Update on the Member Payment following the sale of Reliance Mutual Insurance Society Limited to Reliance Life Limited
The sale and transfer of Reliance Mutual Insurance Society Limited to Reliance Life Limited took place successfully on the 1st April 2018. All of the administration is now handled by Reliance Life Limited using the same staff at our office in Tunbridge Wells.
As communicated to all policyholders in November last year, we said we would make payments to all qualifying members as compensation for them giving up their membership rights. Our focus is now on preparing to make these member payments, and the target is to do this within 6 months of the transfer date, which is 1st October 2018. We are currently working to complete the calculation process. We anticipate member payments will start being made during August and September.
Further updates about the payment will be made here.
To recap last year’s communications about the payment;
Members with a right to vote on the Qualifying Date (31/12/2016) will receive a fixed amount of £100 to compensate them for losing this right.
An additional amount will be paid to every member as at the Qualifying Date as compensation for the loss of other membership rights. These amounts will be based on the size of the policies on the Qualifying Date, and can only be finalised after the date of transfer.
Publication date 13 July 2018