On 14 March 2018, Rothesay Life Plc ("Rothesay") 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 and PAC were given permission to appeal by the Court and, having considered our position and taken advice, a notice of appeal was lodged with the Court of Appeal on 27 September 2019.
- Latest position
The appeal hearing started on Tuesday 27 October and has now concluded. The Court of Appeal will now make a decision on whether the outcome of the original High Court approval hearing in June 2019 was correct or not. We do not expect a decision immediately but anticipate this will follow some time later in 2020 or early in 2021.
If the appeal is successful, there will be a further hearing at the High Court to decide whether the proposed transfer should be approved or not.
We will continue to provide updates on this page of our website.
- How this affects Rothesay policyholders
Whether or not our appeal is successful, there will not be any change in the way that your Rothesay policy is operated. The same dedicated pensions team continues to look after the administration and, if applicable, payment of your pension.
- More details
For more details of this proposed transfer, please see the materials provided in the Document Library.
- Contacting us with queries
If you are a current Rothesay policyholder please contact us in the normal way. If you do not have our contact details to hand please use our Contact page.
If you are a Prudential policyholder please refer to the information provided at: