An update on the guaranteed annuity rate (GAR) Scheme

The planholder meeting took place on 23 October 2018 and the voting deadline has now passed.

The majority of our planholders who voted, voted for the Scheme.

  For Against
Vote by Number:  10,546 (98.41%) 170 (1.59%)
Vote value: £246,178,291 (98.81%) £2,954,271 (1.19%)

Around 15% of those who were made an offer have opted out or been opted out of the Scheme.

We’ll now ask the court to approve the Scheme at a sanction hearing on 12 November 2018. If the Scheme is approved, we expect to increase the retirement savings of eligible planholders (who did not opt out or were not opted out) in return for the removal of the GAR, on 7 December 2018.


We're here to help

If you'd like to talk to us about the Scheme you can contact us on 0345 602 1887 (Mon-Fri 9.00am-5.00pm).


More information

You can find more detail about the terms of the proposed Scheme from the following documents.

Revised versions of the Actuarial reports will be provided in due course.