Prudential assumes $4.9bn in pension obligations for 21,500 Shell US retirees

Written by Adam Cadle

08/02/2024

Prudential Financial has closed a pension risk transfer transaction with Shell USA for $4.9bn in pension obligations covering a block of around 21,500 of the company’s US retirees.

As a result of this transaction, PFI, through its subsidiary The Prudential Insurance Company of America, will be responsible for the pension benefit payments to these retirees beginning 15 May 2024.

“Prudential is honoured to help continue meeting the retirement security needs of Shell’s retirees,” said Alexandra Hyten, head of institutional retirement strategies at Prudential.

“We are confident that our commitment to flawless execution — from the transaction itself to participant onboarding and service delivery — will serve Shell retirees well, protecting the lifetime income they’ve worked hard to earn.”

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