A Part VII transfer is a UK legal process used to transfer insurance business from one company to another. It gets its name from Part VII of the Financial Services and Markets Act 2000 (“FSMA”).

The transfer is reviewed by an Independent Expert who assesses the impact on all customers, including current Scottish Friendly customers. The transfer must be approved by the High Court.

This is a normal process used across the UK insurance industry.

Scottish Friendly is buying a book of “Section 32” pensions and annuity policies from Fidelity.  These are pension and annuity plans originally taken out by customers with Fidelity.

We chose to buy this book of business from Fidelity because it supports Scottish Friendly’s strategy to grow and it is expected to create additional value that benefits our existing members.

We believe that we are well placed to safely look after the pension benefits of the transferring customers, alongside those of our existing customers, given our continued focus on delivering long-term value and good customer outcomes. 

The final court hearing is expected to take place on 8th September 2026. If approved, the transfer is due to take place on 30th September 2026. We will update our website if these dates change.

The key court documents, including the Independent Expert’s report, can be found above on this webpage.

If you are a Scottish Friendly customer and you have any questions about the transfer, you can email [email protected] or call us on 0333 323 5433. Calls may be monitored for quality and feedback purposes.

Scottish Friendly customers are represented by Delegate members. The transfer must be approved by the Delegate members at a vote which will take place on 29th April 2026. 

As a reminder, a member Delegate is one of the elected members who represents Scottish Friendly’s wider customer membership at key meetings, including the Annual General Meeting (AGM).

Scottish Friendly uses a Delegate system so that members’ views are formally represented and the organisation remains accountable to them.

No, there is no impact to you as a Scottish Friendly customer. Your plans, charges, the way that you contact us, and the level of service you receive will remain unchanged.

There is no impact to your Scottish Friendly membership rights as result of the transfer.

No, transferring customers will not be eligible to receive ProfitShare. ProfitShare is only applicable to existing Scottish Friendly customers who own a with-profits policy. Existing ProfitShare arrangements are unaffected by the acquisition from Fidelity.

No, the transfer does not put Scottish Friendly’s financial stability at risk. We will remain in a strong financial position after the transfer is complete. The financial strength of Scottish Friendly is one of the key considerations in the Independent Expert’s assessment.

No, there is no impact on the purchase of the Fidelity book as a result of our proposed merger with OneFamily. 

We are continuing with the purchase of the Fidelity book as intended, which we are aiming to complete on 30th September 2026.  The proposed merger with OneFamily is targeting completion in February 2027.  Information on our proposed merger with OneFamily can be found here.

Further information about the merger with OneFamily will be communicated to Scottish Friendly customers, including those who move across from Fidelity, later in 2026.

The transfer will not take place and the “Section 32” pensions and annuity policies will remain with Fidelity.

At the moment, until your pension is transferred to Scottish Friendly, you should contact Fidelity for further details. Their website has a section about the transfer which you may find helpful.

Once the transfer has taken place, we will send you a welcome communication. This will cover a range of information, including your new plan number, how to register for online services, and how to contact us.