Transfer from Fidelity to Scottish Friendly

How the transfer works

What are the requirements around this transfer?

• This transfer follows a legal process that requires High Court approval. It applies to transfers of insurance products from one insurance provider to another and is designed to safeguard members’ interests.
• It requires the companies making and receiving the transfer to consult with their regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) before starting the transfer. The regulators will submit reports to the High Court with their views on the transfer and the High Court will take these into account before it decides whether or not to approve the transfer. The regulators will also be involved throughout the process and will review copies of all relevant documents.
• Both companies must jointly appoint an independent expert to consider the impact of the transfer on members, in a report written for the High Court. We appointed Marc Loh of FTI Consulting LLP, who was approved by the PRA in consultation with the FCA.
• The transfer can only go ahead if it has been approved by the High Court, which will make sure it is satisfied that all legal requirements have been met and that members will not be materially adversely affected by the transfer. This includes confirming that Scottish Friendly has the financial and operational capability to manage the pensions.
• If a policyholder or other affected party believe they could be adversely affected by the proposed transfer, they have the right to raise concerns or object.

What steps are taken in the transfer process?

There is a rigorous approval process with several steps before the transfer can go ahead. The expected dates for each of these steps are set out below. If these dates change, we will publish this on our website. At the time of this guide’s publication, we have completed the first step.

• Step 1 (27 March 2026): We applied to the High Court for permission to publish and dispatch details about the transfer. We attended an initial hearing at the High Court where the court approved our communications approach which allowed us to move to the next steps for this process. This has gone ahead.
• Step 2 (before the final hearing): We intend to submit additional evidence to the PRA and FCA. This includes the report from the Independent Expert, reports from the Chief Actuaries of both companies and any witness statements that will be read at the final Court hearing.
• Step 3 (8 September 2026): The High Court will hold a final hearing (a ‘sanction hearing’) to consider and approve the transfer.
• Step 4 (30 September 2026): If it is approved by the High Court, we transfer your pension and Scottish Friendly becomes your new pension provider.

Can I object to this transfer?

You can raise an objection if you feel you’ll be materially adversely affected by the transfer. (This means you feel you would be disadvantaged in a meaningful way, such as reducing the security of your savings, changing how your policy works or affecting the service you receive.)

If you want to object, contact us by:

Emailing: remediation.team@fil.com

Calling: 0800 368 6804

Writing to: WI BIM, Beech Gate, Millfield Lane, Tadworth, Surrey, KT20 6RP

You should set out your reasons for objecting and tell us how you think you might be adversely affected.

If you raise an objection, we will reply to you and send your objection, our reply and any related correspondence to the High Court, the independent expert and our regulators before the final hearing. You can also describe your objection to the High Court yourself or through a legal representative.

The documents below were prepared for the legal process regarding the proposed transfer. Click on each document to access it. It will open in another window.

If you also want to refer to the information relating to the proposed transfer which is available on the Scottish Friendly website, please click on the link below.

https:/www.scottishfriendly.co.uk/fidelity-transfer-to-scottish-friendly