The information on this page is only relevant to eligible policyholders with policies invested in the Liver Ireland Sub-Fund. If you're a Royal Liver UK policyholder, please visit our dedicated webpage here.

This page tells you about the proposal to distribute more of the Estate of the Royal Liver Sub-Fund sooner than would otherwise be the case. The proposal is being made now so as many eligible policyholders as possible could benefit from it. The proposal is also part of a plan to simplify and modernise operations for the benefit of longstanding customers.

From February 2022 to April 2022, we wrote to eligible policyholders to ask for their feedback. As the proposal also applies to certain other policyholders who hold policies which are managed in the UK by Royal London UK, Royal London UK also wrote to its eligible policyholders during that period to ask for their feedback.

The proposal will only proceed to the next stage if policyholders are supportive.

You can view a copy of the information we’ve mailed to policyholders by clicking on the links in the Mailing Pack section.

If you need any help after reading the information on this page, you can find our contact details here.

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Latest update

From time to time we may need to update you on the proposal - if there's a change to the date of a court hearing or to confirm the outcome of a court hearing if the proposal goes ahead, for example. We'll post all updates in this section of the website.

We're sending mailing packs to eligible policyholders between February and April 2022.

Ready to give your feedback?

Before any changes are made, we want to know what you think.

Nothing is happening to your policy right now but it’s important you send us your feedback.

If policyholders are supportive of the proposal and both the Irish and UK High Courts give the go ahead, we’ll write to you again later this year with a formal offer and ask you to vote on it.

Mailing pack

This is the information we have sent to our customers affected by the proposal.

The pack includes:

  • Cover letter summarising the proposal, what it means for you, how you go about telling us what you think and what happens next. There are 2 versions of the letter tailored to:
  • Your guide to the proposal [PDF, 1MB] - This booklet explains everything you need to know at this stage about the proposal. It includes a timeline and glossary of terms.
  • How your policy works [PDF, 0.3MB] - This leaflet provides a helpful reminder about how your eligible policy works.
  • Feedback form [PDF, 0.9MB] - This form is for information only. Please complete the form provided in the information pack we sent you. Alternatively, you can use our online feedback form.

You can view the mailing pack that Royal London UK has sent its eligible policyholders here.  

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Things to read

We sent you lots of reading material in your mailing pack. Here we’ve gathered some key documents that we refer to in the pack that you may find helpful if you need more information. We’ll add to this section with more information later in the year if the proposal goes ahead.

Royal London Ireland maintains a With Profits Operating Principles (WPOP) document which explains how Royal Liver Ireland manages the Liver Ireland Sub-Fund. You can find a copy here. The WPOP refers to a Principles and Practices of Financial Management (PPFM) document that Royal London UK maintain. The PPFM explains how Royal London UK manages the Royal Liver Sub-Fund, this is the current PPFM.

If the proposal goes ahead, we’ll update the WPOP to refer to the PPFM of the Royal London Open Fund rather than the PPFM of the Royal Liver Sub-Fund.

If you have any questions or would like a copy of these documents in a different format, such as large print, please call us on the number provided at the bottom of the page.

 

Need to make a change?

Change of details

To let us know about a change of name or address, please call us on:

1800 00 11 52

If you're calling from outside Ireland you can phone us on 00 353 1 429 3301.

Our customer services team are available between 8am and 6pm Monday to Friday (excluding bank holidays).

Let us know someone has passed away

If a loved one had a policy with us and you're not sure what needs to happen, please call us on:

01 429 3440

If you’re calling from outside Ireland you can phone us on 00 353 1 429 3440

Our customer services team are available between 8am and 6pm Monday to Friday (excluding bank holidays).

Frequently asked questions 

 

We’re writing to some of our customers who have Contingent Bonus policies or policies with a With Profits investment held in the Liver Ireland Sub Fund, which are eligible for distributions from the Estate of the Royal Liver Sub Fund. The mailing pack explains a proposal that is being made that would affect your policy.

Nothing is happening to your policy right now. We want to make some changes that will affect policies like yours and we want feedback on the proposal from policyholders before moving to the next stage. We have provided a feedback form in your pack for you to use or you can provide your feedback online by 29th April 2022.

If policyholders are supportive of the proposal and we get Court approval, we’ll write to you again later this year with a formal offer and information on how you can vote on it.

We currently expect the Uplift to be 25% of your Eligible Policy Value. By Eligible Policy Value, we mean the value of your policy which is eligible for the Uplift under our proposal. We explain this in more detail in Section 3 of Your guide to the proposal.

If policyholders are supportive of the proposal, and both the Irish and UK High Courts give the go ahead, we’ll write to you again later this year with a formal offer which will include a personalised illustration to show you what the proposal could mean for you.

We understand that some of this information is technical. Please read your information pack carefully and consider discussing it with a trusted friend or family member.

If you still need help, please feel free to call us on 1800 00 11 52 (or 00 353 1 429 3301 if you’re calling from outside Ireland) between 8am and 6pm Monday to Friday (excluding bank holidays).

We can’t give you advice, but we can explain the proposal and answer any questions as best as we can. Remember, we'll send you more information on the proposal later this year if policyholders are supportive in their feedback. This will include a Personalised Illustration which will show what the proposal could mean for you.

The proposal would give you and other policyholders a certain distribution from the Estate. This means you’ll have more certainty over the amount we’ll pay you or your family when your policy is claimed. The proposal is being made now so as many eligible policyholders as possible could benefit from it.

The proposal is also part of a plan to simplify and modernise operations for the benefit of longstanding customers.

If policyholders are supportive of the proposal and both the Irish and UK High Courts give the go ahead, we’ll write to you again later this year with a formal offer and ask you to vote on it.

If enough policyholders vote in favour, we’ll go back to the Irish High Court and ask for its final approval. Royal London UK would also ask the UK High Court for its final approval. If both courts give their approval, we expect the earliest the proposal could take effect would be 31 December 2022.

We’d use a court approved process called a Scheme of Arrangement to make our formal offer to you. As part of that process, we’re taking the following steps to make sure the proposal is fair:

  • Our Head of Actuarial Function will prepare a report on the fairness of the offer which will be provided to the Court
  • We have shared the information about the proposal with the Central Bank of Ireland
  • An Independent Expert will review the scheme very carefully and provide a report to the Court on the fairness of the Scheme
  • Policyholders will consider and vote on the Scheme
  • The Scheme must be approved by the Court

Yes. Royal London Ireland is a subsidiary of Royal London UK, which is the largest Mutual Life, Pensions and Investment Company in the UK and all With Profits funds managed are in a healthy financial position.

We’ll only go ahead with the proposal if enough policyholders vote for the proposal and we get Court approval. To give you more peace of mind, our regulator and an Independent Expert will also be involved in the process.

We understand this may have come to you unexpectedly and you may not even recognise Royal London Insurance DAC. We are a subsidiary of The Royal London Mutual Insurance Society Limited (Royal London UK) registered in Ireland. Royal London UK is the largest mutual life, pensions and investment company in the UK. Your policy transferred from Royal Liver to Royal London UK in 2011, and then transferred to us in 2019. We’ve been looking after your policy ever since. To help you feel safe, you can find us registered with the Central Bank of Ireland at registers.centralbank.ie.

The amount you’re required to pay into your policy won’t be affected by the proposal.

No. We’ll continue to administer your policy in the same way as we currently do.

We encourage you to provide feedback on the proposal because this is an opportunity to have a say on a proposal that would affect your policy. If you don't provide us with your feedback but policyholders who do respond indicate that they are interested in the proposal, and both the Irish and UK High Courts give the go ahead, we’ll write to you again later this year with a formal offer.

The proposal wouldn’t apply to you if any of the following happens before the proposal is implemented:

Pension policy

  • You take your retirement savings
  • Your policy becomes payable as a death benefit to your beneficiaries
  • You transfer your policy
  • You switch out of your With Profits investment

Endowment or Whole of Life policy

  • The Life Covered dies
  • You cash in your policy early
  • Your Endowment policy reaches the end of its term
  • You switch out of your With Profits investment
  • You choose to stop making payments into your Contingent Bonus Policy early
  • Your policy ceases to entitle you to share in distributions from the Estate

If the proposal doesn’t go ahead, these changes won’t be made. This means the increase which could be applied to your policy value from the Estate will remain uncertain and could be higher or lower than under the proposal.

The proposal would also apply to certain policyholders with policies managed by Royal London UK who are entitled to share in distributions from the Estate of the Royal Liver Sub-Fund. Royal London UK is therefore following a similar legal process in the UK and a similar information pack is being sent to the policyholders to ask for their feedback on the proposal.

If enough policyholders in the UK and Ireland are supportive of the proposal, we’ll go to the Irish High Court and Royal London UK will go to the UK High Court to ask for approval to make a formal offer to policyholders later this year.

If your policy is an Endowment or a Whole of Life policy, the proposal will not impact the tax treatment of your policy for Irish tax purposes.

If your policy is a Pension policy, the proposal may impact how the proceeds of your policy are treated for Irish tax purposes. We’ll give you more information on how you may be impacted if we write to you again with a formal offer.

Please give us a call on 1800 00 11 52 (or 00 353 1 429 3301 if you're calling from outside Ireland) between 8am and 6pm Monday to Friday (excluding bank holidays). There may be certain documents we need to update your details.

If you’ve told us about the person that you’ve appointed under your power of attorney previously, an information pack has been sent to them to act on your behalf. If the proposal goes ahead and we make you a formal offer later this year, the person appointed under a power of attorney will be able to vote on your behalf.

If you’ve appointed a person under a power of attorney but haven’t told us about it yet, please call us on 01 429 3440. You should then tell your power of attorney about the proposal and discuss this information pack with them.

If you’ve been declared bankrupt, ownership of policy may have automatically transferred to the official assignee. If this applies to you, you should share the information pack with them. If you’ve been declared bankrupt recently or you think we may not be aware of your bankruptcy, please get in touch with us.

We’re sorry to learn that the policyholder or Life Covered has passed away. Their executor or next of kin should call us on 01 429 3440 and we’ll talk them through what they need to do.

We’re happy to provide your documents in a different format, such as Braille, large print or audio. Just call us on 1800 00 11 52 (or 00 353 1 429 3301 if you’re calling from outside Ireland).

Since the Coronavirus outbreak we’ve all experienced changes to our daily lives. Both Royal London Ireland and Royal London UK and each of their With Profits Funds remain in a strong financial position despite the uncertainty we’ve seen.

In recent months, economic conditions have become more stable, and we’ve adapted to a new way of working. We believe now is the right time to put forward the proposal as we want policyholders to benefit as soon as possible.

However, we’ll continue to monitor the situation as we cannot be sure that there won’t be further disruption in the future.

If we believe factors outside our control, such as changes to the coronavirus situation mean that it’s no longer appropriate for us to continue with the proposal, we’ll write to you again.

Royal London and each of its With Profits Funds remain in a strong financial position despite the uncertainty we’ve seen due to the crisis in Ukraine. Royal London has very limited exposure to either Russian or Ukrainian investments, and is monitoring any potential knock-on impacts of the crisis closely.

We still believe now is the right time to put forward our proposal as we want policyholders like you to benefit as soon as possible.

However, we’ll continue to monitor the situation. If we believe factors outside our control, such as impacts from the crisis in Ukraine, mean that it’s no longer appropriate for us to continue with our proposal, we’ll write to you again.

Need further help?

If the FAQs above haven't answered your query, you can get in touch with us via phone or post using the details below.

Call us

If you can’t find the information or help you are looking for, you can call our dedicated customer services team on: 

1800 00 11 52

If you're calling from outside Ireland you can phone us on 00 353 1 429 3301

Our customer services team are available between 8am and 6pm Monday to Friday (excluding bank holidays).

Alternatively you can write to us at:

47-49 St. Stephen's Green

Dublin 2