What has happened?
Effective 3 April, 2013 the business of the Tunbridge Wells Equitable Friendly Society Limited and The Children’s Mutual was transferred to Forester Life.
What is Forester Life?
Forester Life is a UK financial services company and is a subsidiary of Foresters, an international financial services organisation which operates on a similar basis to a UK friendly society.
Why was Forester Life chosen?
The Tunbridge Wells Equitable Friendly Society Board considered a number of options and decided that a proposal to transfer the Society’s business to Forester Life was in the best interests of the Society’s Members and Policyholders.
How does the transfer impact the Society’s members and policyholders?
The impact of the transfer and the benefits from it will depend on the type of policy you have.
Am I going to get a windfall?
The transfer will not result in any “windfall” payments. However, the transfer has the potential to bring forward the distribution of excess assets and increase policy payouts.
Who paid for the transfer?
The costs incurred by each of the Society and Forester Life to complete the transfer were paid by the Society and Forester Life respectively. A small number of costs including the cost of an independent actuary were shared on a 50/50 basis.
How are the interests of the Society’s members and policyholders protected?
From the Effective Date, Forester Life established an advisory panel for the Tunbridge Wells Fund. This advisory panel monitors the management of the Tunbridge Wells Fund against the terms of the transfer and the PPFM.
Who should the Society’s policyholders contact about their policies?
Please contact Forester Life:
2 Cromwell Avenue
Bromley BR2 9BF
T: 0333 600 0333
Has the transfer altered the tax status of my policy?
No, the tax status of your policy has not changed. If you are not sure of the tax status of your policy, please contact us.