Professional insurance company Rothesay Life welcomed the decision of the English and Wales High Courts on a proposal to transfer the pension portfolio from Prudential Assurance Company Limited (PAC), a subsidiary of M & GPlc, to Rothesay.
The London High Court ruled yesterday that the £ 12 billion pension policy transfer from M & G to Rothesay could follow the court’s first decision to block the move.
The transaction was first announced in 2018 and will be the largest transfer to date for 400,000 policyholders, according to Reuters. The High Court initially blocked the transfer after receiving statements from about 1,000 policyholders who were concerned about Rothesay’s financial strength. However, in December last year, the British Court of Appeals overturned the ruling, paving the way for a second transfer trial.
Last year’s court ruling concludes that the High Court judge involved in the first ruling “wrong his approach to exercising discretionary power over sanctions on the system” and “there is a significant disparity between them.” It shouldn’t have been. ” Non-contractual external support that may be available for PAC and Rothesay respectively. “
In December 2020, the Court of Appeals should also not emphasize the fact that the High Court chose the PAC based on the age, venerable, and established reputation of the dissenting policyholder. Judging and reasonably assuming that it will always be provided. Their pension.
Rothesay commented on yesterday’s verdict, saying: We are pleased to welcome new policyholders to Rothesay as the UK’s largest annuity insurance specialist dedicated to providing long-term security and excellent customer service. “