In June 2018 and November 2018, letters were sent to all Foundation Life (NZ) Limited (Foundation Life) Whole of Life and Endowment policyholders (Policyholders) outlining a possible product restructure that Foundation Life is considering. We also mentioned that any new product offer would be made to Policyholders under what is called a Scheme of Arrangement (Scheme).
At this stage, the final details of the Scheme are still being determined. While the indicative timeline for the Scheme we mentioned in the June 2018 update letter will shortly be passed, progress is being made. We appreciate some Policyholders may be frustrated with the delay, we want to assure you that we are focused on ensuring the proposed Scheme which is presented to Policyholders is in their best interests. As mentioned in the November 2018 update letter, a detailed Scheme proposal is likely to be presented to Policyholders to vote on during the second quarter of 2019.
We ask that any Policyholders who haven’t done so already get in touch with us to check we have your correct contact details. This is important to ensure that when we do next make contact, we can be sure you will receive the information. Our contact details can be found on the Contact Us page.