EQUITABLE LIFE MEMBERS

PRUDENTIAL TRANSFER 

Last Updated: Friday, September 28, 2007 01:25 PM

Transfer to Prudential

In order to give policyholders the fullest information in an accessible form.

The pack most with-profits policyholders will get is as follows:

A covering letter.  For annuitants it spells out which policy(ies) we plan to transfer to Pru.  There are a number of versions of the covering letter, because some policyholders are annuitants and some are not, some are members and some are not, some have an interest in the with-profits fund and some do not.

The Policyholder Circular.  This includes a vast amount of information to give policyholders and their advisers a detailed picture of the terms of the transfer and the assessments of the With-profits Actuary, the Actuarial Function Holder, the Independent Expert’s Report.  Although this has the benefit of comprehensive information it will inevitably be a heavy document for many.

We have provided a high level document ‘key features’ where we try to pull out the key elements of the deal for those who find the Circular too intimidating, or who want an overview before they look at the details in the Circular.

Questions and answers: where we answer the questions we think policyholders might ask.

Members will also get an invitation to the EGM and voting forms to allow them to vote by post.

The impact of the proposal affects with-profits policies.  Policyholders who have no interest in with-profits will get a covering letter and the Circular.  The letter explains that the deal has no material impact on their policies.

Although the Circular runs to nearly 100 pages, even that includes only summaries of some reports.  Consequently, further information including the complete reports of the Independent Expert, the With-profits Actuary and the Actuarial Function Holder will be available from the website.  The Scheme document will also be on the website.