Proposed transfer of European ReAssure and Phoenix branded policies to Standard Life International dac.

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Phoenix Life Assurance Europe dac, another Irish company within Phoenix Group, plans to transfer all of its policies to Standard Life International dac. 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, will be followed. This includes; 

• 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. 

Subject to 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 proposed transfer. The only change is the growth of the Standard Life International dac business. 

The Independent Actuary
The Independent Actuary is an impartial individual appointed to review the proposed transfer and the impact it will have on policyholders. 
In summary, having considered the effects of the proposed Scheme on both the transferring policyholders and Standard life International’s existing policyholders, The Independent Actuary is satisfied that the implementation of the proposed Scheme would 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

If you would like to read more about the transfer, including the report from the Independent Actuary and various other legal and technical documents, the following documents are available in the table below. 

You can also view all the information being shared with the transferring Phoenix Life Assurance Europe dac policyholders about the proposed transfer by visiting Policy transfer | Phoenix Life Assurance Europe (thephoenixgroup.com)

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.