How does an escrow agreement work?
Quite simply, one party deposits funds into an escrow account under our independent supervision as escrow agent. Once the terms of the agreement have been met, we release the funds to the party designated in the agreement.
With holdings to date of between £100,000 and £1 billion, our escrow services have helped to facilitate transactions across a variety of sectors in the UK and abroad. Examples include:
- construction of hotels and student accommodation
- sporting events
- refurbishment of retail units and shopping centres
- installation of windfarms
- litigation settlements
Escrow services for pension schemes
When a pension scheme reaches its minimum funding level, an escrow account can be an effective way to prevent excess employer contributions from becoming trapped in an overfunded pension arrangement.
As escrow agents, Prudential Trustee Company can hold the surplus assets on behalf of both the sponsoring employer and the scheme. The assets held in the escrow are then released to the scheme or returned to the sponsoring employer if no longer required.
Our escrow services can help to protect employer contributions and provide security to scheme members that their full benefits will be paid to them.
We are aware that the M&G brand is being used to encourage buyers to make payment for goods such as motor vehicles, via classified advertising. The false claim being made is to use M&G’s services to hold funds until the buyer is satisfied with the goods. The seller is attempting to obtain funds from the buyer by fraudulently claiming the bank account details are connected to M&G.
M&G does not offer such a service for goods transacted through classified advertising.
Further, we are aware of a fraudulent Terms and Conditions document in connection with the scam, and we are conducting investigations in order to stop our brand being used without authorisation.
If you have any questions please contact us at firstname.lastname@example.org