Brexit – Impact on your policies

The UK withdrew from the EU on Friday 31 January 2020 and the transition period ended on 31 December 2020. Although a trade deal was agreed, there is still no specific deal covering financial services.   

We have been in ongoing consultation with the local regulators across the EEA states in order to keep you informed of any changes. At this time, there is no immediate impact to the ongoing servicing of your policy.

Your investment with Prudential is important to us. As a business we constantly monitor all factors to do with your policy including the political environment in which we operate. We will continue to keep you updated with any changes that may affect your policy.

Where can you get more information?

Our most up to date information will be available on our Brexit hub.

You can also contact your financial adviser, if you have one. Note that advisers may charge for their services.

  • There is no immediate impact to the ongoing servicing of your policy however, if you live in the EEA we may not be able to make any policy alterations which could be considered to be new business. Where your policy has the right of surrender, you may exercise this right at any time. We will be in ongoing consultation with the local regulators across the EEA states and will keep you informed of any changes.

  • We are aware of the news that some UK banks made the decision to close UK bank accounts for customers living in some EEA locations. We have contacted customers who may have been affected by this and confirmed options available to them. Please see the question below for more detail. Our customers’ interests are at the very heart of our thinking and any actions we might take. Our aim continues to be to minimise any disruption or impact on your policy.
  • Policy alterations such as (but not limited to) top ups, increases in the level of life cover or increases to your regular contribution amounts would be considered new business and as such may no longer be allowable for customers living in the EEA. Please contact us if you are considering making a policy alteration of this kind.

  • If you are considering making any changes to your policy and currently live in, or are considering a move to the EEA, please contact us if you are unsure whether the change is allowed.
  • We are aware of the news regarding some UK banks taking the decision to close UK bank accounts for customers living in some EEA locations and are assessing any potential impacts. Our customers’ interests are at the very heart of our thinking and any actions we might take. Our aim continues to be to minimise any disruption or impact on your policy. We’ll keep our website regularly updated as more information becomes known.

  • If you’ve been notified by your bank that your account is being closed you may need to take action to ensure that the payments you make to us, or receive from us, can continue. You should contact your bank in the first instance.


What are your options?

  • If your Bank has confirmed that they’re closing your current nominated account, we’ll need you to take action, please see the options below.
    • If you have a bank account with another UK bank and have satisfied their criteria to keep your account open, you’ll need to let us know your new UK bank or building society details so your current payment arrangements can continue.  
  • If you don’t have a UK bank account and you receive regular payments from us: 
    • You’ll need to let us know the details of your alternative EEA bank account so your current payment arrangements can continue. 
    • If you are receiving a payment from an annuity, you can do this using the secure message option within your online account. 
    • If you are receiving payments for another type of policy, please call us.

  • If you don’t have a UK bank account and you’re currently making regular payments to us:
    • You’ll need to contact your EEA bank to set up a new regular payment to us, as soon as possible.

  • If you need to make changes to your bank accounts or payments, please do this as soon as possible, so that payments can continue.
  • We have transferred policies to Prudential International Assurance (PIA) which is based in Ireland and all affected policyholders have been notified. These policies were originally bought in a Prudential branch within the extended European Economic Area (EEA) incorporating Poland, France, Malta, Germany and Ireland.

  • If you now live in the EEA and bought your policy in the UK, Channel Islands or the Isle of Man your policy will not be transferred.
  • There is no immediate impact to the ongoing servicing of your policy however, if you live in the EEA we may not be able to make any policy alterations which could be considered to be new business. We will be in ongoing consultation with the local regulators across the EEA states and will keep you informed of any changes.

  • This aligns with recommendations from the European Insurance and Occupational Pensions Authority (EIOPA) to all EEA regulators and guidance from the Financial Conduct Authority (FCA), that the objective is to minimise the detriment to any impacted policyholders.

  • We are also continuing to review the specific details and impact for Financial Services in the UK. As further details of the agreement emerge over time, we will update these webpages.
  • If you live in the EEA and you’ve been notified by your bank that your UK bank account is being closed, you may need to take action to ensure that the payments you receive from us can continue.  You should contact your bank in the first instance. Please contact us if you need to update your bank account details.
  • If you have concerns about how wider economic conditions and political actions may impact your investments, you should contact your financial adviser, if you have one, in the first instance.

  • Investments carry a risk – their value can go down as well as up so you might not get back the amount you put in. As well as political uncertainty, a variety of other factors such as exchange and interest rate changes can also have an influence on how your investment performs.

  • Prudential has a long history of operating through changing economic conditions and political uncertainty. Our priority is to minimise disruption for you. Any actions that we take because of prevailing conditions are driven by this.
  • Your investment is important to us. Our full focus always is to protect your interests securely as well as minimise any disruption or impact on your policy. Despite the uncertain outlook at present we have a variety of contingency plans in place to swiftly put into place no matter the global, economic and regulatory outlook we are faced with in the future. In the first instance you should speak to your financial adviser, if you have one. You should note the value of your investments can go down as well as up so you might not get back the amount you put in.
  • You can get more information on the Government website: euexit.campaign.gov.uk

  • You can also contact your financial adviser if you have one. Note that advisers may charge for their services.