The information on this page is only relevant to United Friendly Industrial Branch policyholders.
This page tells you about our proposal to share out more of the Estate of the United Friendly Industrial Branch Fund (UFIB Fund) sooner than would otherwise be the case. This is part of our goal to simplify and modernise the way we do things for our customers.
During March and April 2020, we’re writing to customers with policies invested in the UFIB Fund asking for their feedback on our proposal.
We’ll only go ahead with our proposal if policyholders like you in the UFIB Fund are supportive.
You can download a copy of the information we’ve mailed to customers by clicking on the links in the 'Mailing pack' section.
If you need any help after reading the information on this page, you can find our contact details here.
This is the information we have sent to customers affected by the proposal.
The pack includes:
- Cover letter summarising our proposal, what it means for you, how you go about telling us what you think and what happens next. There are 2 versions of the letter tailored to:
- Your guide to our proposal [PDF, 0.7MB] - This booklet explains everything you need to know at this stage about our proposal. It includes a timeline and glossary of terms.
- How your with profits policy works [PDF, 1MB] - This provides a helpful reminder about how your with profits policy works.
- Feedback form [PDF, 0.8MB] - This form is for information only. Please complete the form provided in the information pack we sent you. Alternatively, use our online feedback form.
We sent you lots of reading material in your mailing pack. 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 if our proposal goes ahead.
If you have any questions or would like a copy of this document in a different format, such as large print, please call us on the number provided at the bottom of the page.
Principles and Practices of Financial Management - Royal London maintains a Principles and Practices of Financial Management (PPFM) document for each of its funds. Policies are managed in line with the PPFM for the fund they are held in. Policies invested in the UFIB Fund are managed as part of the Royal London PPFM. This will be updated if and when our proposal goes ahead.
Change of details
To let us know about a change of name or address, please complete the update your details form.
Tell us about a bereavement
To make things easier at what is a difficult time, you can notify us about the person who has died by completing our notification of death form.
Frequently asked questions
What is the mailing you recently sent to me all about?
We want to make changes to how we manage the with profits policies invested in the United Friendly Industrial Branch Fund.
These changes would allow us to increase your policy’s current value and give you more certainty over its eventual payout.
Before we can make the changes, we're asking policyholders who would be affected to provide us with feedback on our proposal.
This proposal is complicated. What should I do if I don’t understand it?
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 600 4116 (or 01625 718330 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 our proposal and answer any questions as best we can. Remember, we’ll send you more information on our proposal including a personalised illustration later this year if policyholders like you are supportive.
Why is Royal London doing this?
Your policy(s) is currently invested in our United Friendly Industrial Branch Fund (UFIB Fund). The UFIB Fund is closed to new policyholders which means it's getting smaller as its existing policies pay out. We want to merge the UFIB Fund into our Royal London Open Fund. Doing this will allow us to share out more of the UFIB Fund's estate sooner than would otherwise be the case, and in an even fairer way than we can do now. It'll also give you more certainty over your policy's eventual pay-out.
When would this proposal take effect?
If policyholders like you vote in favour of the formal offer, we’ll go back to the High Court and ask for its final approval. We expect the earliest our proposal could take effect would be 31 December 2020.
How do I know what you are doing is fair?
To make sure you and other policyholders are being treated fairly, an Independent Expert will provide a report to the Court on the fairness of the Scheme. The Independent Expert is an experienced senior Actuary who is independent of Royal London.
We’re also considering the interests of our policyholders internally within Royal London. Our With Profits Actuary and Chief Actuary will prepare reports which will also be provided to the Court. We’re also keeping our Regulators, our With Profits Committee and the Royal London Board up to date on the progress of our proposal.
Is my policy safe?
Yes, please don't worry. Royal London is the largest mutual life, pensions and investment company in the UK and all the with profits funds we manage are in a healthy financial position.
We'll only go ahead with our proposal if the High Court thinks our proposal is fair to policyholders.
How do I know this isn’t a scam?
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. In 2001 we took over United Assurance Group and have been looking after your policy ever since. So you feel safe that we’re not trying to scam you, you can find us registered with the Financial Conduct Authority here: register.fca.org.uk.
Will there be any change to how my policy is administered if the proposal goes ahead?
No. We’ll continue to administer your policy in the same way as we currently do.
What happens if I don’t provide any feedback?
We encourage you to provide feedback on our proposal because this is an opportunity to have a say on a proposal that would affect your policy. If you don't provide us with your feedback but policyholders who do respond to us indicate that they are interested in our proposal, we’ll write to you again later this year with a formal offer.
What happens if my benefits are claimed before the proposal takes effect?
Our proposal wouldn’t apply to you if any of the following happens before the date we implement our proposal:
- You die,
- You cash-in your policy and take your benefits, or
- Your endowment policy reaches the end of its policy term.
What will happen if the proposal doesn’t go ahead?
If our proposal doesn’t go ahead, everything will stay as it is today. The amount that we’ll be able to increase your policy value by from the Estate will remain exposed to future risks and could be higher or lower than under our proposal.
I’ve changed my contact details. How can I notify Royal London?
Please complete the update your details form or give us a call on 0345 600 4116
(or 01625 718330 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 to update your details.
I've appointed a person under a power of attorney to look after my affairs. Do I need to tell them about this?
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 on your behalf. If our proposal goes ahead and we make you a formal offer later this year, the person appointed under a power of attorney will be able to vote on your behalf.
If you've appointed a person under a power of attorney but haven’t told us about it yet, please call us on 0345 600 4116 (or 01625 718330 if you're calling from outside the UK) so we can keep their information on file. You should then tell that person about our proposal and discuss this information with them.
I'm bankrupt or about to be declared bankrupt. Do I need to tell anyone about this?
If you have been declared bankrupt, ownership of your relevant eligible policies may have automatically transferred to the trustee in bankruptcy. If this applies to you, you should share this pack with them. If you’ve been declared bankrupt recently or you think we may not be aware of your bankruptcy, please get in touch with us.
The policyholder has died. What should I do?
We’re sorry to learn that the policyholder has died. The policyholder’s next of kin should complete the notification of death form or call us on 0345 600 4116
(or 01625 718330 if you're calling from outside the UK) as soon as possible and we’ll talk them through what they need to do. Please make sure they have the policyholder’s death certificate when they phone.
I don't have a policy with Royal London. Can I provide feedback on your proposal?
No. Our proposal only applies to With Profits Policies in the United Friendly Industrial Branch Fund, so we’re only asking holders of these policies for feedback on our proposal.
I have a policy with Royal London but it's not in the United Friendly Industrial Branch Fund. Can I provide feedback?
Our proposal only applies to With Profits Policies in the United Friendly Industrial Branch Fund. Any other policies you might have with Royal London are not covered by our proposal. Please be aware though that, since our proposal is part of a wider series of changes we’re making to our business, we might write to you again in the future proposing similar changes to our other With Profits Funds. We don’t know if or when this would be yet.
Need further help?
If you're calling from outside the UK you can phone us on 01625 718 330.
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 House