A report prepared by an Independent Expert (Mr David Murray of Deloitte MCS Limited) which considered the effect of the transfer on policyholders. His appointment was approved by the Financial Services Authority.
The Independent Expert also produced a supplementary report and statement. The supplementary report produced on 31 January 2012 set out his opinion on the likely effect of the transfer on policyholders in light of the estimated financial position of NPIL, NPLL and Phoenix Life at 31 December 2011. After the adjournment of the court hearing, which was originally due to take place on 10 February 2012, the year-end financial results for NPIL, NPLL and Phoenix Life were produced. The Independent Expert considered the actual results and produced a supplementary statement in which he confirmed that the year-end results did not change the conclusions reached in his earlier reports.
The supplementary report and statement should be read alongside the original October 2011 report.
This is the legal document setting out the terms of the transfer, which the High Court approved. In this Scheme document, there are a few references to the 2009 transfer of policies to Phoenix Life Limited. Click here for a copy of the 2009 Scheme document (pdf file, 6684kb).
The Actuarial Function Holder (AFH) is an actuary who has been appointed by an insurer to provide guidance to the Board on actuarial matters. The With-Profits Actuary (WPA) is an actuary who is appointed by the Board of an insurer and who under Financial Services Authority (FSA) rules is required to provide advice to the Board on the implications of certain matters for with-profits policyholders of the company.
For Phoenix Life, there is more than one such actuary, each of whom has responsibility for advising on particular with-profits funds. The AFHs and WPAs for NPIL, NPLL and Phoenix Life have prepared reports concerning the impact of the proposed transfer on policyholders of the two companies. The WPA reports are appended to the reports from the AFHs.
The AFHs and WPAs of NPIL, NPLL and Phoenix Life also prepared supplementary reports and statements. The supplementary reports produced on 31 January 2012 set out their respective opinions on the likely effect of the transfer on policyholders in light of the estimated financial position of NPIL, NPLL and Phoenix Life at 31 December 2011.
After the adjournment of the court hearing, which was originally due to take place on 10 February 2012, the year-end financial results for NPIL, NPLL and Phoenix Life were produced. The Phoenix Group actuaries considered the actual results and produced supplementary statements in which they confirmed that the year-end results did not change the conclusions reached in their earlier reports.
The supplementary reports and statements should be read alongside the original reports.
You can see these reports by following the links opposite.
This notice was published in the press from 21 November 2011.
Pearl Assurance Limited No. 1419, London Life Limited No. 1179800, Phoenix Life Limited No. 1016269 and National Provident Life Limited No. 3641947 are authorised and regulated by the Financial Services Authority. All companies are registered in England and have their registered office at: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG, Tel: 01564 204321. We may record or monitor telephone calls. Important Company Registration and Legal Information.
