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The Prudential ISA, provided by Link Financial Investments Ltd, combines tax-efficient investment with access to the PruFund funds and Open-Ended Investment Company (OEIC) funds.
If your client is investing in any of the PruFund Funds available under the Prudential ISA you'll have to provide them with the relevant KID(s) and IOD(s) based on the type of payments to me made, i.e. single contribution/transfer payment and/or regular contribution, and the relevant PruFund funds for those payments.
Follow the link below to obtain the relevant documents. The documents are split into two sections:
Some of the documents for The Prudential ISA, such as application forms, servicing forms and fund information documents,
are only available on the Link's website.
View Link Financial documents Link costs and charges disclosure
The Prudential ISA;
Your client can choose to invest in one or both of these elements of the Prudential ISA.
Download our guide to the Prudential ISA and the Prudential ISA Fast Facts Document for more information.
Details of the structure, legal entities and responsibilities for the provision and management of the Prudential ISA, and the investments available within, are shown in the sections below.
Link Financial Investments Limited (LFIL) are the provider of the Prudential ISA and the ISA Manager.
PruFund funds are made available within the Prudential ISA through a Life Insurance Policy provided by The Prudential Assurance Company Limited.
The LF Prudential Risk Managed Active and Passive fund range is provided through Link Fund Solutions Limited (LFSL) as Authorised Corporate Director (ACD) of the funds.
Features of the Prudential ISA
Your client’s investment could go down as well as up, they may not get back what they paid in.
Below we’ve shown a brief description of who the Prudential ISA might and might not be suitable for.
The Prudential ISA may be suitable for customers who;
The Prudential ISA may not be suitable for customers who;
You can find full target market information in the Target Market Summary – Prudential ISA Product document.
Minimum |
Maximum |
Age 18 |
No maximum age |
Please review our Target Market Summary – Prudential ISA Product to make sure the product is suitable based on your client’s circumstances.
The following investment levels apply to contributions and payments into the Prudential ISA:
|
Investments from single |
Investments from transfer |
Investments from regular contributions |
Minimum initial investment in new fund |
£500 per fund |
£50 per fund |
|
Minimum top-up to existing fund |
£250 per fund |
No minimum |
|
Payment method |
BACS, VISA Debit, Cheque |
Transfers are electronically enabled for most transfers from Cash and Stocks and shares ISA Managers. Transfers to your client’s Prudential ISA are paid as cash from the transferring ISA Manager. |
Direct Debit |
Payment frequency |
N/A |
N/A |
Monthly |
Payment day |
N/A |
N/A |
Any day between the 1st and 28th of the month |
Single contribution subscriptions are accepted from a third party. The payee, i.e. the Donor, will be required to declare that;
Subscriptions to an ISA are subject to maximum subscription limits set by HMRC
You can find details of the current subscription limit, as well as other useful facts about ISAs, at Individual Savings Accounts (ISAs): the facts. You can also refer to .gov.uk for more information at gov.uk/individual-savings-accounts.
Your client can split their subscriptions, subject to the overall maximum limit, in any proportion between any one of each of the four ISA types available;
*Additional restrictions apply to the maximum that can be paid into a Lifetime ISA.
Transfers in from other ISA plans don't count towards your clients' annual subscription limit. Your client’s remaining ISA allowance for the current tax year will take account of any subscriptions already paid to the transferring ISA in the current tax year.
Please note, Prudential only offers a Stocks and Shares ISA and it is not a Flexible ISA.
When considering a transfer, your client should speak to their existing ISA provider about potential charges or penalties.
The Prudential ISA Online Service is electronically enabled for transfers from Cash and Stocks and Shares ISA Managers where the transferring ISA Manager is also electronically enabled.
This means you won’t need to get your client to sign a transfer authority form if the transferring ISA Manager is also electronically enabled for the transfer to Link.
You can find a list of ISA managers currently able to process electronic transfers to the Prudential ISA on the ISA online functionality page.
The new Prudential ISA and Add Money in online journeys on the Prudential ISA Online Service will let you know whether the transfer will be processed electronically or requires a signed transfer authority.
Where the transfer can’t be processed electronically a pre-populated transfer authority form will be provided for you. Where a transfer authority form is provided it’s important that this form is used for the transfer as it contains important references unique to your client to help make the transfer process as quick and efficient as possible.
Your client can take;
|
One-off withdrawals |
Regular withdrawals |
Payment frequency options available |
One-off |
Monthly, quarterly, six-monthly or yearly |
Payment date options |
N/A |
5th or 20th |
Minimum withdrawal limit |
Partial withdrawal limit is £250 per selected fund, subject to there being a remaining balance for that fund of £500. |
£50 per selected fund. Withdrawal will only be made from the selected fund where the remaining value of that fund is £500 or more. |
Maximum withdrawal limit |
Value of the fund selected. |
The total value of the regular withdrawals to be taken in any 12 month period must not exceed 100% of the value of your client's Prudential ISA. This calculation is performed when the withdrawal is established, on its re-commencement following any suspension, or should the amount be increased. The Regular Withdrawals guide has more information. |
Other restrictions |
No |
Regular withdrawals can’t be taken if regular contributions are being paid into your client’s Prudential ISA. |
Funds available within the Prudential ISA:
The Prudential ISA offers our PruFund range of funds which aim to grow your client's money while giving a smoothed investment experience.
Find out more about the PruFund Range of funds.
We announce the Expected Growth Rates that apply to the PruFund Range of Funds every quarter.
The expected growth rates quoted for PruFund funds available in the Prudential ISA are gross of the PruFund AMC.
Any further costs that might be incurred by the fund, and disclosed in fund literature, are accounted for within the expected growth rate. This means the value of units held by your client in their PruFund funds will normally increase daily in line with the expected growth rate of their PruFund fund.
The AMC is taken by a monthly cancellation of units from the PruFund funds held within your client’s Prudential ISA
Find out more about our Expected Growth Rates, Historic Expected Growth Rates or Unit Price Adjustments for the PruFund Range of Funds.
We offer a range of five Risk Managed Active and five Risk Managed Passive funds which are Open Ended Investment Company (OEIC) funds that pool your client's money together with other investors.
Find out more about the Risk Managed Active Range.
Find out more about the Risk Managed Passive Range.
The following rules apply to switches involving the PruFund range of funds;
The following rules apply to switches involving the Risk Managed OEIC range of funds;
The following charges apply under the Prudential ISA;
We will take a charge each year for the management and administration of your client’s PruFund funds held within their Prudential ISA.
The charge;
The AMC charged on your client’s PruFund holdings is as follows;
Total value of client’s PruFund holdings in their Prudential ISA |
AMC |
||
£0 |
to |
£99,999.99 |
1.10% |
£100,000 |
to |
£249,999.99 |
1.05% |
£250,000 |
to |
£499,999.99 |
1.00% |
£500,000 |
to |
£749,999.99 |
0.95% |
£750,000 |
to |
£999,999.99 |
0.925% |
£1,000,000+ |
0.90% |
For further information on how the Annual Management Charge is calculated and taken, refer to the Prudential ISA Terms and Conditions and the Master Insurance Agreement - Customer Copy.
In addition to the AMC, there may be further costs incurred, which can vary over time.
Where these are applicable, they are paid for by the relevant PruFund fund and are accounted for within the expected growth rate of the PruFund fund.
Further information on the PruFund Fund charges and costs can be found in the PruFund Fund Guide and in the Prudential ISA Fast Facts Document .
The Ongoing Charge figure is based on the total of all charge payments made over a year, and includes charges such as the fund’s Annual Management Charge, custodian charge and administration fee.
The charge is reflected in the daily unit price of the fund.
In addition to the above charges, there may be further costs incurred, which can vary over time. Where these are applicable, they are paid for by the relevant fund and will impact on its overall performance.
Further information on the OEIC Fund charges and costs can be found in the relevant Key Important Information document and cost and charges documents for the fund which you can find on the Prudential ISA customer recommendation literature page.
There is currently no charge for switching into or out of PruFund funds.
There is currently no charge for switching into or out of LF Prudential Risk Managed funds.
The following types of Adviser Charges can be facilitated from the Prudential ISA:
Initial (set-up) |
Ongoing |
Ad hoc |
Agreed between you and your client as a % of initial investment or a fixed monetary amount |
Agreed between you and your client as a % of total plan value or a specified monetary amount each year. |
Not available |
Adviser Charge |
Maximum Allowable |
Single investment |
Lesser of 5% of the total single and transfer payment(s) included in the application and £20,000. |
Regular investment |
5% of the regular contribution or 25% of the first 12 monthly contributions. |
Ongoing Adviser Charge |
1% each year of the total holding within the ISA across all funds. |
For more details on Adviser charging, see the Adviser Charging Guide.
The Prudential ISA Online Service was launched in February 2020, and was developed jointly between Link Financial Investments Limited (LFIL) and Prudential. It is provided and hosted by LFIL as ISA Plan Manager of the Prudential ISA.
All major application processes can be made using the Online Service, however some processes remain paper based. You can find full details of the online and offline processes in our dedicated Prudential ISA Online Functionality section.
We understand adviser time is precious and that administration tasks such as pulling together client information and setting up and managing new ISA clients can be time consuming and take you away from the job of advising your clients.
The Prudential ISA Online Service now provides a Support Staff Service that allows you to set up access for your Paraplanner / Admin Staff to act on behalf of advisers within your firm. Once access has all been agreed and set up by LFI, your authorised Support Staff users will be able to do everything an adviser can do through the Prudential ISA Online Service, such as;
Client research processes
Transactional processes
If the Support Staff Service is something you’d like to set up for your paraplanner / admin staff please contact your Prudential Account Manager to discuss in the first instance.
LFI have produced a number of documents to help you understand what the service is and how it works, along with some handy FAQs to refer back to for guidance once the service has been set up.
We’ve provided some of these documents for you below to help with your discussions with your Prudential Account Manager.
The following services are live for the Prudential ISA;
Back Office Software Provider |
Services currently available |
||
Bulk valuations |
Transaction History |
Adviser Remuneration |
|
Intelligent Office (iO) |
Yes |
No |
No |
IRESS |
COMING SOON |
No |
No |
· AdviserCloud · Advice Objects · Bluecoat · Clarity · Family Capital · MoneyInfo · Time4Advice · Wealthcraft
|
Yes |
No |
No |
If you have iO’s back office software integrated into your business, you can get bulk valuations for your Prudential ISA clients by downloading Link’s Prudential ISA Bulk Valuation app through the iO app store and completing the registration process with Link.
Your iO Administrator should look for the Link Group app in the iO app store.
When your iO administrator has accessed the app they will be provided with information about the service and the steps they will need to follow, which includes completing registration.
Registration is accessed using the Register option in the menu where they will be taken to a registration journey on Link’s website.
Please note, the service uses the FCA register to keep an up to date directory of firm details which is refreshed every month. If a new adviser is added to the firm between FCA data uploads, that advisers Prudential ISA clients will not be shown until the following months FCA data upload.
Back office provider firms we are currently live with through Origo
Bulk Valuations are live through the Origo Integration Hub with the following adviser back office providers;
We’re working closely with a number of other adviser back office software providers who are integrated through the Origo Integration Hub. We’ll update the list above as and when we’ve fully onboarded with additional back office providers.
If your back office software provider is on the list above, you can start the process of onboarding your firm by contacting Prudential at PruBulkTransactionsHub@Prudential.co.uk. The email must be titled Bulk Valuation Request and provide the following information;
If your firm is a directly FCA-regulated Principal firm (whether as part of a Network or otherwise)
If you are an Appointed Representative firm (whether as part of a Network or otherwise),
Please do not contact us if your back office provider is not on this list as we will not be able to onboard your firm until we’ve completed our integrations with the back office software provider.
By registering for the Bulk Valuations, Prudential are required to perform verification checks on the information submitted to ensure the Prudential ISA Products and the Customer Investor IDs are available for our Bulk Valuations service and to validate with your Adviser Back Office provider
The Prudential ISA is an online product, and as such all new Prudential ISA clients must provide an email address.
It is important their email address is unique to them as they will use this as their username for logging in to the online service. If you have two Prudential ISA clients who share an email address, that email address can’t be used for both clients as neither will be able to register for online access.
When you submit a new Prudential ISA application for a new client, your client will be sent two emails by Link Financial Investments Limited (LFIL). The purpose of these emails is to take your client through a summary of the application you have submitted on their behalf, and where an action is required by them, they will be taken through the appropriate steps.
When you submit a top-up or a withdrawal for an existing Prudential ISA client, your client will also be provided with two emails similar to that detailed under the New ISA client application journey information above.
IMPORTANT INORMATION FOR CLIENTS REGISTERING FOR ONLINE ACCESS
Part of the registration journey includes collection of your client’s bank details, if these aren’t already held, so you may want to let them know to expect this information being asked when they register.
You should also inform your client that the email address set up on their Prudential ISA will be their username to login once they’ve completed registration.
NOTE: If you have two clients with Prudential ISAs who have been set up with the same email address on each of the ISA records, these clients will not be able to register for online access whilst holding the same email address.
This is because their email address is their username for logging in and is where communications are sent notifying the client when documents are available for them to view. This means one of your clients will have to set up a separate email address and update their Prudential ISA with this new email address.
There are two ways your client will be able to register for online access;
In both of the above registration journeys, after accessing the URL in their on-time-link email, they will follow a few simple steps to complete registration;
Once your client has registered for online access they’ll be able to see information on their Prudential ISA similar to what you can see through your online access, i.e. they will be able to;
In addition to the above they will also be able to transact on their ISA.
Please note providing accessing to transact, such as top-up their Prudential ISA and take money out of their ISA is in no way aimed and encouraging your client to bypass you as their adviser. Your client is encouraged to discuss with you before carrying out any transaction by themselves.
Assuming you and your client agree they should carry out the transaction themselves, they will be able to;
You will receive an email notification of any transaction your client has submitted themselves using their Prudential ISA Online Service access.
Link Financial Investments Limited (LFI) have created some useful documents for customers to help them with registration and navigating the online service, including a document showing step by step the registration process. You can access these documents on Link’s website.
© Prudential 2022
"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.