Prudential Monetary, Inc., a worldwide supplier of monetary providers, closed a pension threat switch transaction with Shell USA, Inc., assuming $4.9 billion in pension obligations for 21,500 of the corporate’s US retirees.

Because of this transaction, PFI, by means of its subsidiary The Prudential Insurance coverage Firm of America, might be accountable for the pension profit funds to those retirees starting Could 15, 2024.

That is Shell’s first jumbo transaction of 2024, and it’s the seventh largest one out of ten pension threat transfers on report.

Prudential’s most up-to-date transaction, the corporate famous, underscores continued momentum within the US pension threat switch market.

“Prudential is honored to assist proceed assembly the retirement safety wants of Shell’s retirees,” mentioned Alexandra Hyten, head of Institutional Retirement Methods at Prudential.

Including: “We’re assured that our dedication to flawless execution — from the transaction itself to participant onboarding and repair supply — will serve Shell retirees properly, defending the lifetime earnings they’ve labored onerous to earn.”