We received approval for our proposals from the High Court and the Court of Session. The transfer of policies is expected to take place on 27 October 2023.

Customer Guide

A guide which includes a summary of the terms of the proposed transfer (the Scheme) and a summary of the report from the Independent Expert who was appointed to review the proposed transfer.

Scheme guide

Technical information

Here’s some additional information that you may find helpful.

A report prepared by the Independent Expert John Jenkins, Milliman LLP, 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).

Report from the Independent Expert – 18 April 2023

The Independent Expert has produced a supplementary report in which he updates his review of the effect of the transfer on all policyholders. This report considers any developments since the Independent Expert signed his initial report. He has concluded that his opinion of the impact of the transfer on all policyholders (existing Phoenix policyholders or transferring policyholders) stated in his initial report, remains unchanged.

Supplementary Report from the Independent Expert – September 2023

This is a summary of the Independent Experts report.

Summary of the report from the Independent Expert – April 2023

The Independent Expert has produced a further update in which he considers his review of the effect of the transfer on all policyholders and any developments since his supplementary report. The Independent Expert has stated that his conclusions are unchanged.

Update from the Independent Expert (updated 3 October 2023)

The legal document which sets out the terms of the transfer.

Proposed UK Scheme document - updated on 21 July 2023

On 21 July 2023, we updated the Proposed UK Scheme Document and replaced the previous version that was available on this website. We changed the following:

  • the name of the High Court has been corrected on the first page; and
  • an additional transferring subsidiary has been added to Schedule 3.

This document shows the change made to Schedule 3.

Change to the Proposed UK Scheme Document

This is a summary of the Scheme.

Scheme summary

The legal notice which set out the details of the UK Court hearing.

UK Legal notice

Actuarial reports

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 prepared a report regarding the impact of the transfer on the policyholders of Phoenix.

Report from the Chief Actuary of Phoenix – 18 April 2023

The Chief Actuary of Phoenix has prepared a supplementary report in which he updates his review of the effect of the transfer on Phoenix policyholders to include any developments since the initial report. The appendix of this report also includes the updated opinion of the With-Profits Actuary(ies).

Supplementary Report from the Chief Actuary of Phoenix - September 2023

The Chief Actuaries of PLAL, Phoenix and SLAL, and the With-Profits Actuary of SLAL have produced a joint update of their view on the impact of the transfer and any developments since their supplementary reports.

Joint update from the Chief Actuaries of PLAL, Phoenix and SLAL, and the With-Profits Actuary of SLAL (updated 3 October 2023)