With-profits customers approve Royal London’s proposals to increase benefits
As part of the continuing drive to deliver greater and more certain benefits for its policyholders, Royal London, the UK’s largest mutual life insurer, plans to consolidate another three of its closed with profits funds into the Royal London Open Fund by the end of this year utilising Court approved Schemes of Arrangement under Part 26 of the Companies Act 2006. On 4 and 5 November, Royal London received the following policyholder approvals:
- 95.4% of eligible policyholders in the United Friendly Ordinary Branch (UFOB) Fund who voted endorsed Royal London’s proposals including a 6.4% uplift to their policy value
- 92.4% of eligible policyholders in the United Friendly Industrial Branch (UFIB) Fund who voted endorsed Royal London’s proposals including a 9.7% uplift to their policy value
- 92.6% of eligible policyholders in the Scottish Life Fund who voted endorsed Royal London’s proposals which included a 29.9% uplift to their policy value.
The final stage for the Schemes to take effect is for Royal London to seek approval from the Court on 25 – 26 November. If Court approval is granted then policyholders will receive the uplifts to their policy values on 31 December 2021 and the with profits funds will be consolidated into the Royal London Open Fund at the same time. Further information can be found on https://www.royallondon.com/existing-customers/consultations/2021-consultations/
About Royal London
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £153 billion, 8.8 million policies in force and 4,075 employees. Figures quoted are as at 30 June 2021.