Pension and Investment fund updates

Our funds are always potentially subject to changes, and we want to keep you up-to-date with what's happening. You'll find information on recent changes below.

We'd recommend that you visit this page for information if you are considering your investment choice. This page is for information purposes only. Please speak to your adviser if you require any more information.

What’s changing?

We regularly review the funds we offer, and we decided to close the Prudential Invesco UK Equity Income Life (Inc) and Pension fund for performance reasons.. We hoped to close the funds this year but this has not been possible and closure may move into 2023.

Closing a fund is not an option we take lightly. We’ll close funds, when our confidence in how consistent returns will be produced in the future has significantly reduced. We can’t give you an immediate closure date but will be in touch when we have a confirmed date. You may want to discuss this with your financial adviser.

When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. And in this case the replacement fund charges are lower.

What current investors need to do?

We’re writing to those invested in the closing fund to let them know. They can chose to move to another fund, or if they chose to remain in the fund we’ll write to them once we have a confirmed closure date. In the meantime they may want to speak with their financial adviser.

More information

Full details on each of the funds can be found by clicking on the type of fund you’re invested in:

Pension Funds

Life (Inc) Funds

If you are invested via the Prudential Investment Plan (Post R Day) you’ll find more detailed information here.

Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.

What’s changing?

We regularly review the funds we offer, and we’ve decided to close Prudential Invesco Global Bond Funds on 19 August 2022.

Closing a fund is not an option we take lightly. We’ll close funds, when our confidence in how consistent returns will be produced in the future has significantly reduced.

When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. And in this case the replacement fund charges are lower.

What current investors need to do?

We’re writing to those invested in the closing fund. They can chose to move to another fund, or they can do nothing and we’ll move their investment, and if relevant any future contributions,  into our suggested replacement fund.

More information

Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.

Pension Funds

Life Funds

If you are invested via the Prudential Investment Plan (Post R Day) you’ll find more detailed information here.

This Prudential fund invests in a fund managed by M&G. The manager has made change to the name and objective designed to enhance and clarify the Fund’s ESG-related disclosures. The new investment policy will be simplified through the introduction of high-level descriptions of specific categories of ESG exclusions.

There are no changes to the Prudential risk rating or fund charges.

What changed?

The table below shows the details of the changes:

Previous name New name

Prudential M&G UK Select

Prudential M&G UK Sustain Paris Aligned

Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G UK Select Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of the FTSE All Share Index over any five-year period. At least 80% of the fund is invested directly in equity securities and equity-related securities of companies across any sectors and market capitalisations, that are incorporated, domiciled, listed or do most of their business in the United Kingdom. The fund usually holds a concentrated portfolio of fewer than 50 companies. The fund may also invest in other transferable securities directly and via collective investment schemes (including funds managed by M&G). The fund may also hold cash for liquidity purposes. Derivatives may be used for efficient portfolio management and hedging.

Objective: The investment strategy of the fund is to purchase units in the M&G UK Sustain Paris Aligned Fund - the underlying fund.

Underlying Fund Objective: The Fund has two aims:

    To provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure, than the FTSE All-Share Index over any five year period; and

    To invest in companies that contribute towards the Paris Agreement climate change goal.

At least 80% of the Fund is invested directly in equities and equity related securities of companies, across any sector and of any size, that are incorporated, domiciled or do most of their business, in the UK. The fund is concentrated and usually holds shares in fewer than 50 companies. The Fund invests in securities that meet the ESG Criteria and Sustainability Criteria. The following types of exclusions apply to the Fund’s direct investments:

    Norms-based exclusions: investments that are assessed to be in breach of commonly accepted standards of behaviour related to human rights, labour rights, environment and anti-corruption.

    Sector-based and/or values-based exclusions: investments and/or sectors exposed to business activities that are assessed to be damaging to human health, societal wellbeing, the environment, or otherwise assessed to be misaligned with the Fund’s sector-based and/or values based criteria.

    Other exclusions: investments assessed to be otherwise in conflict with the ESG Criteria and Sustainability Criteria.

What’s changing?

We regularly review the funds we offer, and we’ve decided to close the following Pension Funds on 4 March 2022.

  • Prudential Artemis High Income

  • Prudential Artemis UK Smaller Companies*

  • Prudential Artemis UK Special Situations

  • Prudential Fidelity MoneyBuilder Income*

  • Prudential Invesco Corporate Bond

  • Prudential Invesco Monthly Income Plus

  • Prudential Janus Henderson Fixed Interest Monthly Income

  • Prudential Schroder Income

  • Prudential Schroder US Mid Cap
     

We’re closing funds where the fund is too small for us to continue to offer it, or where we have other similar funds available.

When we close a fund, we offer our selected replacement fund. We aim to keep the fund costs and charges the same or lower. But that’s not always possible, and where charges are higher that is shown (*).

What current investors need to do?

We’re writing to those invested in the closing funds. They can chose to move to another fund, or they can do nothing and we’ll move their investment, and any future contributions, into our suggested replacement fund.

More information

Not sure which fund series you’re invested in? Check your letter, your annual plan statement, or speak to your financial adviser.

Series A Pension Funds 
FRIA Pension Funds

This Prudential fund invests in a fund managed by Jupiter Asset Management. In January 2022, Jupiter changed the objective of the fund.

There are no changes to how the fund is being managed, risk ratings or charges.

What changed?

The table below shows the details of the changes:

Previous objective New objective
Objective: The investment strategy of the fund is to purchase units in the Jupiter UK Mid Cap Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth. In seeking to achieve its investment objective the fund will aim to deliver a return, net of fees, greater than that of the FTSE 250 ex Investment Trust Index over rolling 3 year periods. The fund primarily invests in a portfolio of medium sized UK companies.
Objective: The investment strategy of the fund is to purchase units in the Jupiter UK Mid Cap Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth. In seeking to achieve its investment objective the fund will aim to deliver a return, net of fees, greater than that of the FTSE 250 ex Investment Trust Index over rolling 3 year periods. The fund invests a minimum of 60% of its Net Asset Value in a portfolio of medium sized UK companies.

The suspension on transactions that took effect from 5 December 2019 was lifted with effect from 10 May 2021. We’ve written to all affected customers. You can find out more here. 

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