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 is proposing 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.
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
if calling from outside the UK. Our lines are open between 8.30am and 6pm, Monday to Friday, except on bank holidays.
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 will be governed by Part VII of the Financial Services and Markets Act 2000.
If the proposed transfer is approved, we expect the transfer to take place on 26 June 2019.
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 26 June 2019, 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.
You have the right to raise any concerns or object to this transfer with us or the High Court.
We recommend that you call or write to us with any concerns or objections you may have about the proposed transfer, or if you intend to make representations to the High Court in writing, in person or by a representative. Please note that if you wish to be represented by legal counsel at the hearing then he or she would need to have appropriate rights of audience to appear in the High Court in London. If you wish to object, it would be helpful if you could explain the reasons for your objection when you contact us. The correspondence we receive, and the transcripts of any objections raised by telephone will be provided to our regulators and the Independent Expert as well as to the High Court. The High Court will then consider them in deciding whether it is appropriate to approve the proposed transfer.
Alternatively, you can write to the High Court at the Rolls Building, Fetter Lane, London EC4A 1NL, or you can appear in person or via a representative at the hearing on 10 June 2019. If the date of the hearing changes we’ll post the new details on this website.
If you believe you may be adversely affected by the proposed schemes in Jersey or Guernsey, you have the right to be heard, in person or via an Advocate at the hearing of the Royal Court of Jersey and/or the Royal Court of Guernsey, as appropriate. Anyone wishing to make a representation about the transfer in Jersey or Guernsey in person or by an Advocate or by making written representations is asked to call or write to us as soon as practicable, stating that their representation relates to the scheme in Jersey and/or Guernsey.
More about Rothesay Life Plc
Rothesay Life was established in 2007 and has become one of the largest specialist annuity providers in the UK market, with around £37bn assets under management and insures the annuities of over 750,000 individuals. Rothesay Life 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 are transferring to Rothesay Life Plc. You can find copies of those documents here:
This letter is specific to individual policyholders holding a transferring annuity.
This letter is specific to Trustees of pension schemes holding a transferring annuity.
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.
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 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.
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.
The PAC With-Profits Actuary reports on the impact of the transfer on transferring and nontransferring PAC with-profits policyholders.
Write to us at Rothesay Life Transfer, Prudential, PO Box 3122, Lancing BN15 8GB.
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.
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 us directly at email@example.com (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).