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.
Result of the Planholder meeting
|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).
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.
- Part A Planholder Circular
- Part B Planholder Circular
- Independent Actuary Report
- With Profits Actuary Report
- Chief Actuary Report
- The Scheme document
- Royal London's latest audited accounts and financial statements
- Principles and Practices of Financial Management (PPFM)