Good News for With-profits Policyholders

Last June we announced the Proposal, which if approved will:

  • Allocate all available assets in the with-profits fund fully to with-profits policyholders by increasing the current 35% capital distribution to a level expected to be between 60% and 70%
  • Convert with-profits policies to unit-linked policies
  • Remove investment guarantees and with them any guaranteed annual increases
  • Transfer all policies to Utmost Life and Pensions (formerly Reliance Life), where you will see a continuity of service provided by the teams in Aylesbury
During the summer we will be writing to all policyholders with details and will be asking eligible policyholders to vote on the Proposal. If eligible policyholders vote in favour of the Proposal and we receive approval from the High Court, we expect the Proposal to be implemented towards the end of 2019.

There is no action for policyholders to take now.

We are in the process of creating a section of our website dedicated to the Proposal. We will continue to update the site with details about the Proposal in the lead up to the vote, so please regularly check for further updates.

Helpful Questions and Answers

"While it will be sad to bring to an end the oldest mutual assurer in the world, the potential to enhance with-profits policy values to the extent made possible by a
transfer to Reliance Life is fundamentally helpful in distributing capital to our policyholders as fairly and as soon as possible. I believe Reliance Life's approach to customer service, investment choice
and policyholder security make for a compelling way forward."

Ian Brimecome, Chairman

"The announcement is good news for Equitable’s remaining 300,000 policyholders."
Paul Weir, EMAG