Prudential completes $1bn PRT deal with PSEG

Written by Adam Cadle

31/08/2023

Prudential has been chosen to participate in a pension risk transaction with PSEG, fulfilling nearly $1bn of its pension plan obligations for approximately 2,000 retirees of PSEG Power & Other, a PSEG business segment.

“Prudential is proud to help meet the retirement security needs of these 2,000 PSEG retirees, and to continue being a market leader in expanding access to retirement security,” said Alexandra Hyten, head of institutional retirement strategies for Prudential. “We are confident that our rock-solid service delivery and experience in navigating market complexities will serve retirees well, helping to protect the lifetime income they’ve worked hard to earn.”

As a result of the lift-out transaction, Prudential will be responsible for the pension benefit payments to these retirees beginning 31 December 2023.

“Protecting future benefits for our retirees is something we take very seriously, and an independent fiduciary was retained for their expertise and process to select a financially strong and leading group annuity provider,” said Sheila Rostiac, senior vice president and chief HR officer at PSEG. “We are working with Prudential to ensure a seamless transition for retirees.”

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