Utmost Life and Pensions completes Equitable Life transfer

2 January 2020

Equitable Life publishes on its website:

“The Equitable Life confirms that the Scheme of Arrangement and Transfer to Utmost Life and Pensions completed on 1 January 2020. All of the Equitable’s policies, other than Irish Policies and German Policies, were transferred to Utmost on that date. Irish Policies and German Policies remain with the Equitable, which has become a subsidiary of Utmost.

With-Profits Policies except those governed under German Law, received an uplift to the policy value and became unit-linked with-effect from 1 January 2020. Any Investment Guarantees have been removed.

UK style German With-Profits Policies received an uplift representing their fair share of the distribution of assets and retain any Investment Guarantees. They will no longer receive any Capital Distribution when the benefits are taken from the policy.

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