Equitable Life AVC Policyholder News
We have received communication recently that Equitable Life have made proposals to transfer all of their AVC policies to Reliance Life.
Reliance Life is part of Life Company Solidation Group, a specialist European life assurance group.
The proposed implementation date for this acquisition is towards the end of 2019.
If the transfer is approved it is proposed that ‘unit-linked’ policies will remain the same but ‘with-profit’ policies will be closed and converted to the ‘unit-linked’ policies. This could mean that ‘with-profit’ policy holders who retire after the transfer could receive an increase in capital distribution of around 30-35%, meaning their investment would increase.
Members should already have received some communication from Equitable Life in relation to these proposals and they will continue to keep members updated as things progress. More information is expected to be published in October 2018 and High Court approval will eventually need to be sought for these proposals to go ahead.
We will also keep you updated when we have more information, so please check our latest news on a regular basis.