High court approves Royal London move to consolidate two further funds

Written by Michael Griffiths

05/01/2023

Royal London has received high court approval to consolidate the Royal Liver Sub-Fund and the Phoenix Life Assurance Ltd (PLAL) Sub-Fund into the Royal London Open Fund.

The move, which will see eligible policyholders receive an uplift to their policy values, is part of the mutual life insurer’s drive to deliver more certain benefits for its long standing policyholders.

Royal London stated that 96.4% of UK eligible policyholders, and 95.9% of Irish eligible policyholders, voted in favour of the changes to the Royal Liver Sub-Fund, and all eligible policies received a 23.1% uplift to their policy value. Policyholders with policies in the PLAL Sub-Fund received a 5.6% uplift to their policy value, the insurer revealed.

Chief commercial officer at Royal London, Julie Scott, said: “The approvals from the High Court to consolidate two more of our With Profits Funds is another excellent result for our customers, resulting in increased certainty and an uplift to their policy values.

“This is part of a wider series of changes over the past couple of years, as part of Royal London’s commitment to simplify and modernise our proposition for the benefit of our longstanding customers.”

The transfers took place on 31 December 2022 and Royal London also confirmed that policyholders received an uplift to their policy value at the same time.

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