Prudential assumes $4.9B in pension obligationsfor 21,500 Shell retirees

Prudential Financial (PRU) closed a pension risk transfer transaction with Shell USA, (SHEL) for $4.9B in pension obligations covering a block of about 21,500 of the company’s U.S. retirees. “Prudential is honored 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.”