2017 Proposed AXA Wealth Limited policy transfer

Technical information

Here is some additional information regarding the transfer 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 will 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 took place on 24 November 2017, at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey GY1 2PB. Policies of Guernsey residents will transfer to PLL on the same date as all of the other policies. 

Guernsey Scheme document - November 2017

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