Royal London is to consolidate its Royal Liver Sub-Fund and Phoenix Life Assurance Sub-Fund into the Royal London Open Fund.
The High Court has approved the consolidation, which will give policyholders in the Royal Liver Sub-Fund a 23.1 per cent uplift to their policy value.
Those invested in the PLAL Sub-Fund will receive a 5.6 per cent uplift to their policy value.
The transfers took place on December 31 2022, and policyholders received the uplift at the same time.
Chief commercial officer at Royal London, Julie Scott, said: “The approvals from the High Court to consolidate two more of our with-profits funds is another excellent result for our customers, resulting in increased certainty and an uplift to their policy values."
“This is part of a wider series of changes over the past couple of years, as part of Royal London’s commitment to simplify and modernise our proposition for the benefit of our longstanding customers," she added.
The consolidation comes a year after Royal London consolidated three closed with-profits funds into the Royal London Open Fund.
The United Friendly Ordinary Branch Fund, United Friendly Industrial Branch and the Scottish Life Fund were all merged.
With-profits funds invest across asset classes for the medium to long term, normally at least five to 10 years.
Royal London’s with-profits fund posted a 12.5 per cent total investment return in 2021.
As at December 31 2021, the fund had a 54 per cent exposure to equities, 15 per cent to property, and 31 per cent to fixed income.