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The Prudential Assurance Company Limited
General

In the Court of Session, Scotland THE PRUDENTIAL ASSURANCE COMPANY LIMITED

Notice ID: GLA1836844

Notice effective from
16th September 2020 to 16th October 2020

In the Court of Session, Scotland THE PRUDENTIAL ASSURANCE COMPANY LIMITED NOTICE IS HEREBY GIVEN that on 8 September 2020 an application was made to the Court of Session in Scotland (the Court) by way of the Court's note procedure and jointly by (i) The Prudential Assurance Company Limited, a company registered in England and Wales (registered number 00015454) with its registered office at 10 Fenchurch Avenue, London, EC3M 5AG (PAC); and (ii) Scottish Amicable Life Assurance Society, a company incorporated under the Scottish Amicable Life Assurance Society's Act 1976 with its principal office at Craigforth, Stirling, FK9 4UE (SALAS) in the process of the Petition in which SALAS sought an order of the Court, under Section 49 of, and Part I of Schedule 2C to, the Insurance Companies Act 1982, sanctioning an insurance business transfer scheme (the Scheme) for the transfer to PAC of SALAS's long term business. The Scheme was sanctioned by the Court on 24 September 1997. The application seeks the Court's consent to the amendment of the Scheme in order to reflect changes made to the management of PAC's with-profits business and to facilitate a merger between the Scottish Amicable Insurance Fund, to which most of the business of SALAS has been allocated under the Scheme, and PAC's With-Profits Sub-Fund on terms which are intended to be fair to all policyholders (the Proposed Amendment). Copies of (i) a document providing key details of the Proposed Amendment and the Court process; and (ii) the report prepared by an Independent Actuary, Mr Richard Baddon of Deloitte MCS Limited, on the Proposed Amendment, together with other information, may be obtained by any person, free of charge, from PAC's website at pru.co.uk/salaschanges or by calling Prudential Customer Services on 0345 640 3000 (calls will be charged at local rate) or from overseas on +44 178 644 8844 on any weekday (excluding bank holidays) between 8 a.m. and 6 p.m. or by writing to Prudential Customer Services, Lancing, BN15 8GB. Policyholders with questions regarding the Proposed Amendment and the Court process may also call the above telephone numbers, although they should note that Prudential Customer Services cannot provide legal, financial or other advice in relation to the Scheme, the Proposed Amendment or the application. When contacting Prudential Customer Services, please quote the reference "SALAS Changes". Copies of the documents referred to above will continue to be available until at least the day after the date of the hearing at which the Court will decide whether or not to grant its consent to the Proposed Amendment which is sought in the application (the Final Hearing). That date is currently expected to be on 5 November 2020. Any changes to the date of the Final Hearing will be communicated on PAC's website, as above. In accordance with an order of the Court made on 10 September 2020, PAC will publish a series of notices in relation to the application. They are to be published in The London Gazette, The Edinburgh Gazette, The Belfast Gazette, The Financial Times (UK and international editions), The Times (English, Scottish and international editions) and The Herald. Any person who thinks they would be adversely affected by the Proposed Amendment has two ways of bringing their views to the attention of the Court. (i)Formal written objections (known as "Answers") to the application may be lodged with the Court. If any person wishes to lodge Answers, they should seek independent legal advice. Answers are a formal Court document which must comply with the rules of the Court and are normally prepared by Scottish legal counsel. Answers should be lodged with the Court at Parliament House, Parliament Square, Edinburgh, EH1 1RQ within 42 days of the publication of the last of the above notices. The last notice is expected to be published on, or around, 18 September 2020. The deadline for lodging Answers would therefore be on, or around, 31 October 2020. In addition, Answers must be accompanied by payment of a fee to the Court. (ii)In accordance with its practice, the Court may consider any objections to the application which are made in writing to any of the Court, PAC or SALAS, or in person at the Final Hearing. Any objections made in writing to the Court should be sent to the Court at the address set out in the paragraph directly above. Any objections made in writing to PAC or SALAS should be sent to Prudential Customer Services, Lancing, BN15 8GB quoting the reference "SALAS Changes". No fee is payable for making such objections. However, this practice is at the discretion of the Court, and the Court may instead require a party to lodge Answers in order to raise objections to the application and/or appear at the Final Hearing. The entitlement and ability of a party to appear at the Final Hearing will also depend on the prevailing measures mandated or recommended by the UK and Scottish governments (and on the procedures operated by the Court) in relation to the COVID-19 pandemic. Parties are advised to refer to the latest information available from the Court at scotcourts.gov.uk prior to the Final Hearing. PAC will also publish on its website, as above, further information regarding the anticipated arrangements for the Final Hearing. Please note that PAC will endeavour to update these details at least five business days before the Final Hearing as well as in the event the Court changes the arrangements for the Final Hearing after that time. Dentons UK and Middle East LLP Quartermile 1 15 Lauriston Place Edinburgh EH3 9EP Solicitors to The Prudential Assurance Company Limited

Attachments

GLA1836844.pdf Download

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