• 2017 Proposed AXA Wealth Limited policy transfer

    We have applied to the High Court for permission to transfer all the policies of AXA Wealth Limited (AWL) to Phoenix Life Limited (PLL), AWL and PLL are both companies within the Phoenix Group. The High Court will only give permission if it is satisfied that all the necessary legal requirements have been met and that the proposals treat policyholders appropriately. We expect the High Court hearing to take place on 21 November 2017. If the High Court approves the proposed Scheme we expect the transfer to take place on 8 December 2017. More information about the transfer is provided in the sections below.

    The Scheme will not affect policy terms and conditions, policy benefits or the amount of premium payments. Transferring policyholders will not see any change to their existing brand, and will continue to see their existing name and logo of Phoenix Wealth on letters and documents.
  • Technical information

    Here is some additional information regarding the proposals that you may find helpful.

    Report from the Independent expert - 14 July 2017

    A report prepared by the Independent Expert (Mr Oliver Gillespie, FIA) which considers the effect of the transfer on policyholders. His appointment has been approved by the Prudential Regulation Authority (PRA) in consultation with the Financial Conduct Authority (FCA). The PRA and FCA are our industry regulators.

    Full Scheme document - July 2017

    A draft of the legal document, setting out the terms of the transfer, which the High Court will be asked to approve.

    Actuarial Reports

    Report from the Chief Actuary of Phoenix Life Limited - 13 July 2017

    Report from the Chief Actuary of AXA Wealth Limited - 13 July 2017

    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 Life Limited (PLL) prepared a report regarding the impact of the transfer on the policyholders of PLL.

    The Chief Actuary of AXA Wealth Limited (AWL) prepared a report regarding the impact of the transfer on the policyholders of AWL.

    Guernsey

    AWL has a small number of policies that may have been issued to people resident in Guernsey. We are proposing to transfer these policies separately under a Guernsey Scheme. The Guernsey scheme is on substantially the same terms as the UK Scheme.

    The Guernsey Court hearing is expected to take place on 24 November 2017, at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey GY1 2PB. If the Guernsey scheme is approved, policies of Guernsey residents will transfer to PLL on the same date as all of the other policies. If the UK Scheme is approved but the Guernsey scheme is not approved, the Guernsey policies will remain with AWL but will be reinsured to PLL.

    Guernsey Scheme document - July 2017

    A draft of the legal document, setting out the terms of the transfer, which the Royal Court of Guernsey will be asked to approve.

  • Contact us

    Please use the below enquiry form for enquiries only relating to the recent communication of transfer of business from AXA Wealth Limited to Phoenix Life Limited. Alternatively, you can call our dedicated helpline on 0808 164 2266 between 9am and 5pm, Monday to Friday until the High Court hearing date. Calls from the UK are free but may be charged from the Channel Islands. If you are calling from overseas please call +44 (0)333 006 3523. There may be a charge when dialling from overseas.

    If you wish to be contacted by telephone please leave your phone number in the comments section below.

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