The proposed transfer of the long-term business of PAL to The Prudential Assurance Company Limited (PAC)
Prudential is proposing to transfer all of the long-term insurance business of PAL to PAC. PAL is a subsidiary of PAC. The purpose of the transfer of the business of PAL to PAC is to improve the flexibility and efficiency of the capital management in PAC’s With-Profits Fund. It will also simplify Prudential’s corporate structure and will make the implementation of changes arising from future regulatory developments easier since fewer Prudential companies will be affected.
IN THE HIGH COURT OF JUSTICE NO: 4524 OF 2014
IN THE MATTER OF PRUDENTIAL ANNUITIES LIMITED
IN THE MATTER OF THE PRUDENTIAL ASSURANCE COMPANY LIMITED
IN THE MATTER OF THE FINANCIAL SERVICES AND MARKETS ACT 2000
NOTICE IS HEREBY GIVEN that on 3 July 2014, Prudential Annuities Limited (PAL) 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 of the entire long-term insurance business of PAL (the “Business”) to PAC and making ancillary provisions in connection with the Scheme under Sections 112 and 112A of the Act.
The proposed transfer will result in the Business which is currently being carried on by PAL 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 and of 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.
All questions or concerns relating to the proposed transfer should be referred to Prudential using the following telephone number, address or website:
Prudential, PO Box 5990, Southend-on-Sea SS1 9PU.
Telephone: 0800 012 1969, or, if calling from overseas, +44 207 004 4579. The lines are open between 8am and 6pm Monday to Friday (excluding bank holidays).
Electronic message: by accessing Prudential’s website, www.pru.co.uk/palpartvii
The Application is expected to be heard at the Rolls Building, Fetter Lane, London, EC4A 1NL on
16 September 2014. Any person (including any employee of PAL or PAC) who thinks that he or she would be adversely affected by the carrying out of the Scheme may attend the hearing and express their views either in person or by a representative. Anyone wishing to do so is asked to give notice of such intention as soon as possible and preferably by 2 September 2014, setting out the grounds of their objection or why they consider they may be adversely affected, to Prudential 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 written representations about the Scheme should address them to Prudential by calling the above number, writing to the address above or sending a message via Prudential’s website, as soon as possible and preferably before 2 September 2014.
Hogan Lovells International LLP
London EC1A 2FG
Solicitors to Prudential Annuities Limited and The Prudential Assurance Company Limited