Do you have an Abbey Life policy?

UK bank Lloyds TSB has announced it is selling its Abbey Life insurance business for £977m to Deutsche Bank. Abbey Life is a subsidiary of Lloyds’ Scottish Widows unit and has been closed to new business since 2000.

Lloyds TSB concluded that the sale of Abbey Life was in the “best interest of the group, as well as Abbey Life’s policyholders and staff”.

As of 31 December 2006, Abbey Life managed £12bn of assets held in 1.2 million policies, do you own one of the policies? It will be interesting to see what if any benefit there will be for policyholders. If you would like us to review your Abbey Life plan in view of this announcement then please contact us.

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