The proposed transfer of approximately 350,000 annuities from the Prudential Assurance Company Limited ("Prudential") to Rothesay Life Plc ("Rothesay") is subject to approval from the High Court of England and Wales ("the High Court").

The proposed transfer is not expected to impact Rothesay policyholders, but you may object should you feel you may be adversely affected. All objections received will be considered by us, our regulators, the Independent Expert and the High Court.
Please see below for more details.
Background

On 14 March 2018, Rothesay and Prudential entered into a reinsurance transaction covering a £12bn portfolio of annuities. It was intended 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. However, following a High Court hearing in June 2019, the judge did not approve the proposed transfer. Rothesay and Prudential appealed this decision and on 2 December 2020 the Court of Appeal found that the High Court judge had made errors in his approach to assessing whether the transfer should be allowed to go ahead. The Court of Appeal therefore ordered that the original decision of the High Court be set aside.

As a result, the proposed transfer is to be put before the High Court again for approval at a hearing that is expected to be held later in the year. Separate hearings at the Royal Court of Guernsey and the Royal Court of Jersey are also expected to be held later in the year to decide whether to approve the proposed transfer of annuities where the policyholders are resident in Guernsey or where they are part of the business carried on in or from within Jersey.

We will update this webpage with further information regarding the hearings as it becomes available.

The court hearings

There will be another High Court hearing to consider whether the proposed transfer should be approved on 8 November 2021. It will be held at:

The High Court of Justice
7 Rolls Building
Fetter Lane
London EC4A 1NL

Any changes to the details of the hearing will be published on this web page.

If the proposed transfer is approved by the High Court following this hearing, it is expected to become effective at 00:01a.m. on 15 December 2021.

Jersey and Guernsey annuities

Different legal requirements apply to the transfer of annuities where the policyholders are resident in Guernsey or where they are part of the business carried on in or from within Jersey. However, there will be a similar process to transfer such business in those jurisdictions.

There will be a Royal Court of Guernsey hearing to consider whether to approve the proposed transfer of the annuities where the policyholders are resident in Guernsey at 11am on 29 November 2021. It will be held at:

Royal Court of Guernsey
Royal Court House
St Peter Port
Guernsey
GY1 2NZ

There will also be a Royal Court of Jersey hearing to consider whether to approve the proposed transfer of the annuities that are part of the business carried on in or from within Jersey at 9am on 26 November 2021. It will be held at:

Royal Court of Jersey
Royal Court House
Royal Square
St Helier
Jersey
JE1 1JG

Any changes to the details of these hearings will be published on this web page.

You can write to us or call us if you would like more details about the hearing in the Royal Court of Guernsey or the Royal Court of Jersey, or if you wish to object to either of these transfers. Please use your usual contact details for the team administering your policy.

If you do not have our contact details to hand please use our Contact page.

Rothesay policyholders are not expected to be impacted by the proposed transfer

Whether or not the proposed transfer is approved by the High Court, there will not be any change in the way that your Rothesay policy is operated. The same dedicated pensions team will continue to look after the administration and, if applicable, payment of your pension.

The Independent Expert appointed for the proposed transfer has confirmed that, in his opinion, the transfer will not materially adversely affect the security of benefits, benefit expectations or service standards and governance of our policyholders. However, if you think you may be materially adversely affected, you may object to the proposed transfer.

If you think you may be materially adversely affected

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. Please use your usual contact details for the team administering your policy and contact us as soon as possible, preferably at least five business days before the High Court hearing on 8 November. Please note that if you submitted an objection to us prior to the High Court hearing in 2019, you do not need to make the same objection again. We will re-submit your objection to the High Court unless you let us know you would like to withdraw or amend your objection.

If you do not have our contact details to hand please use our Contact page.

We will acknowledge and reply in writing to all objections we receive. We will also submit details of all objections that we receive to the High Court, our regulators and the Independent Expert. This means that any correspondence that forms part of your objection will be part of the High Court process which will be accessible to the public. By submitting an objection to the proposed transfer, you consent to your objection and any personal data you provide with your objection being shared with the High Court, our regulators and the Independent Expert, and any correspondence that forms part of your objection being accessible to the public.

If you wish to make representations to the Court directly, you can do so by writing to: The High Court of Justice, Chancery List Office, 7 Rolls Building, Fetter Lane, London EC4A 1NL

If you write to the High Court directly you should clearly refer to the “Proposed transfer of annuity policies from The Prudential Assurance Company Limited to Rothesay Life Plc” and include the High Court’s reference number CR-2018-003686 in your letter.

The Document Library - reports and other detailed information

The Document Library contains lots of detailed information about the proposed transfer. It includes new reports from the Independent Expert and the Chief actuaries of Rothesay and Prudential. All the reports and other materials from the process before the High Court hearing in 2019 are also still available.

Document Library

You may request a hard copy of the reports of the Independent Expert, the summaries of such reports and the summary of the terms of the UK scheme document, each of which is contained in the Document Library, by contacting us using the usual contact details for the team administering your policy. If you do not have the contact details to hand please use our Contact page.

 

To find out more

You can read the information provided by Prudential to its policyholders at:

pru.co.uk/annuitytransfer

If you are a current Rothesay policyholder and have questions regarding the proposed transfer, please call, email or send us a letter using the usual contact details for the team administering your policy. If you do not have the contact details to hand please use our Contact page.

If you are a Prudential policyholder, please refer to the information provided at:

pru.co.uk/annuitytransfer