Prudential
PP Monthly Digest: March 2021
Here it is, our monthly digest of the most important pension articles Professional Pensions has written and published over the last month, along with some contextual notes.
PGIM Real Estate completes $30bn worth of transactions in 2020
Around $30bn (£22.7bn) in transactions were completed worldwide by PGIM Real Estate last year despite market concerns related to the coronavirus pandemic.
Five stories you may have missed this week
This week’s top stories included Capita’s sale of its employee benefits business, while research from the Association of Consulting Actuaries found little support among employers for multiple pensions dashboards.
Court of Appeal overturns 'wrong' block of £12bn Prudential annuity transfer to Rothesay
The Court of Appeal has overturned a High Court ruling which blocked the transfer of a £12bn annuity book from Prudential, now M&G, to Rothesay.
Five stories you may have missed this week
This week’s top stories included the launch of Scottish Widows’ ESG exclusions policy, while Deloitte acquired the admin and actuarial business of Kerr Henderson.
Prudential agrees £3.7bn longevity swap with Pacific Life
The Prudential Staff Pension Scheme has entered into a £3.7bn longevity swap with Pacific Life Re, insuring the longevity risk of over 20,000 pensioners.
UPDATED Independent governance committees: A list of who is sitting on which IGCs
PP looks at the pensions great and good who oversee contract-based schemes
FCA fines Prudential £23.9m for non-advised annuity sale failures
The Financial Conduct Authority (FCA) has fined Prudential £23.9m for failures relating to non-advised sales of annuities.
Prudential agrees annuity deal with L&G
Legal and General (L&G) Retail Retirement has agreed an introducer agreement within its retirement income division to provide annuities to Prudential customers with guaranteed rates.
Five stories you may have missed this week
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Court blocks £12bn annuity transfer from Prudential to Rothesay Life
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
Five stories you may have missed this week
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
M&G Prudential to rebrand after demerger
M&G Prudential has announced it will rebrand and list its shares as M&G later this year.
PICA launches reinsurance counterparty to back UK bulk annuities
Prudential Insurance Company of America (PICA) has launched a reinsurance counterparty, lending support to insurers that account for more than 90% of the UK pension risk transfer market.
Prudential restricts withdrawals from institutional UK property fund
Prudential has implemented withdrawal restrictions on its Workplace Pensions Prudential UK Property fund as scrutiny on open-ended funds' liquidity issues continue.
Rothesay Life completes £700m of bulk annuity deals in H1
Rothesay Life completed around £700m of bulk annuity transactions in the first half of 2019, according to its latest trading update.
Have IGCs improved value for money in contract-based pensions?
A fourth round of IGC reports has emerged and they are looking quite different to last year following regulatory change. Kim Kaveh looks at the key findings.
Good communications are more important than ever
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point
Lesley Titcomb: Industry cannot rely on TPR to act as sole policeman
The sector has to look after its own reputation and should not rely solely on the watchdog, The Pensions Regulator's (TPR) chief executive says.
Prudential partners with Hub Financial Solutions to widen annuity offering
Prudential has agreed an annuity referral partnership with Hub Financial Solutions as part of the provider's plan to widen the range of products and services available to its customers.
Prudential enjoys 13% boost to retirement sales
Prudential has secured an additional 13% of sales in its retirement business, but corporate pension sales fell marginally from £286m to £275m.
One in 10 risk huge tax bills by planning to withdraw entire pension pot
One in 10 of this year's retirees will take their entire pension pot as a lump sum, Prudential's 'Class of 2018' research finds.
Five stories you may have missed this week
This week's top stories include Prudential slashing the size of its corporate defined contribution business, and National Grid's £2bn longevity swap with Zurich.
EXCLUSIVE: Prudential shuts down worksite DC services amid 60% staff cut
Prudential is to slash the size of its corporate defined contribution (DC) pensions business as it moves to purely online- and telephone-based services, Professional Pensions can reveal.
