BlackRock Life Limited transfer to Scottish Equitable plc

COURT PROCESS:

• 7 March 2018 - The UK High Court Directions hearing where the Court authorised BlackRock and Scottish Equitable to proceed with the communication exercise to policyholders.
• 21 June 2018 – The UK High Court approved the transfer proposals on 21 June 2018. The period for objections closed on 21 June 2018. The High Court took into consideration the views of our policyholders and regulators before approving the Scheme.
• 1 July 2018 – The Scheme of transfer, which was approved by the High Court on 21 June 2016, took effect from 1 July 2018.

REPORTS:

• Independent Expert’s (“IE”) report – the full report has details of the effects of the proposed transfer on both BLL and Scottish Equitable policyholders and how each conclusion has been reached. It has been prepared primarily for the benefit of the Court.
• Summary of the Independent Expert’s report – provides an overview of the transfer and sets out the Independent Expert’s conclusions on the effect of the transfer on policyholders. It’s been created to give policyholders a good understanding of the terms of the Scheme, associated fund changes and the consequences for their policies.
• Summary of the Independent Expert’s conclusions – provides an outline of the consequences of the transfer and associated fund changes for policyholders, and in particular for those transferring from Black Rock Life Limited to Scottish Equitable plc. The language used is less technical than that in the fuller versions of the IE’s reports. It is expected that a high proportion of policyholders will rely solely on this document in considering the proposed transfer.
• Supplementary report of the Independent Expert – The purpose of this report is to provide an updated assessment of the likely effects of the proposed Transfer and to address any areas for which information was not available at the time the IE prepared his main report. The IE has also considered whether the conclusions reached in his main report remain valid in the light of updated financial information received, any other relevant significant events subsequent to the date of finalisation of his main report, and any policyholder objections to the Scheme notified to the IE prior to the date of this report. This supplementary report should be read alongside his main report.
• Chief Actuary’s report – the BlackRock Life Limited’s Chief Actuary’s view of how customers will be affected.
• Supplementary report of the Chief Actuary – the BlackRock Life Limited’s Chief Actuary has continued to review the proposals and the impacts on customers. His latest report considers any changes since his last report, including his assessment of customer objections received. This report should be read alongside his first report.

LEGAL DOCUMENTS:

• Legal Notice – the statutory Notice of intent to transfer.
• Full Scheme document (Updated) – sets out the terms of the proposed transfer in the UK.
• Summary of the Scheme (Updated) – summarised key details of the proposed transfer.
• Stamped Court Order – Following successful High Court approval on 21 June 2018.

EXAMPLES OF POLICYHOLDER COMMUNICATIONS

• Pension scheme member letter
• Pension scheme member Q&A

If you have any queries or concerns you can contact us:

By phone:

• UK Freephone: 0345 601 7721
• International: +44 (0)1733  355 819

By email:

• my.pension@aegon.co.uk

By writing to us:

Aegon Workplace Investing

PO Box 17486

Edinburgh

EH12 1NU

Some of the fund names are changing, please see the list below for a list of the funds affected: Please note that the Stock Exchange Daily Official List (SEDOL) numbers for these funds are NOT changing.