Transfer of selected National Provident Life Limited (NPLL) and NPI Limited (NPIL) business to Pearl Assurance plc
News Update: 8 December 2008 Scheme Deferral
The High Court hearing scheduled for 8 December 2008, to consider the Scheme explained below, was adjourned. We anticipate that the proposed changes, which were originally due to happen on 2 January 2009, will now take effect in July 2009. We will be contacting NPIL and NPLL policyholders, interested parties and IFAs again in due course, to inform of our plans. We will also keep this website updated with information.
Scheme Information: 5 September 2008
National Provident Life Limited (NPLL), NPI Limited (NPIL) and Pearl Assurance plc (Pearl) are all part of Pearl Group. We are proposing to make some changes to our business, designed to improve the flexibility we have in managing our investments while ensuring all policyholder guarantees remain secure. We believe the changes (referred to as ‘the Scheme’) will also enable us to work more effectively and efficiently and simplify the way we manage our customers’ policies.
If you have a policy with NPIL or NPLL, we are writing to you during September and early October 2008 to advise you whether your policy(ies) and/or annuity(ies) will be affected by the Scheme and what, if any, changes you will see.
The proposed changes:
Need the approval of the High Court, which will only approve the changes if it is satisfied that they are fair to policyholders.
Involve safeguards such as the appointment of an Independent Expert, approved by the Financial Services Authority (FSA), to consider the likely effect of the changes on policyholders.
If the High Court approves our plans, we expect the changes to take effect from 2 January 2009. The High Court hearing is expected to take place on 8 December 2008 at The Royal Courts of Justice, The Strand, London WC2A 2LL. After the Court hearing, we will put a note on this website to confirm the High Court’s decision.
UK Timetable of Events
4 September 2008
Initial (Directions) Hearing at the High Court to give us the go-ahead to contact policyholders about the Scheme.
5 September to early October 2008
Letters and documents sent out to NPIL and NPLL policyholders, interested parties and IFAs, to inform them about the Scheme.
From 30 September
Legal notice of proposed changes published in the press.
8 December 2008
Final High Court Hearing, to approve the Scheme.
2 January 2009
Date on which the Scheme is expected to take effect.
More detailed information on the Scheme is set out in the documents below. To download a document, click on the document title. You need Adobe Acrobat Reader to view these files. You can obtain Adobe Acrobat Reader free from here.
If you would like this information in large print, in Braille or on cassette or CD, please call our Scheme Helpline.
For further technical information relating to the Scheme, click here.
Changes to Demutualisation Scheme
Alongside the Scheme, NPLL has also applied to the High Court to amend the terms of the ‘Demutualisation Scheme’. This will give us the flexibility we need to adjust our investment approach within the NPLL fund. Click here for more information.
Jersey and Guernsey Schemes
The proposed transfer of certain policies requires the approval of the Courts in Jersey and Guernsey. Click here for more information.
For more information about the Scheme, please contact our Helpline on 0845 602 9296.
Please note that this Helpline is for enquiries about the Scheme only. If you have any general enquiries about your policy(ies) or annuity(ies), please contact us on the normal customer number which you will find on any previous letters.
Authorised and Regulated by the Financial Services Authority. All information on this website is governed by English law and subject to the exclusive jurisdiction of the courts of England and Wales. Product Information on this site is addressed to UK residents only. There are limitations on liability for the information contained on this site. Important Company Registration and Legal Information.
