Scottish Widows Limited (“SWL”) is proposing to transfer its European portfolio to a new legal entity in Luxembourg – Scottish Widows Europe S.A (“SWE”).
What does this mean for you?
All policies currently provided by SWL which were originally sold in the EU (excluding the UK) are transferring. These policies were predominantly sold in Germany, Austria, Italy and Luxembourg under the Clerical Medical brand. Any policies sold in the UK will not transfer and will remain with Scottish Widows Ltd.
The transfer has been reviewed by an Independent Expert who, amongst other things, has concluded that the transfer will have no material adverse effect on the policyholder benefits or contractual rights for non-transferring policyholders. A copy of the Independent Expert’s full report (or a summary of his report) is available in the supporting literature section.
The proposal is subject to approval by the High Court of Justice in England and Wales at a hearing in London scheduled for 14 March 2019. If the transfer is approved, it is expected to take place on 28 March 2019.
More information about the proposed transfer, including how you can raise any concerns or obligations, is included in the supporting literature section.