future of lv=

Our proposals for Bain Capital to acquire the LV= business

Take a look at information relating to our proposals or head straight over to our voting portal and cast your vote now

If you don’t have your Member Vote Pack to hand, we’ve got everything you need in one place to vote.

If you’re an LV= member, but you haven’t received your Member Voting Pack in the post and still want to vote you can do this online.

If you've lost your online voting codes, you'll need your unique reference number, which starts with ‘MBR’ and can be found at the top of your recent letter about the Bain Capital proposals. If you received a 2021 Annual General Meeting letter then it will also be at the top of this. If you don’t have either of these letters please contact us.

"As a Board, we stand behind the decision unanimously and are therefore recommending that members vote YES to the transaction with Bain Capital."

30/11/21 - Read the letter to members from the LV= Board

If our proposals for Bain Capital to acquire the LV= business are passed in full, it will mean:

  • For members - The transaction with Bain Capital will result in £212m going back to eligible members via a one-off member payment - every one of our 1.1m members will receive at least £100 - with higher future payouts for eligible LV= With-profits policyholders.
  • For UK jobs - Bain Capital are committed to a continuing presence in our sites of Bournemouth, Exeter and Hitchin.
  • For a much loved brand - Bain Capital has committed to £160m of investment to give competition and choice for new and existing customers. 
  • Your policies will be looked after, here in the UK, in exactly the same way as they are today with all the same policy safeguards.
 

What do I need to vote online?

To cast your vote online, you'll need your unique reference number, which starts with ‘MBR’ and can be found at the top of your recent letter about the Bain Capital proposals. If you received a 2021 Annual General Meeting letter then it will also be at the top of this. If you don’t have either of these letters please contact us

You’ll need this number to be able to request your unique voting codes.

Request your online voting codes

Why is the one-off member payment only £100? How was this arrived at?

We are a small business with a large number of members and every one of our eligible 1.16million members, both With-profits and non-profits, will receive £100 if our proposals go ahead in full. This payment is also supported by the Independent Expert, who assessed the transaction in full and concluded that the amounts proposed are fair and reasonable. It would be unfair to our With-profit members to pay more than £100 to non-profit members as this would have reduced the amount that they received.  

The £530million being paid by Bain Capital broadly replaces the value of the business already allowed for in the LV= Inherited Estate.  In total £212million is expected to be distributed to members which is in addition to the £404m we expect to distribute to With-Profits members following the sale of the General Insurance business.

Who is eligible to vote?

Voting is open to members of Liverpool Victoria Financial Services Limited (LVFS). These are traditionally policyholders with savings, investment, protection and retirement solutions products which are underwritten and provided by LVFS. Only members have voting rights.

Vote 1 is to be considered at a Special General Meeting (SGM). Members who are eligible to vote in Vote 1  must have held a member-qualifying product for a continuous 12 months as at the date of the SGM on 10 December 2021.

Vote 2 is to consider a Scheme of Arrangement and therefore any members, regardless of how long they have held their product can vote in Vote 2.

Do General Insurance customers or Equity Release customers get a vote?

Customers with a General Insurance (GI) product, such as car and home insurance are customers of Liverpool Victoria General Insurance Group Limited, a wholly owned subsidiary of Allianz. We sold the GI business to Allianz in 2019 and they sell GI policies under the LV= brand. GI customers are not eligible to vote on our proposals relating to LVFS as they are not members. GI customers will see the LV= brand and logo on their GI documents and in GI advertising as we have licensed the brand to Allianz.

Equity Release policies are underwritten and provided by Liverpool Victoria Equity Release Limited (LVER). These policyholders are customers in LVER, not members in Liverpool Victoria Financial Services Limited (LVFS) and therefore do not have member voting rights.

I have a non-profit annuity paying a regular income. If the proposals go ahead would the amount of my regular income from LV= change?

There wouldn’t be any changes to regular income as a result of the proposals.

Will Bain Capital be able to access my money and will my policy be looked after in the USA?

No policyholder funds will be transferred to Bain Capital or the USA. We will continue to look after policies and process claims in the same way as we do today, here in the UK. We will continue to look after customers from our three locations in Bournemouth, Hitchin and Exeter and therefore customers will still contact us in the same way as they do now. Policies will also still be protected by the same safeguards. Liverpool Victoria Life Company Limited (LVLC) will continue to be regulated by the FCA and the PRA in the UK, just as Liverpool Victoria Financial Services Limited (LVFS) is, and policies will continue to be covered by the Financial Services Compensation Scheme.

Do I need my Member Vote Pack to cast my vote?

No. You can find all the information you need to inform your vote on these dedicated pages, including copies of letters from the Chair and LV= and Bain Capital plus the Explanatory Booklet. But you will need your online security codes to vote before 2pm on 8 December or on 10 December at the online Meetings. To find your security codes please fill in your details.

Our proposals

Find out about what we're proposing and how you can have your say

Expert views

Read the Independent Expert and With-Profits Actuary Reports

Member Events

Register for a Q&A session on 3 and 6 December and catch up on all of our previous member virtual events

Member payment

The one-off member payment for all eligible members

RNPFN and Teachers

Dedicated information for those with a policy originally sold by RNPFN or Teachers Assurance

The two votes

The two votes, the potential outcomes or just simply vote now

Our library

All the important documents that relate to our proposals, including the Member Vote Pack in full

FAQs

Your questions answered

Contact Us

We're here for you if you have any concerns or questions

Call us

0800 066 5373

Non-profit members - Press option 1 
With-profits members - Press option 2 

Our phone line is open:
8am – 7pm Monday to Friday
9am – 1pm on Saturday

We’ve extended our usual opening hours to provide additional member information and support on our proposals.

For Textphone first dial: 18001. We will record and/or monitor calls for training and audit purposes

Email us

Non-profit members please email [email protected]

With-profits members please email [email protected]

Register for a webinar

Non-Profit Member Webinar

Register for the Non-Profit Member Webinar on 29 November 2021 at 11am

With-Profits Member Webinar

Register for the With-Profits Member Webinar on 29 November 2021 at 2.30pm

Q&A sessions

We’re running three virtual member Q&A sessions on 22 November, 3 December and 6 December.

Register for a member Q&A session

Write to us

LV=, Proposals for change, County Gates, Bournemouth, Dorset, BH1 2NF.