An update on the guaranteed annuity rate (GAR) Scheme

The planholder meeting took place on 23 October 2018 and the voting deadline has now passed.

The majority of our planholders who voted, voted for the Scheme.

We asked the court to approve the Scheme at a sanction hearing on 12 November 2018. The court approved the Scheme and we increased the savings of eligible planholders (who did not opt out or were not opted out) in return for the removal of the GAR at 11.59pm on 7 December 2018.

We’ve written  to all eligible planholders to confirm the outcome of the meeting and sanction hearing and what that means for their plan(s).

Sample Letters:

Result of the Planholder meeting.

  For Against
Vote by Number: 10,546 (98.41%) 170 (1.59%)
Vote value: £246,178,291 (98.81%) £2,954,271 (1.19%)

Around 15% of those who were made an offer have opted out or been opted out of the Scheme.

We're here to help

If you'd like to talk to us about the Scheme you can contact us on 0345 602 1887 (Mon-Fri 9.00am-5.00pm).

More information

You can find more detail about the terms of the Scheme from the following documents.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.