Proposed transfer of annuity business from The Prudential Assurance Company Limited
On 14 March 2018, Rothesay Life and The Prudential Assurance Company Limited (“PAC”) entered into a reinsurance transaction covering a £12bn portfolio of annuities. It was expected that this would be followed by an insurance business transfer under Part VII of the Financial Services and Markets Act 2000.
This transfer was subject to approval by the High Court of England and Wales (“the Court”). However, the Court declined to sanction the transfer. Rothesay Life and PAC were given permission to appeal by the Court and, having considered our position and taken advice, we agreed to lodge a joint appeal. The notice of appeal was lodged with the Court of Appeal on 27 September 2019.
The Court of Appeal has not yet set a timetable for the appeal process. However, we do not expect the hearing to be before spring 2020, with the Court of Appeal’s judgment to follow later in the year.
We will continue to provide updates on this page of our website which will include any key dates relevant to the appeal process when available.
How does this affect Rothesay Life policyholders?
Whether or not our appeal is successful, there will not be any change in 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
Contacting us with queries
If you are a current Rothesay Life policyholder and require further contact details please click on this link: Contact Us
If you are a Prudential policyholder please refer to the information provided at: www.pru.co.uk/annuitytransfer