What was the result of the Scheme meeting and Court Hearing?
For the Scheme to be approved by the High Court, the law
requires a majority in number representing three-quarters in value of those Included
Policyholders who actually vote. The voting value is the value of the guaranteed pension rate to be
exchanged.
The results of the vote at the Scheme meeting as verified
by the independent vote scrutineer, Computershare Investor Services plc, were as
follows:
| Decision
forms issued |
42,177 |
|
Valid Decision forms returned |
13,903 |
(33% of forms mailed) |
Direction |
Number |
Vote% |
|
Vote
Value |
Vote Value % |
| For |
10,985 |
96.58% |
|
£87,170,420.77 |
96.50% |
| Against |
389 |
3.42% |
|
£3,157,958.15 |
3.50% |
|
11,374 |
100% |
|
£90,328,378.92 |
100% |
Opt outs received |
2,330 |
|
£22,819,748.85 |
20.17% |
On 11 December 2009 the result of the vote was reported to the High Court at a Hearing and the judge approved the Scheme. As the required majority of those Included Policyholders who voted were in favour of the Scheme,
and the judge approved the Scheme, the change was applied to all Included Policyholders (excluding those who opted out) whether they voted for or against or did not vote at all.
Excluded Policies (including those who opted out) were affected by some small changes to the way in which we manage those policies.
Follow this link to see a copy of the order of the High Court. As an added measure of protection for policyholders,
we gave an undertaking to the Court that we will not in future reduce the proportion of shares and commercial property in which we invest by more than 5%, unless our regulator, the Financial Services Authority, does not object,
even where the reduction is at the suggestion of our investment managers. This undertaking is contained in the First Schedule to the Court order.
If you have
any further questions, please contact
us. |
