We received approval from the High Court in London and the Court of Session in Edinburgh. Our transfer proposals were also approved by the Royal Courts of Jersey and Guernsey.
The transfer of policies and plans to Phoenix Life Limited took place on 27 October 2023.

The court process we followed

The transfer to Phoenix Life Limited and the replacement of a number of existing Phoenix Life Limited and Phoenix Life Assurance Limited transfer schemes were approved by the High Court in London. The Court of Session in Edinburgh approved the replacement of two existing Standard Life transfer schemes and the variation of another. We explain more about the role of the courts here.

For residents in Guernsey, or customers who have a policy forming part of the business carried on in or from within Jersey, we also applied to the Royal Court of Guernsey and the Royal Court of Jersey.

Approval from the High Court in London

Standard Life Assurance Limited (SLAL), Standard Life Pension Funds Limited (SLPF), Phoenix Life Assurance Limited (PLAL) and Phoenix Life Limited (PLL) applied for the High Court’s approval for the transfer of SLAL, SLPF and PLAL business to PLL and of the replacement of the existing PLL and PLAL transfer schemes (the “Scheme”).

The High Court needs to be satisfied that the process we followed for the approval of the Scheme met all the necessary legal requirements and that the proposals had no material adverse effect on customers.

The High Court approved the Scheme following the High Court hearing on 5 and 6 October 2023.

Approval from the Court of Session in Edinburgh

As part of the transfer to PLL, it was also necessary to obtain the approval of the Court of Session to changes to three existing SLAL transfer schemes. They were:

  • The 2006 Scheme, which transferred the Standard Life Assurance Company’s business to SLAL in 2006. We proposed to replace the 2006 Scheme with this new proposed Scheme.
  • The 2011 Scheme, which transferred the business of Standard Life Investment Funds Limited to SLAL in 2011. We proposed to replace the 2011 Scheme with the Scheme.
  • The 2019 Scheme, which transferred SLAL’s European business to Standard Life International DAC (also known as the Brexit Scheme) and is to continue after the Scheme. We proposed to amend the 2019 Scheme so that PLL takes on SLAL’s rights and obligations under the 2019 Scheme.

The Court of Session approved these changes on 3 October 2023.

Why was the Scottish court involved?

As these existing transfer schemes were approved by the Court of Session they required the Court of Session to approve changes to them, we made applications for its approval to the changes to the existing transfer schemes.

Anyone who considered that they would be adversely affected by these proposed changes were entitled to be heard by the Court of Session, as were the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and (in the case of the changes to the 2019 Scheme) the Central Bank of Ireland (CBI). 

When and where were the court hearings?

Final High Court Hearing -
5 and 6 October 2023		 Final Court of Session Hearing -
3 October 2023
This hearing was held at the High Court of Justice of England and Wales, 7 Rolls Building, Fetter Lane, London, EC4A 1NL. This hearing was held at the Court of Session, Parliament House, Parliament Square, Edinburgh, EH1 1RQ.

Royal Court of Jersey and the Royal Court of Guernsey

If you are resident in Guernsey, or if you have a policy forming part of the business carried on in or from within Jersey, separate schemes in Guernsey or Jersey were required for the transfer of these policies.

It was necessary to obtain approval for the Guernsey and Jersey schemes from the Royal Court of Guernsey and Royal Court of Jersey.

Royal Court of Jersey Hearing

The hearing took place at 9 am at the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey JE1 1BA, on 17 October 2023.

Royal Court of Guernsey Hearing

The hearing took place at 9.30am at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey, GY1 2NZ on 20 October 2023.
 

What to do if you want to object

High Court in London

The High Court hearing took place on 5 and 6 October 2023. At this hearing objections from policyholders were heard by the Court.

The final court orders are available to view on our Important Documents page

Court of Session in Scotland

The Court of Session hearing took place on 3 October 2023. At this hearing the Court considered any objections which were submitted.

The final court orders are available to view on our Important Documents page.

Royal Court of Jersey

This hearing took place on 17 October 2023. At this hearing any objections from effected policyholders were considered. The court approved the proposals.

Royal Court of Guernsey

This hearing took place on 20 October 2023. At this hearing any objections from effected policyholders were considered. The court approved the proposals.