If your annuity is moving to Rothesay Life Plc
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 a significant part of our annuity business to Rothesay Life plc (Rothesay).
The High Court approved the transfer of annuity business from Scottish Equitable plc to Rothesay Life plc on 13 June 2017. The period for policyholder responses to the proposals is now closed. In accordance with the terms of the Scheme, the policies will transfer to Rothesay Life plc on 30 June 2017 (Transfer Date). All policyholders transferring to Rothesay Life plc can continue to contact Scottish Equitable plc until the Transfer Date. Rothesay Life plc will be writing to all transferred policyholders with new contact details shortly after the Transfer Date. There will be no change to policy Terms and Conditions as a result of the transfer.
If you have an annuity policy with us, we've written to you already with details of where your policy is moving to. If you have more than one annuity policy, or a with-profits policy, you’ll get more than one letter.
Please read all letters carefully as not all policies are impacted in the same way. Please also 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.
Rothesay was established in 2007 and is a UK regulated insurance company making pension payments of over £1.3 billion a year from over £26 billion of insurance contracts. It’s become one of the leading specialist providers of insurance solutions in the UK market for annuities. Read more about Rothesay Life Plc(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 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 below.
The Chief Actuary and the With-Profits Actuary of Scottish Equitable plc, together with the Chief Actuary of Rothesay have each written their own reports on the effects of the proposed transfer on the companies and on policyholders. You can access their full reports and other useful information in the Important documents box below.
You can see details of the proposed transfer in the Scheme document (Opens new window)
- Rothesay 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.
- Rothesay will become responsible for the servicing of your policy from the date of the transfer and they’ll write to you with contact details for all future correspondence or queries – you can see their details on this page.
If the Scheme is approved by the Court, Rothesay will become the insurer in relation to your policy and will become responsible for all administration and benefit payments in respect of the transferred policy from the transfer date. 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. Rothesay 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 contact details on this page.
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 on 13 June 2017.
UK documents for those transferring to Rothesay Life Plc
- Legal notice – the statutory notice of intent to transfer
- Summary of the Scheme – summarised key details of the proposed transfer (also applies to Jersey and Guernsey policyholders)
- Full Scheme - full details of the proposed transfer (also applies to Jersey and Guernsey policyholders)
- Summary of the Independent Expert's report - summarised key details (also applies to Jersey and Guernsey policyholders)
- Independent Expert’s report – the Independent Expert’s view of how customers will be affected (also applies to Jersey and Guernsey policyholders)
- Supplementary Independent Expert’s report – the Supplementary Report of the Independent Expert. Also applies to Jersey and Guernsey policyholders.
- Scottish Equitable plc Chief Actuary’s report – the Chief Actuary’s view of how customers will be affected
- The Supplementary Report of the Chief Actuary of SEplc - (also applies to Jersey and Guernsey policyholders)
- Scottish Equitable plc With-Profits Actuary's report - the With-Profits Actuary's view of how customers will be affected
- The Supplementary Report of the With Profits Actuary of SEplc - (also applies to Jersey and Guernsey policyholders)
- Amended scheme - reflecting changes to the full scheme
Documents applying to Jersey policyholders
- Jersey representations and Jersey Scheme - full details of the proposed transfer to Rothesay Life for Jersey policyholders
Documents applying to Guernsey policyholders
- Guernsey Scheme - full details of the proposed transfer for Guernsey policyholders transferring to Rothesay Life
Questions and Answers
- If your annuity is moving to Rothesay Life Plc
- If your annuity is moving to Rothesay Life and you’re a Guernsey resident
- If your annuity is moving to Rothesay Life and you’re a Jersey resident
The Chief Actuary of Rothesay Life plc has also written their own report on the effects of the transfer. Their report can be read on the Rothesay website.
Please note that Aegon take no responsibility for the content of external sites.