As you’re aware the negotiations over the UK’s withdrawal from the EU are ongoing.
Prudential has implemented plans to transfer some of its policies to Prudential International Assurance (PIA) in Ireland, policies that were originally bought in a branch within the EEA, i.e. bought in Poland, France, Malta, Germany or Ireland. It is expected that post-Brexit these policies could no longer operate under the Freedom of Establishment and Freedom of Services rules available through EU law, and so they will be transferred to PIA through a UK High Court sanctioned Part VII process. This will be effective from 1st January 2019. More information on this transfer is on www.pru.co.uk/transfer.
There are also over 30,000 Prudential Assurance Company (PAC) and Prudential Pensions Limited (PPL) policyholders now resident in the EEA. It is not clear, as of yet, if there will be an impact on these policies post-Brexit. We’re currently writing to our EEA resident policyholders to let them know that we’re monitoring the Brexit negotiations closely and that we will implement the necessary plans to ensure their policy can continue to run smoothly should there be some potential impacts post the Brexit date of March 29th 2019. A copy of a customer letter is available to view.
We will keep our websites updated with more information as it becomes available.