NEWS

News

Covid-19 Update

7 April 2020


As the impacts of the COVID-19 pandemic continue to evolve, we are focused on protecting the health of our employees and customers, while doing our best to ensure we are still able to meet your service expectations.  Following the directive issued by the NZ Government our offices are now closed and the majority of our staff are working from home.  As an essential business, we have a small skeleton staff in the office to process claims.  We remain available to assist and support you where needed.  Please contact us by email or telephone (0800 808 581 or +64 4 439 4300 outside NZ) or visit our website
www.foundationlife.co.nz/news for updates. 

 

Foundation Life (NZ) Limited remains in a very strong financial position and well able to meet all its obligations. All policies with us are secure and all approved claims will be paid out in accordance with our current policies and procedures.  However, the COVID-19 pandemic has required us to change our work practices to ensure that we minimise the risk of transmission and comply with government orders.  These changes may result in adjustments to the service levels we are able to provide. We appreciate your understanding.

We were planning to send the proposed policy restructure (Scheme) information pack out to our Whole of Life and Endowment policyholders in the first half of 2020.  Due in part to the financial and economic uncertainty created by the COVID-19 pandemic and the restrictions now in place, we are currently unable to confirm the final details of the Scheme. The information pack will be sent to policyholders once the proposal is finalised, the Appointed Actuary and Independent Actuary have completed their final reviews, all approvals have been achieved and the first High Court hearing has been held.  We will provide further updates in due course.

This is a very difficult time for us all and we wish you and your family all the best as we work through these unprecedented times.  Please keep you and the people around you safe.

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Covid-19 Pandemic

As the impacts of the COVID-19 pandemic continue to evolve, we are working hard to protect the health of our employees and customers, while doing our best to ensure we are still able to meet your service expectations.

 

Following the Prime Minister’s announcement on Saturday 21 March, we have decided that from Monday 23 March our offices will be closed to outside visitors until further notice.  Many of our staff will be working from home with only a skeleton work force in the office.  Public health officials continue to advise that social distancing is the most effective strategy to prevent the spread of COVID-19. 

 

We appreciate your support and understanding of this decision. 

 

Foundation Life (NZ) Limited remains in a strong financial position and able to meet its obligations.  Please rest assured we will be doing our best to maintain existing service levels.

 

Should you have any further questions or comments, please call us on 0800 808 581 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

 

Regards,

 

Grant Piercy

CEO

Foundation Life (NZ) Limited

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Policyholder Update Letter - December 2019

In December 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. 

While Foundation Life was planning to send an information pack to Policyholders before the end of 2019, the final details of the proposed policy restructure are still being finalised, due, in part, to the need to assess the impact of the significant reduction in long term interest rates over recent months. Once this assessment is completed, we will be able to provide final details of the proposed policy restructure.

It is now expected that an information pack will be sent to Policyholders during the first half of 2020 once the proposal is finalised, the Appointed Actuary and Independent Actuary have completed their final reviews, all approvals have been achieved and the first High Court hearing has been held. 

The comprehensive information pack will include information on the proposal, estimated values and a Voting/Proxy form with instructions on how to vote.  The decision on whether the proposed policy restructure proceeds will then rest with Policyholders.

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.

We expect to provide another progress update in the first quarter of 2020.

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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.

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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
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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
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Foundation Life (NZ) Holdings Limited purchases TOWER Life (N.Z.) Limited

(Auckland, NZ) On 25 August 2014, TOWER Limited announced that it has sold its remaining life business, TOWER Life (N.Z.) Limited to Foundation Life (NZ) Holdings Limited ("Foundation Life"), subject to conditions precedent including regulatory approvals. The aggregate value of the transaction is $36 million.

Foundation Life is a private company that is focused on the acquisition and long term prudential management of life insurance portfolios which are no longer being actively marketed.

TOWER Life (N.Z.) Limited comprises TOWER’s residual "run-off" life business including a participating book, annuity business, unit linked book and a small amount of traditional non-participating term insurance. TOWER Life (N.Z.) Limited had total assets of more than $700 million as at 31 March 2014.

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