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Trustee Investment Plan

Single premium investment for trustees of UK registered Occupational Pension or Self-invested Personal Pension (SIPP) schemes.

Key Documents
Access to the PruFund range of funds

With their unique smoothing mechanism and globally diversified multi-asset portfolios

Portfolio diversifier

Access to lower risk funds with potential for growth

Regular income option

Available via a smoothed investment allowing clients to protect against sequence of returns risk

About the Trustee Investment Plan

Our Trustee Investment Plan (TIP), provided by Prudential, is for Trustees of UK registered Occupational Pension Schemes and Self Invested Personal Pension Schemes (SIPPs). It allows Trustees to invest in our range of funds – to grow investments over the medium to long term.

Investments from SIPPs will be set up for a named individual – known as a “member designated” plan. Other UK registered Occupational Pension Schemes can also designate the plan to an individual member if they wish to do so. However, plans can only be member designated at the start of the plan. Clients can only access the With-Profits Fund if the plan is member designated.

For member designated plans:

  • You can only invest in the With-Profits Fund if the member is under age 85.
  • You cannot choose a PruFund Fund if the member is aged 98 or over.
Eligibility Criteria
  • Trustees of UK registered Occupational Pension Schemes, including Small Self-Administered Schemes (SSAS) and deferred arrangements
  • Trustees of Self-Invested Personal Pension Schemes (SIPPs)

  • Minimum initial investment: £20,000
  • Minimum additional investment: £10,000
  • Additional investments will be set up as a new TIP

Maximum investment is normally £1,000,000. We may accept higher value contributions on request. There is no set investment term. 

Trustees can:

  • Cash in the plan at any time.
  • Take a partial withdrawal (providing the withdrawal exceeds £1,000 and £1,000 is left in the plan).
  • Take regular withdrawals from the plan; monthly, quarterly, six-monthly or annually (up to 100% of the original investment each year). If invested in the With-Profits Fund, the maximum limit is 7.5% per year of original investment and this limit will reduce if partial withdrawals are also taken.

Full and partial withdrawals from the With-Profits Fund may incur an MVR.

Using Trustee Investment Plan for drawdown

A TIP can be used within a Self-Invested Pension Plan (SIPP) to meet a client's income drawdown requirements.

For example, a client with a SIPP could use TIP to provide their income drawdown payments. This allows the client to invest remaining funds within the SIPP in other investments that suit their needs and attitude to risk.

Within a TIP, funds can be invested in PruFund to help provide an income. The Net Expected Growth Rate (EGR) can help cover drawdown payments. 

The Capped Drawdown GAD can help with calculations relating to income drawdown.

Features

  • A range of fund options to suit different needs and attitudes to risk that are not widely available. Our With-Profits Fund and PruFund Funds can provide a balance to higher risk or illiquid assets which may be held in the Scheme, together with growth potential.

  • As an alternative to holding large cash balances in a trustee’s bank account, the Trustee Investment Plan offers the potential for real growth which could help against the effects of inflation.
     
  • Allows trustees of SIPPs and Occupational Schemes outside of Prudential to invest in our With-Profits Fund and PruFund range of funds.
     
  • Regular, partial and full withdrawals. Regular withdrawal facility can provide income without the need to sell or release funds from other assets held in the scheme which may be less accessible, such as property investments.
     
  • Income flows could help cover payments and costs, such as drawdown payments, loan repayments, and any ongoing costs and charges within the scheme.

  • A Fund Size Discount is applied to the Annual Management Charge depending on the size of the fund.
Risks
  • The value of your client’s investment could go down as well as up. They may not get back what they have put in.
  • Inflation will affect the value of the money your client gets back.
  • If the total of charges and costs are higher than the investment growth, your client’s plan will fall in value. Charges may also increase in future.
  • If money is withdrawn from the With-Profits Fund we may reduce the value by applying an MVR.

Investment options

The Trustee Investment Plan (TIP) offers access to a broad range of funds, including Prudential’s Multi-Asset funds, With-Profits Fund and the PruFund range of funds, managed by M&G Life Investment Office (LIO), which includes the team formerly known as Prudential Portfolio Management Group (PPMG), experts in asset allocation and multi-asset fund management.

Trustees can select to invest in a maximum of six funds under each TIP plan and fund choices can be changed at any time. Each PruFund counts as two funds –  see the Key Features document for more information.

PruFund

Our range of globally diversified, expertly managed multi-asset solutions, offering the potential for growth. Their established smoothing mechanism aims to provide clients with a less volatile investment experience.

Risk-managed PruFunds
  • Five Risk Managed PruFunds
  • Each fund is designed to suit different attitudes to risk and reward
  • The funds aim to meet volatility ceiling limits, allowing us to manage their risk profile over time and align it closer to your clients risk assessment
  • Please note, Risk Managed PruFunds 1-4 are available within the Trustee Investment Plan
More information
EGR & UPA
PruFund Cautious
  • Aims for steady and consistent growth through a cautious approach to investing
  • Currently invests in UK and international equities, property, fixed interest securities, index-linked securities, cash and other specialist investments
  • We may occasionally move outside this range to meet the fund objectives
More information
EGR & UPA
PruFund Growth
  • Aims to maximise growth
  • Currently invests in UK and International equities, property, fixed interest securities, index-linked securities and other specialist investments.

 

 

 

 

 

More information
EGR & UPA

Risk Managed

The risk-managed range of funds aim to achieve the right mix for your client’s portfolio with a balance of cost, investment styles and a choice of risk levels.

There are two ranges: Risk-Managed Active and Risk-Managed Passive. The funds are available across a wide range of platforms.

Risk Managed Active
  • A range of multi-asset, Open Ended Investment Company (OEIC) funds
  • Fully-diversified actively managed
  • The funds invest across a broad range of asset classes, designed for medium to long-term investment (5-10 years or more)
  • Please note, only the Risk Managed Active 4 fund is available within the Trustee Investment Plan

 

 

 

More information
Risk Managed Passive
  • A range of multi-asset, Open Ended Investment Company (OEIC) funds
  • Offers a lower-cost investment option with the benefit of a multi-asset approach
  • The funds invest across a broad range of asset classes, designed for medium to long-term investment (5-10 years or more)
  • Please note, only the Risk Managed Passive 1 fund is available within the Trustee Investment Plan
  • Please note, Risk Managed PruFunds 1-4 are available within the Trustee Investment Plan
More information

With-profits

The Trustee Investment Plan allows trustees of SIPPs and Occupational Schemes outside of Prudential to invest in our With-Profits Fund. The Prudential With-Profits Fund is designed to spread investment risk by investing in a range of different assets. In addition, through the bonus process, we'll continue to smooth some of the extreme ups and downs of short-term investment performance.

Other investment options

Access additional internally and externally managed funds, which offer a range of assets to suit differing client needs.

Find out more about fund availability.

Find out more about the performance of the funds.

Charges & costs

We will take a charge every year for managing the plan and investments. The amount charged will depend on the funds your client invests in.

  • PruFund Funds: the AMC is deducted as a percentage of the units every month. Note that if a client has only invested in a PruFund Fund for part of a month, we still take a full month's charge.

  • With-Profits Fund: the AMC depends on the Fund performance - in particular, the investment return and our expenses. We currently expect this charge to be about 1.26% a year based on the assumption that future investment returns from the Fund will be 5% per year.

Further information on how much we charge for each fund can be found in the TIP Fund Guide which you can share with clients.

Fund SizeAMC Discount
Less than £100,0000.35%
£100,000 - £149,9990.40%
£150,000 - £249,9990.45%
£250,000 – £499,9990.475%
£500,000 – £749,9990.50%
£750,000 - £999,9990.525%
£1m and over0.55%

The discount to the AMC will apply to the whole of the investment, not just the portion above the threshold levels.

For more information on Fund Size Discounts see the Fast Facts document.

There are other costs which aren't covered by the Annual Management Charge. These can include, for example, maintenance costs for property investments and costs associated with investing in infrastructure, such as utilities, transport and renewable energy. These can vary over time.

Where these further costs are applicable, they’re paid for by the fund and will impact on the overall performance.  Further information on the charges and costs for each fund can be found in the Fund Guide.

The PruFund Protected Funds are currently unavailable to new investments.

Find out more about the charges for guarantees on our With-Profits Fund.

Market Value Reduction

For investments in the With-Profits Fund, an MVR may apply if the client withdraws funds, switches funds or if the plan is cashed in. However, we offer an MVR-free guarantee:

  • on any regular withdrawals

  • on death*

  • for plans taken out before 7 November 2011, when cashed in at the end of the Selected Investment Term

*Investments in the With-Profits Fund are only available if the TIP has been set up for a named individual - 'member designated'.

Adviser charges are broken down into:

  • Set-up Adviser Charges: We have limits which set out the maximum level of Adviser Charging which we will facilitate. For Set-up Adviser Charges this is 5% of the single premium or £30,000, whichever is lower.

  • Ongoing Adviser Charges: We have limits which set out the maximum level of Adviser Charging which we will facilitate. For ongoing Adviser Charges this is 1% of the fund value.

Adviser charges must be in accordance with HMRC rules and will be tested to ensure they do not exceed the relevant limit for the TIP.

Tools & calculators

All calculators
Trustee Investment Plan Modeller

The Trustee Investment Plan (TIP) Modeller shows how the Prudential TIP can be used as an investment for an existing Self Invested Personal Pension (SIPP) and Small Self-Administered Scheme (SSAS).

Use the TIP modeller
Prudential Fund Reporting Tool

Find out which funds we offer - together with fund factsheets, performance information and more.

Prudential Fund Reporting Tool

Signatureless process

This process applies to the Trustee Investment Plan – Series A (TIP)

SIPP Providers and Trustees can have access to our 'signatureless' process for the following TIP requests:

  • New business
  • Withdrawal of units
  • Adviser Charge Alteration (changes to OAC% only)
  • Fund switch
  • Monetary withdrawal
  • Change to regular income
  • Cancellation

The table below sets out the process and any relevant further information for each type of application. Applications need not be signed unless the scheme’s internal processes require.

If you’ve completed a paper application, this along with any other requirements should also be emailed to us in the same way. 

Service RequestPruAdviser Download FormRequest Via Letterheaded Paper
New Business ApplicationYesNo
Withdrawal of UnitsYesYes
Adviser Charge Alteration (changes to OAC% only)YesYes
Fund SwitchYesYes
Monetary WithdrawalYesYes
Change to Regular IncomeNoYes
CancellationAvailable on requestYes
Authorised Person for Submission of SignaturelessScheme Trustee/AdministratorScheme Trustee/Administrator
Submission

The email must clearly evidence that it is from the scheme trustee/administrator, for example it is from the company's email address and contains the company logo

Complete Form

Accompanying documentation

 

Then email via normal secure transfer or fris.team@prudential.co.uk

The email must clearly evidence that it is from the scheme trustee/administrator, for example it is from the company's email address and contains the company logo

Letterheaded Instruction

Accompanying documentation

Then email via normal secure transfer or fris.team@prudential.co.uk

HSBC BANK

BACS/TT transfers:

Bank name and address: HSBC, 8 Canada Square, London E14 5XL

Bank sort code: 40-02-50

Bank account number: 41425587

Bank account name: PACL General Receipts Account

Quote the client name/Scheme name or our plan number if known as reference when sending the funds

Also the funds must be sent from the trustees’ bank account NOT from a personal account or the sponsoring employer’s account.

If you do have any further questions, please call us on 0808 100 3429 - we’re happy to help.  From abroad you can phone us on (+) 44 1786 448844.  We’re open 9.00am to 5.00pm Monday to Friday (apart from bank holidays). 

Alternatively email us at fris.team@prudential.co.uk

The use of a signatureless process removes the need for you to obtain a ‘wet’ signature from trustees. Nevertheless, if their internal process requires a signature then you should continue to follow this process.

This process will be reviewed regularly and may change in the future.

However, we'll only accept submissions of signatureless requests from the scheme trustee/administrator.

Available methods for submitting requests:

  • Via the Customer Support team email fris.team@prudential.co.uk with confirmation that they are acting on behalf of the Scheme Trustee/Administrator
  • Postal/hardcopy

Request an illustration

If you would like to request a TIP illustration please contact us on 0808 234 0808 or email us at sales@prudential.co.uk.


Alternatively, you can request this through your Account Manager.

The information provided is by Prudential Distribution Ltd, and/or M&G Wealth Investments LLP, Investment Funds Direct Limited, Prudential International Assurance and/or The Prudential Assurance Company. 

To understand M&G's business and brands, you can view our Corporate & Regulatory Information.

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