Police Mutual Assurance Society

scullen2

Is the transfer of business of the PMAS to the Royal London Mutual Assurance Society Limited the best course for their members?

dunstonh

A near death insurer being bought by a major player with a good reputation cannot be a bad thing.

Pollie1

But we don't know what the reasons were for the transfer or why it's happening and were never given a vote. PMAS have told my husband that there is a FAO in each force representing the members, they do not talk to the member, nor need to and of course for us that have left or retired, they wouldn't know how to talk to us. The FAOs were told how to vote and then they voted. As a member with lots of policies, it would have been nice to be asked, or at the very least told about this before it happened, I for one thought that being a member gave me some rights, but apparently we have none.

dunstonh

But we don't know what the reasons were for the transfer or why it's happening and were never given a vote.

You dont need to be.

As a member with lots of policies, it would have been nice to be asked, or at the very least told about this before it happened, I for one thought that being a member gave me some rights, but apparently we have none.

You are effectively a policyholder. Not an owner.    Mutuals give you some say indirectly unless they are in financial trouble, in which case, a purchase can be pushed through without members getting a say.

PMAS have been rubbish for years.  I recall comparing policies of theirs 20 years ago and they were poor value.  Royal London is a step up in quality (not that it will change legacy plans from PMAS).

wmb194

It essentially seems like it's reached the point where it will have to slowly wind itself up if this doesn't happen.

https://www.policemutual.co.uk/activity/royal-london-faqs/

"What are the implications of not voting ‘yes’?

• Police Mutual faces a simple choice – joining a stronger business now, which will best protect the security of existing members and customers, or no longer being able to sell new policies and only being able to focus its efforts on existing members."