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Within the table you'll find details of adviser update emails we've sent out previously. If you haven't received an email but would like to then
email us to opt in.
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:
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.
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.
We will be available as normal by post, phone, email, or through the Contact us form on our Phoenix Wealth website.
Our website will be available as normal apart from the below features:
Online services for non self-invested policies will be unavailable. Services for self-invested policies are unaffected.
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.
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.
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.
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.
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
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
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.
can I get more information?
Not registered for online
services? It’s easy – find out more
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.
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.
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
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
*As at 30 June 2019
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.
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
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
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
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
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
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.
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
If you've not yet registered, it's easy to get online, find out more
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:
Download the Q&A
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.
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:
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
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:
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
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.
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:
The value of investments can go down as well as up and clients may not get back the amount originally invested.
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
We will soon be applying our new Phoenix Wealth brand name to the following FST and RWA legal entities:
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
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:
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.
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
You can access a copy of our 'intent to transfer' letter for your records
For more information, and to see the letter and accompanying documentation we will be sending clients, take a look at our
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.
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
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
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.