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Closed With Profits Fund (SAIF)

Background

The transfer of the long term business of Scottish Amicable Life Assurance Society business to Prudential took place on 30 September 1997.

All with-profits policies taken out before 1 October 1997 are now invested in the Scottish Amicable Insurance Fund (SAIF), a separate fund within the Prudential Assurance Company Limited's long term fund.

Under the terms of the transfer, a special committee of the board of Prudential Assurance Company Limited, named the Scottish Amicable Board, was established to safeguard the ongoing interests of transferees. The Board has certain responsible for the management of the Scottish Amicable Insurance Fund.

Its responsibilities include investment and bonus policy and ensuring that the terms of the transfer are met having regard solely to the interests and reasonable expectations of SALAS policyholders.





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