Important News for Unit-linked Policyholders

When the Equitable closed to new business in 2000, it was inevitable that at some point the Society had to come to an end. We believe that now is the time to bring this about and we propose to transfer the Society and all its policies to Reliance Life.

In order to complete the transfer, we need to consult with our Regulators, seek the opinion of an Independent Expert appointed specifically to look after policyholder’s interests, and obtain approval from the High Court. We expect this process to be completed towards the end of 2019 and the transfer of policies to Reliance Life would follow shortly afterwards.

There is nothing that policyholders need to do now, and Equitable Life will continue to service policies until the transfer. If the transfer is approved, the terms and conditions of unit-linked policies will be unchanged and they will be administered by Reliance Life.

We are working with Reliance Life to establish the unit-linked funds that will be available on transfer. We will provide policyholders with details in 2019.

Reliance Life is part of Life Company Consolidation Group, a specialist European life assurance group. Its principal businesses are Reliance Life and Utmost Wealth Solutions, which are responsible for in aggregate £24bn of primarily unit-linked policyholder assets for more than 250,000 customers.

Reliance Life's stated strategy is to continue to grow through further acquisitions of life business in the UK thereby protecting policyholders from the diseconomies of reducing scale in a stand-alone run-off environment whilst securing the highest standards of service and broadest fund choice.

More information about the transfer will be provided in 2019.