NEWS

Policyholder Update Letter- June 2019

In June 2019 a letter was sent to all Foundation Life (NZ) Limited (Foundation Life) participating Whole of Life and Endowment policyholders (Policyholders) outlining the progress made on the possible policy restructure Foundation Life is considering. We also advised that if the proposed policy restructure proceeds, overseas resident Policyholders will receive a cash amount in replacement of their policy. This is because the replacement life insurer is unable to offer replacement life insurance to Policyholders who reside overseas. Please visit our Overseas Policyholder page for more information. 

At this stage, the final details of the proposed policy restructure are still being worked through. The steps involved in the process make it difficult to provide a definitive timetable; however, it is estimated that the proposal will be presented to Policyholders to vote on during the second half of 2019. Prior to the vote taking place Policyholders will be sent a comprehensive information pack, including information on the proposal, estimated values, a “Frequently Asked Questions’ sheet and a Voting/Proxy form with instructions on how to vote.

We ask that any Policyholders who haven’t done so already get in touch with us to check we have their correct contact details. This is important to ensure that when we do next make contact, we can be sure you will receive the information.  Our contact details can be found on the Contact Us page.

Read more...

Policyholder Update Letter - November 2018

In June 2018 and November 2018, letters were sent to all Foundation Life (NZ) Limited (Foundation Life) Whole of Life and Endowment policyholders (Policyholders) outlining a possible product restructure that Foundation Life is considering. We also mentioned that any new product offer would be made to Policyholders under what is called a Scheme of Arrangement (Scheme).

At this stage, the final details of the Scheme are still being determined. While the indicative timeline for the Scheme we mentioned in the June 2018 update letter will shortly be passed, progress is being made. We appreciate some Policyholders may be frustrated with the delay, we want to assure you that we are focused on ensuring the proposed Scheme which is presented to Policyholders is in their best interests. As mentioned in the November 2018 update letter, a detailed Scheme proposal is likely to be presented to Policyholders to vote on during the second quarter of 2019.

We ask that any Policyholders who haven’t done so already get in touch with us to check we have your correct contact details. This is important to ensure that when we do next make contact, we can be sure you will receive the information. Our contact details can be found on the Contact Us page.

Read more...

Transfer of Unit Linked and Capital Guaranteed Policies to Lifetime Income

Update to Press Release of 5 October

The transfer of Unit Linked and Capital Guaranteed Policies to Lifetime Income Limited was completed on 2 March 2018. Lifetime Income Limited are now responsible for the following policies.

  • Enroute Gold
  • Investment Account
  • VIP
  • Vital
  • Vital with life cover
For further Information please contact:
Ralph Stewart 021 89 55 33
Managing Director This email address is being protected from spambots. You need JavaScript enabled to view it.
Lifetime Income Limited www.lifetimeincome.co.nz
Read more...

Foundation Life Transfers Annuity and Unit-linked Policies to Lifetime Income

PRESS RELEASE - 5 October 2017

Following approval from the Reserve Bank of New Zealand (RBNZ) earlier this month, Foundation Life (NZ) Limited (Foundation Life) – which took over the Tower legacy life insurance book in 2014 – is transferring ~$35 million of annuity and unit-linked business to Lifetime Income Limited (Lifetime Income). The planned transfer dates are 02 November 2017 for Annuity Policies, and prior to 01 December 2017 for Unit-linked Investment Policies.

Chief Executive of Foundation Life, Mr Grant Piercy, said “the closed and legacy Annuity and Unit-linked business was only a very small portion of Foundation Life’s New Zealand business. Annuities in particular were a specialised product in which Lifetime has clear expertise. We felt our pensioners and unit-linked policy holders who are approaching or in retirement could secure a greater number of options from a dedicated retirement specialist such as Lifetime.”

The transaction required actuarial review by the appointed actuaries of both Foundation Life, Lifetime and an independent actuary, Mr Bernie Higgins. Members were consulted and the proposed transaction and final approval was approved by the RBNZ.

The transaction involves ~800 policy holders and assets to the value of ~$35 million.

Managing Director of Lifetime, Mr Ralph Stewart, said “we are grateful to have had the opportunity to work with Foundation Life and look forward to offering Foundation Life policy holders a dedicated range of guaranteed retirement income solutions”.

For further Information please contact:
Grant Piercy 021 47 85 53
Chief Executive This email address is being protected from spambots. You need JavaScript enabled to view it.
Foundation Life (NZ) Limited
Ralph Stewart 021 89 55 33
Managing Director This email address is being protected from spambots. You need JavaScript enabled to view it.
Lifetime Income Limited www.lifetimeincome.co.nz
Read more...
Subscribe to this RSS feed