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Update: 20 March 2008

Update: Thursday, 20 March 2008

In October 2007 we announced our interest in Pearl's cash offer for Resolution plc. Royal London entered into an agreement with Pearl to acquire particular parts of Resolution's operations and assets in the event of the bid being successful.

We are now able to provide an update on the proceedings.

Pearl has announced today (20 March) that it has submitted a revised change of control application, relating to the planned acquisition of Resolution, to the Financial Services Authority (FSA). You can view the Resolution Announcementhere.

The FSA has up to three months to consider this application, but it has indicated that it would in practice seek to conclude its change of control process in a shorter period.

Assuming that the FSA gives the necessary approval, and subject to certain conditions, the acquisition of Resolution by Pearl is expected to be effective approximately two weeks after the date of the FSA approval, subject to the availability of Court dates for the necessary hearings.

After that, Royal London will begin the process of acquiring certain of the Resolution businesses and assets from Pearl. These include:

  • the protection businesses of Scottish Provident and of Scottish Mutual Assurance, including policies in force;
  • Phoenix Life Assurance, formerly Abbey National Life, the products of which are distributed through Abbey's national branch network;
  • Scottish Provident International Life Assurance, a provider of life products and investment services which is based in the Isle of Man;
  • the new business operations of the companies mentioned above, other than with respect to annuities and increments sold to existing Resolution with-profits policyholders; and
  • the right to provide or procure the provision of all investment management services of the assets described above.

Further details will be published in our Report and Accounts (to be issued April 2008) as well as our Summary Financial Statement which will be sent to all members (mid-April 2008). We will provide further updates on this website when appropriate.

If you have any queries relating to this, please contact us.