• Adviser updates

    Stay up to date with the latest important news on our products, services and investments that could impact your day-to-day activities and your clients' policies.

  • Stay up to date

    Here are the adviser update emails we’ve sent out recently. If you don’t get our emails but would like to, then just email us to opt in with: your name, surname, work email address, firm name and office address. If you change your mind, you’ll be able to easily opt out at any time.

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    March 2024  Tax year end deadlines  Important information only 

    2023/24 tax year allowances – top up deadlines next week

    Don’t miss our deadlines starting next Monday (25 March) through until Wednesday (3 April) for various topping up requirements. You can check all our deadlines here.

    Help with end of tax year admin

    Remember that our online services can help you with information for your end of year client reviews and get through the admin more quickly.

    • For non self-invested policies you can:
      • Get latest policy values, reports and transaction history instantly
      • Make quicker switches and redirections
      • Download projections and other requested documents as soon as they're ready
      • Put income requests straight into our work queue

    Find out more.

    • For self-invested policies you can get policy information instantly, such as valuations and cash balances. Find out more.
    March 2024  Tax year end deadlines  Important information only  

    2023/24 tax year allowances - first deadline approaching next week

    Deadlines for making top ups and other policy changes within this tax year are fast approaching - next Friday (15 March) is the deadline for new member applications to join existing Family Suntrust schemes. 

    Lots of other deadlines quickly follow from Monday (18 March) until the end of the tax year. You can check all our deadlines here.

    Help with end of tax year admin

    Remember that our online services can help you with information for your end of year client reviews and get through the admin more quickly.

    • For non self-invested policies you can:
      • Get latest policy values, reports and transaction history instantly
      • Make quicker switches and redirections
      • Download projections and other requested documents as soon as they're ready
      • Put income requests straight into our work queue

    Find out more.

    • For self-invested policies you can get policy information instantly, such as valuations and cash balances. Find out more.
    February 2024  Tax year end deadlines  Important information only 

    2023/24 tax year allowances - don't miss our deadlines for top ups

    Want to get in early this year? Deadlines for making top ups and other policy changes within this tax year will be here before you know it - the first is 15 March. You can check all our deadlines here.

    Source of wealth requirements - did you know?

    You must send us a completed Source of wealth questionnaire when topping up if contributions over a rolling 12 month period either exceed £50,000, OR are between £10,000 - £50,000 and over 50% of the value of the current pension pot.

    Remember that our online services can help you with your end of year client reviews. Get policy information instantly, such as valuations and more - see how.

    February 2024  M&G Property Portfolio funds: first payment of proceeds  Action needed 

    M&G Property Portfolio funds: first payment of proceeds 

    Following the announcement of the closure of the M&G Property Portfolio fund and its feeder fund, we’d like to update you on when and how the first proceeds will be paid out to your clients.

    What do you need to do?

    • Non self-invested policies: tell us which fund your client would like us to invest these payments into as soon as possible. Please use My requests on online services to send us your instructions and choose the “Non-standard fund switch/redirect” drop-down option – it’s the quickest way. Here's how

      If you’re not registered for online services, please send us your instructions by emailing us at drawdown@phoenixwealth.co.uk or write to us at:

      Phoenix Wealth
      PO Box 1393
      Peterborough
      PE2 2TP

      If you don’t send us an instruction, or if we don’t get it before we receive the first payment, we will pay it into the Phoenix Wealth L&G UK Property fund. 

    • Self-invested policies: tell us which fund your client would like us to invest these payments into as soon as possible. We need your instructions to be on company headed paper and signed by the adviser named on the policy. For clarity, please specify “I’d like you to pay my client’s share of the M&G Property portfolio fund sale proceeds into [fund name of your choice]” and include the policy number. Please scan and email them to us at isd@sipp-phoenixwealth.co.uk

      If you don’t send us an instruction, or if we don’t get it before we receive the first payment, we will pay it into the Phoenix Wealth L&G UK Property fund.

    For more information take a look at our web article here.

    November 2023  Essential work on our IT systems (17-21 November)   Important information only 

    We need to carry out some essential work on our IT systems which isn't possible to do over the weekend. During this period, some of our online services will be unavailable and there may be a very small impact on our servicing ability but this shouldn't impact the majority of our turnaround times.

    To minimise inconvenience, we've scheduled the work to start at the end of the working week on Friday 17 November at 8pm, but it will take us until 8am on Tuesday 21 November to complete this. Our staff will be working around the clock to minimise any impact.

    Contacting us

    We will be available as normal by post, phone, email, or through the Contact us form on our Phoenix Wealth website.

    Our website

    Our website will be available as normal apart from the below features:

    • Fund centre 
    • Historic fund prices
    • Back office integration
    • Online services

    Online services for non self-invested policies will be unavailable. Services for self-invested policies are unaffected.

    October 2023 Clients invested in M&G Property Portfolio funds  Important information only

    Update on suspension of M&G Property Portfolio funds

    Following the suspension of these funds, we’re writing to customers to let them know what this means for their policies.   

    What does this mean?

    These fund suspensions mean that customers are currently unable to pay into, or make new withdrawals from the funds until M&G sells the assets and periodically releases capital back to investors. This process is estimated to take up to 18 months, but could be longer.

    We’ll continue to make existing regular payments to clients and invest regular payments into policies in the following way:

    • Non self-invested policies - we'll disinvest proportionately across other funds and we'll redirect regular payments into the Phoenix Wealth L&G UK Property fund.

      If you'd like to give us a different disinvestment/investment strategy, just use My requests on online services to send us your instructions and choose the “Non-standard fund switch/redirect” drop-down option - it's the quickest way. Here's how.

    • Self-invested policies - we'll continue making regular payments to clients as long as there is cash in the cash account. Regular payments into the suspended funds will remain in the cash account unless you've changed your instructions.

      If you'd like to give us new disinvestment/ investment instructions, please scan and email them to us at isd@sipp-phoenixwealth.co.uk.We need the instructions to be on company headed paper and signed by the adviser named on the policy and include the policy number. Or call our Investment Support Desk on 0345 671 5507 and select option 1 (9am - 5pm, Monday to Friday).

      You can see prices, factsheets and more on the range of funds we offer on our Fund Information Centre.

      We are updating customers

      You can see the customer letters below:


    July 2023 Consumer Duty rules will apply from 2024  Important information only 

    Consumer Duty rules impacting Phoenix Wealth products from 2024 

    New Consumer Duty rules are coming in on 31 July 2023 but these will apply to Phoenix Wealth products only from 31 July 2024. This is the deadline that applies to closed products, and all our products are closed to new customers. 

    The new rules put increased focus on financial services providers to act to ensure good customer outcomes and to evidence that they do so.

    Helping customers to achieve good financial outcomes has always been key to us and we welcome this opportunity to go even further. We are working to this deadline to carry out a review to ensure we meet the new rules. 

    Find out more.

    June 2023  Remember we're adjusting our product charges in line AWEI on 1 July Important information only 

    Annual charge increase

    Just a reminder that, as usual, we're adjusting our pension product charges to keep them in line with the Average Weekly Earnings Index (AWEI) - we do this yearly. There are no other changes to charges or the products themselves. 

    You'll be able to access updated versions of the pension charges leaflets on our website, in the relevant product's literature library - from 1 July. Why not visit and bookmark the library now?

    Are you getting our quickest switching service?

    Here’s how to get instant confirmation and quicker switching using online services:

    • For non self-invested pension switches - find out more.
    • For Investment Bonds and complex pension switches (non self-invested) - find out more.

    March 2023 

     

    Tax year end deadlines 

     
    Important information only 

    Next week is the deadline for top up payments to reach us (3 April). Check all our deadlines here.

     
    March 2023   Tax year end deadlines   Important information only 

    First deadline approaching next week (17 March) 

    Next week is the deadline for changes to Family Suntrust schemes, including drawdown and top up applications. Check all our deadlines for making top ups and other policy changes before the end of the tax year here.

    Help with end of tax year admin

    Our online services can help you get through your end of tax year admin more quickly.

    • For non self-invested policies you can:
      • Get quicker switches and redirections
      • Download requested documents as soon as they’re ready
      • Put income requests straight into our work queue

    Find out more.

    • For self-invested policies you can get policy information instantly, such as valuations and cash balances. Find out more.
    February 2023  Tax year end deadlines   Important information only  

    Tax year end deadlines 

    Deadlines for making top ups and other policy changes within this tax year are fast approaching - the first deadline is 17 March. Take a look at the deadlines here.

    Source of wealth questionnaire - did you know?

    You must send us a completed Source of wealth questionnaire when topping up if contributions over a rolling 12 month period either exceed £50,000, OR are between £10,000 - £50,000 and over 50% of the value of the current pension pot.

    Make your end of tax year easier

    Remember that our online services can help you with your end of year client reviews. Get policy information instantly, such as valuations and more – see how.

    November 2022  Clients invested in Columbia Threadneedle UK Property funds  Important information only 

    Update on suspension of Columbia Threadneedle UK Property funds 

    Following the suspension of these funds, we’re writing to customers to let them know what this means for their policies.

    What does this mean?

    These fund suspensions mean that customers are currently unable to pay into, or make new withdrawals from the funds until they start dealing again.

    We’ll continue to make existing regular payments to clients and invest regular payments into policies in the following way:

    • Non self-invested policies – we'll disinvest proportionately across other funds and we'll redirect regular payments into the Phoenix Wealth Money Market fund. 

      If you'd like to give us a different disinvestment/investment strategy, just use My requests on online services to send us your instructions and choose the “Non-standard fund switch/redirect” drop-down option - it's the quickest way. Here's how.

      If you're not registered for online services, please send us your instructions by emailing us at drawdown@phoenixwealth.co.uk or write to us at: Phoenix Wealth, Po Box 1393, Peterborough, PE2 2TP

    • Self-invested policies - we'll continue making regular payments to clients as long as there is cash in the cash account. Regular payments into the suspended funds will remain in the cash account unless you've changed your instructions.

      If you'd like to give us new disinvestment/ investment instructions, please scan and email them to us at isd@sipp-phoenixwealth.co.uk. We need the instructions to be on company headed paper and signed by the adviser named on the policy and include the policy number. Or call our Investment Support Desk on 0345 671 5507 and select option 1 (8.30am - 5.00pm, Monday to Friday).    

    You can see prices, factsheets and more on the range of funds we offer on our Fund Information Centre.

    We are updating customers

    You can see the customer letters below:

    November 2022  Essential work on our IT systems (11-15 November)  Important information only  

    We need to carry out some essential work on our IT systems which isn't possible to do over the weekend. During this period, some of our online services will be unavailable and there may be a very small impact on our servicing ability but this shouldn't impact the majority of our turnaround times.

    To minimise inconvenience, we've scheduled the work to start at the end of the working week on Friday 11 November at 8pm, but it will take us until 8am on Tuesday 15 November to complete this. Our staff will be working around the clock to minimise any impact.

    Contacting us

    We will be available as normal by post, phone, email, or through the Contact us form on our Phoenix Wealth website.

    Our website

    Our website will be available as normal apart from the below features:

    • Secure fund centre
    • Historic fund prices
    • Back office integration

    Online services

    Online services for non self-invested policies will be unavailable. Services for self-invested policies are unaffected.

    June 2022  Remember we're adjusting our product charges in line with AWEI on 1 July  Important information only 

    Annual charge increase 

    Just a reminder that, as usual, we're adjusting our pension product charges to keep them in line with the Average Weekly Earnings Index (AWEI) - we do this yearly. There are no other changes to charges or the products themselves.

    You'll be able to access updated versions of the pension charges leaflets on our website, in the relevant product's literature library - from 1 July. Why not visit and bookmark the library now?

    Are you getting our quickest switching service?

    Here’s how to get instant confirmation and quicker switching using online services:

    • For non self-invested pension switches - find out more.
    • For Investment Bonds and complex pension switches (non self-invested) - find out more.
    May 2022  Closure of Janus Henderson UK Property Funds  Action needed 

    Closure of Janus Henderson UK Property funds  

    Following the suspension of the Janus Henderson UK Property funds on 3 March 2022, Janus Henderson Investors have told us that they are progressing with closing the funds and hope to distribute the proceeds week beginning 13 June 2022. After this date there may also be further payments for some self-invested policies.   

    What does this mean?

    Once we receive your clients’ share of the proceeds, we’ll pay them into their policy, as units in the Phoenix Wealth Legal & General Property Trust fund. 

    You need to take action by 8 June 2022

    You don’t need to do anything if you’re happy with the fund we’ve selected above. Otherwise please tell us at the latest by 8 June 2022 which fund your clients would like us to invest their proceeds into.

    • Non self-invested policies -  Please use My requests on online services to send us your instructions and choose the 'Non-standard fund switch/redirect' drop down option - it's the quickest way. Here's how.

    If you're not registered for online services, please send us your instructions by emailing us at: drawdown@phoenixwealth.co.uk or write to us at: Phoenix Wealth, Po Box 1393, Peterborough, PE2 2TP

    • Self-invested policies - We need your instructions to be on company headed paper and signed by the adviser named on the policy. For clarity, please specify "I'd like you to pay my client's share of the Janus Henderson UK Property fund sale proceeds into [fund name of your choice]" and include the policy number. Please scan and email them to us at: isd@sipp-phoenixwealth.co.uk.

    You can see prices, factsheets and more on the range of funds we offer on our Fund Information Centre.

    We are updating our customers

    We are writing to customers to let them know what to expect - you can see the customer letters below:

    For more information, take a look at our article.

    March 2022  Tax year end deadlines  Important information only 

    Top up payment deadlines tomorrow

    Tomorrow (1 April) is the deadline for some top up payments to reach us. Check all our deadlines here.

    March 2022  Tax year end deadlines  Important information only 

    Top up payment deadlines next week 

    Next week (1 April) is the deadline for top up payments to reach us. Check all our deadlines here.

    March 2022  Tax year end deadlines  Important information only 

    First deadline approaching next week (18 March)

    Next week is the deadline for changes to Family Suntrust schemes, including drawdown and top up applications. Check all our deadlines for making top ups and other policy changes before the end of the tax year here.

    Help with end of tax year admin

    Our online services can help you get through your end of tax year admin more quickly.

    • For non self-invested policies you can:
      • Get quicker switches and redirections
      • Download requested documents as soon as they're ready
      • Put income requests straight into our work queue

    Find out more.

    • For self-invested policies you can get policy information instantly, such as valuations and cash balances. Find out more.
    February 2022  Tax year end deadlines  Important information only 

    Tax year end deadlines 

    Deadlines for making top ups and other policy changes within this tax year are fast approaching - the first deadline is 18 March. Take a look at the deadlines here.

    Source of wealth requirements - did you know?

    You must send us a completed Source of wealth questionnaire when topping up if contributions over a rolling 12 month period either exceed £50,000, OR are between £10,000 - £50,000 and over 50% of the value of the current pension pot.

    Make your end of tax year easier

    Remember that our online services can help you with your end of year client reviews. Get policy information instantly, such as valuations and more - see how.

    February 2022  Closed Aviva Investors Property fund: change of default fund and next payment Action needed 

    Change of default fund and next payment - closed Aviva Investors Property fund

    Here's an update on the third payment from Aviva Investors (Aviva), and a change to the default fund.

    What's changing? 

    Unless your clients have already chosen another fund, or you tell us otherwise:

    • When we get the next payments from Aviva, we'll pay them into the Phoenix Wealth Legal & General Property Trust fund, instead of the Phoenix Wealth Money Market fund.
    • We'll also move to this fund any payments that we previously put into the Phoenix Wealth Money Market fund.

    Why we're changing default fund

    The Phoenix Wealth Money Market fund was meant to be used only temporarily as a default fund to give clients time to choose a fund that is appropriate for them. As some clients haven't yet actively chosen a fund, we're now going to instead use the Phoenix Wealth Legal & General Property Trust fund as it more closely matches the investment objectives of the Aviva Investors Property fund they'd previously chosen.

    The next payment

    We're expecting the next payment from Aviva over the next few months.

    What do you need to do?

    You don't need to do anything if you're happy with what we've set out above. Otherwise please tell us which fund your client would like us to invest these payments into as soon as possible:

    • Non self-invested policies - the quickest way is to use My requests on online services to send us your instructions. Just choose the "Non-standard fund switch/redirect" drop-down option. Here's how:

    If you're not registered for online services, please send us your instructions by emailing us at drawdown@phoenixwealth.co.uk or write to us at: Phoenix Wealth, PO Box 1393, Peterborough, PE2 2TP

    • Self-invested policies - we need your instructions to be on company headed paper and signed by the adviser named on the policy. Please scan and email them to us at isd@sipp-phoenixwealth.co.uk 

    If you don't send us an instruction, or if we don't get it before we receive the next payment, we will pay it into the Phoenix Wealth Legal & General Property Trust fund.

    We're writing to customers, take a look at the template customer letters here:

    January 2022  New pension charges caps (non self-invested)  Important information only 

    New pension charges caps (non self-invested) 

    Following a recent review, we've decided to introduce caps and limits on product charges on some of our pension products, which means the amount most customers pay for their policy will be less, especially for the lowest valued policies.

    What's changing?

    The annual product and drawdown charges will be capped at £235 or no more than 0.5% of policy value, whichever is lower. The new monetary charge cap will increase annually in line with the Average Weekly Earnings Index.

    The new caps don't apply to investment related charges; the annual fund management charge and annual fund expenses are separate charges that apply to customers' chosen investments. These charges vary depending on the fund chosen, and are deducted from the underlying fund on a daily basis and reflected in the unit price.

    Which products does this apply to?

    • The Personal Pension
    • The Executive Pension
    • The Section 32
    • The Retirement Wealth Account (non self-invested)

    When will these changes apply?

    These new caps will apply from 1 March 2022.

    Literature

    All charge leaflets will be updated to reflect the charge caps and will be available from 1 March 2022 on our website.

    We are updating customers

    We are writing to customers from January to let them know. Take a look at a template of the client letters for more details:

    Customers in drawdown/who've taken partial UFPLS

    Customers not in drawdown/who've not taken UFPLS

    November 2021  Essential work on our IT systems (12-17 November)  Important information only 

    We need to carry out some essential work on our IT systems which isn't possible to do over the weekend. During this period, some of our online services will be unavailable and there may be a very small impact on our servicing ability but this shouldn't impact the majority of our turnaround times.

    To minimise inconvenience, we've scheduled the work to start at the end of the working week on Friday 12 November at 8pm, but it will take us until 8am on Wednesday 17 November to complete this. Our staff will be working around the clock to minimise any impact.

    Contacting us

    We will be available as normal by post, phone, email, or through the Contact us form on our Phoenix Wealth website.

    Our website

    Our website will be available as normal apart from the below features:

    • Secure fund centre
    • Historic fund prices
    • Back office integration

    Online services

    Online services for non self-invested policies will be unavailable. Services for self-invested policies are unaffected.

    September 2021  Essential work on our IT systems (1-6 October)  Important information only 

    We need to carry out some essential work on our IT systems which isn't possible to do over the weekend. During this period, some of our online services will be unavailable and there may be a very small impact on our servicing ability but this shouldn't impact the majority of our turnaround times.

    To minimise inconvenience, we've scheduled the work to start at the end of the working week on Friday 1 October at 8pm, but it will take us until 8am on Wednesday 6 October to complete this. Our staff will be working around the clock to minimise any impact.

    Contacting us

    We will be available as normal by post, phone, email, or through the Contact us form on our Phoenix Wealth website.

    Our website

    Our website will be available as normal apart from the below features:

    • Secure fund centre
    • Historic fund prices
    • Back office integration

    Online services

    Online services for non self-invested policies will be unavailable. Services for self-invested policies are unaffected.

    August 2021  Update on first payment from closed Aviva Investors Property funds - self-invested policies  Action needed 

    Update on first payment from closed Aviva Investors Property funds - self-invested policies 

    Following our previous email, the Aviva Investors UK Property funds closed on 2 August 2021. Here's an update on the first payment from Aviva.

    What to expect from the first payment

    • We have now received the first payment from Aviva of 45.89% of the total net asset value of the funds as at the date they closed.
    • We will calculate your client's share of the money and will pay it into a fund in their policy.

    What do you need to do?

    • Tell us which fund your client would like us to invest these payments into as soon as possible. We need your instruction to be on company headed paper and signed by the adviser name on the policy. Please scan and email them to us at isd@sipp-phoenixwealth.co.uk
    • If you’ve already advised us of a new instruction for where to invest the capital payments from Aviva, then we will pay it into that fund and no further action is needed. If we don’t get an instruction from you, we will pay it into the Phoenix Wealth Money Market fund.

    For more information, take a look at our article or Q&As.

    August 2021  Update on first payment from closed Aviva Investors Property funds - non self-invested policies  Action needed 

    Update on first payment from closed Aviva Investors Property funds - non self-invested policies 

    Following our previous email, the Aviva Investors UK Property funds closed on 2 August 2021. Here's an update on the first payment from Aviva.

    What to expect from the first payment

    • We have now received the first payment from Aviva of 45.59% (for Life funds) and 45.89% (for Pension funds) of the total net asset value of the funds as at the date they closed.
    • We will calculate your client's share of the money and will pay it into a fund in their policy.

    What do you need to do?

    • Tell us which fund your client would like us to invest these payments into as soon as possible. Please use My requests on online services to send us your instructions and choose the 'Non standard fund switch/redirect' drop-down option. Here's how.
    • If you're not registered for online services, please send us your instructions by emailing us at drawdown@phoenixwealth.co.uk or write to us at:

      Phoenix Wealth
      PO Box 1393
      Peterborough
      PE2 2TP
    • If you’ve already advised us of a new instruction for where to invest the capital payments from Aviva, then we will pay it into that fund and no further action is needed. If we don’t get an instruction from you, we will pay it into the Phoenix Wealth Money Market fund.

    The quickest way is online

    We're expecting a large volume of instructions, so please could you use My requests to send us your instructions as explained above - it's quicker for you and us.

    For more information, take a look at our article or Q&As.

    July 2021  Closure of Aviva Investors Property funds - self-invested policies  Action needed 

    Closure of Aviva Investors Property funds - self-invested policies

    Following the suspension of the Aviva Investors UK Property funds in March 2020, due to material uncertainty over the valuation of property within the portfolio, we've been notified that they will close on 19 July 2021. 

    What does this mean?

    • All dealing in the funds remains suspended but we can continue to make income payments and deduct charges provided there is sufficient cash in the cash account. Unless you've given us alternative instructions, any regular payments into the funds will instead be paid to the cash account.
    • After the closure, Aviva Investors will seek to sell the funds' assets and periodically release capital back to investors. They estimate this may take from 12 to over 24 months and that the first distribution will be in late July 2021.
    • Once we receive a capital distribution we will pay this into clients' policies as soon as possible.

    What do you need to do?

    • Let us know which fund your client would like us to pay the distributions into as soon as possible. If you don't send us an instruction, or if we don't get it before we receive the first payment, we will pay the client's distribution into the Phoenix Wealth Money Market fund.
    • It's worth reviewing any existing regular investment and disinvestment instructions to check that, where relevant, you've given us an alternative to the Aviva Investors UK Property funds.

    How to send us your instructions

    We need your instructions to be on company headed paper and signed by the adviser named on the policy. Please scan and email them to us at isd@sipp-phoenixwealth.co.uk

    We are updating customers

    We are writing to customers to let them know what to expect - you can see a template of the customer letter here.

    July 2021  Closure of Aviva Investors Property funds  Action needed 

    Closure of Aviva Investors Property funds (non self-invested policies)

    Following the suspension of the Aviva Investors UK Property funds in March 2020, due to material uncertainty over the valuation of property within the portfolio, we've been notified that they will close on 19 July 2021.

    What does this mean?

    • All dealing in the funds remains suspended but we can continue to make income payments from other funds and regular payments into policies continue to be invested in the Phoenix Wealth Money Market fund.
    • After the closure, Aviva Investors will seek to sell the funds' assets and periodically release capital back to investors. They estimate this may take from 12 to over 24 months and that the first distribution will be in late July 2021.
    • Once we receive a capital distribution we will pay this into clients' policies as soon as possible.

    What do you need to do?

    • Let us know which fund your client would like us to pay the distributions into as soon as possible. If you don't send us an instruction, or if we don't get it before we receive the first payment, we will pay the client's distribution into the Phoenix Wealth Money Market fund.
    • If you send us a new instruction, we will also apply it to any regular payments that we've previously directed to the Phoenix Wealth Money Market Fund and will switch them into the new fund.
    • Any regular income will continue to be taken from their policy unless you ask us otherwise.

    How to send us your instructions

    We're expecting a large volume of instructions, so please could you use My requests on online services to send us your instructions - it's quicker for you and us. Just choose the 'Non-standard fund switch/redirect' drop-down option. If you're not registered, it's really easy to get set up. Find out all you need to know here.

    We are updating customers

    We are writing to customers to let them know what to expect - you can see a template of the customer letter here.

    Self-invested policies

    We will be sending a separate update about self-invested policies to those affected as soon as possible.

    July 2021  Remember we're adjusting our product charges in line with the AWEI on 1 July  Important information only 

    Annual charge increase 

    Just a reminder that, as usual, we're adjusting our pension product charges to keep them in line with the Average Weekly Earnings Index (AWEI) - we do this yearly. There are no other changes to charges or the products themselves.

    You'll be able to access updated versions of the pension charges leaflets on our website, in the relevant product's literature library - from 1 July. Why not visit and bookmark the library now?

    Are you getting our quickest switching service?

    Here's how to get instant confirmation and quicker switching using online services:

    • For non self-invested pension switches - find out more
    • For Investment Bonds and complex pension switches (non self-invested) - find out more.
    March 2021  Tax year end deadlines  Important information only 

    Next week is the last chance for top ups before the end of the tax year 

    Monday (29/3) is the deadline for policy top ups on Family Suntrust with deadlines for other products following later for the same week. Check all our deadlines here.

    March 2021  Tax year end deadlines  Important information only 

    First deadline approaching next week (18 March)

    Next week is the deadline for adding new members to Family Suntrust schemes. Check all our deadlines for making top ups and other policy changes before the end of the tax year here.

    Help with end of tax year admin

    Our online services can help you get through your end of tax year admin more quickly.

    • For non self-invested policies you can:
      • Get quicker switches and redirections
      • Download requested documents as soon as they're ready
      • Put income requests straight into our work queue

    Find out more.

    • For self-invested policies you can get policy information instantly, such as valuations and cash balances. Find out more.
    February 2021  Tax year end deadlines  Important information only 

    Tax year end deadlines 

    Deadlines for making top ups and other policy changes within this tax year are fast approaching - the first deadline is 18 March. Take a look at our deadlines here.

    Make your end of tax year easier

    Remember that our online services can help you with your end of year client reviews. Get policy information instantly, such as valuations and more - see how.

    December 2020  Updated customer Brexit Q&As and customer mailing  Important information only 

    As we approach the end of the transition period, we'd like to share some of the latest information available at the moment.

    Brexit customer Q&As

    We thought you may be getting queries from customers that are worried about how Brexit may affect their investment. So we've updated our customer Q&As with the latest information we have to save you some time - it covers areas such as:

    • ongoing servicing post Brexit,
    • customers living in the EEA,
    • switching,
    • cashing-in and
    • Phoenix Group's financial strength.

    Download the Q&As here.

    December mailing to customers living in the EEA and Switzerland

    We're aware that some UK banks are looking to close the accounts of some customers who live either in the EEA or Switzerland.

    This could impact payments into and out of policies, so we're writing to highlight this to customers in order to prompt them to take action if needed and avoid any disruption.

    Take a look at a template customer letter here.

    Further critical new information may become available soon - we'll update you again if that's the case.

    November 2020  Essential work on our IT systems (20-24 November)  Important information only 

    We need to carry out some essential work on our IT systems which isn't possible to do over the weekend. During this period, some of our online services will be unavailable and there may be a very small impact on our servicing ability but this shouldn't impact the majority of our turnaround times.

    To minimise inconvenience, we've scheduled the work to start at the end of the working week on Friday 20 November at 8pm, but it will take us until 2pm on Tuesday 24 November to complete this. Our staff will be working around the clock to minimise any impact.

    Contacting us  

    We will be available as normal by post, phone, email, or through the Contact us form on our Phoenix Wealth website.

    Our website

    Our website will be available as normal apart from the below features:

    • Secure fund centre
    • Historic fund prices
    • Back office integration

    Online services

    Online services for non self-invested policies will be unavailable. Services for self-invested policies are unaffected.

    October 2020  Property funds update - some funds are starting to deal again  Important information only 

    Following the lifting of the suspension of trading in some property funds, we'd like to update you since you might have clients invested in these funds

    You can see our latest news article, as well as which funds are now open here. We'll continue to update this page to reflect the position, as the funds start dealing again. So please continue to check back regularly for the latest on your clients' impacted funds.

    Client communications

    We are writing to affected customers to inform them of this change and what it could mean for them. Take a look at the client template letter here.

    April 2020  Suspension of trading in several property funds  Important information only

    Following the suspension of trading in several property funds - all regular drawdown and income payments to continue being paid

    We'll continue to pay regular income payments to customers that have already set up instructions to receive payments from a suspended property fund. The money will be deducted from your clients' policies as normal but we will fund any income payments due from the suspended funds up to 30 April. Once the suspension is lifted, we will disinvest the amount owed to us.

    Client communications

    We are writing to affected customers to inform them that after 30 April, we'll re-apportion their disinvestment strategy across their other remaining funds in their policy in order to maintain the same level of income, unless they provide a new disinvestment strategy. Find out more here

    February 2020
    LF Woodford Equity Income Fund – payment of outstanding adviser charges  Important information only

    LF Woodford Equity Income Fund – we’re starting to pay outstanding adviser charges

    Thank you for your understanding whilst we’ve been unable to deduct these from the fund. In consideration of the unusual length of this fund’s suspension and ongoing wind up, now that capital is starting to be released and distributed to clients, we’ve reviewed our position and can confirm we are now able to start paying these charges.

    We’re deducting these from client policies on the following basis:

    • Adviser charges based on percentage amounts will be calculated using the relevant value at the date the payment was originally due.
    • All adviser charges deducted will be reflected on your policy at the point they were due.

    We will issue all payments due to you over the next month. We’ll make a series of payments over this period until we have covered all policies, but we will pay each policy in total on each payment run. These will be reflected on your normal adviser charge statements and on all appropriate policy documentation.

    Client communications

    We’re writing to clients to let them know we’re starting to pay these charges and to update them on the capital distributions. Find out more.

    Where can I get more information?

    • Checking what adviser charges were due on a policy month by month – you can see this online and download a report. Here’s how
    • Get early access to adviser charge statements – you can view these online even before the payment is in your account and before they arrive by post. Here’s how

    Not registered for online services? It’s easy – find out more

    January 2020
    LF Woodford Equity Income Fund - capital distributions
    Important information only

    Update on LF Woodford Equity Income Fund - first phase of capital distributions begins

    We're expecting Link Fund Solutions (LFS) who administer the underlying fund to make the first of their capital distributions to us on, or around 30 January 2020. We will then start to make these available to clients through a specially selected fund.

    Find out what this means for your clients invested in the fund.

    Payment of outstanding adviser charges

    Thank you for your understanding whilst we’ve been unable to deduct these from the fund. Now that capital is starting to be released and distributed to clients, and in consideration of the unusual length of this fund’s suspension and ongoing wind up, we are reviewing our position on payment of the outstanding adviser charges. We will update you in the next couple of weeks once we’ve completed our review. 

    January 2020
    Elite fund of funds: change of management  Important information only 

    Elite fund of funds: change of management from Architas to Aberdeen Standard Investments

    Phoenix Group has appointed Aberdeen Standard Investments (ASI) as our new strategic investment management partner and manager of the Elite Fund of Funds range.

    About ASI

    ASI is the investment arm of Standard Life Aberdeen plc, one of the world’s largest investment companies. It has a strong reputation for managing fund of funds and in total manages over £525bn* of assets, making it the largest active manager in the UK and one of the largest in Europe. For more information, take a look at their website.

    When is this change happening?

    From 20 December 2019.

    Why are you making this move from Architas?

    Phoenix has reviewed its business model and decided to appoint ASI as our new strategic investment management partner. They have a strong reputation for managing fund of funds, combined with considerable scale and investment expertise.

    What changes will there be to the fund range as a result?

    We are not making any changes to the funds offered, increasing fund charges or expenses, or changing the investment ethos/guidelines of the range. The only change is that ASI uses Moody’s (rather than eValue) to determine asset allocation for the risk-rated Elite Diversified Market range. Moody’s is a world-leading expert in financial risk-modelling – you can find out more about their asset allocation solution here.
    *As at 30 June 2019

    December 2019
    M&G property fund suspension
    Important information only 

    Suspension of trading in M&G property fund

    Following the suspension of trading in the M&G Property Portfolio and its feeder fund, we'd like to update you since you have clients invested in this fund.

    Non self-invested policies

    As a result of the suspension, we are unable to process new transactions on these policies until the suspension is lifted.

    If there are any ongoing transactions that are impacted by this suspension - for example, income payments - we will contact you directly to let you know what action you can take.

    Unfortunately, it's not currently possible to take adviser charges from specific funds as they are taken proportionally across all funds. As a result, we are unable to pay adviser charges at this time from policies that are partially or fully invested in this fund until the M&G suspension is lifted.

    Self-invested policies

    Most transactions aren't impacted if there is sufficient cash in the Cash Account. If transactions are impacted, we will contact you directly to let you know what action you can take.

    Find out more

    July 2019  Update on Woodford fund suspension
    Important information only

    Affects policies invested in Woodford funds only

    As a result of the LF Woodford Equity Income Fund suspension, we are unable to process new transactions on policies invested in this fund until the suspension is lifted.

    We have a short article explaining this on our client website. You can also find more information, such as regular updates and questions and answers on the Woodford Investment Management website.

    If there are any ongoing transactions that are impacted by this suspension – for example, income payments – we will contact you directly to let you know what action you can take.

    Adviser charges (Non self-invested policies only)

    Unfortunately, it’s not possible to take adviser charges from specific funds as they are taken proportionally across all funds. As a result we are unable to pay adviser charges from policies that are partially or fully invested in this fund until the Woodford suspension is lifted.

    Find out more about the suspension  

    June 2019
    Remember we're adjusting our product charges in line with AWEI on 1 July
    Important information only

    Just a reminder that, as usual, we're adjusting our pension product charges to keep them in line with the Average Weekly Earnings Index (AWEI) - we do this yearly. There are no other changes to charges or the products themselves.

    You'll be able to access updated versions of the pension charges leaflets on our website, in the relevant product's literature library - from 1 July. Why not visit and bookmark the library now?

    May 2019
    You can now do pension switching online and control user online access levels within your own firm (non self-invested only)
    Important information only

    Online pension switching/redirecting

    This is the quickest way to switch/redirect funds, with instant confirmation. To find out more, watch our 3 minute switching video here.

    Control user online access levels within your own firm

    All online services users have 'View' access as standard. But if you have enhanced access you can do more online.

    • 'Update' access - switch or redirect funds online
    • 'Super Admin' - view adviser charge statements

    Any existing users that already have Super Admin access are now able to change user access levels instantly within your own firm, without needing to call us. To find out more, watch our 1 minute 30 seconds Super Admin video here.

    If you've not yet registered, it's easy to get online, find out more here.

    April 2019
    New customer Brexit Q&A to help you handle queries
    Important information only

    We thought you may be getting queries from customers that are worried about how Brexit may affect their investment. So we put together a customer Q&A to save you some time - it covers questions such as:

    • ongoing servicing post Brexit,
    • switching,
    • cashing-in and
    • Phoenix Group's financial strength.

    Download the Q&A here.

    February - March 2019
    • Tax year end deadlines
    • P60 update
    • Postal address change reminder
    Action required

    Tax year end deadlines

    Deadlines for making top ups and other policy changes within this tax year are fast approaching - the first deadline is 22 March. Take a look at the deadlines here.

    P60 update

    As usual, P60s will be sent out during the month of May.

    Address change reminder - avoid delays

    We changed our postal addresses in March 2018, but we're still getting some post addressed to our Basingstoke office. Despite our best efforts, when this happens it takes us longer to deal with your requests. Please help us to avoid delays by checking that you've updated your records:

    • For self-invested policies and Family Suntrust
      Phoenix Wealth, Self-invested Pensions, PO Box 1394, Peterborough, PE2 2TQ
    • For all other policies
      Phoenix Wealth, Unit Linked Life & Pensions, PO Box 1393, Peterborough, PE2 2TP


    June 2018
    Remember we’re adjusting our product charges in line with AWEI on 1 July
    Important information only 

    Just a reminder that, as usual, we’re adjusting our pension product charges to keep them in line with the Average Weekly Earnings Index (AWEI) – we do this yearly. There are no other changes to charges or the products themselves.

    You’ll be able to access updated versions of our pension charges leaflets on our website, in the relevant product’s literature library - from 1 July. Why not visit and bookmark the library now?

    March 2018
    We’re making some changes as we continue to build Phoenix Wealth – includes system downtime and contact detail changes   Action required

    We’re continuing to integrate AXA Wealth into our new Phoenix Wealth business, and so you’ll see some more changes related to this activity starting from 5.30pm on Friday 16 March. These include:

    • Systems changes and planned downtime - which we expect to make us better able to support you flexibly and quickly in the longer term. As we implement these systems, there will unavoidably be some disruption to our services, so please bear with us during this phase.
    • Administrative changes - such as changes to some of our postal and email addresses. 
    We wrote to clients on 7 March to make them aware of the changes and downtime. Please look at our dedicated webpage to see the client communications, and find out more about the changes so that you can plan activity within our cut off times.
     
    March 2018
    Tax year end deadlines
    Action required

    Deadlines for making top ups and other policy changes within this tax year are fast approaching – the first deadline is 23 March. Take a look at the deadlines here

    December 2017  Elite Diversified Markets funds – changes to monthly risk profile proof statements & quarterly updates  Important information only

    We’ve reviewed how we communicate fund variations to you and concluded there’s rarely any change.

    Instead of confirming fund volatility ratings on our website every month, we’ll just send you notification in the very unlikely event that they don’t meet agreed limits.

    So from 31 December 2017, we’ll no longer be producing the monthly risk profile proof statements for the Elite Diversified Markets fund range, reducing the amount of checking you need to do. For the same reason we’ll no longer produce the quarterly update.

    Leave the finer detail to us

    As always, our overriding fund governance will continue to take care of the ongoing monitoring and risk management of the Elite Diversified Markets funds to ensure they stay: 

    • within their risk parameters
    • in line with their investment objectives
    • within the level of risk you and your clients are comfortable with.

    Remember

    • The Elite Diversified Market range is available to your existing clients for new investments or fund switches through Retirement Wealth Account, Onshore Bond, Trustee Investment Plan, The Personal Pension, The Executive Pension, The Section 32.
    • You can quickly access fund information like prices and performance anytime at our Fund Information Centre.
    • You can look up your clients’ policy details anytime on our online services.

    The value of investments can go down as well as up and clients may not get back the amount originally invested. 

    November 2017
    We're transferring  policies from AXA Wealth Limited to Phoenix Life Limited   Important information only

    Following on from our communication to you in August, we’ve now had permission from the High Court to transfer the policies and this will go ahead on 8 December 2017.

    This affects clients of the Retirement Wealth Account (RWA), The Personal Pension, The Investment Bond, The Executive Pension, The Trustee Investment Plan and The Section 32.

    What changes will you see?

    This change does not impact your clients’ terms and conditions, but after that date you may notice Phoenix Life Limited – or an abbreviation - reflected across your terms of business with us, client bank statements and other literature and communications.

    Clients may notice the new legal entity appear on their bank statements for any income payments they receive or any contributions they pay by direct debit. For RWA clients, only those with RWA - Phoenix Wealth Pension Funds Only option may notice this, not those with RWA Self-invested option – see the article below.

    What do clients need to do differently?

    Any cheque payments into these policies will need to be made payable to Phoenix Life Limited. This does not apply to clients with RWA Self-invested option – see the article below.

    We wrote to all affected clients back in August to let them know about our plans – so all your clients should be aware.

    For more information, and to take another look at the letter and accompanying documentation we sent clients, take a look at our dedicated page

    November 2017
    We're renaming Family Suntrust (FST) and Retirement Wealth Account (RWA) legal entities
    Important information only

    We will soon be applying our new Phoenix Wealth brand name to the following FST and RWA legal entities:

    • The FST Scheme Provider name will change from AXA Wealth Services Limited  to Phoenix Wealth Services Limited
    • The FST and RWA Scheme Trustee name will change from AXA Trustee Services Limited to Phoenix Wealth Trustee Services Limited
    • We plan to submit these changes to Companies House on 8 December.

    What changes will you see?

    These changes do not impact your clients’ terms and conditions but, after 8 December, you may notice the new legal entity names reflected across your terms of business with us, and other literature and communications where relevant.

    FST and RWA Self-invested (RWA SI) clients may notice that our new legal entity name, Phoenix Wealth Trustee Services Limited – or an abbreviation, will appear on their bank statements for any income payments they receive or any contributions they pay by direct debit.

    What do clients need to do differently?

    Any cheque payments into existing RWA SI policies and FST schemes will need to be made payable to Phoenix Wealth Trustee Services Limited. This does not apply to clients with RWA - Phoenix Wealth Pension Funds Only option – as payments will need to be made payable to Phoenix Life Limited (see the article above).

    We told all RWA SI clients back in August about this change at the same as we let them know about the transfer of their policy to Phoenix Life Limited. If you’d like to refer to the letters we sent, you can find them on our dedicated page.

    We’ll be writing to all FST scheme members from 27 November to let them know about our plans. You can take a look at the letters we are sending clients here:

    August 2017
    We're proposing to transfer policies from AXA Wealth Limited to Phoenix Life Limited
    Important information only 

    Following on from the sale of AXA Wealth to the Phoenix Group and our recent rebrand to Phoenix Wealth, we’re now working on transferring policies from AXA Wealth Limited to Phoenix Life Limited, another company in the Phoenix Group.

    To ensure customers’ interests are protected, we need to follow a rigorous process and seek High Court permission to do so, but provided permission is granted we expect this transfer to happen on 8 December 2017. From that date you may notice the name Phoenix Life Limited reflected across your terms of business with us, client bank statements and other literature and communications. We’ll be writing to all policyholders of AXA Wealth Limited from 21 August to let them know about our plans.

    Please be assured that there will be no other changes to your clients’ contracts with us, service levels, products, investments or ongoing payments as a result of the transfer.

    You can access a copy of our 'intent to transfer' letter for your records here.

    For more information, and to see the letter and accompanying documentation we will be sending clients, take a look at our dedicated page.

    August 2017
    We're renaming the Family Suntrust legal entitles
    Important information only

    Following on from the sale of AXA Wealth to the Phoenix Group and our recent rebrand to Phoenix Wealth, we’re now working on applying that name to the underlying legal entities to reflect our new ownership.

    From 8 December 2017 you may notice the new legal entity names reflected across your terms of business with us, client terms & conditions and other literature and communications. We’ll be writing to all scheme members affected by the change later in the year and a copy of the letter will be available.

    Please be reassured that there are no other changes to your or your clients’ contracts with us, service levels, products, investments or ongoing payments as a result of the legal entitles changing.

    For more information, take a look at our article.

    July 2017
    Client annual pension savings statements
    Important information only

    Nothing has changed from our usual practice, but we thought it would be helpful to give you a heads-up as clients could call you when they receive their statements. Is this helpful? Tell us, we'd love to hear your thoughts.

    Remember you can look up your clients' policy details anytime on our online services.

    July 2017
    Blackrock fund name changing to iShares
    Important information only

    Blackrock have re-named their range of index mutual funds. The key name change you and your clients will notice is that their iShares brand is replacing the Blackrock name - there are no changes to fund management, makeup, objectives, charges, or risk profiles.

    Access a list of the funds affected and their new names.

    July 2017
    Online services @ Phoenix Wealth - no need to re-register
    Important information only
    Remember that you don't need to re-register if you already had access to our old AXA Wealth online services - everything should work just as before. Access online services here.