We understand customers, employers and advisers may have concerns during this period of uncertainty. In the event of a vote in favour of Independence, it will take some time for the breadth of the change to become clear. There will be no immediate impact for our customers, but we have developed plans to be put into action at the appropriate time. This includes establishing a new registered life company in England to complement our existing Scottish and English registered companies.
This means irrespective of any currency, regulatory or tax change we can continue to serve all our customers. Policies for our non-Scottish customers will continue to be in Sterling and we will support any different currency for Scottish based customers.
Customers outside of Scotland will continue to be subject to the UK tax regime and will continue to be covered by current regulatory and consumer protection arrangements. The Scottish government has stated it will put in place similar regulations and protection for Scottish customers.
The Scottish Government previously suggested ‘independence day’ might be in March 2016, allowing an 18 month period for the negotiations to take place and for details to be finalised. We will stay closely engaged in all relevant developments which could affect our customers, and will seek to influence the negotiations in our customers’ best interests.
The value of a pension or investment policy is based on the funds it invests in, and the funds we offer to customers are invested in companies across the UK and globally. While the value of stocks and shares in the UK and possibly beyond might be affected by Scottish independence, there will be no different or additional impact on investments as a result of them being associated with a Scotland based life company, fund or fund manager.
Any changes as a result of Scottish Independence won’t happen overnight and we will continue to provide regular updates for customers through email and on our website.
|
