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Your questions answered, for SunLife policyholders

These questions and answers should be read alongside the guide 'The transfer of your policy' which has been sent to SunLife policyholders.

What are the proposals and which policies are transferring?

All AXA Wealth Limited policies, including all policies branded as SunLife, will transfer to Phoenix Life Limited. AXA Wealth Limited and Phoenix Life Limited are both part of the Phoenix Group of companies.

We expect the changes to take place on 8 December 2017.

Why are you doing this?

The transfer of polices will simplify our business and enable us to make more efficient use of our resources.

Will my premiums or policy benefits be affected?

No. The transfer of policies will not affect the premiums you pay or the value of your policy benefits, and will not change any guarantees that apply to your policy.

Do I need to make any changes to my premium payments?

No. You will continue to make the same payments in the same way.

If you pay by Direct Debit, your Direct Debit payments will automatically become payable to Phoenix Life Limited and the name SunLife, the trading name for Phoenix Life Limited, will appear on your bank statements.

If you pay by Cheque or Postal order then you should make them payable to whatever name is on the Giro Slip we send you. Shortly after the transfer takes place the bank account name on the Giro Slips will be updated with references to Phoenix Life Limited trading as SunLife.

What changes will I see?

You may see some small changes, for example, your policy provider will change to Phoenix Life Limited. However, the level of service you receive will not be affected and you can continue to use the same telephone number and address for customer services. Should our address change, post sent to the current address will be re-directed.

Will my terms and conditions change?

No. There will be no change to the terms and conditions of your policy.

My policy is linked to a funeral provider, do I need to do anything?

No. Any arrangements you currently have in place with a funeral provider will stay the same.

Will Phoenix Life Limited ensure that my policy remains secure?

Yes. Phoenix Life Limited will maintain security for your policy.

Will the policy transfer affect my personal tax situation?

No. The UK tax status of policies will not be affected. If you are resident for tax purposes in an overseas territory, you may wish to take advice to confirm that your tax position is not affected.

Will there be any cash payments to policyholders?

No. There will be no cash payments or additional policy benefits paid to policyholders in connection with the transfer of policies.

What is the role of the 'Independent Expert' in the transfer?

An Independent Expert was appointed to look at the impact of the proposed transfer on different groups of policyholders; he submitted a report to the High Court in which he concluded that he was satisfied that the transfer will not have a material adverse impact on either the security of policyholders’ benefits or what policyholders can expect their benefits to be.

Did policyholders get an opportunity to vote?

NO. It was not necessary because the legal process we followed contains a number of policyholder protections.

Firstly, we consulted with our industry regulators the Prudential Regulation Authority and Financial Conduct Authority. Our regulators reviewed our proposals in detail and submitted their report to the High Court.

Secondly, the proposals were also reviewed by an Independent Expert who assessed the impact of the Scheme on policyholders. In his report he confirmed that, overall, he is satisfied that the transfer will not have a material adverse impact on either the security of policyholders’ benefits or what policyholders can expect their benefits to be.

Finally, the transfer was approved by the High Court, having considered all the evidence including the reports from the Independent Expert and our regulators and the objections raised by policyholders.

Will policyholders pay for the Scheme?

No. The costs of the Scheme will be paid for by the Shareholder Fund of Phoenix Life Limited with no cost to policyholders.

Who are Phoenix Life Limited and the Phoenix Group?

Phoenix Life Limited is a long established UK company that can trace its history back to 1857 and is part of the Phoenix Group of companies. The Phoenix Group is the largest manager of closed insurance funds in the UK, with approximately 6.1 million policyholders and £76 billion of assets as at 31 December 2016.

I have a Phoenix Life Limited policy; will this transfer affect me?

No. Phoenix policies will NOT move as a result of the transfer and are not affected.

Who will you share my information with?

Your information will remain protected at all times. Following the transfer Phoenix Life Limited will become the data controller instead of AXA Wealth Limited but there will be no changes to how your information will be used.

What will happen to my policy if Phoenix 'go bust'

Phoenix Life Limited holds extra capital above the level required by regulation, the aim is to ensure that the company can withstand extreme financial conditions. It is therefore highly unlikely that Phoenix Life Limited will 'go bust', but if it did then the Financial Services Compensation Scheme will pay compensation to policyholders who make a claim. Further information is available on their website