Mutual provider Royal London has received High Court approval to consolidate the Royal Liver Sub-Fund and the Phoenix Life Assurance Ltd (PLAL) Sub-Fund into the Royal London Open Fund.

The move sees eligible policyholders receive a boost to their policy values.

Royal London says the merger is part of its drive to deliver "more certain benefits" for its long standing policyholders.

Some 96.4% of UK eligible policyholders, and 95.9% of Irish eligible policyholders, voted in favour of the changes to the Royal Liver Sub-Fund, and all eligible policies will receive a 23.1% uplift to their policy value.

Policyholders with policies in the PLAL Sub-Fund will receive a 5.6% uplift to their policy value.

Julie Scott, Royal London’s chief commercial officer, 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.”

The transfers took place on 31 December 2022 and policyholders received an uplift to their policy value at the same time.