If your annuity is moving to Legal and General Assurance Society Limited

As part of a strategic review of our business, Aegon, the parent company of Scottish Equitable plc has decided to leave the annuity market.  Annuities haven’t been a key market for Aegon since 2010 and our decision to leave the annuity market will let us focus on the continued growth of our pre-retirement solutions.

Following the introduction of the government’s pension freedoms, we know people are looking for new ways to manage their retirement income. So, we’re extending and developing our platform solutions to help our customers better explore their options in retirement. 

We’ve agreed to sell and transfer part of our annuity business to Legal and General Assurance Society Limited (Legal and General). 

As part of the process, we have to apply to the High Court to formally transfer the annuity business. The application to Court was made on 10 May 2017. You have the right to object to these proposals if you feel you may be disadvantaged. 

If you have an annuity policy with us, we've written to you with details of where your policy is moving to. If you have more than one annuity policy, you’ll get more than one letter. 

Please read all letters carefully and share the information with anyone else who might have an interest in your policy. 

If, having read all the information here and in your letter, you have any questions or concerns, or wish to object, please contact us using the details on this page.

Legal and General is part of the Legal & General Group plc, which is one of the world’s largest insurance and investment management companies managing over 900,000 annuities in payment and its senior management team has considerable experience and expertise in managing annuity business. Read more about Legal and General(Opens new window).

The transfer won’t affect the terms and conditions of your annuity policy. There will be no changes to your benefit levels, payment timings or frequency and any guarantees and the basis of any escalations that apply to your policy will stay the same. 

You won’t need to make any changes or take any action in relation to your policy as a result of the transfer.

Please make sure you understand what this means for you – there’s more information if you need it – see our important documents in the box below.

The Chief Actuary and the With-Profits Actuary of Scottish Equitable plc, as well as the Chief Actuary and With-Profits Actuary of Legal and General have each written their own reports on the effects of the proposed transfer on the companies and on policyholders.  You can access the full reports of the Scottish Equitable actuaries and other useful information in the box below. Copies of the Legal and General Chief Actuary and With-Profits Actuary reports are available on the Legal and General website(Opens new window)

Details of the proposed transfer are contained in a legal document called the ‘Scheme’. The content of the Scheme is summarised in the Scheme Summary 

  • Legal and General will become the provider of your annuity policy and be responsible for making any payments due under the terms of your policy. Payments will continue to be made as before and your policy will keep the same policy number.
  • Legal and General will become responsible for the servicing of your policy from the date of your transfer and they'll write to you with contact details for all future correspondence or queries - visit their website for more details.

Scottish Equitable plc will no longer perform any role in relation to the transferred policy.

If you’re satisfied with the proposed transfer you don’t need to do anything else. If the proposed transfer is approved, we’ll publish confirmation here after the transfer date. Legal and General will also write to you after the transfer has completed to let you know of any new contact details.

If your policy is currently serviced by a third party, this will continue as currently, it’s only the provider of your annuity policy that’s changing.

If you feel you’d be disadvantaged by the proposed transfer, you have the right to object and to present your views to Court. You can also choose to be represented at Court if you prefer.  If you wish to object, you can contact us using any of the details below.

It would help the process if you could explain the reasons for your objection when you contact us. We’ll acknowledge and reply to all objections we receive in writing.   We’ll also submit copies of all policyholder objections to the Court which will consider them and the Scheme at the court hearing which will take place at the High Court of Justice, Chancery Division, the Rolls Building, Fetter Lane, London EC4A 1NL on 30 August 2017. 

Please make sure you understand what this means for you – there’s more information if you need it – see our important documents in the box below.


UK documents for those transferring to Legal and General

Documents applying to Jersey policyholders

  • Jersey Representation - details of the Jersey Representation of the proposed transfer to Legal and General for Jersey policyholders 
  • Jersey Scheme - full details of the proposed transfer to Legal and General for Jersey policyholders 

Questions and Answers

Sample letters

The Chief Actuary of Legal and General has also written their own report on the effects of the transfer. Their report can be read on the Legal and General website(Opens new window).

Please note that Aegon take no responsibility for the content of external sites.