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Transfer of certain business from Phoenix Life to abrdn Life

Summary of the transfer

We're planning to transfer certain business from Phoenix Life to abrdn Life

We are proposing to transfer some Trustee Investment Plans (TIP Policies) and Reinsurance Policies from Phoenix Life Limited (Phoenix Life) to abrdn Life and Pensions Limited (abrdn Life).

Simplification and building a platform for growth

Phoenix Life currently outsources the management and administration of TIP Policies and Reinsurance Policies to abrdn. The transfer with result in the administration and provision of those policies being with the abrdn Group rather than across both the abrdn Group and Phoenix Group.

Following the transfer, abrdn Life will be well-positioned for future growth, with an increased number of policyholders and assets under administration, and an extended fund range available.

For abrdn Life policyholders, what this means is:

  • Your investments will remain with abrdn
    Your investments are not transferring and will remain with abrdn
  • Your Policy will stay the same
    Your investments, the terms and conditions and the day-to-day management of your Policy will not change as a result of the transfer.
  • An extended fund range will be available
    After the transfer new funds will be available for abrdn Life TIP & Reinsurance policyholders to invest in giving you more investment options.
We're following a fair and transparent process
To carry out a transfer like this, we must follow a rigorous legal and regulatory process to make sure policyholder interests are protected. As part of this, we:
  • Consult with our regulators, the Prudential Regulation Authority and the Financial Conduct Authority,
  • Appoint an Independent Expert who is independent of both Phoenix Life and abrdn Life and approved by our regulators, and
  • Ask the High Court in London (the Court) for approval.
The timeline we are following
The court hearing is expected to take place on 12 March 2025. If the Court gives its approval, we expect the transfer to take place on 28 March 2025. If this or any other date changes, we'll update our website with the new date and let policyholders and anyone who has raised an objection know.

Important documents

Details of the schemeOpens in new window
The full Independent Expert's ReportOpens in new window
A summary of the Independent Expert's ReportOpens in new window
The letter sent to existing policyholders of abrdn LifeOpens in new window
The Scheme GuideOpens in new window

A version of the Scheme Guide sent to the existing policyholders of abrdn Life setting out the terms of the Scheme and containing a targeted summary of the Independent Expert's Report, as well as questions and answers.

Chief Actuary ReportOpens in new window

Contact us

You can reach the Client Services team by sending an email to abrdnlifetransfer25@abrdn.com who will be happy to help with any questions you may have. You might also find the answer to your question in Section 8 of the Scheme guide document above. You can use this email address to request copies of any of the important documents above.

Together with Phoenix Life, we want a straightforward experience for policyholders and advisers. We believe this transfer will help to simplify the way things work and as a result offer policyholders a better solution for the future.