Prudential Life Assurance Company Ltd (Prudential) and Rothesay Life plc (Rothesay) are to appeal the High Court of England and Wales’ (UK High Court) refusal to sanction the proposed transfer of STG12bn in Prudential annuity policies to Rothesay. 

In August 2019, the UK High Court declined to sanction the transfer of a portfolio of annuities from Prudential to Rothesay following complaints from policyholders.  Insurance business transfers under Part VII of the 2000 Financial Services and Markets Act must be approved by the court. The basis of the appeal by Prudential and Rothesay is that the judgement in the UK High Court contains material errors of law and should therefore be reconsidered.

The notice of appeal was lodged by Prudential in the UK Court of Appeal on 27 September 2019. No timetable has been set for the appeal, but it is not expected to be heard before spring 2020 or possibly later, given the impact of COVID-19. 

See our detailed summary of the UK High Court decision at English High Court Blocks Proposed Transfer of Annuity Policies between insurance companies