Unclaimed Life Assurance Policies Notice

This Notice is only applicable to customers resident in the Republic of Ireland.

Under the terms of the Unclaimed Life Assurance Policies Act 2003 (the Act), life assurance companies are required to identify policies where there has been no recent communication from the policy holder and to designate them as unclaimed policies.

• A policy is unclaimed where premiums are no longer being paid and an amount is payable to the policy holder* and where:

• In the case of a fixed term policy which matured at least 5 years ago, there has been no written communication from the policy holder since the policy matured; or

• In the case of a policy without a fixed term, there has been no written communication from the policy holder for at least 15 years; or 

In the case of personal pension policies (i.e. those not linked to an employer's pension scheme), 5 years have elapsed, without communication, since the latest retirement date contained in the policy.

Life assurance companies are required to contact holders of unclaimed policies to ascertain their wishes in respect of the policy e.g. to receive any money due or to continue/reactivate the policy (if permitted by the policy conditions). Once written instructions are received from the customer, the policy will be removed from the unclaimed list.

Life assurance companies are not required to write to holders of unclaimed policies where;

• the value of the policy is less than 500 euros; or
• the company has been instructed not to correspond with or contact the policyholder; or
• the company has tried but failed to contact the customer.

In such cases, this advertisement serves as notice of the Act's provisions.

Where there has been no communication from the customer by 31st March each year, the net encashment value of the policy will be transferred to the National Treasury Management Agency (NTMA) which will manage the funds on behalf of the State.

The rights of policy owners are unaffected by the transfer of moneys to the NTMA. Policies may be reclaimed from the insurance company by following the procedures outlined in the leaflet 'A Guide to Unclaimed Life Assurance Policies' available from life assurance companies.

If you have any queries or concerns regarding a policy which you believe may be classified as unclaimed, please contact us as follows:

By post
Phoenix Life Limited (ex-Alba Life Limited)
1 Wythall Green Way
Wythall
Birmingham B47 6WG

By phone +44 1564 207050
Phone lines are open 8.30am - 5.30pm Monday - Friday.
For your protection calls may be recorded or monitored.

By post
Phoenix Life Limited (including former Phoenix Life and Pensions Limited)
Phoenix
PO Box 30
Liverpool L69 3HS

By phone +44 151 255 5177
Phone lines are open 9am - 5pm Monday - Friday.
For your protection calls may be recorded or monitored.

Where the original owner of the policy has died or ownership of the policy has been transferred, any person having a valid legal interest in an unclaimed policy e.g. heirs, executors, administrators or assignees, should contact Phoenix. Individuals who make fraudulent claims may be guilty of an offence.
^*This does not apply to a policy which constitutes or forms part of the assets of an occupational pension scheme, other retirement benefit scheme or trust; a group permanent health insurance or disability benefit scheme; a sponsored superannuation scheme.