Royal London policyholders have backed plans to consolidate three of the mutual provider’s closed with-profits funds.
The insurer said the shift was part of its drive to deliver "greater and more certain" benefits for its policyholders. The funds would be consolidated into the Royal London Open fund by the end of this year utilising High Court approved Schemes of Arrangement through Companies Act legislation. Policyholders overwhelmingly backed the move which will give them an uplift in their policy values. Some 95.4% of eligible policyholders in the United Friendly Ordinary Branch (UFOB) Fund who voted endorsed Royal London's proposals including a 6.4% uplift to their policy value. Some 92.4...
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