The proposed transfer
Canada Life Limited proposes to transfer certain annuity policies to a different company within the Canada Life group - Irish Life Assurance plc.
The annuity policies which we propose to transfer were written on a cross-border basis by Equitable Life through authorised Irish and German branches. These policies were transferred to Canada Life Limited as part of a wider Part VII transfer of insurance business in 2016.
This transfer will allow us to provide those policyholders with a continued service following the expiry of the “implementation period” which commenced when the UK withdrew from the European Union (the “EU”) on 31 January 2020.
Subject to a review by an Independent Expert, consultation with our regulators and approval from the High Court in accordance with the terms of the Scheme, these policies will be transferred to Irish Life Assurance on 31 December 2020. The legal process to transfer insurance business from one insurance company to another is known as a Part VII transfer.
An Independent Expert, Mr Jeremy Nurse, Senior Director in the firm of Towers Watson Limited and a Fellow of the Institute and Faculty of Actuaries, was approved by the Prudential Regulation Authority to report on the terms of the transfer and the likely effects on all policyholders, including whether they are being treated fairly. The Independent Expert provides his conclusions in the Independent Expert’s Report which will be considered by the High Court prior to sanctioning the transfer.
The Independent Expert has currently prepared two documents:
- The full report. This has details of the effects of the transfer on all of Canada Life Limited’s policyholders and Irish Life Assurance’s policyholders and how each conclusion has been reached.
- The summary of the report. This provides an overview of the transfer and sets out the Independent Expert’s conclusions on the effect of the transfer on policyholders. It's been created to give policyholders a good understanding of the terms of the Scheme and the consequences for their policies.
You can find the Independent Expert’s full report and summary of the report in the ‘Transfer Documentation’ section below. The Independent Expert will publish a supplemental report before the final court hearing (Sanctions Hearing), which is expected to take place on 10 December 2020.
The Chief Actuaries of Canada Life Limited and Irish Life Assurance have also prepared reports on the effect of the transfer and their reports are included in the ‘Transfer Documentation’ section below.
Further supplementary reports from the Chief Actuaries will be made available prior to the Sanctions Hearing. These documents will outline any changes since the first reports outlined above.
The Scheme Document is the legal document that sets out the terms of the transfer in the UK. You can find a copy of the full Scheme and a Summary of the Scheme in the ‘Transfer Documents’ section below.
The documents about this transfer, including the Independent Experts Report and the communication sent to the transferring policyholders, can be found below. The policyholder letter and guide contain information about how transferring policy holders can contact Canada Life to answer questions or raise an objection about the transfer.
Contacting us about the proposed transfer
If you would like to raise concerns directly with us after reading the relevant documents, you can contact us in the following ways. Please quote your policy number in all correspondence.
- By email: email@example.com
- By post: Canada Life Limited, Canada Life Place, High Street, Potters Bar, EN6 5BA
- By phone (outside the UK): (+353) (0)1 704 2040
- By phone (within the UK): 0345 606 0708