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Equitable Life AVCs

Transfer of policies from Equitable Life Assurance (ELAS) to Reliance

Equitable life closed to new business in December 2000, however they continue to manage existing AVC policies for members.

ELAS June 2018 Announcement

In June this year ELAS made an announcement proposing to transfer the society and all its polices to Reliance Life. In order to complete the transfer, they will need to consult with their Regulators, seek the opinion of an independent expert appointed specifically to look after policyholder's interests, and obtain approval from the High Court.

Who are Reliance Life?                                                                                                                                                                      

Reliance Life is part of Life Company Consolidation Group, a specialist European life assurance group. Its principal businesses are Reliance Life and Utmost Wealth Solutions, which are responsible for £24bn of primarily unit-linked policyholder assets for more than 250,000 customers.

When is the proposed implementation date?                                                                                                                              

ELAS expect this process to be completed towards the end of 2019 and the transfer of policies to Reliance Life would follow shortly afterwards.

Do policy holders need to do anything?
There is nothing that policyholders need to do now, and Equitable Life will continue to service policies until the transfer. If the transfer is approved, the terms and conditions of unit-linked policies will be unchanged and they will be administered by Reliance Life. ELAS are working with Reliance Life to establish the unit-linked funds that will be available on transfer. ELAS will provide policyholders with details in 2019.

How do I find out more?

To find out more about the proposed merger and timescales please visit  http://www.equitable.co.uk/

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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