unit-linked policies issued by Pearl Assurance (Unit Funds) Limited (PAUF); and/or
unit-linked pension policies or annuities in payment issued by Pearl Assurance (Unit Linked Pensions) Limited (PAULP).
With-profits, unitised with-profits, unit-linked, annuities in payment, or other policies issued by Pearl Assurance plc are not affected.
The Changes
In July 2006 we sent a communication (a Scheme Guide and Questions & Answers document) to policyholders of PAUF, PAULP, London Life Linked Assurances Limited (LLLA) and NPI Limited (NPIL) explaining that we had made an application to the High Court to transfer the insurance business carried on by PAUF, PAULP and LLLA to NPIL (the "Scheme").
On 14 September 2006, the High Court approved the Scheme subject to one amendment. The amendment is described in our Amendment to the Scheme section.
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The Scheme will become effective on 1 October 2006. Therefore, from that date, NPIL will become the provider of all policies issued by PAUF, PAULP and LLLA.
As well as this notice, after 1 October 2006, we will also include a reminder in future correspondence to PAULP and PAUF policyholders that NPIL is now their provider.
If you are a PAULP or PAUF policyholder, then you will notice very little difference with your policy once the changes take effect. In fact, most things will remain the same. For example:
your policy cover and value will be unaffected.
your policy will continue to be branded as a “Pearl” policy, but we will refer to NPIL as the provider of your policy;
you will be able to contact us at the same address, and using the same telephone numbers and policy number reference. Please see the contact us section for details.
We notified you of the main changes that may affect you in our communication in July. Please refer to sections 2 and 7 in the attached Scheme Guide for further details.
You can find out more about NPIL on the website at www.npi.co.uk
As we have now received approval from the High Court we have closed our customer helpline. If you have any queries about the Scheme you can refer to our original article (from 26 June 2006) or the attached Scheme Guide.
For policyholders who were resident in Jersey and Guernsey when their policies were issued:
On 15 September 2006, the Royal Courts of Jersey and Guernsey approved schemes to transfer the policies to NPIL. Those schemes will also become effective on 1 October 2006, and NPIL will become the provider of the policies transferred under those schemes from that date.
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