Scheme of Arrangement for the SLFC Assurance UK With-Profits Fund – results of the policyholder meeting
A meeting of the Policyholders in the SLFC Assurance UK With-Profits Fund was held at 11am on Friday 13 January 2017 at The Wesley Hotel, 81-103 Euston Street, London, NW1 2EZ to consider and vote on our proposal to convert the with-profits policies to non-profit policies by way of a Scheme of Arrangement under the Companies Act 2006.
The result of the voting on the resolution put to the Policyholder Meeting was as follows:
2,289 Policyholders voted.
1,966 Policyholders, representing 86% in number and 85% in value of the Policyholders who have voted, voted FOR the resolution.
323 Policyholder, representing 14% in number and 15% in value of the Policyholders who have voted, voted AGAINST the resolution.
Accordingly, the resolution was passed by 86% in number and 85% in value of the Policyholders present and voting in person or by proxy.
As the resolution was approved by the requisite majority we intend to proceed to the High Court for the Scheme of Arrangement to be sanctioned by the High Court. The Court hearing will take place on 18 January 2017 at Royal Courts of Justice, Rolls Buildings, Fetter Lane, London, EC4A 1NL.
On 18 January 2017 the High Court sanctioned the Scheme. This means the SLFC Assurance UK With-Profits Policies will be converted to Non-Profit Policies on 1 February 2017. We will write to Policyholders in March 2017 to provide an endorsement to policy terms & conditions and a statement to show the value of their Non-Profit Policy and the future guaranteed increases the policy will receive going forward.