The information on this page is only relevant to United Friendly Industrial Branch policyholders.

During March and April 2021, we’re writing to customers with policies invested in the UFIB Fund asking for their feedback on our proposal.

This page tells you about our proposal to distribute 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.

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.

Ready to give your feedback?

Before we make any changes, we want to know what you think.

You'll need to tell us by 7 May 2021.

Nothing is happening to your policy right now but it’s important you send us your feedback.

If policyholders like you are supportive of our proposal and the High Court gives us the go ahead, we’ll write to you again later this year with a formal offer and ask you to vote on it.

 

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 any of these documents 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 Profit Funds. The PFFM is a document that outlines how we manage a With Profits Fund. With profits policies invested in the UFIB Fund are managed as part of the Royal London Long Term Fund PPFM. This will be updated if and when our proposal goes ahead. This is the current PPFM that covers your policy.

""

Latest update

From time to time we may need to update you on our proposal - if there's a change to the date of a court hearing or to confirmm the outcome of a court hearing if our proposal goes ahead for example. We'll post all updates in this section of the website.

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.

Frequently asked questions

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.

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 +44 1625 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 as we can. Remember, we’ll send you more information on our proposal later this year if policyholders like you are supportive.

Our proposal would allow us to give policyholders like you a known distribution from the Estate. This means you’ll have more certainty over the amount we’ll pay you or your family when your policy is claimed. We’re making our proposal now so as many policyholders like you as possible can benefit from it.

Our proposal is also part of our plan to simplify and modernise the way we do things for the benefit of our longstanding customers. Our proposal will help us become a more efficient business. This will reduce our costs. We’d be able to share any savings with our policyholders through lower charges and higher payouts.

If policyholders like you are supportive of our proposal and the High Court gives us the go ahead, we’ll write to you again later this year with a formal offer and ask you to vote on it.

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. If we get this approval, we expect the earliest our proposal could take effect would be 31 December 2021.

We’d use a court approved process called a Scheme of Arrangement to make our formal offer to you. As part of that process, we’re taking the following steps to make sure our proposal is fair:

  • Our With Profits Actuary and Chief Actuary will prepare reports on the fairness of the offer which will be provided to the Court
  • We’ll keep our Regulators informed
  • An Independent Expert will review the scheme very carefully and provide a report to the Court on the fairness of the Scheme
  • With Profits Policyholders will consider and vote on the Scheme
  • The Scheme must be approved by the Court

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. Our proposal involves moving your policy into the Royal London Open Fund. This is a much larger, more varied fund than the United Friendly Industrial Branch 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 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.

The amount or frequency of the premiums you pay won’t be affected by our proposal.

The size and frequency of your Periodic Payments won’t be affected by our proposal.

We currently expect the Uplift to be 10% of your Policy Value. We will also top up your Policy Value by applying the same Uplift to any premiums you currently pay into your policy after the proposal takes effect. The amount or the frequency of the premiums you pay won’t be affected by our proposal.

If policyholders like you are supportive of our proposal, we’ll write to you again later this year with a formal offer showing what our proposal could mean for you.

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

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.

We started writing to policyholders in the United Friendly Industrial Branch Fund for feedback on our proposal in early 2020. However, we decided to pause our proposal because of the coronavirus outbreak.

The terms of our proposal have changed slightly and it's been a year since we wrote to you. So, we need you to give feedback on our new proposal even if you gave feedback previously.

Our proposal wouldn’t apply to you if any of the following happens before we implement our proposal:

  • The life covered dies;
  • You cash-in your policy and take your benefits, or
  • Your endowment policy reaches the end of its policy term

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.

Since the coronavirus outbreak we’ve all experienced major changes to our daily lives. Royal London and each of its With Profits Funds remains in a strong financial position despite the uncertainty we’ve seen.

In recent months, economic conditions have become more stable and we’ve adapted to a new way of working. We believe now is the right time to put forward our proposal as we want policyholders like you to benefit as soon as possible.

However, we’ll continue to monitor the situation as we cannot be sure that there won’t be further disruption in the future. We’ve put in place measures to help policyholders like you give feedback in different ways.

If we believe that factors outside our control (such as changes to the coronavirus situation in the UK) mean that it’s no longer appropriate for us to continue with our proposal, we’ll write to you again.

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

Please complete the update your details form or give us a call on 0345 600 4116 (or +44 1625 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.

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 to act 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 +44 1625 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 the information pack with them.

If you’ve 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 the information 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.

We’re sorry to learn that the policyholder has passed away. The policyholder’s next of kin should complete the notification of death form or call us on 0345 600 4116 (or +44 1625 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 Life Covered'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 600 4116 (or +441625 718330 if you’re calling from outside the UK).

Need further help?

If the FAQs above haven't answered your query, you can get in touch with us via chat, phone or post using the details below.

Chat to us!

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 600 4116

If you're calling from outside the UK you can phone us on +44 1625 718 330.

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.
 

Find out more about Giving you personal support about Giving you personal support

Something not working?

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