Royal London has acquired Aegon's UK individual protection policies

What's happened

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.

The purchase was made by way of 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. A summary of the Scheme has also been provided.

The transfer of the business was 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
• Approval of the High Court of England and Wales (the “Court”) – a judge ruled on the Scheme on 14 June 2024.

The Independent Expert, Stephen Makin of Hymans Robertson LLP, was 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.

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.

What this means for Aegon policy holders

Now Aegon protection policies have been transferred to Royal London, you might be wondering if there's any changes to your policy, or if you need to do anything.

Direct debits have changed to Royal London

You don't need to do anything if you pay for your policy by direct debit, your payment details will have been updated automatically. Your bank statement will now show future payments as Royal London, instead of Scottish Equitable or Aegon.

If you pay by cheque or bank transfer

From 1 July 2024 you'll just need to update the payee name to Royal London when you make any future payments. If you're unsure how to do this, get in touch with your bank.

Policy information

There'll be no changes to your policy. Your policy number, benefits, conditions, and how much you pay will all stay the same.

You'll also start to see communications in Royal London branding going forward.

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.