On 14 March 2018, Rothesay Life Plc acquired part of Prudential’s annuity portfolio.
Further to the transaction (which has received clearance from the Prudential Regulation Authority) both Rothesay Life and Prudential have agreed to begin the process of transferring this part of the Prudential annuity business to Rothesay Life.
The transaction has been structured initially as a reinsurance contract and is expected to lead to a Part VII transfer of the underlying assets and policy liabilities to Rothesay Life subject to regulatory and court approval. The transfer will be achieved through a Scheme of Transfer which will be submitted to the High Court for its approval under Part VII of the Financial Services and Markets Act 2000.
Further details of the transfer will be added to our website following the initial court hearing.
How does this affect Rothesay Life Policyholders?
If you have a Rothesay Life policy, you do not have to take any action. The acquisition will not change the way that your Rothesay Life policy and pension is operated. The same dedicated Pensions team continues to look after the administration and payment of your pension.
If you are Rothesay Life Policyholder and have any further queries regarding the transfer, please click the link below for further contact details.
If you are a Prudential Policyholder with a query relating to the Prudential Part VII transfer, please contact Prudential on 0345 600 3358 if you are calling from the UK or 0044 118 964 5450 if you are calling from overseas. Their lines are open between 8.30am and 6.00pm, Monday to Friday.