Choice Period and next steps – August 2025

The Choice Period for the scheme of arrangement (Scheme) ended on 14 August 2025. Subject to the Board approving the Sufficient Assets condition, the Scheme will be implemented on 1 September 2025, with all Foundation Life Whole of Life and Endowment policies cancelled at that date. 

Foundation Life will write to all policyholders in early October 2025 to confirm implementation of the Scheme and the final position of the individual options defaulted to or chosen by each policyholder.

From 1 September 2025, those policyholders who chose or defaulted to replacement life insurance will have life cover with Chubb Life.  Chubb Life will issue new policy documents in October 2025.  Policyholders who do not wish to continue with the replacement life cover have 14 days from the receipt of replacement policy documents to contact Chubb Life to cancel the policy.  Chubb Life will then return the premium paid for the policy and Foundation Life will pay the policyholder the Scheme cash payment after all documentation requirements are met.