenixgroup.com). ‘AXA’ is a trademark that is owned by AXA SA and will be used for a short period under a licence granted by AXA SA to the Phoenix Group.

Pearl Life Holdings Limited is registered in England (4560778) at 1 Wythall Green Way, Wythall, Birmingham B47 6WG. As part of the Phoenix Group, AXA Wealth Limited will continue to be authorised by the Prudential Regulation Authority and regulated by Prudential Regulation Authority and Financial Conduct Authority. AXA Wealth Services Limited will continue to be regulated by the Financial Conduct Authority.

You can contact us by post at SunLife, PO Box 7054, Willenhall, WV1 9ZH or by phone on 0800 008 6060. As part of our commitment to quality service and security, calls may be recorded.

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.