Overview

Background

We're proposing to simplify the business of the Scottish Widows Group of companies. This will involve transferring all the policies of certain companies in the Group into a single company within the Group: Clerical Medical Investment Group Limited, which will be renamed Scottish Widows Limited.

The proposals are subject to approval by the High Court in London. If implemented, these proposals will simplify our company structure, allowing the Group to improve efficiency and make better use of our resources. If approved, the date the changes will come into effect is 31 December 2015, which we refer to as the “Effective Date”.

Full details of the transfer are contained in what is known as a “Scheme” - you can find a copy of this in our library.

As a result of the legal requirements relating to transfers of insurance business in Guernsey and Jersey, there will be similar schemes in relation to business carried on in these jurisdictions. Documents explaining these in detail are also available from the library.

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How are policyholders affected? What is the approval process for the proposals? What should policyholders do if they receive a letter about this?
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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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