Simplifying our business

On Tuesday 4th December 2012 the High Court of England and Wales sanctioned the transfer of all the policies of Friends Life Assurance Society Limited ('FLAS') and certain policies of Friends Life Company Limited ('FLC') in to their parent company, Friends Life Limited ('FLL'), and certain policies from F&C Managed Pension Funds Limited ('F&C MPF') a company outside of the Friends Life group in to FLL.

The actual transfer of policies will take place on 28 December 2012, on which date FLL will become the provider of the transferred policies.

If you have a policy that is transferring:

There will be no changes to policy terms and conditions, policy numbers, features, benefits or premiums as a result of the transfer.
The investment strategy relevant to your policy will not be altered as a result of the transfer.
You will continue to see the same branding on literature we send you.
When you call us, you will speak to the same team of people on the same phone number as you do now, and the level of service you receive will not be affected.

From 28 December 2012 you will see references to FLL in the correspondence we send you. Payments will automatically become payable to and from FLL, however you do not need to take any action and there will be no change to the timings, amounts or frequency of any regular payments to or from your policies, or changes to the dates of automated collections. If you make payments by direct debit, your direct debits will be automatically transferred to FLL and you do not need to take any action. You will continue to be protected by the Direct Debit Guarantee.

Keeping policyholders informed

We are writing to transferring policyholders in FLAS, FLC and F&C MPF between 15 August 2012 and 21 September 2012 with information about the Scheme. We are also writing to with-profits policyholders in FLL about proposed changes to how we manage the with-profits funds, however FLL policyholders are not transferring under the Scheme. Certain policyholders in FLC who are not transferring will also receive a letter. The timetable of events is:

Date	Event
15 August to 21 September 2012	Friends Life will write to all transferring policyholders and to some non transferring policyholders.
26 November 2012	The requested deadline for all objections to the Scheme, to allow time for submission to the Court.
3 December 2012	The date the Court will consider the Scheme, including any views of policyholders received in writing. The Court will also consider the views of the Financial Services Authority and the Independent Expert.
28 December 2012	Intended date on which the Scheme will become effective, if approved (known as the 'Effective Date').

Am I transferring?

No FLL or FPI policies are transferring.

What should I do next?

If, having read the information available, you believe that you would be adversely affected by the Scheme, you have the right to raise this with the Court on 3 December 2012. The UK Court will consider the Scheme at:

Chancery Division of the High Court
7 Rolls Building, Fetter Lane,
London ,
EC4 1NL

You can attend the hearing and express your views, either in person or by legal representative.

If you wish to attend the hearing and express your views please write to Herbert Smith LLP, the solicitors acting for us, at the below address as soon as possible and preferably before 26 November 2012, setting out the grounds of your objections. If you do not wish or are unable to attend the hearing, please let us know when you write to us and we can make your views available to the court on your behalf.

Herbert Smith LLP
Exchange House
Primrose Street
London
EC2A 2HS

Policyholders resident in Jersey or Guernsey

The Scheme also requires the consent of the courts in Jersey and Guernsey. The terms of the schemes required in Jersey and Guernsey are based on (and are in all material respects the same as) the terms of the Scheme.

Where we refer to the approval of the Court, you should read this as also referring to the approval by the Royal Court of Jersey and the Royal Court of Guernsey. The Independent Expert has considered and reported on the impact of the Scheme on all policyholders, including those in Jersey, Guernsey and the Isle of Man.

Jersey Scheme

The Court hearing for the approval of the Jersey Scheme will take place on or around 13 December 2012 at the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey JE1 1JG. If the Royal Court of Jersey approves the Jersey Scheme we expect the transfer of the policies to take place on the Effective Date.

Under local law in Jersey, any person who considers they would be adversely affected by the transfer is entitled to be heard by the Royal Court of Jersey in person or by legal representation. If you intend to appear at the Jersey Court hearing, please notify us, or Mourant Ozannes the advocates acting for us, in writing with details of your concerns as soon as possible and preferably by 26 November 2012.

You can see or obtain copies of the representation and the full Independent Expert's report up to and including the date of the Royal Court hearing. They are available for inspection or collection free of charge between the hours of 9am and 5pm from our Jersey advocates at the address below:

Mourant Ozannes,
22 Grenville Street,
St Helier,
Jersey
JE4 8PX

Or by calling our transfer helpline on:

0800 561 0269
(+44 2871 211 110 From outside the UK)
Open Monday-Friday 9am to 5pm
Calls may be charged and these charges will vary, please talk to your network provider.

Guernsey Scheme

The Court hearing for the approval of the Guernsey Scheme will take place on 14 December 2012 at the Royal Court of Guernsey, The Royal Court House, St Peter Port, Guernsey GY1 2PB. If the Royal Court of Guernsey approves the Guernsey Scheme we expect the transfer of policies to take place on the Effective Date.

Under local law in Guernsey, any person who considers they would be adversely affected by the transfer is entitled to be heard by the Royal Court of Guernsey in person or by legal representation. If you intend to appear at the Guernsey Court please notify us, or Mourant Ozannes the advocates acting for us, in writing with details of your concerns as soon as possible and preferably by 26 November 2012.

You can see or obtain copies of the proposed application and the full Independent Expert's report up to and including the date of the Royal Court hearing. They are available for inspection or collection free of charge between the hours of 9am and 5pm from our Guernsey advocates at the address below:

Mourant Ozannes,
1 Le Marchant Street,
St Peter Port,
Guernsey
GY1 4HP

Or by calling our transfer helpline on:

0800 561 0269
(+44 2871 211 110 From outside the UK)
Open Monday-Friday 9am to 5pm
Calls may be charged and these charges will vary, please talk to your network provider.

Policyholder Communications for residents of Jersey and Guernsey

The information in this section should be read alongside the technical documents and further information section.

Jersey

Guernsey

Technical documents and further information

The information on this site supplements the information we have sent to policyholders. It includes:

Technical documents

Principles and Practices of Financial Management ('PPFM')

The following information is also provided in respect of the changes we are proposing to make to the Principles and Practices of Financial Management ('PPFM') for our with-profits funds;

Policyholder Communications

We have provided answers to questions that we think you may have about the Scheme.

If, having read all the information available, you have further questions please call our transfer helpline on:
0800 561 0269

The helpline will be available from 9am to 5pm, Monday to Friday, up until the day before the High Court hearing. It is a freephone number, however some telecom providers may charge for calling. If you are calling from overseas please call +44 2871 211 110.

This helpline is for enquiries about the Scheme only and no financial advice can be given. If you have any general queries about your policy, please contact us on the normal customer number which you will find on previous letters that you have received from us.

You may also write to us at:

Friends Life
Insurance Business Transfer Team
PO Box 547
Bristol
BS34 9EB

If you write to us, please quote our reference from the top right corner of the letter you received about the transfer. If you have not received a letter about the transfer please quote 'insurance business transfer' and your policy number.

This site does not provide financial advice. If you need any financial advice please contact your financial adviser.
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