Prudential has decided not to press ahead with the planned re-attribution of the £8.7bn Inherited Estate held within its With-Profits Sub-Fund (WPSF).
It says maintaining the fund as it is will be in the best long-term interests of policyholders and shareholders. Prudential says its Inherited Estate, which makes up 11% of the £79.1bn WPSF, is “not excessive” pointing out it is only three times the size of the £2.7bn paid to policyholders as part of the with-profits bonuses announced in February. Nick Prettejohn, chief executive of Prudential, UK & Europe, who says policyholders need take no action as a result of the announcement, says: “Our with-profits fund has been consistently the top performing life fund in the UK for the past one...
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