The information on this page is only relevant to certain United Friendly Ordinary Branch policyholders.
During March and April 2021, we’re writing to customers with policies invested in the UFOB 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 Ordinary Branch Fund (UFOB 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.
If you're a United Friendly Industrial Branch (UFIB) customer, please visit our UFIB page.
We’ll only go ahead with our proposal if policyholders like you are supportive and the High Court gives us the go ahead.
You can download a copy of the information we’ve mailed to policyholders 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 5 versions of the letter tailored to:
- Customers with a single Endowment or Whole of Life policy [PDF, 0.2MB]
- Customers with multiple Endowment or Whole of Life policies [PDF, 0.4MB]
- Customers with a single Pension policy [PDF, 0.2MB]
- Customers with multiple Pension policies [PDF, 0.4MB]
- Customers with multiple Endowment or Whole of Life and Pension policies
- Your guide to our proposal [PDF, 1MB] - 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, 0.3MB] - This provides a helpful reminder about how your with profits policy works.
- Feedback form [PDF, 0.9MB] - 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 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 UFOB 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.
Update on 19 March
The confirmed date for the Convening Hearing is 15 July 2021. This will take place at the High Court of Justice in England and Wales at the Rolls Building, Fetter Lane, London, EC4A 1NL.
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 me all about?
We want to make changes to how we manage the with profits policies invested in the United Friendly Ordinary Branch Fund.
These changes would allow us to increase your policy’s current value and give you more certainty over the amount we’ll payout when your policy is claimed.
Before we can make the changes, we’re asking policyholders who would be affected to provide us with feedback on our proposal.
What should I do if I need help understanding the 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 646 1014 (or +44 1625 718587 if you’re calling from outside the UK) between 8am and 6pm Monday to Friday (excluding bank holidays).
We can’t give you financial advice, but we can explain our proposal and answer any questions as best as we can.
If you don’t have a financial adviser, you can find a professional in your area. Advisers may charge for their services, but they should agree any costs with you up front.
Remember, we’ll send you more information on our proposal later this year if policyholders like you are supportive.
Why is Royal London doing this?
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.
When would this proposal take effect?
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 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, we expect the earliest our proposal could take effect would be 31 December 2021.
How do I know what you're doing is fair?
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 which will be provided to the Court
- We’ll keep our Regulators informed
- An Independent Expert will review the scheme very carefully
- With Profits Policyholder will consider and vote on the Scheme
- The Scheme must be approved by the High Court
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. Our proposal involves moving your policy into the Royal London Open Fund. This is a much larger, more varied fund than the United Friendly Ordinary 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.
I still pay into my policy, what will happen to the amount I pay?
The amount or frequency of the premiums you pay won’t be affected by our proposal.
What uplift will be applied to my Policy Value?
An Uplift of 8% is what we currently expect to be able to offer you. We’ll confirm the final Uplift if we write to you with a formal offer to vote on later this year.
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.
When would your proposal no longer apply to me?
Our proposal wouldn't apply to you if any of the following happens before we implement our proposal:
- You take your retirement savings
- The policyholder dies
- You transfer your policy to another provider
Endowment of Whole of Life Policy
- The Life Covered dies
- You cash in your policy early
- Your Endowment Policy reaches the end of its term
What will happen if the proposal doesn't go ahead?
If our proposal doesn’t go ahead, we won't make these changes. 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.
Will the proposal change the UK tax treatment of my policy?
If your policy is an Endowment or a Whole of Life policy, our proposal will not impact the tax treatment of your policy for UK tax purposes.
If your policy is a Pension, our proposal may impact how the proceeds of your policy are treated for UK tax purposes. We’ll give you more information on how you may be impacted if we write to you again with a formal offer.
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 1014 (or 01625 718587 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 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 646 1014 (or +44 1625 718587 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.
I’m bankrupt or about to be declared bankrupt. Do I need to tell anyone about this?
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 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 or Life Covered has passed away. Their next of kin should complete the notification of death form or call us on 0345 646 1014 (or +441625 718587 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 or Life Covered's death certificate when they phone.
Can I receive my mailing pack 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 1014 (or +441625 718587 if you’re calling from outside the UK).
If the FAQs above haven't answered your query, you can get in touch with us via chat, phone, web form or post using the details below. Please note, we're unable to answer questions about your specific policy via the chat. Please call us or use our web form and our team will be able to help you.
Chat to us!
If you can’t find the information or help you are looking for, you can call our dedicated customer services team on:
If you're calling from outside the UK you can phone us on +44 1625 718 587.
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 House
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.