Back to news 5 November 2019

Equitable Life - Proposed changes to policies invested With-Profit

Equitable Life policyholders have voted in favour of proposed changes to with-profit policies which involve increasing policy values by an immediate one-off uplift, removing all investment guarantees and converting the policies into unit-linked policies.

The vote, which is subject to approval by the High Court, means that all of the business of Equitable Life (with the exception of certain excluded policies) will be transferred to Utmost Life and Pension Limited.

The next steps are:

• Equitable Life will ask the High Court to approve the changes at a hearing starting on 22 November 2019.
• If the High Court approves, the proposal will be implemented with effect from 1 January 2020.  

Policyholders of Reuters Pension Fund With-Profit policies with Equitable Life are the Trustees, not individual members who invest in the policies. Only few RPF members invest in those policies and will be affected by the proposed changes.

More information on the proposed changes and the results of the policyholders’ vote is available on Equitable Life’s website at https://www.equitable.co.uk/ProposalAug2019/index.html