The High Court has granted Royal London approval to consolidate the Royal Liver Sub-Fund and the Phoenix Life Assurance (PLAL) Sub-Fund into the Royal London Open Fund.

The transfers took place on 31 December 2022, with eligible policyholders receiving an uplift to their policy values at the same time.

According to Royal London, eligible policies received a 23.1 per cent uplift to their policy value, while policyholders with policies in the PLAL Sub-Fund received a 5.6 per cent uplift to their policy value.

Royal London highlighted the move as the next step in its efforts to deliver more certain benefits, noting that 96.4 per cent of UK eligible policyholders, and 95.9 per cent of Irish eligible policyholders, voted in favour of the changes to the Royal Liver Sub-Fund.

Royal London chief commercial officer, Julie Scott, stated: “The approvals from the High Court to consolidate two more of our with-profits funds is another excellent result for our customers, resulting in increased certainty and an uplift to their policy values.

“This is part of a wider series of changes over the past couple of years, as part of Royal London’s commitment to simplify and modernise our proposition for the benefit of our longstanding customers.”

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