What's happening

In April 2023, we (The Royal London Mutual Insurance Society Limited) entered into an agreement with Scottish Equitable plc (which uses the brand name Aegon) to purchase its UK individual protection policies.

This purchase will use a Part VII transfer, which is the legal process used to transfer insurance business from one insurance company to another. The terms of the transfer are set out in a legal document called the “Scheme”, which can be found in the ‘Important Documents’ section below. A summary of the Scheme has also been provided.

The transfer of the business is subject to:

  • Review by an Independent Expert specifically appointed to assess the impact on policyholders;
  • Consultation with our regulators – the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have reviewed the Scheme; and
  • Approval of the High Court of England and Wales (the “Court”) – a judge will rule on the Scheme on 14 June 2024.

The Independent Expert, Stephen Makin of Hymans Robertson LLP, has been appointed and approved by the PRA, in consultation with the FCA, to report on the effects of the transfer on policyholders, including the financial security of the legal entities involved. You can find the Independent Expert’s full report, along with a summary of the report, in the ‘Important Documents’ section below.

Royal London’s Chief Actuary and With-Profits Actuary have both written their own reports on the effects of the transfer. You can also find both of these reports in the ‘Important Documents’ section below.

What this means for existing Royal London policyholders

If you currently hold a policy with Royal London, there will be no changes to your policy. Your policy conditions, policy benefits, payments and any guarantees will all stay the same.

If you want to contact us, you can do so in the usual way.

What do I need to do?

If you are a Royal London policyholder

If you are happy for the proposed transfer to go ahead, you don’t need to do anything.
If you are a Royal London policyholder and have any concerns about the proposed transfer, or believe it would adversely affect you, then you can contact us to discuss your concerns using the details in the Contact us section below or you can attend the High Court hearing, in person or by Counsel, and present your objection in person. A representative can present your objection on your behalf.

If you raise an objection, we will reply to you and send your objection, along with our reply, to the High Court, the Independent Expert and our regulators before the hearing.

Any objections must be made to the Court by 14 June 2024.

If you are an Aegon policyholder

Aegon have mailed a ‘Transfer Guide’ to their individual protection policyholders. If you are a transferring Aegon policyholder, rather than an existing Royal London policyholder, you should refer to the information in the Transfer Guide and follow the instructions provided.

Aegon policyholders can also visit the Aegon website for further information.


The transfer will only go ahead if it receives the approval of the Court following the hearing on 14 June 2024. If the approval is granted, we expect the transfer to take place on 1 July 2024.

If you think you would be adversely affected by the proposed transfer, you have the right to raise any objections to the Court. Objections must be made to the Court in advance of the hearing on 14 June 2024 – please see the process for doing so in the ‘Contact Us’ section below.

Frequently asked questions

The Transferring Policies are currently administered by a third party outsourcer, Atos BPS Limited, and this will continue to be the case following the Part VII Transfer. 

On 5 February 2024, the parent company of Atos BPS Limited, Atos SE, announced that it was in formal discussions with its lending banks with a view to agreeing a plan to refinance its financial debts. These discussions are ongoing and the outcome is not known at this stage. Atos BPS Limited’s ability to administer and service the Transferring Policies is not currently impacted, but should this change either before or following the proposed Transfer, Aegon and Royal London each have contingency plans in place.

There is no impact on existing Royal London customers. Atos BPS Limited does not currently provide policy administration for any existing Royal London policies.

The contingency plans of Aegon and Royal London consider a range of different events which may impact administration of the book, and are designed to ensure continuity of service is maintained.  In certain circumstances this may entail a change in service provider.

Contact us

If you are a Royal London policyholder and wish to contact us in relation to this Part VII Transfer, you are welcome to do so:

  • by telephone on 0333 091 1982 – Royal London customer opening hours are 8am - 6pm Monday to Friday. Aegon customer opening hours are 8:30am - 5:30pm Monday to Friday;
  • write to us at:
    Aegon Transfer
    Royal London House
    Alderley Park
    Congleton Road
    Nether Alderley
    SK10 4EL
  • fill out the following form

Write to us

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Additional support

If your personal circumstances mean you need any additional support, or if you would like a large print, Braille or audio version of any of the documents in the Important Documents section, please call 0333 091 1982 Royal London customer opening hours are 8am - 6pm Monday to Friday. Aegon customer opening hours are 8:30am - 5:30pm Monday to Friday. (call charges will vary).