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Update on Wrap SIPP and Onshore Bond

Changes to Standard Life Assurance Limited

The High Court in London and the Court of Session in Edinburgh have approved the transfer of the policies of Standard Life Assurance Limited to Phoenix Life Limited. The transfer is expected to take place on 27 October 2023.
The Wrap SIPP and Wrap Onshore Bond products on abrdn Wrap are currently provided by Standard Life Assurance Limited (SLAL), part of Phoenix Group (Phoenix). We previously communicated that we are simplifying our relationship with Phoenix and that ownership of these products will transfer from Phoenix to abrdn at a future date. We’ll be delivering this through the next phases of our Adviser Experience Programme.

Transfer of Standard Life Assurance Limited business to Phoenix Life Limited

Ahead of the transfer to abrdn, Phoenix will transfer all of SLAL’s business to another Phoenix company. This will include the transfer of the Wrap SIPP and Wrap Onshore Bond products.

This transfer will be made under a process set out in legislation and requires consultation with the regulators, as well as court approval. The courts have now approved the transfer and your clients' product will transfer from SLAL to Phoenix Life Limited (PLL). PLL will be your clients' new provider but otherwise there will be no change to terms and conditions.

The transfer will not change or impact the services provided by abrdn or any other products held on Wrap.

What this means for you and your clients

At abrdn, we’ll continue to manage the Wrap SIPP and Wrap Onshore Bond on our Wrap platform as we do today with the same communications and support.

There will be no changes to service levels and you should not notice any difference in the service you receive as a result of the transfer. There will also be no change to the way adviser charges are paid to you if you’ve agreed with your client to pay charges from these products.

Your clients’ products and current benefits will not change due to the transfer. The transfer won't change any fund values, charges, or investment choices.

All Wrap SIPP and Wrap Onshore Bond clients  have been issued a postal mailing to notify them of SLAL’s intention to transfer their products to PLL. Copies of these client communications are available in the section below.

Important dates

  • June 2023: Clients will receive a notification letter
  • October 2023: Final Court hearing at the High Court (London) and Court of Session (Edinburgh)
  • 27 October 2023: Your client’s Wrap SIPP and Wrap Onshore Bond will transfer to PLL

Further information

We’ll keep you updated on the SLAL transfer and provide further information as it progresses through the legal process. In the meantime, we’ve answered some frequently asked questions below.

Questions and answers

What products are transferring to PLL?

Phoenix is proposing to transfer all of SLAL’s products to PLL, including the following Wrap products:

  • the Wrap SIPP
  • the Wrap Onshore Bond.

Will my clients’ documents change?

No, your clients won’t receive any new documents when their product is transferred to PLL, so they should keep their original product documents.

After the transfer, references to ‘Standard Life Assurance Limited’ will change to show that PLL is the provider of the Wrap SIPP and Wrap Onshore Bond. However, due to the scale of this change and the number of documents, websites and letters impacted, references to ‘Standard Life Assurance Limited’ will remain in some places after the transfer date while we work through the changes.

Will the transfer affect payments?

Following the transfer, any payments should be made to Standard Life instead of Standard Life Assurance Limited. This is because the Standard Life name and brand will continue to be used.

Clients making payments will start to see references to ‘Standard Life’ (rather than to Standard Life Assurance Limited) on any Direct Debit Guarantees. Their rights under the Direct Debit Guarantee are not affected.

Standard Life have set up a dedicated website with everything you and your customers need to know about the Transfer at standardlife.co.uk/businesstransfer 

Client communications

Your clients were sent the following postal mailing pack about the transfer:

Covering letter from abrdn

Enclosed letter from Standard Life

Transfer guide from Standard Life

Information for new clients

If you have clients that are considering a new Wrap SIPP or Onshore Bond, please share this short flyer with them as part of the client disclosure conversations.

Download a new client flyer