Understanding the terms
You can click on each term which appears in bold underlined text for an explanation of the meaning of the word.
On 13 March 2024, Rothesay announced that it had agreed to acquire the bulk purchase annuities part of the long-term insurance business of Scottish Widows. This proposed transfer is subject to approval by the High Court.
The legal process which is intended to result in the transfer of the Transferring Business from Scottish Widows to Rothesay has begun. Please see below for details.
We will update this webpage with any development on the transfer and add any new reports or documents as they become available.
About the proposed transfer
Please click on the headings below.
- The legal process
The terms of the transfer are set out in a legal document called the ‘Scheme’. A summary and the full version of the Scheme are included in the ‘Detailed information’ section below.
The proposed transfer is to be carried out by way of a legal process set out in Part VII of the Financial Services and Markets Act 2000 (known as 'a Part VII transfer').
A Part VII transfer process is subject to various protections for policyholders and other affected parties, including:
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Review by an independent expert (whose appointment is approved by the PRA following consultation with the FCA) specifically appointed to assess the impact of the Scheme on all policyholders of Rothesay and Scottish Widows and other affected parties.
- Consultation with our regulators – the PRA and FCA – who will produce reports on the proposed transfer for the High Court to consider.
- The approval of the High Court – the High Court will approve the proposed transfer if the necessary legal requirements have been satisfied and it is appropriate to sanction the Scheme.
- If a policyholder or other affected party believes they they could be adversely affected by the proposed transfer, they have the right to raise concerns or object. The High Court will take objections into account in reaching its decision.
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- Rothesay policyholders will not be impacted by the proposed transfer
If you are a Rothesay policyholder, please be assured that the proposed transfer will not affect your Rothesay policy and there will not be any change in the way that your policy is operated. The same dedicated pensions team will continue to look after the administration and, if applicable, payment of your pension.
The Independent Expert has confirmed that, he is satisfied that the Scheme will have no material adverse effect on existing Rothesay policyholders.*
Rothesay's Chief Actuary has also considered the impact of the proposed transfer on the Rothesay policyholders and has also confirmed that in their opinion the proposed Scheme and transfer of the Transferring Business is not likely to adversely affect the security and reasonable benefit expectations of existing Rothesay policyholders or the administrative arrangements applicable to existing Rothesay policyholders.**
*Source: paragraph 10.1.2 of the Independent Expert’s Report
**Source: paragraph 2.27 of the Rothesay's Chief Actuary Report
Both of the above reports can be accessed from the 'Detailed information' section below.
- Policyholders have the right to raise concerns or object
If you are a Rothesay policyholder and have any concerns about the transfer, please do raise them with us using the usual contact details. See further details in the Questions and answers (Q&A) section below. If you believe you will be adversely affected by the proposed transfer, you have the right to object.
You can object to the proposed transfer by contacting us using the usual contact details. For further details see the Q&A section. Whether you contact us by telephone, email, post, or by using the form provided at the bottom of this page, we will respond to your objection in writing and ensure that the objection and any subsequent correspondence is provided to the Independent Expert, our regulators and the High Court before the hearing.
Alternatively, you may choose to attend and present your objection at the High Court hearing in person or have an appropriate representative present your objection on your behalf. If you wish to attend the High Court hearing, it would be helpful if you could get in touch with us as soon as possible, setting out the grounds of your objection and how you believe you may be adversely affected. We will then be able to let you know about the exact timing of the hearing as well as any changes that may be made in relation to the hearing, such as any change to the date.
- Key dates
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Date
14 May 2025
(Subject to the High Court approving the transfer)
11 June 2025
- Detailed information
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The documents below were prepared for the legal process regarding the proposed transfer. Click on each document to access it. It will open in another window.
Date
Document
December 2024
December 2024
The Scheme
December 2024
Legal notice of transfer
Please contact us if you would like to receive a printed copy of any of the above documents.
Scottish Widows website
If you also want to refer to the information relating to the proposed transfer which is available on the Scottish Widows website, or if you are a Scottish Widows policyholder, please click on the link below.
Information on the proposed transfer available on the Scottish Widows website
- To find out more
If you are a Rothesay policyholder, please refer to the questions and answers below. If we have not answered your questions about the proposed transfer, please contact us.
If you are a Scottish Widows policyholder whose annuity is expected to transfer to Rothesay, please refer to Scottish Widows' webpage about the transfer.
Questions & answers (Q&A)
This Q&A is intended for Rothesay policyholders.
If you are a Rothesay policyholder but also have an annuity policy with Scottish Widows, please contact them or visit their webpage for the proposed transfer for information connected with your Scottish Widows policy.
- What, in summary, is being proposed?
Scottish Widows is proposing to transfer the bulk purchase annuities part of its long-term business to Rothesay. Following a selection process, they have trusted Rothesay with their Transferring Policyholders. The Transferring Business comprises the bulk purchase annuity policies issued by Scottish Widows (pursuant to bulk purchase annuity policies) in respect of pension schemes, individual annuity policies issued by Scottish Widows in respect of pension scheme members and/or contingent beneficiaries, residual risk policies and certain longevity insurance agreements, , and associated assets and liabilities. The policies comprised in the Transferring Business are the same as those that Rothesay would also typically write.
- Why is the transfer being proposed?
Following a strategic review, Scottish Widows made the decision to sell the Transferring Business given its differing nature to the rest of their retail consumer-focused businesses. For Rothesay, the acquisition of Transferring Business represents Rothesay’s sixth acquisition of in-force annuities, further demonstrating the strength of our capabilities in this part of the pension risk transfer market.
- Will my policy move to Scottish Widows?
No, Scottish Widows is transferring the bulk purchase annuities part of their long-term business to Rothesay. The proposed transfer does not affect your Rothesay pension benefits. Your policy with Rothesay will remain with Rothesay.
- Will the benefits that I am entitled to, as a policyholder of Rothesay, change in any way?
No, there will be no changes to your benefits as a result of the transfer.
- How does the transfer happen?
Provided that the High Court approves the proposed transfer, the transfer will be carried out by a legal process used to transfer insurance businesses in the UK. This process is known as a Part VII transfer.
- When will the transfer happen?
In order for the proposed transfer to happen, it must be approved at the Sanction Hearing in the High Court. The date for the Sanction Hearing is expected to take place on 14 May 2025.
If there is any change to the date of the Sanction Hearing due to unexpected circumstances, we will publish the new hearing date this page of our website. Should the High Court approve the transfer at the hearing, the transfer is expected to take effect on the Scheme Effective Date. More details will be provided when available.
- What happens if the High Court does not approve the transfer?
If the High Court does not approve the proposed transfer, the transfer will not happen. If this happens, Scottish Widows will continue to administer the Transferring Business.
Rothesay will continue to administer the Rothesay policies and pension benefits whether or not the transfer happens, as these policies and benefits are not part of the proposed transfer.
- How do I obtain more information?
If you have any questions, please contact us.
- What am I required to do now?
You do not need to take any action in connection with the transfer.
However, if you believe you will be adversely affected by the proposed transfer, you have the right to object as detailed above.
- How do I contact you if I have a question about, or want to object to, the proposed transfer?
If you are an individual policyholder, please use the usual contact details for your policy when contacting us in connection with this proposed transfer. If you do not have these to hand, please click on the link below.
If you are a member of a pension scheme where the trustee holds a Rothesay policy, please use your usual contact details to contact the trustee or their administrator. If you do not have these to hand, you can find these by clicking on the link below.
Alternatively, you can contact us about this proposed transfer by completing a form. Please see below.
Contacting us about this proposed transfer via a form
Scottish Widows policyholders should contact Scottish Widows about this proposed transfer.
We encourage Rothesay policyholders to contact us using the usual contact details for their policy when contacting us about the proposed transfer. If this is not possible then you can use the appropriate form below.
If you are an individual policyholder
To access a form, please enter your previous scheme or insurer using the search bar below. If you cannot find the right scheme/insurer you can use the link in the section below.
If you are not one of our individual policyholders
Anyone else who believes that they might be affected by this proposed transfer may click on the link below to access a form.
Proposed transfer from Scottish Widows to Rothesay
This form is for Rothesay individual policyholders to contact Rothesay about the proposed transfer from Scottish Widows.
Fields with a * are required.