What is the offer

We’ve recently sent you a voting pack which includes important information about an offer that will affect your policy. This video provides a high level introduction to the offer, but it’s important you read all the documents you’ve been sent.

 

Your policy is managed by Royal London Ireland. Your policy entitles you to share in distributions from a pot of money called the Estate, which is held in the Royal Liver Sub-Fund. The Estate is held to help protect your policy against future risks and to meet regulatory rules. You can think of the Estate as a ‘rainy day fund’.

 

Currently, some of the Estate can be distributed by increasing your Policy Value from time to time. The amount your Policy Value can be increased by in the future is uncertain.

 

The offer is to distribute more of the Estate to you and other policyholders sooner than would otherwise be the case. This would increase the current value of your policy and give you more certainty over the amount we’ll pay when your policy is claimed.

 

In Ireland, we’re making the offer through a legal process called a Scheme of Arrangement, or the Irish Scheme.

 

If the offer goes ahead, a payment will be made from the Estate of the Royal Liver Sub-Fund to the Royal London Open Fund, which is a larger with profits fund. We call this payment the Scheme Contribution. The Royal London Open Fund will take on responsibility for holding back enough money to protect your policy against future risks and to meet regulatory rules.

This would allow the rest of the Estate to be distributed to you and other eligible policyholders. A one-off increase of 23.1% would be applied to your Eligible Policy Value.

 

So, under the offer, we’ll ask Eligible Policyholders to consider an exchange:

  • To gain certainty of your distribution from the Estate,
  • While giving up the Scheme Contribution which would be deducted from the Estate before it is distributed.

 

We illustrate the percentage increase we could make to your policy if the offer does or doesn’t go ahead in the Personalised Illustration we provided in your Voting Pack.

 

If the offer doesn’t go ahead, the amount which could be applied to your policy from the Estate will remain exposed to future risks. This means the percentage increase we’d apply when your policy is claimed would remain uncertain, and could be higher or lower than the 23.1% Uplift applied under the offer.

If the offer doesn’t go ahead the Scheme Contribution would not be deducted.

 

The Royal London Ireland Board has taken into account the opinion of the Head of Actuarial Function and the Independent Expert. It believes the Irish scheme represents a fair offer to Eligible Policyholders.

  • To ensure it is fair, the Irish Scheme can only go ahead if:
  • An Independent Expert confirms that the Irish Scheme is fair;
  • Enough Eligible Policyholders vote in favour of the Irish Scheme;
  • Information about the Irish Scheme is shared with our regulator, the Central Bank of Ireland; and
  • The Irish High Court approves the Irish Scheme.

 

The offer affects certain policyholders holding policies managed in Ireland by Royal London Ireland, and certain other policyholders holding policies managed in the UK by Royal London UK.

 

Royal London UK is following an equivalent legal process. We call this the UK Scheme. The offer can only go ahead if both the Irish Scheme and the UK Scheme receive enough votes in favour, and legal approval is given.

 

The Irish Scheme gives Eligible Policyholders the right to vote on the offer. If approved, the Irish Scheme will apply to all Included Policyholders. So after you’ve read the information in your voting pack, it’s important that you cast your vote.

 

You can vote on the Irish Scheme online or by post, as long as your vote reaches us no later than 12 noon on 18 October 2022.

 

Eligible Policyholders can also vote at the Policyholder Meeting on 20 October 2022. After the Policyholder Meeting, the votes will be counted, and the result will be announced on our website as soon as possible.

 

If enough votes are cast in favour of both the Irish Scheme and the UK Scheme, then the next step is to ask for legal approval of the offer. We’ll go to the Irish High Court and ask it to approve the Irish Scheme at the Sanction Hearing. This is scheduled for 23 November 2022.

 

If the Irish High Court approves the Irish Scheme and the UK High Court approves the UK Scheme, we expect to implement the changes on 31 December 2022. We’d write to you shortly afterwards to confirm that the changes have been made. We’d also announce that the changes have been made on our website.

 

Please read all the documents you’ve been sent for further information on the offer before you cast your vote. You can also find details of the offer on our website. Alternatively, you can call us on our dedicated helpline between 8am and 6pm Monday to Friday, excluding bank holidays.

The information on this page is only relevant to eligible policyholders with policies that receive distributions from the Estate of the Royal Liver Sub-Fund.

This page tells you about the offer to distribute more of the Estate of the Royal Liver Sub-Fund sooner than would otherwise be the case. This is part of our goal to simplify and modernise the way we do things for long-standing policyholders.

During February to April 2022, we wrote to eligible policyholders asking for their feedback on the proposal. Many of those who responded told us they were supportive of us making a formal offer. At the Convening Hearing held on 21 June 2022, the Irish High Court gave us its approval to make a formal offer to policyholders. We're now asking you to vote on the offer. We'll be writing to eligible policyholders in August and September. If you haven't received your Voting Pack yet, you will do shortly.

You can vote online or by post. Alternatively, you can attend the Policyholder Meeting in person or virtually and cast your vote, or you can appoint a proxy to attend in person and vote on your behalf. The Policyholder Meeting will take place on 20 October 2022. If enough eligible policyholders vote for the Irish Scheme, the Irish High Court will decide whether to approve the Irish Scheme at the Sanction Hearing. The Sanction Hearing is scheduled to take place on 23 November 2022. If the offer doesn't go ahead, we won't make the changes set out in your Voting Pack. 

In the UK, The Royal London Mutual Insurance Society Limited (Royal London UK) is following an equivalent legal process. We call this the UK Scheme. The offer can only go ahead if both the Irish Scheme and the UK Scheme receive enough votes in favour, and legal approval is given.

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

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

 

purple speaker

Latest update - 29 June 2022

At the Convening Hearing for the proposed Irish Scheme held on 21 June, the Irish High Court approved the convening of a Policyholder Meeting for the relevant Royal London Ireland policyholders.

At the Convening Hearing for the proposed UK Scheme held on 28 June, the UK High Court approved the convening of a Policyholder Meeting for the relevant Royal London UK policyholders.  

As this approval has been given, we’ll write to you during August/September with a formal offer and ask you to vote on it.

Ready to vote?

After you've read all the information in your Voting Pack, it's important that you cast your vote. You can vote using the link below or by post. Please have your letter or Voting Form to hand as you'll need to enter your Security Code Part 1 & 2 shown on these in order to vote. 

You'll need to vote online or by post by 12 noon on 18 October 2022. Or you or your proxy can vote at the Policyholder Meeting on 20 October 2022. 

If the offer is approved, it will apply to your policy regardless of how you voted or if you didn’t vote at all.

Voting Pack

This is the information we have sent to eligible policyholders who are affected by the offer.

The pack includes:

  • A letter summarising the offer, how to vote and what happens next. There are 2 versions of the letter tailored to:
  • Part A of your Explanatory Booklet [PDF, 0.1MB]- This booklet gives you key information about the offer and what it could mean for you.
  • Part B of your Explanatory Booklet [PDF, 0.2MB] - This booklet gives more detailed information about the offer. This includes the changes we’re making to the Principles of Financial Management (PPFM).
  • Personalised Illustration – Your Personalised Illustration shows how your policy might be impacted depending on whether or not the offer goes ahead. We’ve not included an example of the Personalised Illustration here as the values shown are unique to each policyholder. Please refer to the Personalised Illustration included in your Voting Pack.
  • Voting Form [PDF, 0.1MB] – This form is for information only. Please complete the Voting Form provided in the Voting Pack we sent you. Alternatively, you can vote online here.

You can view the Voting Pack that Royal London UK has sent its eligible policyholders here.

 

fifties style purple glasses

Things to read

Here we've gathered some key documents that we refer to in the Voting Pack that you may find helpful if you need more information.

As we go through the process, there will be supplementary versions of the Independent Expert’s report and the Head of Actuarial Function's report. We’ll publish these here ahead of the Sanction Hearing.

Our With Profits Operating Principles (WPOP) document describes how we manage our With Profits Funds. Your policy is covered by the Liver Ireland Sub-Fund WPOP. 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 manage 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).

Need help?

If you have any questions about the offer, check the frequently asked questions in the section below. They may have the answers you are looking for.

Frequently asked questions

We wrote to you earlier this year about a proposal that affects your policy, which you originally took out with Royal Liver, Caledonian Insurance Company or Irish Life and we asked you to provide feedback on the proposal.

Many of those who responded told us they were supportive of being made a formal offer. So, we are writing to you again to ask you to vote on the final offer. Within the Voting Pack we have sent you, there is a Personalised Illustration which should help you understand what the offer could mean for you.

If enough policyholders vote in favour of the offer and the necessary Court approvals are received, we expect to implement the offer on the 31 December 2022.

The Policyholder Meeting will be held on 20 October 2022 starting at 11:00am at The Morrison Hotel (a DoubleTree by Hilton), Ormond Quay Lower, Dublin 1, D01 K5X5.

If you (or your Proxy if you chose to appoint one) are planning to attend the Policyholder Meeting, please let us know as soon as possible by calling us 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). Alternatively, you can complete Section B on your Voting Form.

You can attend in person or virtually at attend.cesjoinin.com/login. To join the meeting, please enter the Meeting ID 30127 and security codes shown on the first page of the letter that came with your Voting Pack. If you have chosen to appoint a Proxy they must attend in person. 

Your policy entitles you to share in distributions from a pot of money called the Estate which is held in the Royal Liver Sub-Fund, and which helps to protect your policies against future risks and to meet rules set by our regulators.

Currently some of the Estate can be distributed by increasing your policy value each year and by potentially adding an extra amount when your policy is claimed. However, the amount which can be distributed to you is uncertain because it depends on the size of the Estate when the policy is claimed.

The offer is to distribute more of the Estate to policyholders like you sooner than would otherwise be the case. This would increase the current value of your policy and give you more certainty over the amount we’ll pay to you or your family when your policy is claimed.

In exchange, you’d be asked to give up an amount from the Estate (known as the Scheme Contribution). So, the offer involves you giving up some of the Estate to gain certainty over your distribution from the Estate.

 

The offer affects you and certain other policyholders holding policies managed in Ireland, as well as certain other policyholders holding policies managed in the UK. Both groups of policyholders will vote on the offer under separate legal processes.

  • In Ireland, we’re following a legal process called a Scheme of Arrangement (the Irish Scheme). This process gives you and certain other policyholders the right to vote on the offer.
  • In the UK, The Royal London Mutual Insurance Society Limited (Royal London UK) is following an equivalent legal process. We call this the UK Scheme.

The offer can only go ahead if both the Irish Scheme and the UK Scheme receive enough votes in favour, and legal approval is given. In Ireland, we’d ask the High Court of Ireland (the Irish High Court) to approve the Irish Scheme.

If legal approval is given for both the Irish Scheme and the UK Scheme, then we expect to implement the changes under the offer on 31 December 2022.

A pot of money called the Estate is held back in the Royal Liver Sub-Fund to protect you and other policyholders against future risks and to meet regulatory rules. Whenever there is more money in the Estate than required (for example, if these risks don't materialise), the excess is distributed to policyholders who are entitled to share in distributions from the Estate. You can think of the Estate as a ‘rainy day fund’.

We understand that some of this information is technical. Please read your Voting 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 explain the offer and do our best to answer any questions you may have. However, we can’t give you financial advice.

If you’d like to receive financial advice and you don’t have a broker, you can find a professional in your area. Brokers may charge for their services, but they should agree any costs with you upfront.

The offer would give you and other policyholders a known 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 offer is being made now so as many policyholders as possible can benefit from it.

The offer is also part of our plan to simplify and modernise the way we do things for the benefit of our longstanding customers. The offer will help us become a more efficient business.

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

However, we’ll continue to monitor the impact external influences are having on the business, such as the war in Ukraine and the increases to the cost of living.

If we believe factors outside our control mean that it’s no longer appropriate for us to continue with the offer, we’ll write to you again.

If the Irish High Court approves the Irish Scheme and the UK High Court approves the UK Scheme, we expect to implement the changes on 31 December 2022. We’d write to you shortly after implementing the changes to confirm they’ve been made.

In order to make sure that the Irish Scheme is fair to our policyholders: 

  • We've considered the interests of our policyholders internally within Royal London Ireland. 
  • We've shared information about the offer with our Regulator. 
  • An Independent Expert has reviewed the offer and provided a report to the Irish High Court on the fairness of the offer. 
  • Policyholders like you will be asked to vote on whether the offer does or doesn’t go ahead.
  • The offer must get Irish High Court approval, even if enough policyholders vote in favour of the offer. 

As the offer would also affect certain policyholders with policies managed by Royal London UK, they're separately following a similar process in the UK to ensure that the offer is fair to its policyholders. Even if the Irish Scheme is approved by the Irish High Court, the offer cannot go ahead unless the UK Scheme is also approved by the UK High Court. 

Any objections or complaints about the Irish Scheme will be passed the the Irish High Court. To make an objection or complaint you can call us 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) and we will record your objection. Or you can write to us at FAO Fund Consolidation Team, Royal London Insurance DAC, PO Box 12995, Dublin 2 setting out why you wish to object to the Scheme. We’ll pass all objections we receive relating to the Irish Scheme to the Irish High Court at the Sanction Hearing which is provisionally scheduled to take place on 23 November 2022 at Four Courts, Inns Quay, Dublin 7, however this date is subject to confirmation by the Irish High Court. The confirmed date of the Sanction Hearing will be announced on this webpage in early November 2022.

Alternatively, if you intend to appear at the Sanction Hearing in person, you should notify Royal London Ireland’s solicitors, Pinsent Masons (Ireland), 1 Windmill Lane, Dublin 2, D02 F206, Ireland (quoting reference 686418.07004) in writing, subject to confirmation by the High Court, no later than 6:00pm (Irish time) on 21 November 2022 of your intention to appear. At that point you should indicate to them whether you intend to support or oppose the Irish Scheme and you should also serve them with any affidavit evidence on which you intend to rely by that date and time.  You would of course need to appoint your own legal advisers to advise and assist you on this process. The confirmed deadline for submitting such notification and affidavit evidence will be announced on this webpage in early November 2022.

Yes, please don’t worry. Nothing is going to change to how your policy is administered and we will still pay out your policy to you or your family when it’s claimed.

The Royal London Open Fund, just like the Royal Liver Sub-Fund, is in a healthy financial position and is well-equipped to protect the Eligible Policies against future risks and to meet regulatory rules.

We understand that everyone needs to be cautious these days. You may not 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 or frequency of the payments you make won’t be affected by the offer.

If the offer goes ahead, we'll increase your Eligible Policy Value by 23.1% (the Uplift). If you have a policy with a With Profits investement we will also top up your Eligible Policy Value by applying the same Uplift for any Eligible Payments you make into your policy after the offer is implemented as and when you pay them. The amount or the frequency of the Eligible Payments you make won’t be affected by the offer.

Non-Eligible Payments are any payments that are made into your With Profits investment after 31 December 2021 and that are in excess of the level of payments that were due to be made into your With Profits investment at that date. Please note that any Non-Eligible Payments you make would still be applied to your policy and invested as you wish. They just wouldn’t be eligible for the Uplift under the offer.

 

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

There are different ways you can vote:

  • Online: you can vote here, no later than 12 noon on 18 October 2022. You’ll need your security codes shown on the letter and Voting Form in your Voting Pack.
  • By post: complete and sign the Voting Form which you'll find in your Voting Pack and return it in the postage paid envelope provided so that it reaches us no later than 12 noon on 18 October 2022.
  • At the Policyholder Meeting in person: bring your Attendance Card which is included in your Voting Pack to the Policyholder Meeting at The Morrison Hotel (a DoubleTree by Hilton), Ormond Quay Lower, Dublin 1, D01 K5X5 starting at 11:00am on 20 October 2022.
  • At the Policyholder Meeting virtually: visit attend.cesjoinin.com/login and use the Meeting ID 30127 and the security codes shown on the first page of the letter and Voting Form in your Voting Pack.

If you're planning to attend the Policyholder Meeting, it would be helpful if you could please let us know before 17 October 2022 by calling 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).

Even if you plan to attend the Policyholder Meeting, we recommend that you vote online or by post anyway. This is in case you end up not being able to make the meeting.

You can appoint a Proxy to attend the meeting in person on your behalf. Please read your Voting Pack for more information.

Don't worry if you can't find your Voting Pack, we can send you a new one. You can call our dedicated customer services team 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'd encourage you to vote on the Irish Scheme. The outcome of the vote will apply to all Included Policyholders, regardless of how they voted or if they didn’t vote at all. So, it’s very important you vote online or by post by 12 noon 18 October 2022 or at the Policyholder Meeting on 20 October 2022.

The Irish Scheme won’t apply to you if you are not an Included Policyholder for the purposes of the Irish Scheme. This might happen, for example, because of one of the following occurring before 11.59pm on 31 December 2022:

Pension Policy

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

Endowment Policy or Whole of Life Policy

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

If the offer doesn’t go ahead, we won't make these changes. The amount that we’ll be able to increase your policy value by from the Estate will remain exposed to future risks and could be higher or lower than under the offer.

You should read Section 8 of Part B of your Explanatory Booklet for further details on tax implications of the offer. If you are unsure how this impacts you, you may wish to talk to a Financial Broker.

Please complete the update your details form or 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.

After the Policyholder Meeting, all votes that were made online, by post and at the Policyholder Meeting will be counted. The results will be announced shortly after the Policyholder Meeting on this website.

If the votes on both the Irish Scheme and UK Scheme are passed, we’ll go to the Irish High Court and ask it to approve the Irish Scheme at the Sanction Hearing. This is scheduled for 23 November 2022.

Around a week later, Royal London UK would also go to the UK High Court and ask it to approve the UK Scheme. If the Irish High Court doesn’t approve the Irish Scheme, then we won’t proceed with the Sanction Hearing for the UK Scheme. 

If the Irish High Court and UK High Court both give their approval, then the offer will go ahead on the Implementation Date. We currently expect the Implementation Date to be 31 December 2022. 

 

The Sanction Hearing for the Irish Scheme is scheduled for 23 November 2022 and will be held at Four Courts, Inns Quay, Dublin 7. You can attend the Sanction Hearing in person, subject to the capacity of the Court. If you plan to attend, please let us know on 1800 00 11 52 by 9 November 2022 so that we can let the Court know.

If the Irish Scheme is not approved by the Irish High Court, then the offer will not go ahead. Therefore, we'll continue to manage the Royal Liver Sub- Fund and your policy as we do now.

If you’ve told us about the person that you’ve appointed under your power of attorney or further to a Ward of Court application this Voting Pack has been sent to them to act on your behalf. The person appointed under a power of attorney or Committee appointed further to a Ward of Court Order will be able to vote on the offer on your behalf.

If you’ve appointed a person under a power of attorney, but haven’t told us yet, please contact us by post at FAO Legacy Team, PO Box 12995, Dublin 2.

Please ensure they include the full power of attorney document, their date of birth and their contact number. You should then tell that person about the offer and discuss this Voting Pack with them.

If your power of attorney has any questions about registering the power of attorney with us contact us on 01 429 3440 between 8am and 6pm Monday to Friday (excluding bank holidays).

If you've been declared bankrupt, ownership of your relevant eligible policies may have automatically transferred to the official assignee. This may mean that the official assignee will be entitled to vote in your place. This is because they have been appointed to administer your affairs by the court. If this applies to you, you should share the Voting Pack with them.

If you’ve been declared bankrupt recently or you think we may not be aware of your bankruptcy, please contact us on 01 429 3440 between 8am and 6pm Monday to Friday (excluding bank holidays).

If you’ve been declared bankrupt, you may continue to be the Eligible Policyholder and the person entitled to vote on the Irish Scheme in relation to your Eligible Policy. If our records indicate that this is the case, we’ve sent the Voting Pack to you. If our records indicate that your Pension Policy automatically transferred to the official assignee, we’ve sent the Voting Pack to the official assignee. If your Eligible Policy provides retirement benefits and your official assignee may have an interest in it, you should share this pack with them.

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).

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:

FAO Legacy Team
PO Box 12995
Dublin