The one-off member payment will be made to all eligible members who hold a policy at the time of the Special General Meeting (SGM) on 10 December 2021. The amount of the payment changes depending on how the transaction completes and the outcome of Vote 2.
The Board believes that as the transaction will impact all members it is appropriate, irrespective of how the transaction completes, to offer a one-off member payment to all members.
The payment would be made after the completion of all relevant legal and regulatory processes, which we anticipate would be after 1 October 2022.
There will also be a second financial benefit for members holding an eligible LV= with-profits policy called a payout enhancement.
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