""

Latest update

We’re pausing our proposal

Due to the current coronavirus situation, we’ve decided to pause our proposal until we believe it’s the right time to continue.

Why are we pausing?
  • We know this is a worrying time for everyone. We want you to be able to focus on looking after yourself rather than be distracted by our proposal and request for feedback at this time.
  • The uncertainty in financial markets caused by the coronavirus outbreak makes it more difficult to give you certainty around the offer we’d make to you under our proposal.
  • Our proposal requires cooperation between Royal London, the High Court, our regulators and policyholders to complete this year. The coronavirus outbreak makes this cooperation more difficult which could stop us from keeping to our planned timeline.

We’re no longer asking for feedback on our proposal at this time. If you have already provided feedback it has been recorded and has provided us with valuable insight. We plan to continue with our proposal when we believe it’s the right time. We hope this will be early next year.

We hope the frequently asked questions below answer any questions you have. But if you need any further help, please call us 0345 600 4116 (or +441625 718330 if you’re calling from outside the UK) between 8am and 6pm Monday to Friday (excluding bank holidays).

 

Frequently asked questions

You have a with profits policy, so your policy value changes with ups and downs in investment markets, and other factors.

We use policy values to determine what annual bonuses we can add to your policy each year, and what final bonus we could add when your policy is claimed. Therefore, any movements in the investments that we invest your policies in could change the bonuses we can add to your policy.

However, your with profits policy has three features that provide some protection against movements in investment markets.

  • There is a guaranteed minimum amount the policy will pay out in return for the premiums you promise to pay, no matter what investment markets do
  • With profits policies also benefit from smoothing. We try to add bonuses in a way that protects policyholders to some extent from large falls in the investments held by the fund. Instead of adding big bonuses in good years and small or no bonuses in bad years, we hold back some of the investment gains during the good years, to enable us to share them when the investment gains aren't so good
  • We invest your policy in a variety of investment types. So a large fall in one investment type, doesn’t necessarily lead to a similar fall in other investment types

We’re no longer asking for your feedback on our proposal at this time. We hope to send you a new information pack about our proposal at the start of next year, where you will have an opportunity to provide feedback.

We’ve reviewed the feedback we’ve received so far, and please be assured we will take all feedback received into account when we write to you in the future. 

No, we hope to write to you again about our proposal at the start of next year. We’ll send you a new information pack for you to read and ask you for your feedback again at that point.

  • Yes, delaying our proposal will impact the size of the Uplift and the Special Bonus we can offer under our proposal
  • We’ll recalculate the Uplift and Special Bonus when we decide to continue our proposal
  • We hope to write out to you again for feedback on our proposal at the start of next year. However, we’ll only write to you when we think it is appropriate for policyholders

Please call us on 0345 600 4116 (or +441625 718330 if you’re calling from outside the UK) so we can discuss how we can help you.

Please call us on 0345 600 4116 (or +441625 718330 if you’re calling from outside the UK) so we can discuss how we can help you.

For more information on our response to the coronavirus outbreak, please visit our coronavirus page.

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.

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.

This proposal has been paused and we are no longer accepting feedback. The content below is for information only

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.

Mailing pack

This is the information we have sent to customers affected by the proposal.

The pack includes:

""

Things to read

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.

Need to make a change?

If your personal details or circumstances have changed, you can keep us up to date by completing one of the following forms.

Change of details

To let us know about a change of name or address, please complete the update your details form.

Update your details

 

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.

Notification of death form

Need help?

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

Need further help?

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

0345 600 4116

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
Royal London House
Wilmslow
Cheshire
SK9 1PF

Something not working?

If you’re having problems using our site please take a look at our troubleshooting guide for help.

Troubleshooting guide Troubleshooting guide