Transfer from Generali
The questions and answers below aim to cover further details of the transfer of annuity policies from Generali to Omnilife:
Q1. Please provide me with more details about the transfer?
Generali transferred the annuity policies issued by their UK branch to Omnilife as of 31 December 2020. The UK branch of Generali is a representative office of Assicurazioni Generali S.p.A., which is authorised and regulated in Italy by IVASS (the Italian Institute for the Supervision of Insurance).
As part of this process:
– the boards of directors of both Generali and Omnilife reviewed and approved the proposals;
– the companies consulted closely with Generali’s regulator IVASS as well as Omnilife’s regulator, the Prudential Regulation Authority (PRA);
– your policy terms and conditions remain unchanged; and
– your annuity payments continue in the same manner as before.
Q2. Who is Omnilife?
Omnilife is a UK based life insurance company that is authorised by the PRA and regulated by the Financial Conduct Authority and the PRA. It is part of the Reinsurance Group of America, Incorporated, one of the largest global life and health reinsurance companies. You can rest assured that your policy is in safe hands. We welcome you as one of our valued new customers.
Q3. Why did the transfer happen?
The reason for the transfer was to simplify Generali’s business and to support the ongoing administration of these policies following the UK’s withdrawal from the European Union.
Q4. When did the transfer happen?
Before the transfer could go ahead, it was approved by IVASS, in consultation with the PRA, to ensure the adequate protection of policyholders. The effective date of the transfer was 31 December 2020.
Q5. What happened after the transfer was approved by IVASS?
After approval by IVASS, Omnilife wrote to you within ten days of the transfer approval to confirm the effective date of the transfer.
Q6. How does the transfer affect me?
As part of the transfer, all of Generali’s rights and obligations under your policy transferred without alteration to Omnilife on the effective date of the transfer. This means that all your rights and obligations under your policy remain unchanged and transferred to Omnilife from that date.
Omnilife became responsible for providing your policy benefits from the effective date of the transfer. However, in order to ensure a smooth transition, Equiniti (EQ), the third-party provider which administered your policies on behalf of Generali, continues to carry out the administration services for the transferred policies, on behalf of Omnilife.
Q7. Who should I contact if I have any queries about my policy?
Equiniti (EQ) continues to administer your policies on Omnilife’s behalf meaning you shouldn’t experience a change in the way your policies are managed. Equiniti’s contact details are as follows:
Omnilife Insurance Company Limited
PO Box 5202
Telephone: +44 (0) 333 207 6546
Phone lines will be open Monday to Friday (excluding UK public holidays) from 9 am to 5 pm.
Q8. Are my annuity payments affected?
The terms and conditions of your annuity policies do not change as a result of the transfer. All annuity payments and associated benefits continue to be honoured as before; including the amount and frequency of the payments due, along with any additional benefits requested when the annuity was originally taken out.
The only change that you may have noticed, is the change to the payment reference.
Q9. Is the policy safe/will I lose any benefits?
The terms and conditions of your policy have not changed as a result of the transfer. You can rest assured that your policy is in safe hands.
Q10. Has my policy number changed?
No, your policy number stayed the same; and is shown in your policy documents and in the letter sent out by Generali in late 2020 before the transfer.
Q11. Do I need to do anything?
No, you don’t need to take any action. We would ask though that you read the letters you receive from Generali to make sure that you understand the transfer. If you have any questions, please contact EQ using the details given in question 7.
If anyone else has an interest in your policy, for example, if there are joint or contingent beneficiaries (e.g. a spouse or dependent) for an annuity, or if your policy has been assigned, you may wish to share the letters with them.
However, if you currently reside in the European Union and are reliant on a UK bank account that closed as a result of the end of the transition period, we suggest that you review your capability to continue to receive payments and pay premiums from your existing bank account. Please see question 14.
Q12. Did my policy have to transfer?
Yes, following approval by IVASS, all policies in scope of the transfer transferred to Omnilife. You can rest assured that your policy is in safe hands.
Q13. Can I surrender/transfer my policy?
Your terms and conditions remain the same.
If your annuity policy is already in payment, then it cannot be transferred.
However, if your policy is a deferred annuity, you can’t surrender your policy, but you can:
– Transfer it to another pension scheme at or prior to the vesting date
– Take trivial commutation at vesting if this applies to you (must be above 55 years old and have a relatively small pension to exchange your regular pension payments for a one-off cash lump sum).
– Take a reduced annuity and tax-free cash at the vesting date
The vesting date is the date from which the annuity holder starts receiving the policy benefits of a regular stream of income.
Q14. What impact does the end of the Brexit transition period have on my policy?
As you know, the transition period, which began when the United Kingdom left the European Union on Friday 31 January 2020, ended at 11 pm on Thursday 31 December 2020. We continue to administer your policy from the UK and your policy terms & conditions remain unchanged.
However, if you currently reside in the European Union and are reliant on a UK bank account that closed as a result of the end of the transition period, we suggest that you review your capability to continue to receive payments and pay premiums from your existing bank account.
If you are no longer able to use your existing bank account to make and receive payments to and from us, please make alternative arrangements to pay your premiums to us so that you can continue to benefit from your insurance policy.
Q15. Is my policy secure and is it covered under the Financial Services Compensation Scheme (FSCS)?
Omnilife is authorised by the Prudential Regulation Authority (‘PRA’) and regulated by the Financial Conduct Authority and the PRA. We have consulted closely with PRA to satisfy them that we will ensure the protection of policyholders we took on as part of the transfer. We are also part of the Reinsurance Group of America, Incorporated, one of the largest global life and health reinsurance companies.
If in the unlikely event something were to happen to Omnilife and we couldn’t meet our obligations, please be reassured that Omnilife is also covered by the Financial Services Compensation Scheme (FSCS). You can find out more about the FSCS (including amounts and eligibility to claim) by visiting its website fscs.org.uk or you can call 0800 678 1100.
If you have any further questions, please don’t hesitate to contact EQ using the details are above.
Last updated: 16 August 2021