Prudential UK and Equitable Life have confirmed that the proposed transfer of Equitable's with-profits annuities book to Prudential has received final court approval in the UK and the Channel Islands.
The approval was followed the Extraordinary General Meeting at which over 98% of Equitable’s voting members supported the proposed transfer. The transaction is expected to complete by December 31, 2007.
Under the terms of the agreement, the portfolio of with-profits annuities will transfer into Prudential’s with-profits fund. Prudential will take over direct responsibility for the management of these policies and payment to these annuitants after the transfer is completed.
Nick Prettejohn, chief executive of Prudential UK, said: We are delighted that the proposed transfer has received the necessary court approvals and the transaction is on schedule to complete by the end of this year. The agreement will provide Equitable’s with-profits annuitants with improved prospects and greater security by being part of one of the largest and financially strongest funds in the UK.