Scottish Friendly Transfer
Transfer of some of Canada Life’s UK life, pensions and protection policies to Scottish Friendly
What has happened?
In June 2018, we entered into an agreement to transfer a block of Canada Life’s UK life, pensions and protection policies to Scottish Friendly. The transfer was subject to a review by an Independent Expert, consultation with our regulators and the approval from the High Court.
The High Court sanctioned the transfer on 22 October 2019 and it was completed on 1 November 2019.
Information on the transfer
An Independent Expert, Mr Simon Grout, a partner at Oliver Wyman, a global management consulting firm, was appointed and approved by the Prudential Regulation Authority (PRA) to report on the terms of the transfer and the likely effects on all policyholders, including whether they are being treated fairly. The Independent Expert provides his conclusions in the Independent Expert’s Report which was considered by the High Court prior to sanctioning the transfer.
The Independent Expert prepared two documents:
- The Full report has details of the effects of the transfer on transferring Canada Life policyholders, non-transferring Canada Life policyholders and Scottish Friendly policyholders and how each conclusion has been reached.
- The Summary of the report provides an overview of the transfer and sets out the Independent Expert’s conclusions on the effect of the transfer on policyholders. It was created to give policyholders a good understanding of the terms of the Scheme and the consequences for their policies.
You can find the Independent Expert’s full report and summary of the report in the ‘Important Documents’ section below. The Independent Expert published a supplemental report before the final court hearing (Sanctions Hearing), which took place on 22 October 2019.
The Chief Actuary and the With-Profits Actuary of Canada Life also prepared reports on the effect of the transfer and their reports are included in the ‘Important Documents’ section below.
Further supplementary reports from the Actuaries were also made available prior to the Sanctions Hearing. These documents outlined any changes since their first reports.
The Scheme Document is the legal document that sets out the terms of the transfer in the UK. You can find a copy of the Full Scheme and a Summary of the Scheme in the ‘Important Documents’ section below.
You can find out more information on the Scottish Friendly website: www.scottishfriendly.co.uk/canada-life.
Jersey and Guernsey policyholders
The transferred business included a small number of policies comprising business carried on in or from within Jersey or Guernsey, or which are held by people resident in Jersey or Guernsey. The transfer of these policies was subject to the approval of separate schemes by the Royal Courts in Jersey and Guernsey, with similar terms as the UK transfer. We refer to these as the "overseas schemes".
You can find further details about the overseas schemes in Appendix 3 to the Customer Guide. The court hearings to consider the overseas schemes took place as follows:
- Jersey scheme: 28 October 2019 at 10 am at the Royal Court of Jersey, Royal Court Building, Royal Square, St Helier, Jersey JE1 1JG
- Guernsey scheme: 25 October 2019 at 9.30 am at the Royal Court of Guernsey, The Royal Court House, St Peter Port, Guernsey, GY1 2NZ
The overseas schemes were implemented at the same time as the UK transfer, on 1 November 2019.
You can find the drafts of the legal documents setting out the terms of the overseas schemes below:
If you have any questions, you can contact us:
- By phone: 0345 3000227 (or from overseas +44  345 3000227)
- By email: email@example.com
- By letter:
Canada Life Limited
Canada Life Place