Transfer of part of our annuity business to Rothesay Life Plc has now taken place

Updates

06 June 2017 – Transfer of annuities from Zurich Assurance Ltd to Rothesay Life Plc has now taken place

All annuities included in the proposed transfer of annuities from Zurich Assurance Ltd have now transferred to Rothesay Life Plc

06 June 2017 – Addition of stamped Court Order for the Guernsey transfer

Please note that the stamped Court Order for the Guernsey transfer has been added to the Transfer document library.

02 June 2017 – Addition of stamped Court Order for the Jersey transfer

Please note that the stamped Court Order for the Jersey transfer has been added to the Transfer document library.

30 May 2017 – Approval granted for Jersey transfer

Jersey Court has granted approval for the transfer of annuities from Zurich Assurance Ltd to Rothesay Life Plc to commence. Further updates once transfer to Rothesay completed on 06 June 2017.

30 May 2017 – Addition of stamped Court Order for the Isle of Man transfer

Please note that the stamped Court Order for the Isle of Man transfer has been added to the Transfer document library.

26 May 2017 – Approval granted for Guernsey and Isle of Man transfers.

Guernsey and Isle of Man Courts have granted approval for the transfer of annuities from Zurich Assurance Ltd to Rothesay Life Plc to commence. Further updates once transfer to Rothesay completed on 06 June 2017

25 May 2017 – Addition of stamped Court Order for the UK transfer

Please note that the stamped Court Order for the UK transfer has been added to the Transfer document library.  

24 May 2017 – Approval granted for UK transfer

UK Courts granted approval for the transfer of annuities from Zurich Assurance Ltd to Rothesay Life Plc to commence. Further updates once transfer to Rothesay Life is completed on 06 June 2017. 

23 May 2017 – Updated details for the UK court hearing 

The Court hearing for the UK transfer will take place at 2.00pm on 24 May 2017 in Court number 6 at The Rolls Building, Fetter Lane, London, EC4A 1NL.

18 May 2017 – Addition of updated Scheme Documents for UK, Jersey, Guernsey and Isle of Man to Transfer document library.

Please note that updated versions of the Scheme Documents for UK, Jersey, Guernsey and Isle of Man have been added to the Transfer document library.

17 May 2017 – Addition of Supplemental Reports to Transfer document library.

Please note that Supplemental Reports by the Independent Expert, Zurich Chief Actuary, Zurich With-Profits Actuary and Rothesay Chief Actuary have been added to the Transfer document library.

We are proposing to transfer part of our annuity business (The Transfer) to Rothesay Life Plc (Rothesay). Rothesay Life is a UK insurance company specialising in annuities.

The Transfer has to be submitted and approved by the High Court of Justice of England and Wales (The Court). The Court hearing is currently scheduled for 24 May 2017, and if Court approval is granted, annuity policies will transfer to Rothesay on 06 June 2017. For offshore policies, the Transfer will also need to be approved by the relevant offshore courts – see ‘Timeline for the Transfer’ for more details.

The aim of this website is to provide information and help answer any questions about the impact of the Transfer and the Transfer process. You can find documents relating to the Transfer in the Transfer document library.

We will update this web page as soon as possible when any changes occur in relation to the Transfer to keep you up to date with developments, so please check this web page regularly.

If you are aware of anyone else who has an interest in, or is entitled to benefits under your annuity policy, please ensure they are also given the opportunity to review the documents on this website.

Timeline for the Transfer

The court hearing to approve the Transfer in:

UK, is scheduled to take place in London at 2.00pm in Court number 6 at The Rolls Building, Fetter Lane, London, EC4A 1NL on 24 May 2017.
Jersey, is scheduled to take place at 9.30am at the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey on 30 May 2017.
Guernsey, is scheduled to take place at the Royal Court House, St Peter Port, Guernsey GY1 2NZ on 26 May 2017.
Isle of Man, is scheduled to take place at 2.00pm at the High Court of Justice of the Isle of Man on 26 May 2017.
 

If court approval is granted, annuity policies will transfer to Rothesay on 06 June 2017.

How will the Transfer affect transferring annuity policyholders?

The Transfer will have no impact on the terms of annuity policies except that the policy provider will change to Rothesay. Policyholder terms and conditions will not change, and policyholders will continue to receive the same benefits

How are the interests of affected parties protected?

Your interests are protected by a rigorous review process which includes:

  • the appointment of and Independent Expert to produce a report for the court on the likely impact of the Transfer on policyholders
  • close consultation with the UK's Prudential Regulation Authority (the PRA) and Financial Conduct Authority (the FCA) (and the relevant financial regulator for the Jersey, Guernsey and Isle of Man court processes);
  • the ability for affected parties to raise concerns or object to the Transfer; and
  • the requirement for approval of the Transfer by the relevant court.
The courts will only approve the Transfer if they consider it appropriate in all the circumstances.

What do I need to do?

If you have no concerns about the Transfer, you do not need to do anything.

However, if you are concerned the Transfer may adversely affect you, you have the right to object.

To do this, you can contact us either by telephone, email or by writing to us. Details of how to contact us are in the section opposite.

You also have the right to attend the Court hearings and voice your objections in person, or by a legal representative.

Contact us

0800 0853 982 Free of charge (or if resident outside the UK, on +44 345 266 1062)

Phone lines are open Monday to Friday 8.00am - 6.30pm and on a Saturday 9.30am - 12.30pm, excluding bank holidays.

We may record or monitor calls for training and quality purposes.

Or email us at: annuitytransfer@uk.zurich.com

Or you can write to us at:

Zurich Assurance Ltd
Annuity Transfer
The Grange
Bishops Cleeve
Cheltenham
GL52 8XX