Proposed transfer of annuity business from The Prudential Assurance Company Limited
On 14 March 2018, Rothesay Life agreed to acquire part of Prudential’s annuity portfolio. The transaction was structured initially as a reinsurance contract and is intended to lead to a transfer of the underlying assets and policy liabilities to Rothesay Life subject to Court approvals. If approved, the transfer will be achieved through an insurance business transfer under Part VII of the Financial Services and Markets Act 2000.
The legal process seeking approval to transfer the UK policies of the Prudential annuity business to Rothesay Life has begun and, subject to approval by the High Court of England & Wales, the effective date of the transfer is now expected to be no sooner than 17 July 2019 (rather than the date published in the Part VII notification).
The hearings to consider the transfer of the Guernsey and Jersey policies at the Royal Courts of Guernsey and Jersey have also both begun, but have been adjourned to allow time for the High Court to approve the proposed transfer of the UK policies. The hearings in the Royal Courts of Guernsey and Jersey are scheduled to reconvene on 5 July 2019.
We will provide updates on this website page as the legal processes progress including, if applicable, confirmation of the effective date of the transfer. Once approvals are received we will issue welcome letters to the transferring policyholders.
How does this affect Rothesay Life Policyholders?
If you have a Rothesay Life policy, you do not have to take any action. The proposed transfer will not change the way that your Rothesay Life policy is operated. The same dedicated pensions team continues to look after the administration and, if applicable, payment of your pension.
For more details of this proposed transfer, please see the materials provided in the Document Library.
To access the Document Library: CLICK HEre
You can also access the information regarding this proposed transfer that Prudential have provided their policyholders at: www.pru.co.uk/annuitytransfer
Contacting us with queries about this PROPOSED TRANSFER
a) Current Rothesay Life Policyholders
For further contact details please click on this link: Contact Us
b) Prudential Policyholders
You can access the information regarding this proposed transfer that Prudential have provided their policyholders at: www.pru.co.uk/annuitytransfer
Prudential policyholders can also contact them regarding this transaction by calling:
0800 640 9164
+44 203 755 9194 if calling from outside the UK.
Prudential’s lines are open between 8.30am and 6pm, Monday to Friday, except on bank holidays. Calls are free from UK landlines and mobile phones.