Policy transfer to Standard Life International dac
Phoenix Life Assurance Europe received approval from the High Court of Ireland to transfer policies to Standard Life International dac, another Irish company within Phoenix Group. The hearing took place on 12 November 2024 and the policy transfer will take place on 1 January 2025.
The transfer impacts all our Phoenix Life Assurance Europe dac customers whether Phoenix or ReAssure branded policies. We wrote to our customers during Summer 2024 to let them know about our plans.
To transfer these policies a rigorous legal and regulatory process, designed to protect customers, was followed. This included:
- consulting with our regulator, the Central Bank of Ireland;
- obtaining the opinion of an Independent Actuary on the impact of the transfer on policyholders
- obtaining the approval of the High Court of Ireland; and
- writing to transferring customers to let them know
Following Court approval at the hearing on 12 November 2024, the transfer of Phoenix Life Assurance Europe dac policies to Standard Life International dac will happen on 1 January 2025.
Why is this transfer happening?
Phoenix Group is committed to being a strong and sustainable business over the long term, to meet the needs of customers and stakeholders. The transfer is to help make sure our European business is operating in the most efficient way.
What this means for customers
We want to reassure our customers that this transfer has been designed to minimise any customer impact. Our customers will see very few changes to the way their policies work.
Customers will continue to see the same brand and logo they usually see and will be able to contact the same team on the same telephone number as they usually do.
Have a question?
You can find lots of answers to questions about the transfer and the process we followed by reading documents available in the table below.
If you have a question about your policy please get in touch on the usual number.
Customer information
| Phoenix Ireland customers | Phoenix Life customers | |
|---|---|---|
| Customer letter explaining key points about the transfer | Customer letter | Customer letter |
| A guide explaining the transfer | Guide | Guide |
| A Q&A booklet which includes answers to questions that customers may have | Q&A booklet | Q&A booklet |
| Standard Life International terms of business | Terms of business | Terms of business |
Technical information
Here you will find various documents that you may find helpful. This includes the summary and full report from the Independent Actuary, actuarial reports as well as the legal notice.
We appointed an Independent Actuary, Mike Claffey, who is a Principal (a senior qualified actuary) at Milliman Limited.
The Independent Actuary wrote a report, a summary report and a supplementary report in which he detailed his review of the transfer and his opinion on whether any group of policyholders would be materially adversely affected by the transfer.
Report from Independant Actuary
These are the legal documents which set out the terms of the transfer.
This is the legal notice which sets out the details of the Irish High Court hearing.
The Head of Actuarial Function for Phoenix Life Assurance Europe has prepared a report about the impact of the transfer on all policyholders.
The Head of Actuarial Function for Standard Life International dac prepared a report regarding the impact of the transfer on Standard Life International dac policyholders.
Phoenix Life Assurance Europe Head of Actuarial Function report
Phoenix Life Assurance Europe Head of Function Supplementary report
Standard Life International Head of Actuarial Function report
Standard Life International Head of Function Supplementary report