Transfer from Scottish Widows to Rothesay

The terms of the transfer are set out in a legal document called the ‘Scheme’. A summary and the full version of the Scheme are included in the ‘Detailed information’ section below.

The transfer was carried out by way of a legal process set out in Part VII of the Financial Services and Markets Act 2000 (known as 'a Part VII transfer').

A Part VII transfer process is subject to various protections for policyholders and other affected parties, including: 

• Review by an Independent Expert (whose appointment is approved by the PRA following consultation with the FCA) specifically appointed to assess the impact of the Scheme on all policyholders of Rothesay and Scottish Widows and other affected parties.

• Consultation with our regulators – the PRA and FCA – who produced reports on the proposed transfer for the High Court to consider and did not object to the transfer.
• The transfer was subject to the approval of the High Court which was granted on 14 May 2025. 
• If a policyholder or other affected party believed they could be adversely affected by the proposed transfer, they had the right to raise concerns or object. The High Court took all objections into account in reaching its decision.

If you were already a Rothesay policyholder before the transfer from Scottish Widows took place, please be assured that the transfer will not affect your Rothesay policy and there will not be any change in the way that your policy is operated. The same dedicated pensions team will continue to look after the administration and, if applicable, payment of your pension.

The Independent Expert has confirmed that, he is satisfied that the Scheme will have no material adverse effect on existing Rothesay policyholders.*

Rothesay's Chief Actuary has also considered the impact of the proposed transfer on the Rothesay policyholders and has also confirmed that in their opinion the proposed Scheme and transfer of the Transferring Business is not likely to adversely affect the security and reasonable benefit expectations of existing Rothesay policyholders or the administrative arrangements applicable to existing Rothesay policyholders.**

*Source: paragraph 10.1.2 of the Independent Expert’s Report

**Source: paragraph 2.27 of the Rothesay's Chief Actuary Report

Both of the above reports can be accessed from the 'Detailed information' section below.

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 Widows website, or if you are a Scottish Widows policyholder, please click on the link below.

Information on the transfer available on Scottish Widows website 

For the Q&A prepared for existing policyholders as part of the Part VII transfer process please click the link below:

Existing policyholder Q&A