Transferring policies to Countrywide Assured plc

Why are we proposing to transfer some policies to Countrywide Assured plc?

At Canada Life, we continually review our products and services. In 2024, we identified a provider whose strategic focus is to manage certain product ranges more effectively, including the Canada Life products listed on “Everything you need to know” . In doing so, a key priority was finding a company that shares our focus on delivering high quality customer service. 

Countrywide Assured plc (“Countrywide Assured”) has the scale, history and skillset to administer these policies on an ongoing basis. This means you will receive the highest standards of care both during this transition period and beyond. Canada Life has had recent experience of transferring insurance business by Part VII transfer to Countrywide Assured. The integration of customer commitment and digital tools ensures a user-friendly, efficient, and supportive experience for all previous Canada Life customers.

Who is Countrywide Assured plc? 

Countrywide Assured plc, established in 1988, is the UK subsidiary of Chesnara plc. Countrywide Assured is focused on the protection of customers and their families, backed by the support of Chesnara plc. Chesnara are dedicated to the management of around 1 million life and pension policies in the UK and Europe. 

Countrywide Assured is committed to delivering good outcomes for customers, understanding customer needs to deliver good services, ensuring strong and consistent performance, and communicating clearly. Their commitment is further strengthened by digital capabilities, including online account management, clear support to help customers make informed decisions, and dedicated online resource hubs providing easy access to a variety of resources.

In the UK, Countrywide Assured is authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) and the PRA. They are also covered by the Financial Services Compensation Scheme. You can find more information about Countrywide Assured on their website: www.countrywideassured.co.uk

How does the transfer happen?

In December 2024, we entered into an agreement with Countrywide Assured plc to transfer around 16,000 policies to them using a legal process known as a Part VII transfer.

The terms of the transfer are set out in a legal document called the “Scheme”. A summary of the terms of the Scheme is set out in here.

The proposed transfer is subject to:

• Review by an Independent Expert specifically appointed to assess the likely impact on policyholders. You can find more details about the Independent Expert here.
• Consultation with our regulators – the PRA and FCA have reviewed our approach to the transfer and will produce reports for the High Court to consider.
• The approval of the High Court – the High Court will approve the transfer if the necessary legal requirements have been satisfied, and the proposals are appropriate in all circumstances.

What is a Part VII transfer?

This is a term used to describe the process of transferring insurance business from one insurance company to another using the legal mechanism set out in Part VII of the Financial Services and Markets Act 2000. The process includes various protections for policyholders, including the right for policyholders to make representations at a High Court hearing, the appointment of an Independent Expert to report to the High Court on the terms of the proposed transfer and the requirement for the High Court to be satisfied that it is appropriate, in all circumstances, for it to approve the proposed transfer.

What policies are being transferred?

The policies that are proposed to transfer to Countrywide Assured were all arranged before June 2024. They include the following products:

The Select Account

Flexible Investment Bond

Select Investment Bond

Total Access Bond

Trustee Investment Plan

Flexible Drawdown Plan

When and where will the High Court hearing take place?

The High Court hearing will take place on 27th November 2025 in the Companies Court, Business and Property Courts, Rolls Building, Fetter Lane, London, EC4A 1NL.

When do you expect the transfer to take place?

If the High Court approves the transfer, we expect to implement it on 7th December 2025. We refer to this as the “transfer date”.

What will change for me?

The main change for transferring policyholders will be that Countrywide Assured will replace Canada Life as the provider of your policy and become responsible for the administration and all obligations regarding your policy (for example, making payments to you).

Other than the change in policy provider, the proposed transfer will not change any of the terms and conditions of your policy or your rights and obligations.

Further details on what the proposed transfer will mean for you, depending on the type of policy you hold, are set out in the customer guide.

Why don’t you need my consent to transfer my policy to Countrywide Assured?

The legal process we are following does not require us to obtain the consent of individual policyholders in order to implement the proposed transfer. Customers are protected by the rigorous process involved in a Part VII transfer, including the review of the Scheme by the Independent Expert and the regulators. However, you can raise any concerns you may have about the proposed transfer or make an objection.

Will my policy be safe after the transfer?

The Independent Expert (Loic Bellettre of Ernst & Young LLP) has considered the potential impact of the transfer on the benefit security of all Canada Life and Countrywide Assured policyholders, including the transferring policyholders. He has concluded that the proposed transfer will not have a material adverse effect on the security of benefits or benefit expectations of any of these policyholders, or the level of service provided to policyholders.

What if I’m currently withdrawing on my policy?

All existing withdrawal options for your policy will remain available following the proposed transfer to Countrywide Assured. If you currently make regular withdrawals, these will continue after the proposed transfer, and you will not need to take any action.

Will my investment options stay the same?

All of the funds that are available to you in your existing product will be the same following the proposed transfer.

Will the proposed transfer affect the tax status of my policy?

The transfer will not affect the UK tax status of any transferred policies.

What should I do next?

If you (or anyone else with an interest in the policy) don’t have any questions or concerns, there is no need to take any further action in relation to the proposed transfer. We suggest you keep these documents with your policy documents for future reference. If anyone else has an interest in your policy (for example, beneficiaries, joint holders, assignees or trustees), please also make them aware of the proposed transfer as soon as possible.

If you have any questions, please contact us. Our contact details are in the ‘everything you need to know’ section.

My policy is looked after by my financial adviser, do I need to contact them?

No. Financial advisers have been informed of the proposed transfer. Your relationship with your adviser will not change following the proposed transfer, and your adviser will continue to support and advise you when your policy has moved to Countrywide Assured.

What should I do if I have any concerns or want to object?

Please see the details about 'how you can raise your concerns or make an objection' if you consider you may be adversely affected by the proposed transfer.

What if I need this information in a different format?

If you need this information in an alternative format, such as Braille, large print, coloured paper or audio, please let us know via phone or email. If you have trouble using the phone, you can also get in touch using Relay UK. You can do this either by using your Relay app, or by dialling 18001 before dialling our phone number.