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’ve decided to close some Life funds on 11 September 2020.

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, with the most similar investment objective. We‘ve tried to keep fund costs and charges the same or lower on our selected replacement funds.

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 into our suggested  replacement fund.

More information

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

Life Series 2 fund closures

Life Series 3 fund closures

Life Series 4 fund closures

Life Series 5 fund closures

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.

This Prudential fund invests in a fund managed by First State. First State recently announced it’s rebranding to First Sentier and at the same time amending some of the fund names for its sub brand, Stewart Investors. So we’re going to change the name and objective of the Prudential fund to reflect the new name of the fund it invests in.

Subject to approval the change will be effective from September 2020.

Nothing else is changing. There are no changes to the way the funds are managed.

What changed?

The table below shows the details of the name and fund objective changes:

Current fund name New fund name
Prudential Stewart Investors Asia Pacific Leaders Prudential Stewart Investors Asia Pacific Leaders Sustainability
Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the Stewart Investors Asia Pacific Leaders Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve long-term capital growth by investing primarily in large and mid-capitalisation equities issued by companies that are incorporated or listed, or which conduct the majority of their economic activity, in the Asia Pacific region (excluding Japan, including Australasia). Particular consideration is given to investment in companies that are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate.

Objective: The investment strategy of the fund is to purchase units in the Stewart Investors Asia Pacific Leaders Sustainability Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve long-term capital growth by investing primarily in large and mid-capitalisation equities issued by companies that are incorporated or listed, or which conduct the majority of their economic activity, in the Asia Pacific region (excluding Japan, including Australasia). Particular consideration is given to investment in companies that are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate.

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

This Prudential fund invests in a fund managed by Ninety One. Ninety One recently rebranded from “Investec” and are now amending their fund objectives too.  

There are no changes to how the funds are managed.

What changed?

Current fund objective – Prudential Ninety One Global Strategic Equity

Objective: The investment strategy of the fund is to purchase units in the Ninety One Global Strategic Equity Fund – the underlying fund.

Underlying Fund Objective: That fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe that are believed to offer above average opportunities for capital gain, and in related derivatives.

New fund objective - Prudential Ninety One Global Strategic Equity

Objective: The investment strategy of the fund is to purchase units in the Ninety One Global Strategic Equity Fund – the underlying fund.

Underlying Fund Objective: That fund aims to provide capital growth (to grow the value of your investment) over at least 5 years. The fund invests primarily (at least two-thirds) in the shares of companies around the world and in related derivatives (financial contracts whose value is linked to the price of the shares of such companies).

Current fund objective - Prudential Ninety One Cautious Managed

Objective: The investment strategy of the fund is to purchase units in the Ninety One Cautious Managed Fund – the underlying fund.

Underlying Fund Objective: The fund aims to provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. The fund targets a return of UK Consumer Prices Index (CPI) +4% each year (gross of fees) over 5 year rolling periods. While the fund aims to achieve its objective and its performance target, there is no guarantee that either will be achieved, over 5 year rolling periods or over any period and there is a risk of loss.

New fund objective - Prudential Ninety One Cautious Managed

Objective: The investment strategy of the fund is to purchase units in the Ninety One Cautious Managed Fund – the underlying fund.

Underlying Fund Objective: The fund aims to provide capital growth (to grow the value of your investment) and income over at least 5 years. The fund targets a return of UK Consumer Prices Index (CPI) +4% each year (before fees), over 5-year rolling periods. While the fund aims to achieve its objective and its performance target, there is no guarantee that either will be achieved, over 5-year rolling periods or over any period and there is a risk of loss.

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

This Prudential fund invests in a fund managed by Invesco. Invesco have confirmed that they are making some minor objective clarifications and a name change for the fund, these are effective from 30 July 2020.

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

What changed?

Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the Invesco Income Fund (UK) - the underlying fund.

Underlying Fund Objective: The fund aims to achieve a high level of income together with capital growth over the long term (5 years plus).                                                              

Objective: The investment strategy of the fund is to purchase units in the Invesco UK Equity Income Fund (UK) - the underlying fund.

Underlying Fund Objective: The fund aims to achieve a high level of income (greater than the income return of the FTSE All Share Index) and capital growth over the long term (5 years plus).

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

This Prudential fund invests in a fund managed by Invesco. Invesco have confirmed that they are making some minor objective clarifications and a name change for the fund, these are effective from 30 July 2020.

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

What changed?

Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the Invesco High Income Fund (UK) - the underlying fund.

Underlying Fund Objective: The fund aims to achieve a high level of income together with capital growth over the long term (5 years plus).                                                            

Objective: The investment strategy of the fund is to purchase units in the Invesco UK Equity High Income Fund (UK) - the underlying fund.

Underlying Fund Objective: The fund aims to achieve a high level of income (greater than the income return of the FTSE All Share Index) and capital growth over the long term (5 years plus).

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

M&G advised us on 30th June 2020 that they were revising the objectives on this underlying fund. The funds will continue to be managed in the same way, invest in the same assets as before and there is no change to the risk profile.

What changed?

Current fund objective New fund objective

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

Underlying Fund Objective: The Fund aims to increase income distributions over time and targets a yield greater than that of the FTSE All-Share Index. Although income will be the primary consideration, the investment manager will also aim for capital growth.

 

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

Underlying Fund Objective: The Fund aims to provide:

  • a higher annual yield than the FTSE All-Share Index;
  • an income stream that increases annually; and
  • a higher total return (capital growth plus income),net of the Ongoing Charge Figure, than a composite index* over any five year period.

*70% FTSE All-Share Index and 30% FTSEActuaries UK Conventional Gilts All Stocks Index.

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

We recently reviewed the fund investment objectives for Cash funds against the fund investment mandate. It was found that some funds series required additional information in order to align with the investment mandate and allow customers to see what assets they are invested in and how and where we intend to invest.

Although the fund objective is changing, there is no change to how the fund is managed or its risk profile.

What changed?

This is a list of the affected funds:

Prudential Cash (exSA) 1 Prudential Cash S1
Prudential Cash (exSA) 2 Prudential Cash S2
Prudential Cash Acc (ex M&G) Prudential Cash S3
Prudential Cash ex PHP Ser A Prudential Cash S4
Prudential Cash Pens Acc (ex M&G) Prudential Cash S5
Prudential Cash Pre A Prudential Ex-DSF Cash
Prudential Cash Ser A Prudential FRIA Cash
Prudential Prulink Cash*  

The table below shows the details of the objective change that will apply to the Prudential funds:

Current fund objective New fund objective
Objective: The investment strategy of the fund is to provide a return consistent with investing in interest bearing deposits and/or short-term UK government bonds. Objective: The fund aims to provide a return consistent with investing in unsecured interest bearing deposits and/or reverse repos and/ or short- term UK Government bonds.
Current Objective - Prudential Prulink Cash*
This fund aims to provide a return consistent with investing in interest bearing deposits and/or short-term UK Government bonds. The fund is actively managed with the aim of beating its benchmark of the London Interbank 7 Day Deposit rate.

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

The Prudential Investec funds invest in funds managed by Investec. Investec recently rebranded to the “Ninety One” and amended their fund names to reflect this. So we’ve decided to change the name and objective of the Prudential funds to reflect the new name of the funds they invest in.

Nothing else is changing. There are no changes to the way the funds are managed.

What changed?

The table below shows the details of the name and fund objective changes:

Previous fund name New fund name
Prudential Investec Global Strategic Equity Prudential Ninety One Global Strategic Equity
Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the Investec Global Strategic Equity Fund – the underlying fund.

Underlying Fund Objective: That fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe that are believed to offer above average opportunities for capital gain, and in related derivatives.

Objective: The investment strategy of the fund is to purchase units in the Ninety One Global Strategic Equity Fund – the underlying fund.

Underlying Fund Objective: That fund aims to achieve long term capital growth primarily through investment in equities issued by companies around the globe that are believed to offer above average opportunities for capital gain, and in related derivatives.

Previous fund name New fund name
Prudential Investec Cautious Managed Prudential Ninety One Cautious Managed
Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the Investec Cautious Managed Fund – the underlying fund.

Underlying Fund Objective: That fund aims to provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. The fund targets a return of UK Consumer Prices Index (CPI) +4% each year (gross of fees) over 5 year rolling periods. While the fund aims to achieve its objective and its performance target, there is no guarantee that either will be achieved, over 5 year rolling periods or over any period and there is a risk of loss.

Objective: The investment strategy of the fund is to purchase units in the Ninety One Cautious Managed Fund – the underlying fund.

Underlying Fund Objective: The fund aims to provide a combination of income and long term capital growth by investing conservatively in a diversified portfolio of equities, bonds and other fixed interest securities of high quality and marketability. The fund targets a return of UK Consumer Prices Index (CPI) +4% each year (gross of fees) over 5 year rolling periods. While the fund aims to achieve its objective and its performance target, there is no guarantee that either will be achieved, over 5 year rolling periods or over any period and there is a risk of loss.

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes

M&G has changed the objectives on a number of their funds. So we decided to change the objectives of the Prudential funds.

There’s no change to the way the funds are managed and the funds Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the objective changes:

M&G Corporate Bond Fund

Previous objective

New objective

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

Underlying Fund Objective: The fund aims to provide income and capital growth. At least 70% of the fund is invested in sterling-denominated corporate debt instruments. The fund’s exposure to corporate debt may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. Any currency exposures within the fund may be managed by currency hedges into sterling. The fund may also invest in collective investment schemes, other transferable securities and other debt instruments (including corporate debt and government and public securities denominated in any currency), cash, near cash, other money market securities, warrants and other derivative instruments.

Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond 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 the average return of the IA £ Corporate Bond Sector over any five-year period.

At least 70% of the Fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in Sterling or hedged back to Sterling.

Other investments may include:

  • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies, denominated in any currency;
  • below investment grade and unrated debt securities;
  • Asset-Backed Securities; and
  • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

Derivatives may be used for investment purposes, efficient portfolio management and hedging. 

M&G Gilt and Fixed Interest Income Fund

Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G Gilt & Fixed Interest Income Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide income and capital growth. At least 70% of the fund is invested in short, medium or long-dated gilts according to the fund manager’s view at any given moment of the likely course of interest rates and trend of the gilt market. The fund’s exposure to gilts may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. The fund may also invest in collective investment schemes, other transferable securities, other debt instruments, cash, near cash, other money market securities, warrants and other derivative instruments.

Objective: The investment strategy of the fund is to purchase units in the M&G Gilt & Fixed Interest Income 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 UK Conventional Gilts All Stocks Index over any five-year period.

At least 70% of the Fund is invested, directly or indirectly through derivatives, in investment grade short, medium and long-dated gilts. These securities are issued or guaranteed by the UK government, and denominated in Sterling.

Other investments may include transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

Derivatives may be used for investment purposes, efficient portfolio management and hedging.

M&G Index-Linked Bond Fund
Previous objective New objective

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

Underlying Fund Objective: The fund aims to provide income and capital growth. At least 70% of the fund is invested in index-linked debt instruments which may be government and public securities or corporate debt instruments. Non-sterling denominated securities may be held and, if deemed appropriate by the investment manager, the associated currency risks hedged. The fund’s exposure to index-linked, government and public securities or corporate debt may be gained through the use of derivatives. Derivatives may also be used for efficient portfolio management. The fund may also invest in collective investment schemes, other transferable securities, cash, near cash, other money market securities, warrants and other derivative instruments.

Objective: The investment strategy of the fund is to purchase units in the M&G Index-Linked Bond 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 UK Index-linked Gilts All Stocks Index over any five-year period.

At least 70% of the Fund is invested, directly or indirectly, in inflation-linked debt securities issued or guaranteed by the UK government, and denominated in Sterling.

The Fund’s indirect exposure to inflation-linked debt securities is achieved by investing through a combination of instruments. These include the combination of government bonds or corporate bonds with credit derivatives, such as credit default swaps.

Other investments may include:

  • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies, or corporate debt instruments, denominated in any currency; and
  • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

Derivatives may be used for investment purposes, efficient portfolio management and hedging.

M&G Optimal Income Fund
Previous objective New objective

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

Underlying Fund Objective: The fund aims to provide a total return (the combination of income and growth of capital) to investors based on exposure to optimal income streams in investment markets.

Objective: The investment strategy of the fund is to purchase units in the M&G Optimal Income 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 the average return of the IA £ Strategic Bond Sector, over any five-year period.

At least 50% of the Fund is invested, directly or indirectly through derivatives, in debt securities, including investment grade bonds, below investment grade, unrated securities and Asset Backed Securities. These securities can be issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns, supranational bodies and companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency.

Other investments may include:

  • up to 20% of the Fund in equities; and
  • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

There are no credit quality restrictions applicable to the Fund's investments.

At least 80% of the Fund is in Sterling or hedged back to Sterling.

Derivatives may be used for investment purposes, efficient portfolio management and hedging. 

M&G Short Dated Corporate Bond Fund

Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G Short Dated Corporate Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a total return (the combination of capital growth and income). At least 80% of the fund is invested in investment grade corporate bonds (including variable rate securities and fixed income securities). The fund invests in securities which on aggregate produce a low portfolio duration, in order to limit the effect of interest rate movements on the fund’s capital value. These securities may be issued anywhere in the world. The fund aims to hedge non-GBP assets to GBP. Derivatives can be used to meet the fund’s investment objective and for efficient portfolio management. The fund may also invest in other debt securities (including government and public securities denominated in any currency), collective investment schemes, other transferable securities, cash, near cash, other money market securities, warrants, and other derivative instruments.

Objective: The investment strategy of the fund is to purchase units in the M&G Short Dated Corporate Bond 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 Markit iBoxx EUR Corporates 1-3 year Index (GBP Hedged) over any five-year period.

At least 80% of the Fund is invested, directly or indirectly through derivatives, in short-dated investment grade fixed and floating rate corporate debt securities and in Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency.

Other investments may include:

  • below investment grade and unrated corporate debt securities; and
  • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

The Fund aims to hedge any non-Sterling assets back to Sterling.

Derivatives may be used for investment purposes, efficient portfolio management and hedging.

M&G Strategic Corporate Bond Fund
Previous objective New objective

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

Underlying Fund Objective: The fund aims to maximise total return (the combination of income and growth of capital) through investment predominantly in investment grade corporate bonds.

Objective: The investment strategy of the fund is to purchase units in the M&G Strategic Corporate Bond 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 the average return of the IA £ Corporate Bond Sector, over any five-year period.

At least 70% of the Fund is invested , directly or indirectly through derivatives, in investment grade corporate debt securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities can be denominated in any currency.

Other investments may include:

  • below investment grade and unrated corporate debt securities;
  • debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies;
  • Asset-Backed Securities; and
  • other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G).

The Fund aims to hedge any non-Sterling assets to Sterling.

Derivatives may be used for investment purposes, efficient portfolio management and hedging.

M&G Global High Yield Bond Fund
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G Global High Yield Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide income and capital growth. At least 80% of the fund is invested in higher yielding corporate debt instruments which may be denominated in sterling, European currencies and other major global currencies, should the investment managers deem them to be appropriate investments. The fund’s exposure to higher yielding corporate debt instruments may be gained through the use of derivatives and any currency exposures within the fund may be managed by currency hedges into sterling. Derivatives may also be used for efficient portfolio management. The fund may also invest in collective investment schemes, government and public securities and other transferable securities, cash, near cash, other money market instruments, warrants and other derivative instruments. More than 80% of the fund will be in sterling or hedged back to sterling.

Objective: The investment strategy of the fund is to purchase units in the M&G Global High Yield Bond 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 ICE BofAML Global High Yield Index (GBP Hedged) over any five-year period.

At least 80% of the Fund is invested, directly or indirectly through derivatives, in below investment grade corporate debt securities, These securities can be issued by companies from anywhere in the world, including Emerging Markets.

Other investments may include:

  • Asset-Backed Securities, and
  • other transferable securities, government bonds, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). 

There are no credit quality restrictions applicable to the Fund's investments.

The Fund aims to hedge any non-Sterling assets back to Sterling.

Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Janus Henderson has changed the objectives on a number of their funds. So we decided to change the objectives of the Prudential funds.

There’s no change to the way the funds are managed and the funds Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the objective changes:

Janus Henderson Cautious Managed Pension Fund
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson Cautious Managed Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a combination of income and long-term capital growth through investment in a diversified portfolio of equities, bonds and other related investments. The investment in equities will be limited to a maximum of 60% of the value of the fund's portfolio.

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson Cautious Managed Fund - the underlying fund.

Underlying Fund Objective:

The Fund aims to provide a return, from a combination of income and capital growth over the long term. To outperform the 50% FTSE All Share + 50% ICE Bank of America ML 5-15 Year Sterling Non Gilt Index by 1.5% per annum, before the deduction of charges, over any 5 year period.

The Fund invests in shares (also known as equities) and bonds of governments, companies or any other type of issuer, in any country. At all times the investment in equities will be limited to a maximum of 60% of the value of the Fund’s portfolio and the Fund will normally have a strong bias towards UK companies and bonds. Companies and bond issuers may be of any size, in any industry.

The Fund may also invest in other assets including Collective Investment Schemes (including those managed by Janus Henderson) cash and money market instruments.

The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.

The Fund is actively managed with reference to the 50% FTSE All Share + 50% ICE Bank of America ML 5-15 Year Sterling Non-Gilt Index, which is broadly representative of the securities in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has a high degree of freedom to choose individual investments for the fund.

Janus Henderson China Opportunities Fund
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson China Opportunities Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from investments in Hong Kong and Chinese equity markets. The fund invests predominantly in companies registered in Hong Kong or China, or that carry out the majority of their business activities in these markets.

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson China Opportunities Fund - the underlying fund.

Underlying Fund Objective:

The Fund aims to provide a return, from a combination of capital growth and income over the long term. To outperform the MSCI Zhong Hua Index by 2.5% per annum, before the deduction of charges, over any 5 year period.

The Fund invests at least 80% of its assets in a concentrated portfolio of shares (equities) and derivatives (complex financial instruments) of companies, of any size, in any industry, in China or Hong Kong. Companies will have their registered office in or do most of their business (directly or through subsidiaries) in this region. The Fund may invest up to 50% of its assets in China A Shares. The portfolio may be concentrated in terms of its number of holdings and/or the size of its largest holdings.

The Fund may also invest in other assets including companies outside this region, depositary receipts or other similar investments, Collective Investment Schemes (including those managed by Janus Henderson) and cash and money market instruments. The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. 

The Fund is actively managed with reference to the MSCI Zhong Hua Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index.

Janus Henderson European Growth Fund

Previous objective

New objective

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson European Growth Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve long-term capital growth through investing principally in the securities of European companies.

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson European Growth Fund - the underlying fund.

Underlying Fund Objective:

The Fund aims to provide capital growth over the long term. To outperform the FTSE World Europe Ex UK Index, after the deduction of charges, over any 5 year period.

The Fund invests at least 80% of its assets in shares (also known as equities) of companies, in any industry, in Europe (excluding UK). Companies will be incorporated, headquartered, listed on an exchange in, or deriving significant revenue from, this region. The Fund will normally have a strong bias towards medium sized companies.

The Fund may also invest in other assets including Collective Investment Schemes (including those managed by Janus Henderson), cash and money market instruments.

The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. 

The Fund is actively managed with reference to the FTSE World Europe Ex UK Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index.

Janus Henderson European Selected Opportunities Fund

Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson European Selected Opportunities Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from European equity markets, by investing in companies registered in Europe or that carry out the majority of their business activities in these markets.

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson European Selected Opportunities Fund - the underlying fund.

Underlying Fund Objective:

The Fund aims to provide a return, from a combination of capital growth and income over the long term (5 years or more).

The Fund invests at least 80% of its assets in shares (also known as equities) of companies, of any size, in any industry, in Europe (excluding UK). Companies will be incorporated, headquartered, listed on an exchange in, or deriving significant revenue from, this region.

The Fund may also invest in other assets including Collective Investment Schemes (including those managed by Janus Henderson), cash and money market instruments.

The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. 

The Fund is actively managed with reference to the FTSE World Europe Ex UK Index, which is broadly representative of the companies in which it may invest, as this can provide a useful comparator for assessing the Fund's performance. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index.

Janus Henderson Preference and Bond Fund
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson Preference and Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a return by investing primarily in sterling denominated preference shares, Government securities, corporate bonds, Eurobonds and other bonds. Where the fund invests in currencies other than sterling, the fund will always be hedged at least 80% to sterling in aggregate. The fund may invest in other transferable securities, money market instruments, derivatives and forward transactions, deposits and units in collective investment schemes.

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson Preference and Bond Fund - the underlying fund.

Underlying Fund Objective:

The Fund aims to provide a return, from a combination of income and capital growth over the long term. To outperform the IA Sterling Strategic Bond sector average, after the deduction of charges, over any 5 year period.

The Fund invests at least 80% of its assets in a global portfolio of bonds of any quality, including high yield (non-investment grade) bonds, issued by governments or companies. Where investments are made in assets in currencies other than Sterling, the Fund will seek to hedge at least 80% of those assets back to Sterling to largely remove the risk of currency exchange rate movements.

The Fund may also hold other assets including bonds of other types from any issuer, preference shares, Collective Investment Schemes (including those managed by Janus Henderson), cash and money market instruments.

In certain market conditions, the Fund may invest more than 35% of its assets in government bonds issued by any one body.

The investment manager may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently.

The Fund is actively managed with reference to the IA Sterling Strategic Bond sector average, which is based on a peer group of broadly similar funds, as this forms the basis of the Fund's performance target. The investment manager has complete freedom to choose individual investments for the Fund and to vary allocations between different types of bonds.

What’s changing?

We regularly review the funds we offer, and we’ve decided to close some Life funds on 13 March 2020.

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, with the most similar investment objective.

We‘ve tried to keep fund costs and charges the same or lower on our selected replacement funds. But for Prudential Kames Ethical Equity Life funds that’s not been possible.

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 into our suggested replacement fund.

More information

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

Life Series 2 fund closures,

Life Series 3 fund closures

Life Series 4 fund closures

Life Series 5 fund closures.

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.

The authorised corporate director (ACD) of the Verbatim portfolio funds has changed from Host Capital Limited (HC) to DMS Governance (DMS) and this is now reflected in fund names. So we decided to change the names and objectives of the Prudential funds.

There’s no change to the way the funds are managed and the funds Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the objective changes:

Prudential HC Verbatim Portfolio 3
Previous name New name
Prudential HC Verbatim Portfolio 3 Prudential DMS Verbatim Portfolio 3
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the HC Verbatim Portfolio 3 Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to long term by using a risk based investment strategy that is broadly defensive.

Objective: The investment strategy of the fund is to purchase units in the DMS Verbatim Portfolio 3 Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to long term by using a risk based investment strategy that is broadly defensive.

Prudential HC Verbatim Portfolio 4
Previous name New name
Prudential HC Verbatim Portfolio 4 Prudential DMS Verbatim Portfolio 4
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the HC Verbatim Portfolio 4 Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to long term by using a risk based investment strategy that is broadly cautious.

Objective: The investment strategy of the fund is to purchase units in the DMS Verbatim Portfolio 4 Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to long term by using a risk based investment strategy that is broadly cautious.

Prudential HC Verbatim Portfolio 5 Growth
Previous name New name

Prudential HC Verbatim Portfolio 5 Growth

Prudential DMS Verbatim Portfolio 5 Growth
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the HC Verbatim Portfolio 5 Growth Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to longer term by using a risk based investment strategy that is broadly cautious balanced.

Objective: The investment strategy of the fund is to purchase units in the DMS Verbatim Portfolio 5 Growth Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to longer term by using a risk based investment strategy that is broadly cautious balanced.

Prudential HC Verbatim Portfolio 5 Income
Previous name New name
Prudential HC Verbatim Portfolio 5 Income Prudential DMS Verbatim Portfolio 5 Income
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the HC Verbatim Portfolio 5 Income Fund – the underlying fund.

Underlying Fund Objective: The fund will use a broadly cautious balanced investment strategy with the aim of achieving income with some potential for capital growth over the medium to longer term.

Objective: The investment strategy of the fund is to purchase units in the DMS Verbatim Portfolio 5 Income Fund – the underlying fund.

Underlying Fund Objective: The fund will use a broadly cautious balanced investment strategy with the aim of achieving income with some potential for capital growth over the medium to longer term.

Prudential HC Verbatim Portfolio 6
Previous name New name
Prudential HC Verbatim Portfolio 6 Prudential DMS Verbatim Portfolio 6
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the HC Verbatim Portfolio 6 Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to long term by using a risk based investment strategy that is broadly balanced.

Objective: The investment strategy of the fund is to purchase units in the DMS Verbatim Portfolio 6 Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to long term by using a risk based investment strategy that is broadly balanced.

Prudential HC Verbatim Portfolio 7

Previous name New name

Prudential HC Verbatim Portfolio 7

 

Previous objective

New objective

Objective: The investment strategy of the fund is to purchase units in the HC Verbatim Portfolio 7 Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to long term by using a risk based growth investment strategy.

Objective: The investment strategy of the fund is to purchase units in the DMS Verbatim Portfolio 7 Fund – the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the medium to long term by using a risk based growth investment strategy.

What’s changing?

We regularly review the funds we offer, and we’ve decided to close some Life funds on 6 December 2019.

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, with the most similar investment aim. We‘ve tried to keep fund costs and charges the same or lower on our selected replacement funds. But for some funds that’s not been possible.

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 into our suggested replacement fund.

More information

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

Life Series 1 fund closures

Life Series 2 fund closures

Life Series 3 fund closures,

Life Series 4 fund closures

Life Series 5 fund closures.

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

What’s changing?

We regularly review the funds we offer, and we’ve decided to close some Life funds on 18 October 2019.

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, with the most similar investment aim. The fund charges are all lower on our selected replacement fund.

What do 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 into our suggested replacement fund.

More information

If you are invested via the Prudential Investment Plan (Life Series 2) detailed information is available on Life Series 2 fund closures.

Detailed information on Life Series 3 fund closuresLife Series 4 fund closures and Life Series 5 fund closures.

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

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