Although Equitable Life closed to new business in 2001, the NHS AVC Scheme with Equitable Life remained open because it was established before the closure. As a result, members of the NHS Pension Scheme who had previously paid contributions to Equitable were permitted to continue in the AVC Scheme with them.
On 1 January 2020 Equitable Life transferred all its remaining business to Utmost Life and Pensions. This followed a vote by policyholders in November 2019 and approval of the High Court in December 2019. The transfer includes all members of the NHS Pension Scheme who held investments in the NHS AVC Scheme with Equitable Life.
Some employers may already have had contact with Utmost, but this update confirms that as the successor to Equitable Life, Utmost Life and Pensions are now an authorised provider to the NHS AVC Scheme.