News Publication date November 08, 2019
Further to the news article we published on 6 August 2019, the details of which remain below, we are now pleased to add some additional documents to the website for our policyholders to review. The final Court Hearing for the Transfer remains scheduled for Friday 22 November at the Rolls Building, Fetter Lane, London, EC4A 1NL.
The additional documents are:
Utmost Chief Actuary Supplementary Report - November 2019
The Chief Actuary is an actuary who has been appointed by an insurer to provide guidance to the Board on actuarial matters. The Chief Actuary of Utmost Life and Pensions has prepared a supplementary report for the Utmost Board providing his opinion on the impact of the transfer on the policyholders of Utmost. There has been no change in his conclusions from his original report in July.
Utmost With Profits Actuary Supplementary Report - November 2019
The With-Profits Actuary of Utmost has prepared a report for the Utmost Board providing his opinion on the impact of the transfer on with-profits policyholders of Utmost. There has been no change in his conclusions from his original report in July.
The Independent Expert is appointed by Utmost and Equitable Life to report on the terms of the proposed Scheme providing for the Transfer of the majority of the Equitable’s long-term insurance business to Utmost.
The Independent Expert has now produced his Supplementary Report, the purpose of which is to consider any developments since the publication of his main report and his letter (which are both found below), as well as provide an update on certain aspects of the Transfer that he could not conclude on at that time.
In his Supplementary Report, the Independent Expert has confirmed that there have been no developments which have changed the conclusions set out in his Report or his Letter.
The Independent Expert’s Supplementary Report will be submitted to the court prior to the Sanctions Hearing scheduled for 22 November.
Following our news article on 23 July 2019, we have created this page to provide our policyholders and all relevant third parties with the information and documents needed to understand the proposal to acquire the Equitable Life by way of an Part VII Insurance Business Transfer.
As an Utmost Life and Pensions customer you will not see any changes as a result of the transfer of Equitable Life's business to us. This letter, which we will be sending to policyholders in August, explains what the transfer will mean for you.
This document is the full Scheme of Transfer legal document that sets out the terms and conditions on which basis almost all of the Equitable Life's business will transfer to Utmost Life and Pensions, and for which approval will be sought from the High Court later this year.
Summary of the terms of the Proposed Transfer
A summary of the terms of the above transfer Scheme.
The legal notice of the Scheme which is being published in each of the London, Edinburgh and Belfast Gazettes, the UK editions of the Times, the Daily Mail and the Daily Telegraph newspapers, and the worldwide editions of the Financial Times, the Daily Mail and the Times .
This is the full report of the Independent Expert, Richard Baddon FIA of Deloitte LLP, which addresses the impact of the proposed transfer on policyholders. His appointment was approved by the Prudential Regulation Authority (PRA) in consultation with the Financial Conduct Authority (FCA). The PRA and FCA are our industry regulators.
This is the summary of the report prepared by the Independent Expert.
This is the update from the IE ahead of the publication of his supplementary report.
Utmost Chief Actuary Report - July 2019
The Chief Actuary is an actuary who has been appointed by an insurer to provide guidance to the Board on actuarial matters. The Chief Actuary of Utmost Life and Pensions has prepared a report for the Utmost Board providing his opinion on the impact of the transfer on the policyholders of Utmost.
Utmost With-Profits Report - July 2019
The With-Profits Actuary of Utmost has prepared a report for the Utmost Board providing his opinion on the impact of the transfer on with-profits policyholders of Utmost.
As Equitable Life has a small number of policies that were issued as part of the business carried on by Equitable Life in or from within Jersey and Guernsey, there is a requirement for separate schemes to be approved by the Royal Courts in both jurisdictions. Documentation on the Jersey and Guernsey schemes is attached below.
Equitable Life policyholders will be sent a comprehensive set of documents by Equitable Life containing full details on the Proposal, what it means for them and the steps that they need to take for the Proposal to be approved in due course.
All the information is available on the Equitable Life website at the following link:
