The information on this page is only relevant to Refuge Assurance Industrial Branch (RAIB) with profits policyholders.
During March and April 2021, we wrote to customers with policies invested in the Refuge Assurance Industrial Branch Fund to let them know about the changes we were planning to make.
The changes have been made. This means we’ve:
- shared out the Refuge Assurance Industrial Branch Fund (the RAIB Fund) Estate with policyholders like you
sooner than would otherwise be the case; and - merged the RAIB Fund into the Royal London Open Fund.
We'll be writing to customers in November 2021 to confirm the changes and the effect on their policies. You can download a copy of the information we mailed to customers earlier in the year by clicking on the links under ‘Information pack’ below.
If you need any help after reading the information on this page, you can find our contact details here.
Information pack
This is the information we have sent to customers affected by the changes.
The pack includes:
- A letter summarising the changes and what it means for you. There are 3 versions of the letter tailored to:
- Customers with a single policy [PDF, 0.2MB]
- Customers with multiple policies [PDF, 0.2MB]
- Customers with a single policy and a change to their T&Cs [PDF, 0.2MB] Only a small number of policyholders are impacted by a change to their terms and conditions. This change won’t impact the amount we’ll pay out when their policy is claimed.
- Your guide to the changes [PDF, 0.7MB] - This booklet explains everything you need to know. It also includes a summary of the updates we’re making to our Principles and Practices of Financial Management (PPFM) in relation to the changes.
What's on this page?
Things to read
We sent you lots of reading material in your information 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 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.
Royal London maintains a Principles and Practices of Financial Management (PPFM) document for each of its With Profits Funds. The PPFM is a document that outlines how we manage a with profits fund. With profits policies invested in the RAIB Fund are managed as part of the Royal London Long Term PPFM.
This is the current PPFM that covers your policy. This is the PPFM with the proposed changes that will take effect at the end of 2021. It also allows for our plans to merge three of our other With Profits Funds into the Royal London Open Fund this year. We won’t know until close to the end of 2021 whether all of these changes will go ahead. This is because some of the changes are dependent on a vote by some directly impacted customers, which is due later in 2021, as part of a series of ‘Schemes of Arrangement’ as they are known.
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 was the mailing you sent to me earlier this year all about?
The mailing contained information about our plans to merge the Refuge Assurance Industrial Branch (RAIB) Fund into the Royal London Open Fund, which is our largest With Profits Fund.
This means we've shared out the RAIB Fund Estate with policyholders like you sooner than would otherwise be the case.
The changes are complicated. What should I do if I don’t understand them?
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 646 1013 (or +44 1625 718586 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.
When did the changes take effect?
We implemented the changes on 30 June 2021. We will write to you in November 2021 to confirm the changes have been made and the effect of the changes on your policy.
How do I know what you're doing is fair?
Royal London carefully considered the interests of its policyholders. Our With Profits Actuary and Chief Actuary provided reports to the Board confirming their view that the changes were fair. We also appointed an Independent Expert to make sure you and other policyholders were being treated fairly. Our Regulators have also been informed.
Is my policy safe?
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 involved moving your policy into the Royal London Open Fund. This is a much larger, more varied fund than the Refuge Assurance Industrial Branch Fund.
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. We've been looking after your policy since it transferred to us from the United Assurance Group in 2001. So you feel safe that we’re not trying to scam you, you can find us registered with the Financial Conduct Authority.
Will there be any change to how my policy is administered?
We’ve changed the way we calculate bonuses on your policy. This won’t affect the amount we pay out when your policy is claimed. The way we administer your policy is otherwise unchanged.
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 646 1013 (or 01625 718586 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.
The Life Covered has died. What should I do?
We’re sorry to learn that the Life Covered has passed away. Their next of kin should complete the notification of death form or call us on 0345 646 1013 (or +441625 718586 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 Life Covered's death certificate when they phone.
Can I receive my documents in an alternative format?
We’re happy to provide your documents in a different format, such as Braille, large print or audio. Just call us on 0345 646 1013 (or +441625 718586 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 646 1013
If you're calling from outside the UK you can phone us on +44 1625 718 586.
Our customer services team are available between 8am and 6pm Monday to Friday (excluding bank holidays).
Contact us online
You can also get in touch with us with any other queries using our online contact form.
Alternatively you can write to us at:
Royal London
Royal London House
Alderley Park
Congleton Road
Nether Alderley
Macclesfield
SK10 4EL
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.