Prudential

PP looks at the pensions great and good who oversee contract-based schemes

The Financial Conduct Authority (FCA) has fined Prudential £23.9m for failures relating to non-advised sales of annuities.

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.

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.

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".

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 has announced it will rebrand and list its shares as M&G later this year.

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 has implemented withdrawal restrictions on its Workplace Pensions Prudential UK Property fund as scrutiny on open-ended funds' liquidity issues continue.

Rothesay Life completed around £700m of bulk annuity transactions in the first half of 2019, according to its latest trading update.