Dr Iain Clacher quoted in the FT
On Sunday 27 October, Dr Iain Clacher, Pro Dean for International was quoted in the FT, discussing the potential issues with pension transfers from long established insurers to newer specialist rivals
The article entitled UK regulator under fire over £12bn annuity deal looks at the recent blocked case involving Prudential transferring £12bn of annuities to Rothesay, which was only established in 2007. The judge concluded that savers who had picked Prudential because of its reputation and financial strength should not be forced to switch to a firm that did not have “an established reputation in the business”.
Dr Clacher commented: “Capital and reputation can matter, some savers are also prepared to take a hit on the annuity rate because they have confidence in the reputation and brand of a long-established and diversified insurer.”
