Phoenix Life Assurance Europe dac, another Irish company within Phoenix Group, will transfer all of its policies to Standard Life International dac on 1 January 2025. This is to help make sure the Phoenix Group’s European business is operating in the most efficient way possible.  

 

How will the transfer happen?

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 proposed transfer on policyholders, including existing Standard Life International dac policyholders;   
  • obtaining the approval of the High Court of Ireland; and 
  • writing to transferring customers to let them know about the proposal. 

Following Court approval, the transfer of Phoenix Life Assurance Europe dac policies to Standard Life International dac will happen on 1 January 2025. 
 

What it means for Standard Life International dac customers

After the transfer, around an additional 23,000 policyholders will become part of Standard Life International dac. As well as the well-known Standard Life brand, Standard Life International dac will also be responsible for Phoenix Ireland, Phoenix Life and ReAssure branded European policies. 

Current Standard Life International dac customers will see no change to their policies as a result of the transfer. 
 

The Independent Actuary

The Independent Actuary is an impartial individual appointed to review the transfer and the impact it will have on policyholders. 

In summary, having considered the effects of the Scheme on both the transferring policyholders and Standard life International’s existing policyholders, the Independent Actuary is satisfied that the implementation of the Scheme will not have a material adverse effect on

  • the security of benefits of any of the two groups of policyholders;
  • the reasonable expectations of any of the two groups of policyholders with respect to their benefits; and
  • the standards of administration, service, management and governance that will apply to both of the two groups of policyholders.

 

Find out more about the transfer

More about the transfer, including the report from the Independent Actuary and various other legal and technical documents, are available below. 

You can also view all the information shared with the transferring Phoenix Life Assurance Europe dac policyholders about the transfer by visiting the Phoenix Life Assurance website.

 

Important documents

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