Update – May 2024

You’ll remain invested in the Prudential M&G Property Portfolio Fund. While the fund is suspended

the following transactions are allowed:

• Existing regular withdrawal arrangements already in place (Life funds)
• Maturity (Life funds)
• Taking retirement benefits (Pension funds)
• Any claims on death or serious ill health (Life and Pension funds)
• Pension sharing on divorce (Life and Pension funds)

the following transactions aren’t allowed:

• Further investments into the fund
• Any switches into the fund

the following activity is deferred for up to six months:

• Withdrawals out of the fund
• Any switches out of the fund
• Life surrenders
• External pension transfers 

You can withdraw from the fund or switch to a different fund in your plan’s fund range. You’ll find information on all the funds available to you in your Fund Guide or at pru.co.uk/funds

To go ahead with a switch or withdrawal, please contact us by going to pru.co.uk/contact-us

As there are still restrictions in place on the fund, requests to move money out will be delayed for up to six months from the date we receive your request.

We recommend you speak to your financial adviser. If you don’t have a financial adviser, you can find one at pru.co.uk/find-an-adviser

If you’re happy with the change to the Prudential M&G Property Portfolio Fund objective, you don’t need to do anything.

We don’t believe this issue will impact any of our other funds. We’ll continue to monitor the situation and if it changes, we’ll update this page and write out to impacted customers.

We do have some multi-asset funds which invest in a wide range of assets, with property being just one of those invested in. These are not suspended even where that property exposure is obtained through the M&G Property Portfolio, but we’ll continue to monitor the situation.

Due to the planned closure of the Prudential M&G Property Portfolio Fund, we can’t accept any new investments into the fund.

Due to the planned closure of the Prudential M&G Property Portfolio Fund, we can’t accept switches into the fund.

Yes, we have honoured and processed all requests received before 11am 20 October 2023.

Previously arranged regular withdrawals and income payments will continue to be paid.

The funds will remain suspended until they’re closed. The suspension won’t be lifted at any point prior to closure.

Yes, you can get a fund valuation using the online service. If you’re not already registered, go to pru.co.uk/registernow

The online service isn’t available for all our products yet, but you’ll find out which ones are available at pru.co.uk/online If you’re unable to get a valuation online, you can also call us on 0800 000 000.

Please bear in mind that certain transactions have been placed on hold for a period of six months. If, at the end of that period you still want to do the transaction, a fund valuation would be used based on the unit prices current at that point in time.

The unit price of the fund will continue to be published on our website.

The unit prices for the Prudential M&G Property Portfolio Fund are linked to

• the value of the property assets of the Underlying Fund and,
• cash distributions received from the Underlying Fund.

We’ll make updates to this page if and when anything changes, and write to impacted customers.

Yes, we wrote to customers invested in fund in November 2023. This was for information purposes only and no response was needed. We also wrote to all policyholders invested in the fund to advise them of the objective change (mentioned above) as a result of the wind up of the M&G Property Portfolio Fund.

We can’t invest regular contributions into the property funds while the suspension is in place. Instead, to allow continuity of investment, any regular contributions that would have been invested in them are now invested into the relevant Cash Fund for your product during the suspension period.

If you want, you can choose to allocate these regular contributions to alternative funds. If you choose a different fund for your regular contributions, you won’t be automatically switched back into the linked fund when the situation changes. Depending on your fund choice, the value of your regular payments when the situation changes may be more or less than the actual amounts you paid in.

If you’re thinking of making changes to your plan, we recommend you speak to your financial adviser. If you don’t have a financial adviser, you can find one at pru.co.uk/find-an-adviser

The Cash Fund is being used as it’s the most suitable alternative to the Property Fund and is defined as the default fund to be used under a fund suspension scenario. You’re able to re-allocate your regular contributions to alternative funds, if you’d prefer.

Any contributions paid before 20 October 2023 were allocated as normal to the property funds affected by this suspension. Any contributions paid after that date have been allocated to the Cash Fund, including any that were paid in the short period between the suspension being put in place and our letters to customers being sent out.

No – there won’t be a charge.

No – the reallocation of contributions is to protect future contributions. The suspension of the Property Fund and not allowing switches out at this time, is to protect the long-term interests of investors in the fund.

No - If you’d prefer to choose an alternative fund while the Property Fund is suspended, then you can. But please be aware that your re-allocated contributions won’t automatically be switched back to property at a future date.

If you’re thinking of making changes to your plan, including adding more money, we recommend you speak to your financial adviser. If you don’t have a financial adviser, you can find one at pru.co.uk/find-an-adviser

We’re still working on the details of the planned closure and timeline. Once we’ve finalised the details of the closure, we’ll write to all impacted customers about 10 weeks prior to the final closure date.