The proposed transfer of the business of Prudential Retirement Income Limited (PRIL) to The Prudential Assurance Company Limited (PAC).
Prudential is proposing to transfer all of the business of PRIL to PAC. PRIL is a wholly-owned subsidiary of PAC. The purpose of this transfer is to improve the flexibility and efficiency of capital management in PAC and its subsidiaries. The transfer will also simplify Prudential’s corporate structure and make the implementation of changes (including those arising from regulatory developments) easier since fewer Prudential companies will be affected.
Current policyholders of PAC will not transfer and will not see any changes to their policy terms and conditions or the way their policy is managed.
Your attention is drawn to the notice below.
IN THE HIGH COURT OF JUSTICE CR-2016-001131
IN THE MATTER OF PRUDENTIAL RETIREMENT INCOME LIMITED
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IN THE MATTER OF THE PRUDENTIAL ASSURANCE COMPANY LIMITED
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IN THE MATTER OF THE FINANCIAL SERVICES AND MARKETS ACT 2000
NOTICE IS HEREBY GIVEN that on 6 May 2016 Prudential Retirement Income Limited (”PRIL“) and The Prudential Assurance Company Limited (”PAC“) applied to the High Court of England and Wales for an Order under section 111(1) of the Financial Services and Markets Act 2000 (the “Act“) sanctioning a scheme (the “Scheme“) providing for the transfer to PAC of the entire business of PRIL (the “Business“) and for the making of ancillary provisions in connection with the Scheme under sections 112 and 112A of the Act. PRIL was formerly known as Scottish Amicable Pensions Investments Limited.
The proposed transfer will result in the Business which is currently being carried on by PRIL being carried on by PAC. All annuity payments in respect of the policies comprised in the Business shall, upon the transfer becoming effective, be dealt with by PAC.
Copies of the report on the terms of the Scheme prepared by an Independent Expert in accordance with section 109(1) of the Act, a statement setting out the terms of the Scheme and containing a summary of the Independent Expert’s report, and a copy of the full Scheme document, may be obtained free of charge by contacting Prudential using the telephone number or addresses set out below, from the date of publication of this notice until the date on which the application is heard by the Court. These and other documents relating to the Scheme (including sample copies of the communications to policyholders) are also available on Prudential’s website at www.pru.co.uk/prilpartvii.
All questions or concerns relating to the proposed transfer should be referred to Prudential using the following telephone number, address or website:
Phone: 0800 640 9107 or +44 203 790 1820 if calling from outside the UK
Post: Prudential, PO Box 6025, Southend-on-Sea SS1 9RP
Secure Message: By accessing www.pru.co.uk/prilpartvii
The application is expected to be heard at the Rolls Building, Fetter Lane, London, EC4A 1NL on 22 September 2016. Any person (including any employee of PRIL or PAC) who thinks that he or she may be adversely affected by the carrying out of the Scheme may attend the hearing and express their views either in person or by Counsel. It would be helpful if anyone wishing to attend could give notice of such intention to Prudential before 8 September 2016, setting out the grounds of their objection or why they consider they may be adversely affected, by calling the above number, writing to the address above or sending a message via Prudential’s website, the details of which are set out above. Any person who does not intend to attend the Court hearing but wishes to make representations about the Scheme or considers that they may be adversely affected should communicate their views to Prudential by calling the above number, writing to the address above or sending a message via Prudential’s website, preferably before 8 September 2016.
Hogan Lovells International
LLP Atlantic House
London EC1A 2FG
Solicitors to Prudential Retirement Income Limited and The Prudential Assurance Company Limited
LIB01/C1JSR/4713597.5 Hogan Lovells