Scottish Widows Limited (“SWL”) is proposing to transfer its European portfolio to a new legal entity in Luxembourg – Scottish Widows Europe S.A (“SWE”).
The proposal is part of the Group’s preparations for the UK’s withdrawal from the European Union (’Brexit’). It 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 29 March 2019.
What does this mean for you?
All policies currently provided by SWL which were originally sold in the EU via its European branch and broker network are transferring. These policies were predominantly sold in Germany, Austria, Italy and Luxembourg under the Clerical Medical brand. For the avoidance of doubt, no part of SWL’s UK portfolio is transferring. 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 transferring and non-transferring policyholders. The Independent expert has now finalised a Supplementary Report available in the supporting literature section of this website, along with his original full and summary reports.
More information about the proposed transfer, including how you can raise any concerns or objections, is included in the supporting literature section.