Equitable Life closed to new business in 2001 but the NHS Scotland AVC Scheme with Equitable Life remained open because it was established before the closure. As a result, members of the NHS Superannuation Scheme (Scotland) who had previously paid contributions to Equitable were permitted to continue in the AVC Scheme with them.
Equitable Life transferred its remaining business to Utmost Life and Pensions with effect from 1 January 2020. Utmost Life and Pensions is a UK life and pensions company, regulated by the Financial Conduct Authority and Prudential Regulation Authority. You can find out more about Utmost Life and Pensions at www.utmost.co.uk.
The transfer of Equitable’s AVC business was conducted in line with regulatory requirements and includes all members of the NHS Superannuation Scheme (Scotland) who held investments in the NHS Scotland AVC Scheme with Equitable Life.