9
Reattributions of inherited estate
9.1
A reattribution of inherited estate will need to be considered by the PRA to assess its implications on the PRA’s objectives. It must also comply with any FCA requirements.
- 20/03/2015
9.2
When assessing a proposed reattribution, the PRA will consider the impact of the scheme and any payments or adjustments to benefits associated with it on the:
• firm’s safety and soundness; and
• degree of protection for the firm’s with-profits policyholders.
- 20/03/2015
9.3
A firm that is seeking to make a reattribution of the inherited estate associated with a with-profits fund should first submit to the PRA:
(a) projections for capital required to support existing business and financial resources available to meet those requirements;
(b) an assessment of the firm’s future risk appetite for the with-profits fund and other relevant business;
(c) projections for capital required to support future new business, including an assessment of new business volumes, product terms and pricing margins; and
(d) any restrictions on the transferability or availability of assets likely to result from the reattribution and their impact on the solvency position and financial strength of the firm.
- 20/03/2015