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 transfer of business from The Prudential Assurance Company Limited to Rothesay Life Plc will need to be approved by the High Court of England and Wales.

The transfer process is governed by Part VII of the Financial Services and Markets Act 2000.

The Court process has begun and we will confirm here on this website when the process has concluded.

If the proposed transfer is approved, we now expect the transfer to take effect no sooner than on 17 July 2019 rather than the date published in the Part VII notification. If there are any further changes made to this expected transfer date, we will continue to provide updates on this website.

The hearing to consider the Jersey Scheme at the Royal Court of Jersey commenced at 9.30 on 17 June 2019 at the Royal Court House, Royal Square, St Helier, Jersey JE1 1BA (as previously notified and advertised). At the hearing our application for the hearing to be adjourned to allow time for the UK Court to approve the UK Scheme was granted, and consequently the hearing to consider the Jersey Scheme will reconvene at 9.30am on 5 July 2019.

Similarly the hearing to consider the Guernsey Scheme at the Royal Court of Guernsey commenced at 9:30 on 14 June 2019 at the Royal Court House, St Peter Port, Guernsey GY1 2PB. At the hearing our application for the hearing to be adjourned to allow time for the UK Court to approve the UK Scheme was granted, and consequently the hearing to consider the Guernsey Scheme will reconvene at 9.30am on 5 July 2019.

 

Check if your policy will be transferred

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

0800 640 9164 or +44 203 755 9194 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.

What this means for you and your rights

If you have an annuity policy which is transferring to Rothesay Life Plc, it will transfer on a date no sooner than 17 July, subject to the High Court and the Royal Courts of Jersey and Guernsey approving the transfer. The only change will be the provider who will be Rothesay Life Plc. There will be no change to the terms and conditions of your policy as a result of the transfer.

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 around £36bn assets under management and insures the annuities of over 770,000 individuals (as at 31 Decmeber 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 .

Important Documents

We have sent Policyholder Packs to those customers whose annuity policies are transferring to Rothesay Life Plc. You can download copies of those documents and other reports here:

This letter is specific to individual policyholders holding a transferring annuity. 

Download letter

This letter is specific to Trustees of pension schemes holding a transferring annuity.

Download letter

This letter is specific to the members of certain pension schemes holding a transferring annuity, where PAC has an agreement with the Trustees to contact such members directly.

Download letter

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.

Download circular

This document sets out the terms of the transfer.

Download document

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.

Download document 

This document sets out the Independent Expert’s analysis of the impact of the transfer on policyholders. A summary of the Independent Expert Report is in the Policyholder Circular.

Download report

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 transfer.

Download document

The Independent Expert’s letter of clarification regarding Guernsey Policies.

Download document

The Chief Actuary of The Prudential Assurance Company Limited (PAC) provides a report on the impact of the transfer on transferring and non-transferring PAC policyholders.

Download report 

This document provides an update to the main report dated 18 January 2019.

Download document 

The PAC With-Profits Actuary reports on the impact of the transfer on transferring and nontransferring PAC with-profits policyholders.

Download report

This document provides an update to the main report dated 18 January 2019.

Download document

This is information for the Jersey Scheme

Download document 

This is information for the Guernsey Scheme

Download document 

This is information for the Jersey Scheme.

Download document

For copies of the information and documents that Rothesay Life Plc are providing to their existing policyholders in relation to the transfer go to: www.rothesaylife.com/prudential-transaction

Contact us 

Post: 

Write to us at Rothesay Life Transfer, Prudential, PO Box 3122, Lancing BN15 8GB.

Phone: 

Call us on 0345 640 0000 or
+44 118 964 5024 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.

Secure Message:

Send us a secure email from our website. Please visit pru.co.uk/Prumail. Please select “General Enquiry” from the drop down list in the “What would you like to contact us about?” and then in the “General Enquiry Details” box add “Rothesay Life transfer” at the start of your notes.

 

Email:

Email us directly at annuitytransfer@prudential.co.uk (please note sending an email to this address is not a secure method of communication; if you are including any personal or sensitive information (such as your address) we suggest you use our secure email or one of the other methods).