Transfer of bundled group pension business from Mobius Life Limited (MLL) to Scottish Friendly
What is happening?
In December 2017, Scottish Friendly signed a transfer agreement to purchase a bundled group pension business from Mobius Life Limited (MLL). Subject to approval from members, regulators and the High Court in England and Wales (Court), in accordance with the terms of the Scheme, these policies will be transferred to Scottish Friendly on 9 November 2018 (transfer date).
Information on the proposed transfer
An Independent Expert, Philip Simpson, principal at Milliman LLP, was appointed and approved by the Prudential Regulation Authority (PRA) to report on the effects of the transfer on policyholders. This includes the financial security of the legal entities involved. The Independent Expert provides his conclusions in the Independent Expert’s Report which will be considered by the Court prior to sanctioning the transfer.
A Part VII transfer is the legal process to transfer insurance business from one insurance company to another. The transfer can only take place with the approval of the Court. The Court will receive reports from the UK financial services regulators, the PRA and the Financial Conduct Authority, as well as the Independent Expert.
The Independent Expert has currently prepared two documents:
The Full report has details of the effects of the transfer on both Mobius Life and Scottish Friendly policyholders and how each conclusion has been reached. It has been prepared primarily for the benefit of the Court.
The Summary of the report provides an overview of the transfer and sets out the Independent Expert’s conclusions on the effect of the transfer on policyholders. It's been created to give policyholders a good understanding of the terms of the scheme and the consequences for their policies.
You can find the Independent Expert’s full report and summary of the report in the ‘Important Documents’ section below. The Independent Expert will publish a supplemental report before the final court hearing (Sanctions Hearing), which is expected to take place on 7 November 2018.
The Chief Actuary and the With-Profits Actuary of Scottish Friendly have also prepared reports on the effect of the transfer and their reports are included in the ‘Important Documents’ section below.
Further supplementary reports from the Actuaries will be made available prior to the Sanctions Hearing. These documents will outline any changes since the first reports outlined above.
The Scheme Document is the legal document that sets out the terms of the transfer in the UK. You can find a copy of the Full Scheme and a Summary of the Scheme in the ‘Important Documents’ section below.
Additionally, you will find copies of the explanatory note sent to the Delegates of Scottish Friendly ahead of the Special General Meeting (SGM) on 26th September 2018 where a vote will be held on the proposed transfer of business.
You can find out more information on the Mobius Life Limited website www.mobiuslife.co.uk
If you wish to contact us in relation to this Part VII, please call 0333 323 5433 or write to us at Scottish Friendly Assurance Society Limited, Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ
We couldn't find any results matching your search terms.