Release date: 26 June 2006 Updated: 15 September 2006
Note: For up to date information please visit the most recent article dated 15 September 2006.
This is only relevant to customers with:
unit-linked policies issued by Pearl Assurance (Unit Funds) Limited; and/or
unit-linked pension policies or annuities in payment issued by Pearl Assurance (Unit Linked Pensions) Limited.
With-profits, unitised with-profits, unit-linked, annuities in payment, or other policies issued by Pearl Assurance plc are not affected.
We want to keep you fully informed of some changes that we propose to make to consolidate our business. These changes are designed to enable us to work more effectively and efficiently.
The Proposed Changes
We want to bring together all the business from four different group companies into one company. The four companies are:
Pearl Assurance (Unit Funds) Limited (PAUF)
Pearl Assurance (Unit Linked Pensions) Limited (PAULP)
London Life Linked Assurances Limited (LLLA)
NPI Limited (NPIL).
We plan to transfer all the business of PAUF, PAULP and LLLA to NPIL. To do this we need to follow a legal procedure which we refer to here as the Scheme. Further information about the Scheme is contained in the Scheme Guide (“Consolidating Our Business”) and a Questions and Answer sheet about the Scheme (“Your Questions Answered”) which you can download below.
If you are a policyholder of any of these companies, you should receive a letter from us in July, accompanied by a copy of the Scheme Guide and the Questions and Answer sheet. We encourage you to read these documents carefully.
Your policy terms and conditions will not change as a result of the Scheme. Please also note that your interests are being protected by a process which includes:
our consultation with the Financial Services Authority;
the appointment of an independent expert to review the effect of the Scheme on policyholders; and
approval of the Scheme by the courts.
If you hold a policy with PAUF or PAULP then, subject to the receipt of court approval, NPIL will become your new provider from 1 October 2006.
You can find out more about NPIL on the website at www.npi.co.uk
The Scheme does not affect any policy provided by Pearl Assurance plc.
Further Information
The Scheme Guide which you can download below gives you more detail about the proposed changes and your rights. It also includes a summary of a report written by the independent expert. You can also download a full copy of this report below.
If you have any questions about the proposed changes, we hope that the ‘Your Questions Answered’ document will help. Again, you can download a copy of this below.
A downloadable copy of the full legal Scheme Document is also attached.
You do not need to take any action as a result of these changes. However, we recommend that you read the Scheme Guide, which you can download below, so you understand how you may be affected by the proposed changes.
We expect the Scheme to become effective from 1 October 2006. We will post a notice on this website after the court hearing to confirm whether the court has approved the Scheme.
Note: You need Adobe Acrobat Reader to view pdf files. You can obtain Adobe Acrobat Reader free from here.
Key Dates
July 2006
We will write to policyholders of PAUF, PAULP, LLLA and NPIL and include a copy of the Scheme Guide and the Questions & Answer sheet
11 September 2006
Final court hearing to approve the Scheme
1 October 2006
The Scheme is expected to become effective
Independent Expert’s Conclusions
The independent expert’s overall conclusions are:
the security of the benefits of the existing NPIL policyholders and the policyholders of PAUF and PAULP will not be materially affected by the implementation of the Scheme; and
the fair treatment and reasonable benefit expectations of the existing NPIL policyholders and the policyholders of PAUF and PAULP will not be materially affected by the Scheme.
Important Information for Jersey and Guernsey Residents
There will be separate schemes to transfer policies issued to PAUF policyholders who were resident in Jersey or Guernsey when they took out their policies. For further details please refer to section 7.7 of the Scheme Guide which you can download on this page. You can also download the specific legal scheme documents for Jersey and Guernsey.
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.
