A policy can only be assigned to a new owner by the current legal policy owner. You can download the Deed of Assignment at the bottom of this page.
This Deed of Assignment can only be used to assign your policy in gift. This deed must not be used if you are assigning your policy as a result of divorce or in return for money or the value of goods or services being provided - if you intend to assign your policy in this way you will need to get a deed from a solicitor or legal stationer.
If you have any doubt concerning the suitability of the deed we provide, you should seek independent legal advice.
Please note: We require a separate deed for each individual policy you wish to assign - and by assigning your policy you will lose all interest in, and control over, the policy. The policy will become the absolute property of the new owner (Assignee) and we will not send you any further information about it.
Please make sure that you fully complete the deed as below:
The deed must be dated at the top;
All names and addresses need to be completed in full;
You must enter the policy number, name of life assured and sum assured;
You must sign the deed as the person transferring the ownership (Assignor);
Your signature must be witnessed by a non-family member;
Your witness must also print their full name and address on the deed;
If you make a mistake as you complete the deed, either sign your initials next to the changes or complete a new deed.
If your policy is already assigned, deposited or held as an interest only charge with another financial institution, we will require written authority from the financial institution to transfer the ownership of the policy.
To comply with the UK Money Laundering Regulations and our own internal procedures, we will also need some additional documentation to help us to confirm the identity of the new policy owner (Assignee). This has the additional benefit of reducing the possibility of identity fraud, whereby criminals falsely use a name and address to commit financial crime.
Therefore, please provide us with two original pieces of documentation for the new owner (Assignee). For example:
A current (within the last 3 months) bank/building society statement in the new owner's (Assignee) own/joint name, showing their current address. (Preferably this statement should be for the account from which premiums are paid or for the account to which any claim payment is to be made).
A recent (within the last 3 months) utility bill from a utilities supplier, which clearly shows the new owner's (Assignee) name and address (e.g. a gas or electricity bill) not a mobile telephone bill.
Providing everything is in order, we will then update the policy records to show the new owner (Assignee) and return all documents as soon as possible. We will then write to the new owner (Assignee) to confirm that the ownership of the policy has transferred to them, and enclose the Deed of Assignment for their safekeeping.
Please send the completed deed and supporting documentation to Pearl Centre, Lynch Wood, Peterborough PE2 6FY.
Note: You need Adobe Acrobat Reader to view pdf files. You can obtain Adobe Acrobat Reader free from here.
Check List
Before you send us your deed, please ensure that you have:
Completed the deed document in full;
Signed the deed;
Had the deed witnessed by a non-family member;
Used the correct mailing address (above);
Included suitable proof of identity for the new owner (Assignee) as stated above;
Provided written authority to transfer the ownership of the policy from any other relevant financial institution (if applicable).
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