The Children’s Mutual and Forester Life Announce Possible Transfer
After much consideration and following initial discussions The Children’s Mutual (formerly known as Tunbridge Wells Equitable Friendly Society) is announcing a possible transfer into Forester Life.
Graeme McAusland, Chief Executive of The Children’s Mutual says:
“I can confirm that the Board of The Children’s Mutual is considering a transfer into Forester Life. As a mutual society, we always look to act in our members’ and customers’ interests and are pursuing this aim during the next stage of negotiations.
“At this early stage, we have signed Heads of Agreement and have entered into a period of exclusive negotiations with Forester Life. Following a period of due diligence we hope to be in a position to write to members about the proposed transfer before the end of the year. All eligible members will be invited to vote on the proposed transfer at a Special General Meeting and we will of course also need to gain regulatory approval from the Financial Services Authority.”
Euan Allison, UK Group Managing Director of Forester Life says:
“We believe that this potential transfer would be beneficial to both members of The Children’s Mutual and our own members. We anticipate being able to provide better value for policyholders primarily through cost savings driven by economies of scale. It also offers the potential for all members to be a part of larger mutual organisation, supported by our parent organisation in Canada. Through the due diligence period we will work alongside The Children’s Mutual to come to the best solution for all members.”
Both organisations have individually over 130 years of experience in providing financial solutions for their members and bring a wealth of knowledge of the mutual sector to the transfer.
Questions and Answers
Please click on the question below to expand:
Internationally, Foresters has over £10bn funds under management* and shares its financial strength with almost 950,000 members across the UK, USA and Canada.
As a mutual organisation, Foresters is driven to share not shareholder driven, and throughout its 135 year history has believed in enriching the lives of its members, their families and the communities they live in. For more information, please visit foresters.co.uk
Child Trust Fund holders are not members of the mutual and therefore do not have voting rights. Members under the age of 18 also do not have voting rights.
Should the proposed transfer fail for any reason, the challenges we face as a small mutual in an increasingly tough regulatory environment would continue and we would have to investigate other options in overcoming them.
Notes to Editors
Please direct media enquiries to Katie Donlan at Consolidated PR
About The Children’s Mutual
- The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children. We offer both a shares-based Junior ISA and Child Trust Funds, so whichever your child is eligible for, we could help you aim for a great start in life for them.
- The Children’s Mutual has been focusing on family finance for nearly 130 years and has championed children’s savings for over a quarter of a century.
- The Children’s Mutual is a trading name of the Tunbridge Wells Equitable Group, which includes the parent firm – Tunbridge Wells Equitable Friendly Society Limited, which is a mutual organisation, launched in 1881.
About Forester Life
- Forester Life is a UK life company based in Bromley, Kent and provides a range of straightforward financial solutions to help address protection, saving, investing and pension planning. Its products are designed to meet today’s needs for flexible terms, low charges and clear and simple plan conditions. Its UK network of financial advisers provides a home-based personal financial planning service backed up by award-winning technology.
- Internationally, Foresters has over £10bn funds under management (as at December 2011) and shares its financial strength with almost 950,000 members across the UK, USA and Canada.
- As a mutual organisation, Foresters is driven to share not shareholder driven, and throughout its 135 year history has believed in enriching the lives of its members, their families and the communities they live in. For more information, please visit foresters.co.uk