This page is provided for the policyholders transferring from The Prudential Assurance Company (“PAC”) to Rothesay with effect from 15 December 2021.

To our new policyholders

We hope you will find this page useful. We have provided answers to questions we think you may have as a result of the transfer of your policy from PAC to Rothesay.


Further information regarding the transfer is available from:

Our Document Library for the transfer

PAC’s website page for the transfer


Our contact details
From 15 December, if you cannot find the answers you need, please contact the Rothesay team at PAC using the following contact details.
Post: Rothesay, PO Box 3122, LANCING, BN15 5DA
Phone: 0345 072 2008 if you are calling from the UK or +44 20 3790 1150 if you are calling from overseas. Lines are open between 8.30am and 6pm, Monday to Friday (except bank holidays).

Questions and answers

Who are Rothesay?

We’re the UK’s largest specialist pensions insurer, purpose built to protect pensions and to provide retirement security for our policyholders.

To find out more about us you can visit the following pages of our website:

About us


Who is responsible for my policy?

With effect from 15 December 2021, Rothesay is responsible for all policies transferring from PAC to Rothesay. However, in order to minimise any disruption, Rothesay and PAC have agreed that PAC will, for a period of time, provide administration services on behalf of Rothesay for the transferred annuities.

How is my annuity policy affected?

If your policy has been transferred to Rothesay, we are now responsible for providing your benefits.

The terms and conditions of your annuity policy have not changed as a result of the transfer. There have been no changes to your benefits - Rothesay will pay you the same amount, on the same dates, as PAC would have done if the transfer did not go ahead. If your annuity includes a yearly increase and/or the option of a dependant’s pension, these will also continue.

Why has my annuity policy with PAC been transferred to Rothesay?

In March 2018, Prudential plc announced its intention to demerge M&G Prudential (now M&G plc), its UK and European business, and list it as an independent company on the London Stock Exchange. In support of the plan for M&G plc to demerge from its parent company, Prudential plc, PAC entered into an agreement to transfer a portfolio of annuity policies to Rothesay.

The transfer was subject to approval from the High Court which was received on 24 November 2021 and took effect on 15 December 2021.

I thought the High Court did not approve the transfer? Why has it been approved now?

Following a High Court hearing in June 2019, the Judge did not approve the proposed transfer. Rothesay and PAC 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.

The proposed transfer was put before the High Court again for approval at a hearing starting on 8 November 2021 and was approved on 24 November 2021 with an effective date of 15 December 2021.

Why have only some of my policies that were with PAC transferred to Rothesay?

PAC only transferred part of its annuity business. The policies that transferred are all non-profit annuities covering a wide mix of types of business. Annuity policies which aren’t being transferred include other non-profit annuities and all with-profit annuities. All of PAC’s non-annuity business has remained with PAC.

The annuity policies that were transferred were not selected on the basis of individual policyholders but were selected taking into account the suitability of groups of annuities to be transferred. Some policyholders will have a policy or policies that have transferred to Rothesay as well as a policy or policies that remain with PAC.

Will I receive any additional payment as a result of the transfer?

There will be no additional payment or special bonuses to any policyholders as a result of the proposed transfer. Your policy will remain exactly the same as if it had stayed with PAC.

Am I able to opt out of the transfer?

No, the High Court has approved the transfer and all the annuities in the scope of the transfer have been transferred to Rothesay with effect from 15 December 2021 in accordance with the Court’s judgement. You won’t be able to opt out or transfer back to PAC.

Is my annuity policy safe/will I keep my current benefits?

Yes. The terms and conditions of your annuity won’t change as a result of the transfer and Rothesay will continue to pay your benefits as before.

In addition, please note that the Independent Expert advising the Court about the transfer concluded that the transfer will not have a material adverse effect on the security of benefits, or the reasonable benefit expectations, of policyholders.

You can get more information about the Independent Expert’s conclusions using the following links:

Summary of the Independent Expert’s report

Full report of the Independent Expert

Independent Expert’s supplementary report

Will any of the costs of the transfer be passed to me?

Policyholders will not bear any of the costs associated with the transfer of business from PAC to Rothesay.

Will the proposed transfer impact any redress received in respect of PAC’s review of annuities in response to the FCA’s Thematic Review of Annuity Sales Practices?

PAC had completed its review and settled any redress prior to the transfer. If you received an increase in your annuity as a result and if the transfer proceeds, Rothesay will continue to pay you the increased amount that PAC had been paying.

Why have I been given a new PAYE reference?

A PAYE reference number, also sometimes referred to as tax reference number, is a unique combination of letters and numbers used by HM Revenue & Customs (HMRC) to identify different pension schemes/ employers/pension providers. Your Prudential reference number needed to be changed to a Rothesay reference number now that Rothesay is paying your pension.

How do I query the unexpected tax code notice I’ve just received?

In the unlikely event that you receive an unexpected tax code notice from HM Revenue & Customs (HMRC), you can query tax-related changes with HMRC.

If you are registered with HMRC’s online ‘Personal Tax Account’ service you can query your tax code via this service. Alternatively, you can use the following contact details:

Pay As You Earn and Self-Assessment
HM Revenue & Customs

Phone: 0300 200 3300 or +44 135 535 9022 if calling from overseas

What do the new entries in HMRC's online 'Personal Tax Account' service mean?

If you are currently registered with HMRC’s online ‘Personal Tax Account’ service, you may notice that it shows a Prudential policy/employment as ended and shows a Rothesay policy as started. Please do not be concerned by how it appears and ignore the dates quoted - it is simply part of HMRC’s process for dealing with the transfer and will not affect your tax position or your policy.

Is there someone else who can help me with my questions regarding tax?

Rothesay work closely with a charity who can assist policyholders with any income tax queries. You can call Tax Help on 0333 207 5652 or use their online form:

Tax Help’s webpage for Rothesay policyholders

How do you look after my data?

We take the security of your data very seriously.

During the period that PAC is providing administration services regarding your policy on our behalf, Rothesay and PAC will both be independent controllers of your data. Our privacy notices provide details of how and why we both look after policyholder data.

Rothesay’s policyholder privacy notice

PAC’s policyholder privacy notice

The privacy notices may change from time to time but the latest version will always be available on our respective websites.

Following the period that PAC is providing administration services regarding your policy on our behalf, Rothesay will be the only controller of your data.

How do I get access to the data you hold on me?

You have the right to request details of all the information we hold regarding your personal data. If you want us to provide you with a copy of all the data we hold on you, please contact us using the contact details above.

Will the contact details to use to get information about my policy change when PAC stops doing administration on Rothesay’s behalf?

The contact details for you to use will change. We will write to you shortly before we take over the administration services and provide you with details of the new contact information to use.

When will I be offered the opportunity to register for Rothesay’s online facility?

During the period that PAC is administering your policy on our behalf, we are unfortunately unable to offer you MyPru or Rothesay’s online service. Please note that we will be tailoring our online service for our new policyholders who transferred from PAC. There may therefore be a period of time after the administration has been transferred during which you continue to have no access to an online facility for your policy.

We will provide you with more details when we write to you shortly before the administration of your policy is fully transferred.

Will I be able to cash in my policy?

Whilst there is legislation which may allow your policy to be exchanged for a one-off lump sum, Rothesay is not currently offering to 'cash-in' policies that transferred from PAC with effect from 15 December 2021. PAC also did not allow their annuity policies to be cashed in.

In the future, we may offer you the opportunity to swap your regular pension income for a one-off lump sum. We are unable to confirm this or provide any timescales at this point in time other than it will not be during 2022. Please be assured you will be contacted if the opportunity arises.