Transfer of Police Mutual to Royal London completes
Thu 01 Oct 2020
Following regulatory approval, we are delighted to announce that we have today completed the transfer of the Police Mutual group of companies to The Royal London Mutual Insurance Society Limited (Royal London).
The transfer was approved by the Prudential Regulation Authority on the basis that it is satisfied that it is in the interests of members, taking into account any concerns raised during the member and customer representation period.
Here is a short welcome video from Jerry Toher, Chief Executive of the Consumer Division at Royal London:
Why has Police Mutual transferred to Royal London?
Becoming part of Royal London provides a sustainable future for Police Mutual as part of a larger, stronger business and preserves what our customers and the Police service value most about Police Mutual.
Our mutuality is an important part of who we are.
Like us, Royal London is a non-shareholder organisation, founded on strong ethics and values, where profits are reinvested to create financial and social returns for members, customers and the wider community.
The transfer to Royal London provides a strong financial base for our business, along with a broader business mix and wider range of products for our customers.
Royal London is committed to the Police Mutual and Forces Mutual brands.
Why is this positive news?
Today’s news will enable us to continue to serve, and improve the financial wellbeing of, our customers in the Police service for the long-term.
Partnering with the UK’s largest mutual life, pensions and investment company provides the opportunity to create better customer offerings and allows improvements to service and propositions, as well as providing wider support for the Police family.
We will continue to work with the Police service and broader Policing organisations to improve the financial wellbeing of serving and retired Police officers and staff and their families.
There will be continued support for a financial education programme, as well as building on the good work of the Police Mutual Foundation, and sponsorship of key events. For example, Royal London is committed to extend our sponsorship of the various Police Bravery Awards for another five years.
This is the start of an exciting new chapter in Police Mutual’s long, proud and evolving history.
What does this mean for products?
As a reminder, the terms of existing products do not change. There will be no change to the contractual benefits for any policyholders as a result of the transfer. This includes guaranteed benefits for with-profits policyholders.
Naturally, over time and in the future, products and services will evolve and change to meet market needs.
For more background and further information on the transfer, including important documents, please visit our Royal London hub.
Today, 1 October, sees the official launch of the new Police Mutual ISA, which offers exciting benefits and features. Please click here for more information. Police Mutual has a proud heritage of providing regular savings products to enhance the financial wellbeing of customers, and with this new product, this will continue.
Type of article: News
Category: Police Mutual news
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