The information on this page is only relevant to policyholders in the PLAL Fund with a With Profits investment.

During August and September 2022, we're writing to customers with policies invested in the PLAL Fund to let them know about the changes we're proposing.

This page tells you about our plans to change the PLAL Transfer Scheme. This would then allow us to merge the PLAL Fund into the Royal London Open Fund, which is the main With Profits Fund within Royal London. We would then be able to distribute the rest of the Estate to policyholders like you at the same time.

The changes would be made by completing two key steps:

  • Step 1 is a legal process requiring approval from the High Court of Justice of England and Wales (the Court) to amend the PLAL Transfer Scheme.
  • Step 2 is the process of implementing the subsequent changes we would then make if the Court approval is given in Step 1.

You can download a copy of the information we mailed to customers by clicking on the links under ‘Mailing pack’ below.

If you need any help after reading the information on this page, you can find our contact details here.

Latest update

We'll post any updates in this section of the website.

Mailing pack

This is the information we're sending throughout August and September to customers affected by the proposed changes.

The pack includes:

Things to read

Here we’ve gathered some key documents that we refer to in the pack that you may find helpful if you need more information. We'll add to this section with more information later in the year.

We need to make some changes to our Principles and Practices of Financial Management (PPFM) to reflect the simplified fund structure of Royal London. There are no changes that directly affect your policy. You can see the the key amendments we are proposing here.

If you have any questions or would like a copy of any of these documents in a different format, such as large print, please call us on the number provided below. 

 

Need to make a change?

Change of details

To let us know about a change of name or address, please call us on:

0345 741 3002

If you're calling from outside the UK you can phone us on +441732 427149.

Our customer services team are available between 8am and 6pm Monday to Friday (excluding bank holidays).

Let us know someone has passed away

If a loved one had a policy with us and you're not sure what needs to happen, please call us on:

0345 741 3002

If you're calling from outside the UK you can phone us on +441732 427149.

Our customer services team are available between 8am and 6pm Monday to Friday (excluding bank holidays).

Need help?

If you have any questions about the changes, check the frequently asked questions in the following section. They may have the answers you are looking for.

Frequently asked questions

We're proposing to change the PLAL Transfer Scheme. This would then allow us to merge the PLAL Fund into the Royal London Open Fund, which is the main With Profits Fund within Royal London. We would then be able to distribute the rest of the Estate to policyholders like you at the same time.

We think that the changes would mean even fairer outcomes for policyholders. The changes would increase the current value of your policy.

We currently expect to apply an Uplift of 5.5% to your Eligible Policy Value. If the changes go ahead, we’ll write to you early next year confirming the Uplift applied to your Eligible Policy Value.

Step 1: Legal Process
First of all, we need to ask the Court for approval to amend the PLAL Transfer Scheme to allow us to merge the PLAL Fund into the Royal London Open Fund sooner than would otherwise be the case. We’re asking the High Court of Justice of England and Wales (the Court) for this approval to amend the PLAL Transfer Scheme at a Sanction Hearing scheduled for 8 November 2022. This will take place at the High Court of Justice of England and Wales, 7 Rolls Buildings, Fetter Lane, London, EC4A 1NL.

Step 2: Fund Merger and Distribution of the Estate
If we get approval from the Court to amend the PLAL Transfer Scheme, we will merge the PLAL Fund into the Royal London Open Fund. This will let us distribute the rest of the Estate to policyholders like you sooner than would otherwise be the case. This would increase the current value of your policies.

We understand that some of this information is technical. Please read your information pack carefully and consider discussing it with a trusted friend or family member.

If you still need help, please feel free to call us on 0345 741 3002 (or +44 1732 427149 if you’re calling from outside the UK) between 8am and 6pm Monday to Friday (excluding bank holidays).

We can’t give you advice, but we can explain the changes and answer any questions as best as we can.

Merging the PLAL Fund into the Royal London Open Fund sooner will allow us to distribute the rest of the Estate to policyholders like you sooner than would otherwise be the case. We think this will mean even fairer outcomes for policyholders. You and other policyholders in the PLAL Fund will receive an increase to your policy value. This will give you more certainty over your distribution from the Estate, which is part of the total amount we’ll pay out when your policy is claimed.

The changes we’re making are part of our plan to simplify and modernise the way we do things for the benefit of our longstanding customers. We merged four of our other With Profits Funds into the Royal London Open Fund last year. Making these changes will help us become a more efficient business.

If we get approval from the Court we expect to implement the changes on 31 December 2022. We'll write to you early next year to confirm whether the changes have been made, and the effect on your policy if they have.

Royal London carefully considered the interests of its policyholders. Our With Profits Actuary and Chief Actuary provided reports to the Court confirming their view that the changes are fair. We have also appointed an Independent Actuary to make sure you and other policyholders are being treated fairly. The change to the PLAL Transfer Scheme must be approved by the Court at the Sanction Hearing. Our Regulators have also been informed.

If you have concerns about the proposed Amendment to Scheme, and wish to raise an objection, please contact us, ideally before 25 October 2022. We’ll pass all objections we receive relating to the Amendment to Scheme to the Court at the Sanction Hearing.

You can write to us at Royal London, 301 St Vincent Street, Glasgow, G2 5PB. Or you can contact us on 0345 741 3002 (or +441732 427149 if you’re calling from outside the UK) between 8am and 6pm Monday to Friday (excluding bank holidays).

Yes. Royal London is the largest mutual life, pensions and investment company in the UK and all with profits funds we manage are in a healthy financial position. The changes involve moving your policy into the Royal London Open Fund. This is a much larger, more varied fund than the PLAL Fund.

We understand that everyone needs to be cautious these days. If the name Royal London doesn’t ring any bells, we’re the largest mutual life, pensions and investment company in the UK. We've been looking after your policy since it transferred to us in 2008. So you feel safe that we’re not trying to scam you, you can find us registered with the Financial Conduct Authority.

The changes only apply to policies with With Profits investments in the PLAL Fund.

Any policies you have in our other With Profits Funds are not affected by these changes. However, we may have written to you previously proposing similar changes to our other closed With Profits Funds.

No. We’ll continue to administer your policy in the same way as we currently do.

The changes wouldn't apply to you if any of the following happens before we make the changes, if we get legal approval, on 31 December 2022:

Pension Policy

  • You take your retirement savings
  • Your retirement savings are paid out as a death benefit to your beneficiaries
  • You transfer your policy
  • You move your investment out of With Profits

Endowment, With Profits Bond, Flexible Lifetime Plan, or Critical Illness cover policy

  • The Life Covered dies
  • You cash in your policy early
  • The Life Covered is diagnosed with a Critical Illness or Total Permanent Disability if you have a Critical Illness Cover policy
  • You move your investment out of With Profits

The changes will not impact the treatment of your policy for UK tax purposes.

If you are unsure how these changes may impact your and your particular financial circumstances, you may wish to talk to a financial adviser.

Please give us a call on 0345 741 3002 (or +441732 427149 if you're calling from outside the UK) between 8am and 6pm Monday to Friday (excluding Bank Holidays). There may be certain documents we need from you to update your details.

If you've told us about the person that you've appointed under your power of attorney previously, an information pack has been sent to them.

If you've appointed a person under a power or attorney but haven't told us about it yet, please call us on 0345 741 3002 (or +44 1732 427149 if you're calling from outside the UK) so we can keep their information on file. You should then tell that person about the changes and discuss the information pack with them.

You, the attorney, should read the information pack carefully. You've received the pack because our records show that:

  • You're the policyholder's attorney; or
  • If there's more than one registered attorney, you're the most recently registered attorney; or
  • Where more than one attorney was recorded at the same time, you're listed first.

You may not be the only attorney to have been appointed by the policyholder. Please check the terms of your appointment and if you know of anyone else appointed as an attorney, please also share and discuss the pack with them.

If you've been declared bankrupt, ownership of your relevant With Profits investments may have automatically transferred to the trustee in bankruptcy. If this applies to you, you should make them aware of this pack and its contents. If you've been declared bankrupt recently or you think we may not be aware of your bankruptcy, please get in touch with us.

You may wish to share this pack with them, but you don't need to.

We're sorry to learn that the policyholder or Life Covered has passed away. Their next of kin should call us and we'll talk them through what they need to do. Please make sure they have the Life Covered's or policyholder's death certificate when they phone.

We’re happy to provide your documents in a different format, such as Braille, large print or audio. Just call us on 0345 741 3002 (or +441732 427149 if you’re calling from outside the UK).

Call us

If you can’t find the information or help you are looking for, you can call our dedicated customer services team on: 

0345 741 3002

If you're calling from outside the UK you can phone us on +44 1732 427149.

Our customer services team are available between 8am and 6pm Monday to Friday (excluding bank holidays).

Alternatively you can write to us at:

Royal London
301 St Vincent Street
Glasgow
G2 5PB

Giving you personal support

Have you experienced a change in your circumstances that impacts the way you manage your money? If you explain how we can help, we'll use that information to give you more personal support. 

Give us a call on 0345 741 3002.