Proposed transfer of business to Royal London DAC, a subsidiary of Royal London

Click here for key updates.

This webpage tells you about the proposed transfer of Royal London’s Irish and German business to a new subsidiary of The Royal London Mutual Insurance Society Limited (Royal London) registered in Ireland. The new subsidiary is called Royal London Financial Services DAC (Royal London DAC). In order to sell and administer life insurance in Ireland, Royal London DAC must be authorised to do so by the Central Bank of Ireland. We expect this to happen later in 2018.  From then, Royal London DAC will start selling new protection business in Ireland.

After the UK leaves the European Union, it may not be possible for Royal London to administer policies which were originally sold outside the UK. So that Royal London can continue to administer policies which were originally sold in Ireland or Germany after the UK leaves the European Union, we are proposing to transfer approximately 460,000 policies to Royal London DAC.

The proposed transfer needs to be approved by the UK High Court. We expect the High Court hearing to take place on 31 January 2019. If the proposed transfer is approved, the transfer is expected to take place on 7 February 2019. If there are any changes to these dates, we will update you using this website.

On this webpage you will find:

  • Copies of the letters and booklets that we have mailed to customers affected by the proposed transfer.
  • A booklet containing information for customers whose policies will not be affected by the proposed transfer.
  • More detailed information including copies of the legal documentation and copies of certain reports about the transfer.
  • Any updates and notifications about the proposed transfer including the outcome of the High Court hearing.

If you would like a copy of any of the documents provided on this website please contact us on the telephone number below.

If you have any concerns about the transfer and how it could affect you, page 3 of the policyholder booklet explains how you can raise them. Alternatively, if you have any questions you can contact us by:

Telephone:
if you are calling from the UK: 0345 850 1004
if you are calling from Ireland: 1800 307 020

Calls are charged at local rate.

We have 2 other websites:

  • Royallondon.ie - this provides the relevant phone number for policyholders who have a protection policy sold in Ireland by Royal London since 1 July 2011. These were sold under the 'Caledonian Life' and 'Royal London' brands.
  • Royallondongroup.de - this provides the relevant phone number for policyholders who have had a policy sold in Germany by Royal London under the 'Scottish Life International' brand.

 

By writing to us:

If you are writing to us from the UK:

Royal London
Royal London House
Alderley Road
Wilmslow
SK9 1PF

If you are writing to us from Ireland:

Royal London
47-49 St Stephen’s Green
Dublin 2,
Ireland

Information

Here you can find copies of the letters and booklets we are sending to customers who will be affected by the transfer. There are several tailored versions of the documents so that different groups of customers can see how they are likely to be affected by the proposed transfer. If you are affected by the transfer you will only be sent the letter(s) and booklet(s) that are relevant to the policies you hold.

Your policy may have originally been sold by:

  • Royal London including those sold by Royal London under the ‘Caledonian Life’ brand.
  • Royal Liver including those sold under the ‘Caledonian Life’ and ‘Progress’ brands, Irish Life, Caledonian Insurance Company, Friends Provident, London & Manchester or the Civil Servants Annuities Assurance Society before it was transferred to Royal London on 1 July 2011.
  • GRE Life Ireland before it was transferred to Royal London on 1 July 2012, and since then has been held in Royal London’s Royal Liver Sub-Fund.
  • Bonds sold by Scottish Life under the 'Scottish Life International' brand in Germany.

Separate letters and booklets have been produced for:

Below you will find the full versions of the reports by the Chief Actuary of Royal London, the With-Profits Actuary of Royal London and the Independent Expert (a summary of the Independent Expert’s report can be found in the policyholder booklet).

You can find definitions for each of the roles listed in italics above in the policy booklets.

The following people will write supplementary reports shortly before the High Court hearing:

  • The Independent Expert.
  • The Chief Actuary of Royal London.
  • The With-Profits Actuary of Royal London.

A report by The Head of Actuarial Function for Royal London DAC is expected to be made available.

When there are any updates on the transfer or changes to the Scheme, we will update this section. You can check this section for updates. We expect to provide updates for the following events:

  • Notifications that supplementary reports have been added to the Reports page.
  • A notification that the report from the Head of Actuarial Function for Royal London DAC has been added to the Reports page.
  • The outcome of the final Court Hearing.
  • Confirmation that the transfer has been completed.

 

Royal London maintains a Principles and Practices of Financial Management (PPFM) document for each of its funds. Policies that are categorised as ‘With Profits’ (including Liver policies classified as ‘Contingent Bonus’) are managed in accordance with the PPFM for the fund they are held in. The Royal Liver Sub-Fund PPFM and Royal London Main Fund PPFM will be updated if and when the proposed transfer happens to take account of the proposed transfer. The other funds are not impacted by the proposed transfer meaning no changes are proposed to be made to their PPFMs. More information about Royal London's PPFMs can be found here

The updated Royal Liver Sub-Fund PPFM and Royal London Main Fund PPFM can be found below. A summary of the relevant PPFM changes can also be found in the policyholder booklets for Royal Liver Sub-Fund transferring policyholders and German Bond policyholders.

After the transfer, transferring with-profits (including Liver policies classified as ‘Contingent Bonus’) policies will be held in either the Liver Ireland Sub-Fund or the German Bond Sub-Fund. Royal London DAC will manage these funds in line with PPFM Guide documents which can be found below.

 

Royal London is committed to protecting and respecting your privacy.

Our Privacy Policy describes how we collect, store, use and share personal information. It also explains the rights you may have in relation to the personal information that we hold about you. It applies to personal information provided to us, both by you or by others on your behalf.