Proposed transfer of annuity business from The Prudential Assurance Company Limited
On 14 March 2018, Rothesay Life Plc agreed to acquire part of Prudential’s annuity portfolio. The transaction was structured initially as a reinsurance contract and is expected to lead to a transfer of the underlying assets and policy liabilities to Rothesay Life subject to regulatory and court approval.
Rothesay Life and Prudential have begun the legal process of transferring this part of the Prudential annuity business to Rothesay Life. The transfer will be achieved through an insurance business transfer under Part VII of the Financial Services and Markets Act 2000, which will be submitted to the High Court for its approval.
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.
As explained in a letter issued to all of our policyholders, none of the terms and conditions of any of our policies are affected by the proposed transfer and our policyholders do not need to take any action. If you feel that you may be adversely affected by the transfer, you have the right to raise any concerns or object to this transfer with us or the High Court.
We encourage you to read the materials provided in the Document Library for this proposed transfer.
To access the Document Library: CLICK HEre
You can also access the information regarding this transaction 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.