• 2017 Proposed AXA Wealth Limited policy transfer

    On 21 November 2017, the High Court approved our proposals to transfer all of AXA Wealth Limited (AWL) to Phoenix Life Limited (PLL). AWL and PLL are both companies within the Phoenix Group. The transfer is expected to take place on 8 December 2017.

    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 considered the effect of the transfer on policyholders. His appointment was approved by the Prudential Regulation Authority (PRA) in consultation with the Financial Conduct Authority (FCA). The PRA and FCA are our industry regulators.

    Supplementary report from the Independent expert - 10 November 2017

    The supplementary report sets out the Independent Expert’s consideration of the likely effect of the transfer on policyholders in light of developments since his main report, including the financial position of AWL and PLL as at 30 June 2017, and his conclusion that his opinion of the impact of the Scheme on policyholders remained unchanged.

    Full Scheme document - November 2017

    The legal document, setting out the terms of the transfer, which was approved the High Court.

    Actuarial Reports

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

    Supplementary report from the Chief Actuary of Phoenix life Limited  - 10 November 2017

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

    Supplementary report from the Chief Actuary of AXA Wealth Limited  - 10 November 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.

    In their supplementary reports, the Chief Actuaries of PLL and AWL considered developments since their main reports, including the financial position of PLL and AWL as at 30 June 2017, and concluded that their respective opinions on the likely effect of the transfer on policyholders remained unchanged.

    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 - November 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

    You can call our helpline on 0345 129 9993 between 8.30am and 5.30pm, Monday to Friday.