2019-11-12
Some members of the Scheme currently hold Additional Voluntary Contributions (AVCs) policies with Equitable Life. In 2018, Equitable Life announced their intention to withdraw from the market and transfer all their policies to Utmost Life and Pensions (formerly known as Reliance Life Limited). The proposed transaction remains subject to member, regulatory and Court approvals, and is expected to complete towards the end of 2019. Utmost Life and Pensions was established in 2017 as a newly authorised UK Life Company and recently completed the acquisition of the business of Reliance Mutual Insurance Society through a process very similar to the one envisaged for Equitable Life.
The Trustee had the option of voting for or against the proposal and further details will be issued to members regarding the impact of the vote (who hold AVCs with Equitable Life) over the coming months.
It is not necessary for you to take any action at this point. The Trustee will contact the affected members at the appropriate time.
