Proposed transfer of certain annuities from The Prudential Assurance Company Limited to Rothesay Life Plc
In March 2018, Prudential plc announced its intention to demerge M&G Prudential, its UK and European savings and investments business, and to list it as an independent company on the London Stock Exchange.
As an independent company, M&G Prudential will continue its transformation into a more capital-efficient business, targeting growing demand for comprehensive financial solutions.
In support of the plan for M&G Prudential to demerge from its parent company, Prudential plc, it proposed that approximately 370,000 annuity policies of The Prudential Assurance Company Limited be transferred to Rothesay Life Plc by means of an insurance business transfer scheme (Scheme) under Part VII of the Financial Services and Markets Act 2000 (FSMA). For a small number of policies, where the policyholders are resident in either Jersey or Guernsey, there will also be equivalent insurance business transfer schemes in Jersey and Guernsey.
What are the next steps?
The proposed transfer of business from The Prudential Assurance Company Limited to Rothesay Life Plc will need to be approved by the courts. The transfer process is governed by Part VII of the Financial Services and Markets Act 2000.
The approval hearing began on 10 June 2019 and extended over a number of sessions. Following the conclusion of this hearing, the Judge declined to approve the transfer. This means the transfer will not take effect as we expected. However, we have been given permission to appeal the judgment and we’re considering doing so. If we do, we need to lodge our notice of appeal by 27 September. The transfer will only proceed in the event we successfully appeal the judgment.
The current benefits, terms and conditions, and service for the policyholders covered by the proposed transfer are unaffected.
Check if your policy might be impacted
You'll need your 16 digit annuity policy number to hand which can be found on any correspondence we sent you. If you have more than one annuity policy, you will need to check each policy in turn. If you cannot find your annuity policy number please call us on
if calling from outside the UK. Our lines are open between 8.30am and 6pm, Monday to Friday, except on bank holidays.
More about Rothesay Life Plc
Rothesay Life Plc was established in 2007 and has become one of the largest specialist annuity providers in the UK market, with over £36bn assets under management and insures the annuities of over 770,000 individuals (as at 31 December 2018). Rothesay Life Plc is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. You can find out more by visiting www.rothesaylife.com/about-us .
We have sent Policyholder Packs to those customers whose annuity policies might be transferring to Rothesay Life Plc. You can download copies of those documents and other reports here:
This letter is specific to individual policyholders holding an annuity that it is proposed will transfer.
This letter is specific to Trustees of pension schemes holding an annuity that it is proposed will transfer.
This letter is specific to the members of certain pension schemes holding an annuity that it is proposed will transfer, where PAC has an agreement with the Trustees to contact such members directly.
This booklet, sent with the each of the letters above, contains a Questions and Answers section as well as a summary of the Scheme, a summary of the Independent Expert Report and a copy of the Legal Notice of Transfer.
This document reflects the changes made to the original Scheme Document that was submitted to the High Court for the directions hearing in January 2019.
This document sets out the Independent Expert’s analysis of the impact of the proposed transfer on policyholders. A summary of the Independent Expert Report is in the Policyholder Circular.
This document sets out the Independent Expert’s description of developments since publication of his main report dated 21 January 2019, including an updated assessment of the proposed transfer.
The Independent Expert’s letter of clarification regarding Guernsey Policies.
The Chief Actuary of The Prudential Assurance Company Limited (PAC) provides a report on the impact of the proposed transfer on transferring and non-transferring PAC policyholders.
The PAC With-Profits Actuary reports on the impact of the proposed transfer on transferring and nontransferring PAC with-profits policyholders.
Write to us at:
Prudential Customer Services
Call us on 0800 640 9164 or
+44 203 755 9194 if calling from outside the UK. Our lines are open between 8.30am and 6pm, Monday to Friday, except on bank holidays. Calls are free from UK landlines and mobile phones.