Over the next week, nearly 400,000 policyholders will receive detailed information on the transaction ahead of an Extraordinary General Meeting, which is scheduled for October 26.
All voting members of the society will be invited to vote on the transfer either at the EGM or by post. The deadline for postal voting is October 24.
The High Court will be asked to approve the transfer on November 28 and if approved, the transfer is scheduled to complete on December 31.
Equitable Life says the proposed transfer will substantially improve both bonus earnings prospects and investment flexibility for the society’s with profits annuitants.
Equitable Life chief executive Charles Thomson says: “We firmly believe that the transfer will benefit all policyholders and that is why the board is recommending that they vote in favour of it. The policyholders that are transferring will become part of an actively managed fund, which is one of the largest and strongest in the UK. At the same time, the transfer will simplify the structure of the society, substantially improving the prospects of finding a strategic solution for the remaining policyholders.”