There have been several high-profile cases of Creditor Schemes converting with-profits policies into non-profit and/or compromising with-profits guarantees. Notable examples include Equitable Life’s GAR compromise Scheme in 2001, Phoenix GAR compromise Scheme in 2009, Scottish Life’s GAR compromise Scheme of 2018 and Equitable Life’s endgame in 2019.

An increasing number of firms appear to be using Creditor Schemes to transform their business. Will we see this trend continue in future?

In this article, we look at: 

• What a Creditor Scheme is
• Why you would implement a Creditor Scheme
• Challenges facing firms considering a Creditor Scheme
• The process
• How Hymans can support you

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