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Court hearing decision

The transfer was sanctioned by the Court on 14 June 2024. This means the sale and transfer of our individual protection business to Royal London was approved.

All relevant policies will transfer to Royal London on 1 July 2024. On this date, Royal London will be the insurer and responsible for the transferred policies. 

What’s happening

We’re transferring our individual protection business, which includes life insurance, critical illness and income protection policies to Royal London (The Royal London Mutual Insurance Society Limited).

Following a strategic review, we (Aegon, which is a brand name of Scottish Equitable plc) made the decision to simplify our business by selling and transferring our individual protection business to Royal London, so we can focus on the pension and investment markets.

What this means for our policyholders

The relevant policies of the individual protection business will be transferred to Royal London, who will be responsible for the transferring policies after the transfer takes effect.

Making sure our policyholders’ interests are protected is a key priority. We followed a legal process that involved consulting with the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), an Independent Expert and getting the approval from the High Court of Justice of England and Wales in London (the Court).

  • There’ll be no changes to the policy information. The policy conditions, policy benefits, payments and any guarantees or options on the policies transferred will stay the same.

Why we chose Royal London to take our protection business forward

Royal London is the largest mutual life, pensions and investment company in the UK. It looks after 8.1 million UK policies and has £153 billion in assets under management (as at September 2023). Royal London has significant experience and expertise in managing this type of business, as well as a commitment to supporting our values.

Find out more about Royal London

Timeline

The transfer will go ahead as the Court has approved. The transfer will take place on 1 July 2024.

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March - April 2024

Policyholders sent a notification letter.
 

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14 June 2024

Final hearing at the High Court (London).
 

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1 July 2024

Policies transfer to Royal London.

If policyholders need to make a claim under their policy

Until the transfer is complete, policyholders can contact us in the usual way to make a claim.

After the transfer is implemented, Royal London will be the new provider of the transferring policies and will assess any future claims and pay any policy benefits if the claim is accepted.

Direct debit arrangements

Policies transferring won’t need to do anything or make any changes to their direct debit arrangement.

If your policy is transferring, you’ll see a change on your bank statement after the transfer is implemented, with your premiums or any claim payments changing so they’re to or from Royal London. This will happen automatically after the transfer takes place.

When you first set up a direct debit, there's a guarantee offered by all banks and building societies. The Direct Debit Guarantee has been updated and will take effect when transfer is implemented. A copy of the updated Direct Debit Guarantee is in Appendix 1 of our Transfer guide.

International policyholders

If your policy is transferring and you took out this policy with us when you were a UK resident, but now reside outside of the UK, there’ll be no change to your policy information. Your policy will be treated the same and follow the transfer process as if you were still living in the UK.

Important documents

These documents have been created to support our transfer to Royal London and contain further detailed technical information.