Scheme of Arrangement for the SLFC Assurance UK With-Profits Fund
On 6 December 2016, we wrote to our customers who have policies in the SLFC Assurance UK With-Profits Fund. We asked them to vote on our proposal to convert their with-profits policy to a non-profit policy by way of a Scheme of Arrangement (“the Scheme”).
We enclosed the following documents with this letter:
- Explanatory Statement
Information about the Scheme that we must provide under the terms of Part 26 of the Companies Act 2006.
- Questions and Answers leaflet
Answers to some general questions about the Scheme.
- Summary of the Independent Expert’s Report
The notice convening the Policyholder Meeting.
The legal and actuarial reports (which are of a technical nature) prepared regarding the Scheme are available for you to download:
- Scheme Document
- The report of the Chief Actuary
- The report of the Independent Expert
- The report of the With-Profits Actuary
Copy of the press advertisement
Timetable of principal events
|5pm, Wednesday 11 January 2017||Proxy voting forms must be received online.|
|5pm, Thursday 12 January 2017||Proxy voting forms must be received by post.|
|11am, Friday 13 January 2017||Policyholder Meeting at The Wesley Hotel, 81-103 Euston Street, London, NW1 2EZ. This is convened with the Court’s permission for the purpose of considering and voting on the Scheme.|
|18 January 2017||Proposed date for Court hearing to sanction the Scheme (subject to Policyholders voting in favour of the Scheme).|
|1 February 2017 - Effective Date||When the Scheme takes effect (subject to Policyholders voting in favour of the Scheme and the Court sanctioning the Scheme).|
|1 April 2017 - Final Implementation Date||When Guaranteed Annual Increases and Guaranteed Final Increases (where applicable) take the place of existing Reversionary Bonuses and Terminal Bonuses (where applicable).|