On the one hand the only thing that will change for annuitants is the name of the payer on their bank statement
On the other hand annuitants have to live with the thought and possible worry that the company paying their annuity is not the mighty Pru
On the basis there is no financial detriment – don’t forget there is 100% protection for annuities under the FSCS – the issue is largely emotional
I underestimated the power of the emotional attachment to Prudential when I spoke about this on BBC money box but have now realised how important that is.
I shouldn’t be surprised as I have always said that peace of mind and security is very important. In fact, when I was at the Prudential we used peace of mind and security as a marketing catch phrase.
