News Publication date August 06, 2019

Utmost Life and Pensions - Equitable Life transfer

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.

Utmost Life and Pensions Policyholders

Utmost Life and Pensions Customer Information

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.

Utmost Letter - August 2019

Technical legal information

Transfer Scheme Document

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.

Legal Notice

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 .

Reports from the Independent Expert (IE)

IE Report

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.

Summary IE Report

This is the summary of the report prepared by the Independent Expert.

Actuarial Reports

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.

Jersey and Guernsey Scheme Documents

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.

Jersey Scheme

Guernsey Scheme

Equitable Life policyholders

Equitable Life policyholder information

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:

www.equitable.co.uk



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