Expert Supplementary Reports and updates

The Policyholder Independent Expert prepared a report for the Court Hearing in July that considered the fairness of the whole Scheme for all with-profits policyholders, including the impact of the Scheme, if any, on those policyholders who are excluded from the Scheme. This report was made available to policyholders at the time of issuing the Decision Pack.

The Policyholder Independent Expert Supplementary Report provides an update for any relevant factors which were not covered in his report produced for the Court Hearing in July. The current version of the Supplementary Report was published here in order to allow policyholders to, if they wished, consider it in advance of the Scheme vote held on 1 November

Section 1.3 sets out the scope of this Supplementary Report, including:

  • Confirmation that conclusions on fairness have not changed
  • Processes and governance surrounding the calculation of the uplift
  • Policyholder communications
  • The formal arrangement between the Society and Utmost Life and Pensions which sets out the servicing and administration standards applicable to the business that is not transferred
  • Conclusions on the day-to-day practical administration of the UK-style German with-profits business.

The Supplementary Report will continue to be updated for any relevant emerging factors up until it is submitted to the court prior to the Sanctions Hearing scheduled for 22 November. The final version of the Supplementary Report will be published on the Society’s website prior to the Hearing.

The Transfer Independent Expert is appointed by the Society and Utmost 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’s letter, which was written to summarise his conclusions on the outstanding points in his Report, produced for the Court Hearing in July, was published here in order to allow policyholders to consider his updated conclusions in advance of the Scheme vote held on 1 November.

In his letter the Independent Expert has provided an update on the impact of the Transfer on:

  • The benefit security of Non-Transferring Policyholders; and
  • The benefit expectations of Non-Transferring Policyholders with UK-style German With-Profits Policies.

The Independent Expert has now produced his Supplementary Report, the purpose of which is to consider any developments since the publication of his Report and his letter, 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 in his letter.

The Independent Expert’s Supplementary Report will be submitted to the court prior to the Sanctions Hearing scheduled for 22 November

The Chief Actuary for the Society prepared two reports for the Court Hearing in July, the Chief Actuary’s Scheme Report and the Chief Actuary’s Transfer Report. The reports detailed his analysis of the expected impact of the Proposal on the Society’s policyholders.

The Chief Actuary’s Supplementary Report sets out his consideration of the impact of developments since the date of his reports, including consideration as to whether the conclusions in his reports hold and was made available in advance of the Policyholder meeting and EGM, held on 1 November 2019.

In his Supplementary Report he concludes that there has been no developments that has changed any of the conclusions set out in his earlier reports.

The With-Profits Actuary for the Society prepared a report for the Court Hearing in July that considered the expected impact on the With-Profits policyholders of the Society of the proposed Scheme and Transfer. This report was made available to policyholders at the time of issuing the Decision Pack.

The With-Profit Actuary’s Supplementary Report provides an update and further consideration reflecting changes since the date of her first report and was made available in advance of the Policyholder meeting and EGM, held on 1 November.

In her Supplementary Report she confirms the conclusion from her earlier report that the Proposal is beneficial to the Society’s With-Profits policyholders.

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