Summary of the transfer
We've transferred certain business from Phoenix Life to abrdn Life
We have transferred some Trustee Investment Plans (TIP Policies) and Reinsurance Policies from Phoenix Life Limited (Phoenix Life) to abrdn Life and Pensions Limited (abrdn Life).
We received approval from the High Court in London on 12 March 2025 to proceed with the transfer. The transfer completed on 28 March 2025
Simplification and building a platform for growth
Prior to the transfer Phoenix Life outsourced the management and administration of the transferring TIP Policies and Reinsurance Policies to Aberdeen. The transfer resulted in the administration and provision of those policies being with the Aberdeen Group rather than across both the Aberdeen Group and Phoenix Group.
Due to the transfer, abrdn Life is 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 remain with AberdeenYour investments are not transferring and remain with Aberdeen.
- Your Policy stays the sameYour investments, the terms and conditions and the day-to-day management of your Policy have not changed as a result of the transfer.
- An extended fund range is availableFollowing the transfer new funds are available for abrdn Life TIP & Reinsurance policyholders to invest in giving you more investment options.
We followed a fair and transparent process
- Consulted with our regulators, the Prudential Regulation Authority and the Financial Conduct Authority,
- Appointed an Independent Expert who is independent of both Phoenix Life and abrdn Life and approved by our regulators, and
- Asked the High Court in London (the Court) for approval.
The timeline we followed
The Court hearing happened on 12 March 2025. The Court gave its approval and the transfer completed on 28 March 2025.
Important documents
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.
Contact us
You can reach the Client Services team by using your usual contact details, 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 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 has helped to simplify the way things work and as a result offers policyholders a better solution for the future.