Today we are announcing that the LV= Board have agreed details on the eligibility criteria for the two different payments for members as part of the Bain Capital transaction. Details on the value of these payments will be shared with members, when we invite them to vote on our proposals this year.
The one-off member compensation payment will be made to all eligible members who hold an active policy when the transaction with Bain Capital completes; this is the date when Liverpool Victoria Financial Services Limited (LVFS) will transfer its business to Bain Capital.
The second payment is for With-profits members only, where they will, on top of the member compensation, also receive an enhanced policy payout when their policy comes to an end.
We expect the one-off member compensation payment to be made early in 2022 once the member, regulatory and legal processes have fully completed. Additionally, from that date the enhanced policy payouts will start to be made for policies coming to an end.
The actual amount of these payments will be determined by the Board after consultation with the With-Profits Committee. The Board’s decision will also be reviewed by an Independent Expert to ensure that the Board has achieved its primary aim of being fair to all members.