Royal London Annual Report and Accounts 2020
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Phoenix Group Holdings
PROSPECTUS DATED 25 SEPTEMBER 2020 Phoenix Group Holdings plc (incorporated with limited liability in England and Wales with registered number 11606773) £5,000,000,000 Euro Medium Term Note Programme Under the Euro Medium Term Note Programme described in this Prospectus (the “Programme”) Phoenix Group Holdings plc (“Phoenix” or “PGH” or the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue notes (the “Notes”). The Notes may be issued (i) as dated unsubordinated notes (“Senior Notes”), (ii) as dated subordinated notes with terms capable of qualifying as Tier 3 Capital (as defined in “Terms and Conditions of the Tier 3 Notes”) (“Tier 3 Notes”), (iii) as dated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in “Terms and Conditions of the Tier 2 Notes”) (“Dated Tier 2 Notes”) or as undated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in “Terms and Conditions of the Tier 2 Notes”) (“Undated Tier 2 Notes” and, together with the Dated Tier 2 Notes, the “Tier 2 Notes”). The Tier 2 Notes and the Tier 3 Notes are referred to collectively in this Prospectus as the “Subordinated Notes”. The aggregate nominal amount of Notes outstanding will not at any time exceed £5,000,000,000 (or the equivalent in other currencies). Payments of interest and principal under the Subordinated Notes may be subject to optional or mandatory deferral in accordance with the terms of the relevant Series (as defined herein) of Subordinated Notes. This Prospectus has been approved by the United Kingdom Financial Conduct Authority (the “FCA”), as competent authority under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) as a base prospectus (the “Prospectus”) for the purposes of the Prospectus Regulation. -
Annual Report
ANNUAL REPORT Royal London UK Real Estate Fund Annual Report for the year ended 31 December 2019 ASSET MANAGEMENT FUND INFORMATION Contents Page Fund Fund Information 2 Royal London UK Real Estate Fund Registered office: Report of the ACS Manager 3 55 Gracechurch Street, London EC3V 0RL Statement of ACS Manager’s Responsibilities* 4 Authorised Contractual Scheme Manager Investment Adviser’s Report*+ 5 (the “ACS Manager”) Portfolio Statement* 7 The ACS Manager is Royal London Unit Trust Managers Limited Summary of Material Portfolio Changes 9 Place of business and Registered office: Comparative Tables 10 55 Gracechurch Street, London EC3V 0RL Statement of the Depositary’s Responsibilities 12 Authorised and regulated by the Financial Conduct Authority; a member of The Investment Association (IA). Report of the Depositary 12 T: 020 3272 5000 F: 020 7506 6501 Standing Independent Valuer’s Report (Cushman & Wakefield) 13 Directors of the ACS Manager Standing Independent Valuer’s Report (CBRE) 14 Directors: A.S. Carter, R.A.D. Williams, A. Hunt, R. Kumar, S. Spiller, Independent Auditors’ Report 15 C.R. Read, J. Brett* (appointed 12 September 2019), N. O’Mahony* (appointed 13 November 2019) Statement of Total Return 17 * Non-executive Director Statement of Change in Net Assets Attributable to Unitholders 17 Investment Adviser Balance Sheet 18 Royal London Asset Management Limited Statement of Cash Flows 19 Place of business and Registered office: Notes to the Financial Statements 20 55 Gracechurch Street, London EC3V 0RL Distribution Tables 36 Authorised and regulated by the Financial Conduct Authority. Fact File 37 Depositary of the ACS Remuneration Policy (unaudited) 38 HSBC Bank plc 8 Canada Square, Canary Wharf, London E14 5HQ General Information 39 * The ACS Manager’s report comprises these items. -
RLGPS Annual Report and Financial Statements 31
Royal London Group Pension Scheme Annual Report and Financial Statements for the year ended 31 December 2019 Scheme Registration Number: 100154281 Royal London Group Pension Scheme Annual report and financial statements for the year ended 31 December 2019 Contents Page Trustee and advisers 1 Trustee’s report 2 Independent Auditors’ report 13 Fund account 16 Statement of net assets available for benefits 17 Notes to the financial statements 18 Independent Auditors’ statement about contributions 37 Summary of contributions 38 Actuarial certificate 39 Further information 40 Royal London Group Pension Scheme Annual report and financial statements for the year ended 31 December 2019 Trustee and advisers Corporate Trustee RLGPS Trustee Limited Directors of the Corporate Trustee Employer nominated (“Trustee Directors”) Andrew Evans (Chair) (Independent Trustee) Ewan Smith (Deferred member) Martin Lewis The Law Debenture Pension Trust Corporation plc represented by Edward Levy (Independent Trustee) Member nominated Ian Forder (Pensioner member) Paul McHardy (appointed 1 January 2019) (Deferred member) Scheme actuary Jonathan Howes FIA of Towers Watson Limited (resigned 31 July 2019) Andrew Long FIA of Towers Watson Limited (appointed 31 July 2019) Administrators Towers Watson Limited Independent Auditors PricewaterhouseCoopers LLP Legal advisers CMS Cameron McKenna Nabarro Olswang LLP Cannings Connolly Solicitors Slaughter and May DLA Piper UK LLP Thor Lion LLP Investment consultant Lane Clark & Peacock LLP Investment manager Royal London Asset -
M-15-032 Irish Life Royal London
DETERMINATION OF MERGER NOTIFICATION M/15/032 IRISH LIFE ASSURANCE/ROYAL LONDON MUTUAL INSURANCE SOCIETY LIMITED Section 21 of the Competition Act 2002 Proposed acquisition of certain assets of the Royal London Mutual Insurance Society Limited by Irish Life Group Limited Dated 10 August2015 Introduction 1. On 3 July 2015, in accordance with section 18(1) of the Competition Act 2002, as amended1 (“the Act”), the Competition and Consumer Protection Commission (“the Commission”) received a notification of a proposed acquisition by Irish Life Assurance Plc of certain assets from the Royal London Mutual Insurance Society Limited. The Transaction 2. The proposed transaction consists of an agreement for sale by private treaty dated 8 July 2015 whereby Irish Life Assurance Plc will acquire 17 property portfolios (the “Target Assets”) from the Royal London Mutual Insurance Society Limited. 3. Section 18(1A)(b)(ii) of the Act allows for parties to make a notification to the Commission where the parties have demonstrated to the Commission a good faith intention to conclude an agreement. In this case, the Commission considers that the undertakings involved demonstrated to the Commission a good faith intention to conclude an agreement for the purposes of section 18(1A)(b)(ii) of the Act. The parties notified the Commission on 3 July 2015 of their intention to conclude an agreement and subsequently concluded that agreement on 8 July 2015. The Undertakings Involved The Acquirer 4. Since July 2013, Irish Life Assurance Plc has been part of the Great-West Lifeco Inc (“Great-West Lifeco”) group of companies. Great-West Lifeco is a financial services holding company with interests in the life insurance, health insurance, retirement savings, and investment management and reinsurance businesses. -
ROYAL LONDON LAUNCH Reveal Card AW
THINK The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. The Royal London Mutual Insurance Society Limited is registered in England and Wales, number 99064. Registered Office: 55 Gracechurch Street, London EC3V 0RL, United Kingdom. Address in Ireland: 47 St Stephen’s Green, Dublin 2. 969.1 BIG A little bird told me that Caledonian Life just got a whole lot bigger. And here’s why… Caledonian Life is delighted to announce it is now rebranding to the name and look of Royal London, our parent company. Established in 1861, with approximately 5.3 million customers, Royal London is the largest mutual Life and Pensions company in the UK and Ireland. Royal London has over €95 billion in funds under management and had €4,200 million in Group new business in 2013 on a PVNBP basis. As an integral and important part of the Royal London group, and with their commitment to the Irish market, we’re dedicated to investing heavily in building and developing our oerings to you, now and into the future. We’ve already made big improvements, and now we’re very happy to bring you even more – turn over to nd out more. But rest assured, some things aren’t changing. e people you deal with today in Caledonian Life will be the people you deal with tomorrow in Royal London. And now as Royal London, we look forward to helping your business become GER bigger and better too. -
Confirmation of Receipt of Reference
Press Release 29 March 2018 ROYAL LONDON REPORTS STRONG NEW BUSINESS AND PROFIT GROWTH AS CEO CALLS FOR FIVE YEAR MORATORIUM ON CHANGES TO PENSIONS TAX RELIEF Trading and financial highlights New life and pensions business (PVNBP basis)1 up by 38% to £12,002m (2016: £8,686m); Funds under management2 up by 14% to £114bn (31 December 2016: £100bn); European Embedded Value (EEV) operating profit before tax up by 17% to £329m (2016: £282m); ProfitShare (after tax) distribution to eligible members rises to £142m (2016: £114m); Overall new business margins remained broadly in line with the prior period at 1.8% (2016: 1.9%4); IFRS transfer to the unallocated divisible surplus (before other comprehensive income) increase of £111m to £352m (2016: before change in estimate for Solvency II and other comprehensive income £241m); and Solvency II Standard Formula basis Investor View3 solvency surplus of £5.5bn (31 December 2016: £4.5bn) and a capital cover ratio of 235% (31 December 2016: 232%) before closed fund restrictions. New business review Intermediary business Individual Pensions including Drawdown new business sales1 were up by 68% to £6,339m (2016: £3,778m). Customers continued to take advantage of the pension freedoms, creating greater demand for our award-winning investment solutions and income drawdown product. Group Pensions new business sales1 were up by 12% to £4,346m (2016: £3,872m). In 2017 we were one of the leading providers of insurance-based new auto-enrolment pension schemes. Following the completion of the initial auto-enrolment staging programme in the UK we expect lower sales of workplace pensions in 2018 due to the reduced market size. -
Asset Management
ASSET MANAGEMENT RLUM LIMITED (THE “COMPANY”) UCITS SUMMARY REMUNERATION POLICY (THE “POLICY”) 1. Definitions The following definitions are deemed to apply for the purposes of this Policy: “AUTM” Authorised Unit Trust Manager of the Company. “ESMA Means the ESMA Guidelines on sound remuneration policies under Guidelines” the UCITS Directive. “Investment Means Royal London Asset Management Limited or any other Managers” person or persons for the time being duly appointed investment manager of the Company in succession to Royal London Asset Management Limited in accordance with the requirements of the Financial Services Authority and where the Investment Manager has delegated responsibility for the management of all or part of the assets of a sub-fund of the Company, the term Investment Manager shall also refer to the sub-investment manager of that particular sub-fund. “UCITS” Means an “Undertaking for Collective Investment in Transferable Securities”. “UCITS Directive” Means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as amended by Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 as regards depositary functions, remunerations policies and sanctions, including its mandatory implementing regulations on an EU or Home Member State level. 2. IntroduCtion The AUTM has put in place the policy for the AUTM that is in accordance with the requirements of SYSC 19E of the Senior Management Arrangements, Systems and Controls sourcebook of the Financial Conduct Authority Handbook and is line with the Royal London Group Remuneration Policy. -
The Proposed Insurance Business Transfer Scheme Relating to the Transfer of Business from the Royal London Mutual Insurance Society Limited to Royal London DAC
The proposed Insurance Business Transfer Scheme relating to the transfer of business from The Royal London Mutual Insurance Society Limited to Royal London DAC Report by the Chief Actuary of The Royal London Mutual Insurance Society Limited 3 October 2018 1 Contents 1 INTRODUCTION AND SUMMARY .................................................................................................... 4 1.1 Purpose ................................................................................................................................... 4 1.2 Background ............................................................................................................................. 5 1.3 Supporting documents and information ................................................................................ 7 1.4 Credentials and declaration of interest .................................................................................. 8 2 OUTLINE OF THE PROPOSED TRANSFER ......................................................................................... 8 2.1 Background information on RLMIS and Royal London DAC ................................................... 8 2.2 Summary of proposed Transfer .............................................................................................. 8 2.3 Financial impact .................................................................................................................... 11 2.4 Summary of proposed reinsurance agreements ................................................................. -
Recommended All-Share Acquisition of Friends Life Group Ltd (Scheme
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. PART II OF THIS DOCUMENT, TOGETHER WITH THE REST OF THIS DOCUMENT, COMPRISES AN EXPLANATORY STATEMENT IN COMPLIANCE WITH PART VIII OF THE COMPANIES (GUERNSEY) LAW, 2008 (AS AMENDED). This document relates to a proposed acquisition which, if implemented, will result in the cancellation of the listing of Friends Life Shares on the Official List and of trading of Friends Life Shares on the London Stock Exchange’s main market for listed securities. If you are in any doubt as to the action you should take, you should consult, and seek your own independent financial advice immediately from, your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised independent financial adviser. If you sell, have sold or otherwise transferred all of your Friends Life Shares, please send this document, together with any accompanying documents (but not the accompanying personalised Forms of Proxy or Forms of Instruction), as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for onward delivery to the purchaser or transferee. If you have sold or otherwise transferred part of your holding of Friends Life Shares, please consult the bank, stockbroker or other agent through whom the sale or transfer was effected. The distribution of this document and any accompanying documents in jurisdictions other than the United Kingdom, the United States or Guernsey may be restricted by the laws of those jurisdictions and therefore persons into whose possession this document and any accompanying documents come should inform themselves about and observe any such restrictions. -
Strategic Report with Supplementary Information 2013 Contents
Strategic Report with Supplementary Information 2013 Contents STRATEGIC REPORT SUPPLEMENTARY INFORMATION Highlights 1 2013 Directors’ summary Chairman’s statement 2 remuneration report 40 Group Chief Executive’s Auditors’ report 47 statement 7 Summarised consolidated income Our business model and statement: EEV 48 strategy 10 Summarised consolidated statement Our resources and of comprehensive income: IFRS 49 responsibilities 12 Summarised consolidated balance Principal risks and uncertainties 13 sheet: IFRS 49 Business overview 16 Board of Directors 50 Our corporate responsibility 26 Notice of AGM 54 Group Finance Director’s review 31 Commentary on resolutions 55 2014 Financial calendar and Contact offices 56 ADDING VALUE FOR OUR MEMBERS Mutual dividend: £81m With-profits performance: 1.6% above benchmark Unit-linked pension funds: on average 2.1% above benchmark Award-winning customer service Royal London Group Strategic Report with Supplementary Information 2013 1 Highlights Returns to with-profit policyholders Mutual dividend allocated £81m (2012 £88m) Bonuses added to with-profit policies £318m (2012 £282m) Royal London with-profits fund investment performance 10.6% (2012 8.6%) Profitability EEV profit before tax and mutual dividend from continuing operations1 £551m (2012 £320m) IFRS result before tax and mutual dividend from continuing operations2 £530m (2012 £454m) Funds Group funds under management £73,598m (2012 £49,799m) EEV operating profit from continuing operations1 Mutual dividend £346m £88m £88m £322m £81m £228m 2011 2012 2013 2011 2012 2013 Regulatory (Insurance Group Directive) capital surplus Present value of continuing new life and pensions business premiums £2,749m £3,464m £3,160m £2,374m £2,893m £1,906m 2011 2012 2013 2011 2012 2013 1 2013 EEV results include £150m one-off gain arising on the acquisition of The Co-operative life, pensions and asset management. -
Royal London Group Pension Scheme
DocuSign Envelope ID: D71E0A06-FF28-46FB-89AE-C27E9EBE92C4E43BE5AA-2897-490C-AE16-3963C40D3819305B2E16-2517-4B33-B1EB-F0E05521A22B Royal London Group Pension Scheme Annual Report and Financial Statements for the year ended 31 December 2020 Scheme Registration Number: 100154281 DocuSign Envelope ID: D71E0A06-FF28-46FB-89AE-C27E9EBE92C4E43BE5AA-2897-490C-AE16-3963C40D3819305B2E16-2517-4B33-B1EB-F0E05521A22B Royal London Group Pension Scheme Annual report and financial statements for the year ended 31 December 2020 Contents Page Trustee and advisers 1 Trustee’s report 2 Independent Auditors’ report 17 Fund account 20 Statement of net assets available for benefits 21 Notes to the financial statements 22 Independent Auditors’ statement about contributions 44 Summary of contributions 45 Actuarial certificate 46 Implementation statement 47 Further information 53 DocuSign Envelope ID: D71E0A06-FF28-46FB-89AE-C27E9EBE92C4E43BE5AA-2897-490C-AE16-3963C40D3819305B2E16-2517-4B33-B1EB-F0E05521A22B Royal London Group Pension Scheme Annual report and financial statements for the year ended 31 December 2020 Trustee and advisers Corporate Trustee RLGPS Trustee Limited Directors of the Corporate Employer nominated Trustee (“Trustee Directors”) Andrew Evans (Chair) (Independent Trustee) Ewan Smith (Deferred member) Martin Lewis The Law Debenture Pension Trust Corporation plc represented by Edward Levy (Independent Trustee) Member nominated Ian Forder (Pensioner member) Paul McHardy (Deferred member) Scheme actuary Andrew Long FIA of Towers Watson Limited -
Royal London Asset Management (RLAM) Is the Asset Management Arm of the Royal London Group, the United Kingdom’S Largest Mutual Insurance Company
22nd Floor, Miller Street, Manchester, UK M60 0AL t: +44 (0)16 1903 6813 f: +44(0) 20 7507 6500 www.rlam.co.uk 3 March 2014 Director General Marketplace Framework Policy Branch Industry Canada 235 Queen Street, 10th Floor Ottawa, Ontario Canada K1A 0H5 Submitted by Email: [email protected] Consultation on the Canada Business Corporations Act We are pleased to submit our comments regarding the proposed amendments to the Canada Business Corporations Act (CBCA). Royal London Asset Management (RLAM) is the asset management arm of the Royal London Group, the United Kingdom’s largest mutual insurance company. We manage approximately £72 billion in assets on behalf of the Group and a wide range of external institutional and wholesale clients. While our focus has traditionally been on corporate governance in the UK market, we hold shares in several dozen large Canadian companies and have an interest in ensuring Canadian companies implement high standards of corporate governance. We believe good corporate governance is fundamental to company performance and welcome the opportunity to comment on the proposed changes to the CBCA. Below we outline our response to the consultation. In general, we view the statutory corporate governance requirements in Canada to be lagging behind similar requirements in the UK. We are pleased that the consultation addresses several issues that are long overdue for review (and that are common practice in the UK), such as majority voting, annual director elections and voting on a poll. We do not intend to provide a comprehensive response to each issue, but want to use this as an opportunity to signal our support for corporate governance reform in Canada.