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 the following Life funds on 7 June 2019.

  • Prudential Janus Henderson Cautious Managed Life Fund
  • Prudential Kames Investment Grade Bond Life Fund
  • Prudential Kames Strategic Bond Life Fund

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 ongoing charges the same or lower, in this case the replacement fund charges are lower.

What current investors need to do?

We’re writing to those invested in the closing funds. They can choose to move to another fund, or they can do nothing and we’ll move their investment into the 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 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.

What’s changing?

We’re changing the investment objective and name of the funds in this range. We’re also reducing the fund changes. However, there may be a short term impact on your investment.

What current investors need to do?

You don’t need to do anything. We’ve written to those invested in the fund to tell them about the changes.

More information

If you are invested via the Prudential Investment Plan detailed information on the changes can be viewed here.

Read more about the detailed changes to our other Life or Pension funds in this fund range.

What’s changing?

We’re changing the investment objective and name of the funds in this range. We’re also reducing the fund changes, where possible. However, there may be a short term impact on your investment.

What current investors need to do?

You don’t need to do anything. We’ve written to those invested in the fund to tell them about the changes.

More information

If you are invested via the Prudential Investment Plan detailed information on the changes can be viewed here.

Read more about the detailed changes to our other Life or Pension funds in this fund range.

What’s changing? 

We’re changing the investment objectives and names of the funds in this range.

What current investors need to do?

You don’t need to do anything. We’ve written to those invested in the fund to tell them about the changes.

More information

If you are invested via the Prudential Investment Plan detailed information on the changes can be viewed here.

Read more about the detailed changes to the funds in this range here.

We’ve made changes to the areas where this fund will invest for the longer term – this is what we call the Strategic Asset Allocation of the fund. We believe the changes will improve investment outcomes through diversifying into a wider range of global equity markets.

There’s no change to the Prudential fund’s investment objective, Prudential risk rating or the fund charges as a result of these changes.

What changed?

The table below shows the details of the changes to the Prudential fund: 

From 1st December 2018, the SAA changed from 65% UK / 35% Overseas equities to 40% UK / 60% Overseas equities. The overseas equites allocation was split into a wider mix of regional equities.

Previous  SAA

Equity – UK                                                    65.00%

Equity – Overseas Equities                           35.00%

New SAA

Equity – UK                                                                        39.60%

Equity – North America                                                    15.84%

Equity – Europe                                                                 15.84%

Equity – Japan                                                                     6.93%

Equity – Asia                                                                       15.84%

Equity – Global Emerging Markets                                     4.95%

Cash                                                                                      1.00%

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

We’ve made a number of changes to the areas where this fund will invest for the longer term – this is what we call the Strategic Asset Allocation of the fund. We believe these changes will improve investment outcomes through diversifying into a wider range of global equity markets.

There’s no change to the Prudential fund’s investment objective or fund charges as a result of these changes.

What changed?

The table below shows the details of the changes to the Prudential fund: 

We’ve changed the Strategic Asset Allocation (SAA). 

From 1st December 2018, the SAA changed from 60% UK / 40% Overseas equities to 40% UK / 60% Overseas equities. These changes also saw the introduction of Global Emerging Markets equities. These are shares of companies listed in countries with developing economies around the world.

The fund remains a Global Equity fund.

Previous  SAA

Equity – UK                                                    60.47%

Equity – North America                                24.59%

Equity – Europe                                               7.40%

Equity – Japan                                                  3.98%

Equity – Asia                                                     3.56%

Equity – Global Emerging Markets                 0.00%

New SAA

Equity – UK                                                     39.60%

Equity – North America                                 15.84%

Equity – Europe                                              15.84%

Equity – Japan                                                  6.93%

Equity – Asia                                                    15.84%

Equity – Global Emerging Markets                  4.95%

Cash                                                                   1.00%

We’ve changed the Association of British Insurers (ABI) sector the fund sits in.

The fund sat in the Flexible Investment sector but also met the criteria for inclusion in the Global Equity sector. But as it only invests in Global Equities, the most appropriate sector is Global Equities.

The previous ABI sector was: Flexible Investment

The new ABI sector is: Global Equities

We’ve changed the Prudential Risk Rating.

As a result of the ABI sector change, we decided to update the Prudential Risk Rating. Although you should note that the fund remains a Global Equity fund.

The previous risk rating was: 5

The new risk rating is: 6

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

This Prudential fund invests in a fund managed by Old Mutual Global Investors. They decided to rebrand to Merian Global Investors. So we decided change the name and objective of the Prudential fund to reflect the new name of the fund it invests in.

The Prudential fund’s existing Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the name change that applied to the Prudential fund: 

Previous fund name

New fund name

Prudential Old Mutual UK Mid Cap

Prudential Merian UK Mid Cap

Previous fund objective

New fund objective

The investment strategy of the fund is to purchase units in the Old Mutual UK Mid Cap Fund. That fund aims to provide capital growth from investing primarily in a portfolio of medium-sized UK companies.

The investment strategy of the fund is to purchase units in the Merian UK Mid Cap Fund. That fund aims to provide capital growth from investing primarily in a portfolio of medium-sized UK companies.

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

This Prudential fund invests in a fund managed by M&G. To keep things clear, we’ve decided to change the name of the Prudential Fund to reflect the name of the fund it invests in.

The Prudential fund’s existing underlying fund strategy, Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the name change that applied to the Prudential fund:  

Previous fund name

New fund name

Prudential Corporate Bond Fund (Inc)

Prudential M&G Corporate Bond Fund (Inc)

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

This Prudential fund invests in a fund managed by M&G. To keep things clear, we’ve decided to change the name of the Prudential Fund to reflect the name of the fund it invests in.

The Prudential fund’s existing underlying fund strategy, Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the name change that applied to the Prudential fund: 

Previous fund name

New fund name

Prudential Fixed Interest Fund (Inc)

Prudential M&G Gilt & Fixed Interest Income Fund (Inc)

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

This Prudential fund invests in a fund managed by M&G. To keep things clear, we’ve decided to change the name of the Prudential Fund to reflect the name of the fund it invests in.

The Prudential fund’s existing underlying fund strategy, Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the name change that applied to the Prudential fund: 

Previous fund name

New fund name

Prudential Fixed Interest Fund

Prudential M&G Gilt and Fixed Interest Income Fund

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

This Prudential fund invests in a fund managed by M&G. To keep things clear, we’ve decided to change the name of the Prudential Fund to reflect the name of the fund it invests in.

The Prudential fund’s existing underlying fund strategy, Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the name change that applied to the Prudential fund:

Previous fund name

New fund name

Prudential Corporate Bond Fund

Prudential M&G Corporate Bond Fund

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

This Prudential fund invests in a fund managed by M&G. To keep things clear, we’ve decided to change the name of the Prudential Fund to reflect the name of the fund it invests in.

The Prudential fund’s existing underlying fund strategy, Prudential risk rating and fund charges remain the same.

What changed?

The table below shows the details of the name change that applied to the Prudential fund:

Previous fund name

New fund name

Prudential M&G UK Equity Income Fund

Prudential M&G Dividend Fund

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

This Prudential fund invests in a fund managed by M&G. In May, M&G merged their fund into their M&G Global Themes Fund. As a result of the merger, the M&G Global Leaders Fund took the name and objective of the M&G Global Themes Fund.

Prudential decided to change the name and objective of our fund to align it with the name and objective of the underlying fund.

There are no changes to the funds’ Prudential risk ratings or fund charges.

What changed?

The table below shows the details of the name and objective changes that applied to the Prudential fund:

Previous fund name New fund name
Prudential M&G Global Leaders Fund
Prudential M&G Global Themes Fund
Previous fund objective New fund objective
The investment strategy of the fund is to purchase units in the M&G Global Leaders Fund. That fund aims to maximise long term total return (the combination of income and growth of capital). The fund invests in a range of global equities issued by companies that the fund manager considers to be, or have the potential to be, leading in their field in terms of improving shareholder value.

The investment strategy of the fund is to purchase units in the M&G Global Themes Fund. That fund aims to provide a higher total return (the combination of capital growth and income) than that of the MSCI ACWI Index over any five-year period. The fund will invest at least 80% of its Net Asset Value in the equity securities of companies across many sectors and market capitalisations that are domiciled in any country, including emerging markets. The fund may also invest in collective investment schemes, other transferable securities and may hold cash for liquidity purposes. Derivatives may be used for efficient portfolio management.

 

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

Following a review, we decided to update this fund’s investment objective to better reflect the aim of the fund and where it can invest. This should provide better clarity for investors.

There are no changes to the way the fund is managed, its Prudential risk rating or fund charges.

What changed?

The table below shows the details of the objective change that applied to the Prudential fund:

 

Previous fund objective

New fund objective

The overall objective for the fund is to achieve a consistent second quartile ranking in the Micropal Distribution Funds category over rolling three year periods.

The investment strategy of the fund is to provide income with the potential for capital growth by investing in a number of collective investment schemes. The fund will typically have exposure to a range of asset types, including UK equities, Sterling denominated Corporate Bonds and commercial property.

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

This Prudential fund invests in a fund managed by JP Morgan. In April, JP Morgan merged their fund with their JP Morgan US Select Fund. As a result of the merger, the JP Morgan US Fund took the name and objective of the JP Morgan US Select Fund as they believe that has better prospects for future growth.

Prudential decided to change the name and objective of our fund to align it with the name and objective of the underlying fund.

There are no changes to the funds’ Prudential risk ratings or fund charges.

What changed?

The table below shows the details of the name and objective changes that applied to the Prudential fund:

Previous fund name New fund name
Prudential JP Morgan US Fund Prudential JP Morgan US Select Fund
Previous fund objective New fund objective
The investment strategy of this fund is to purchase units in the JP Morgan US Fund. This fund aims to provide capital growth over the long term by investing primarily through a portfolio invested in the shares of US companies.                                     

The investment strategy of this fund is to purchase units in the JP Morgan US Select Fund. This fund aims to invest in a portfolio of North American securities for capital growth without any distribution target.

The fund seeks to assess the impact of environmental, social and governance factors (including accounting and tax policies, disclosure and investor communication, shareholder rights and remuneration policies) on the cash flows of many companies in which it may invest to identify issuers that the Investment Manager believes will be negatively impacted by such factors relative to other issuers. These determinations may not be conclusive and securities of such issuers may be purchased and retained by the fund.

 

What current investors need to do?

You don't need to do anything. We've written to those invested in the fund to tell them about the changes.

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