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 Pension Funds on 19 November 2021.

  • Prudential Aegon UK Opportunities
  • Prudential Artemis SmartGARP Global Equity
  • Prudential Artemis UK Select
  • Prudential AXA Framlington UK Select Opportunities
  • Prudential Invesco Distribution
  • Prudential Invesco UK Opportunities
  • Prudential Janus Henderson European Growth
  • Prudential JP Morgan Europe Dynamic (ex UK)
  • Prudential Jupiter European Special Situations
  • Prudential Ninety One Cautious Managed

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, 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 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 selected 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

What’s changing?

We regularly review the funds we offer, and we’ve decided to close the Prudential Man GLG Japan Core Alpha Ser A Pension Fund on 17 September 2021.

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 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.

Ser A Pension Funds

What’s changing?

We regularly review the funds we offer, and we’ve decided to close the following Pension Funds on 17 September 2021.

  • Prudential BNY Mellon Multi-Asset Balanced
  • Prudential BNY Mellon Global Equity
  • Prudential Jupiter Merlin Balanced Portfolio
  • Prudential Jupiter Merlin Growth Portfolio
  • Prudential WS Verbatim Portfolio 3
  • Prudential WS Verbatim Portfolio 4
  • Prudential WS Verbatim Portfolio 5 Growth
  • Prudential WS Verbatim Portfolio 5 Income
  • Prudential WS Verbatim Portfolio 6
  • Prudential WS Verbatim Portfolio 7

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. And in this case the replacement fund charges are 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.

Pension Funds

What’s changing?

We regularly review the funds we offer, and we’ve decided to close the following Pension Funds on 20 August 2021.

  • Prudential Aegon Investment Grade Bond
  • Prudential Aegon Strategic Bond
  • Prudential BNY Mellon Global Income
  • Prudential Invesco UK Equity High Income
  • Prudential Janus Henderson Cautious Managed
  • Prudential Janus Henderson European Selected Opportunities

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 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.

Ser A Pension Funds

PruFRIA Pension Funds

The Prudential North American Fund invested in the underlying LF Prudential North American QIS Fund which closed in August 2021. The fund switched to the M&G (ACS) BlackRock US Equity Fund.

As a result, there are changes to the name, manager, objective and benchmark of the Prudential North American Fund. The Prudential North American Fund will continue to focus on US equities and be managed against an industry standard benchmark. 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 North American Fund Prudential US Equity Fund
Previous manager (Underlying fund) New manager (Underlying fund)
PPMA
BlackRock Investment Management (UK) Limited
Previous benchmark (Underlying fund) New benchmark (Underlying fund)
FTSE World North America S&P 500
Previous objective New objective

The investment strategy of the fund is to purchase units in the LF Prudential North American Qualified Investor Scheme fund – the underlying fund.

Underlying Fund Objective: That trust aims to achieve long-term capital growth by investing in North American securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

The investment strategy of the fund is to purchase units in the M&G (ACS) BlackRock US Equity Fund – the underlying fund.

Underlying Fund Objective: The Sub-Fund aims to reflect the risk and return characteristics of the S&P 500 Index gross of the Ongoing Charges Figure. The Sub-Investment Manager uses a structured and systematic, bottom-up stock selection process to build a portfolio with similar risk-return characteristics as the Index in order to meet the Sub-Fund’s investment objective; in addition the Sub-Investment Manager aims to maximise the Sub-Fund’s ESG characteristics by overweighting its investments in securities which score well against the Sub-Investment Manager’s ESG research framework, and underweighting the securities which score less well. 

 

In May 2021, the fund manager, M&G, revised the benchmark and accordingly, the objective of the fund. This is due to the abolition of LIBOR/LIBID.

Nothing else has changed, the fund 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?

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

Previous benchmark New benchmark 
3-month GBP LIBOR + 5% SONIA + 5%
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G Episode Allocation Fund – the underlying fund.

Underlying Fund Objective: The Fund aims to deliver a total return (the combination of capital growth and income) of at least 5% per annum above the 3-month GBP LIBOR rate, before any charges are taken, over any five-year period. There is no guarantee that the Fund will achieve a positive return over five years, or any other, period, and investors may not get back the original amount they invested.

Objective: The investment strategy of the fund is to purchase units in the M&G Episode Allocation Fund – the underlying fund.

Underlying Fund Objective: The Fund aims to deliver a total return (the combination of capital growth and income) of at least 5% per annum above the Sterling Overnight Index Average (SONIA), before any charges are taken, over any five-year period. There is no guarantee that the Fund will achieve a positive return over five years, or any other, period, and investors may not get back the original amount they invested.

 

As part of the re-opening (unsuspension) of the Prudential M&G Property Portfolio the fund manager. M&G, has changed the investment objective.

This is a clarification of the fund objective only. There’s no material change to the way the fund is being managed or to the Prudential risk rating or fund 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 M&G Property Portfolio – the underlying fund.

Underlying Fund Objective: The fund aims to carry on Property Investment Business and to manage cash raised from investors for investment in the Property Investment Business. In so doing, the fund aims to maximise long term total return (the combination of income and growth of capital) through investment mainly in commercial property.

Objective: The investment strategy of the fund is to purchase units in the M&G Property Portfolio – the underlying fund. (For life funds: This investment in the underlying fund is achieved via the M&G Feeder of Property Portfolio.)

Underlying Fund Objective: The investment objective of the Fund is to carry on Property Investment Business and to manage cash raised from investors for investment in the Property Investment Business. In doing so, the Fund aims to provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure and Property Expense Ratio, than the average return of the IA UK Direct Property Sector over any five-year period.

At least 70% of the Fund is invested directly in a diversified portfolio of commercial property in the UK. This may be reduced to 60%, if it is considered prudent for liquidity management.

The Fund may also invest in other property related assets such as:

  • other types of property, including residential property;
  • property of any type outside the UK;
  • funds (including funds managed by M&G); and
  • transferable securities (such as shares and bonds); and money market instruments.

For liquidity management, the Fund may invest in cash; near cash; money market instruments; and government bonds, directly, or via funds (including funds managed by M&G). Derivatives may be used for investment purposes, efficient portfolio management and hedging. 



In May 2021, the fund manager, M&G, changed the objective of the fund. The changes are to clarify the objective of the fund.

Nothing else has changed, the fund 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?

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 M&G Index Tracker – the underlying fund.

Underlying Fund Objective: The fund aims to track the FTSE All Share Index.

Objective: The investment strategy of the fund is to purchase units in the M&G Index Tracker – the underlying fund.

Underlying Fund Objective: The Fund aims to track the performance of the FTSE All-Share Index, gross of the Ongoing Charge Figure (OCF).

The return received by shareholders will be reduced by the effects of charges.

The Fund aims to be invested in the constituents of the Index. The Fund typically invests directly.

The Fund may also invest in other transferable securities, cash and near cash for liquidity purposes, directly and via collective investment schemes (including funds managed by M&G).

The Fund may hold other transferable securities and other financial instruments where these are held as a consequence of having invested in an Index constituent.

The Fund can invest in securities joining or likely to join the index.

The Fund may use derivatives for Efficient Portfolio Management and hedging only.

 

In 2021 the fund manager will change the objectives of the funds to more accurately reflect the underlying funds’ current and expected exposures.

Nothing else changed. There are no changes to the Prudential risk rating or fund charges.

What changed?

The table below shows the details of the changes:

Affected Funds

Prudential Managed Bond Acc (ex M&G) 

Prudential Managed

Prudential Managed Pens Acc (ex M&G) 

PruFRIA Managed

Prudential Managed (exSA) 

PruEx-DSF Managed

Prudential PruFund Managed Pre 91

Previous objective New objective

Objective: The investment strategy of the fund is to provide medium to long-term growth (the combination of income and growth of capital) by investing mainly in a broad spread of Prudential's investment-linked funds and collective investment schemes. The fund will typically have exposure to a range of asset types, including UK and overseas equities, fixed interest and commercial property.

Objective: The investment strategy of the fund is to provide medium to long-term growth (the combination of income and growth of capital) by investing mainly in a broad spread of collective investment schemes. The fund will typically have exposure to a range of asset types, including UK and overseas equities, fixed interest and commercial property.

In 2021 the fund manager will change the objective of the Prudential International funds to remove reference to underlying fund managers and to clarify the time horizon in the fund objective.

Nothing else changed. There are no changes to the Prudential risk rating or fund charges.

What changed?

The table below shows the details of the changes:

Affected funds

PruEx-DSF International

Prudential International

Prudential International (exSA)

Prudential International Acc (ex M&G)

Previous objective New objective

Objective: The investment strategy of the fund is to provide long term capital growth by investing mainly in a spread of equity markets throughout the world, predominantly through collectives managed by M&G, Eastspring and PPMA.

Objective: The investment strategy of the fund is to provide medium to long term growth (5 to 10 years or more) by investing mainly in a spread of equity markets throughout the world, predominantly through collective investment schemes.

 

The fund manager has updated the objective of the Prudential Personal Pension funds to remove reference to underlying fund managers.

Nothing else changed. There are no changes to the Prudential risk rating or fund charges.

What changed?

The table below shows the details of the changes:

Affected funds

Prudential Personal Pension Acc (ex M&G)

Prudential PPP Pens Acc (ex M&G)

Previous objective New objective

Objective: The investment strategy of the fund is to achieve long-term capital growth (the combination of income and growth of capital) by investing mainly in UK and International companies, predominantly through collectives managed by M&G, Eastspring and PPMA.

Objective: Objective: The investment strategy of the fund is to provide long-term growth (the combination of income and growth of capital) by investing mainly in UK and International companies, predominantly through collective investment schemes.

 

The fund manager has updated the objective of the Prudential Cash Fund in line with latest performance expectations following the removal of the LIBID benchmark.

Nothing else changed. There are no changes to the Prudential risk rating or fund charges.

What changed?

The table below shows the details of the changes:

Previous objective New objective

Objective: To outperform the benchmark before charges on a rolling three year basis.

Objective: To perform in line with the benchmark before charges on a rolling three year basis.

The Prudential Japanese Fund invests in the LF Prudential Japanese QIS Fund. In February, the LF Prudential Japanese QIS Fund changed manager to M&G Investment Management (M&G). The fund holdings will also be transferred to a new fund, expected to take place in May 2021. The new fund has a different benchmark and investment objective.

As a result of the changes above, there are changes to the Prudential Japanese Fund. You can see details of all the changes in the table below.

Nothing else changed. There are no changes to the Prudential risk rating or fund charges.

What changed?

The table below shows the details of the changes:

Previous manager (Underlying fund) New manager (Underlying fund)
Eastspring Investments – Dean Cashman  M&G Investment Management – Carl Vine
Previous benchmark (Underlying fund)

New benchmark (Underlying fund)

(Change comes into effect later in 2021)

Benchmark: FTSE Japan Benchmark: S&P/Topix 150
Previous objective

New objective

(Change comes into effect later in 2021)

Objective: The investment strategy of the fund is to purchase units in LF Prudential Japanese Qualified Investor Scheme Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve long-term capital growth through investment in a range of Japanese securities.

The investment strategy of the fund is to purchase units in the M&G (ACS) Japan Equity fund – the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure, than the S&P/Topix 150 Index over any three-year period. 

The Prudential European Fund currently invests in the LF Prudential European Qualified Investor Scheme Fund.

We merged the LF Prudential European QIS Fund into two new funds in April 2021. So we’ve decided to change the fund name, manager and the investment objective of the Prudential fund to reflect the changes of the funds it invests in.

Nothing else is changing. There are no changes to the Prudential risk rating or fund charges.

What’s changing?

The table below shows the details of the changes

Previous fund name New fund name
Prudential European Fund Prudential European Equity Fund
Previous investment objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the LF Prudential European Qualified Investor Scheme Fund - the underlying fund. 

 

Underlying Fund Objective: That fund aims to achieve capital growth through investment in a range of European (excluding UK) securities, mainly equities.

The investment strategy of the fund is to purchase shares in European (excluding UK) companies via other M&G funds. It is a “fund of funds” holding units in several more specialised European equity funds to give access to a variety of methods for generating investment returns in differing market conditions.
Previous fund manager New fund manager

Richard Halle

M&G Treasury and Investment Office

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

What’s changing?

We regularly review the funds we offer, and we’ve decided to closure the Prudential Invesco UK Equity Income Life (Inc) and Pension fund performance closure.

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 it’s likely to be in 2022.

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 they can do nothing and 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

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

The Prudential fund invests in a fund managed by Janus Henderson. In March 2021, Janus Henderson merged their fund into their Janus Henderson Fixed Interest Monthly Income Fund.

As a result of the merger, the Janus Henderson Preference and Bond Fund took the name and objective of the Janus Henderson Fixed Interest Monthly Income Fund. So we changed the name and objective of the Prudential version of the fund.

Nothing else changed. There are no changes to the Prudential risk rating or fund charges.

What changed?

The table below shows the details of the changes:

Previous fund name New fund name
Prudential Janus Henderson Preference and Bond Prudential Janus Henderson Fixed Interest Monthly Income Fund
Previous investment 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, from a combination of income and capital growth over the long term. Performance target:: 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. In certain market conditions, the fund may invest more than 35% of its assets in government bonds issued by any one body. 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.

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.

New investment objective

Objective: The investment strategy of the fund is to purchase units in the Janus Henderson Fixed Interest Monthly Income Fund - the underlying fund.

Underlying Fund Objective: The Fund aims to provide a high income. Performance target: 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, companies or any other type of issuer. 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. In certain market conditions, the Fund may invest more than 35% of its assets in government bonds issued by any one body. The Fund may also hold other assets including preference shares, Collective Investment Schemes (including those managed by Janus Henderson), cash and money market instruments.

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 current investors need to do?

You don't need to do anything. We wrote to investors to let them know. We’ll update our systems to reflect the changes.

What’s changing?

We regularly review the funds we offer, and we’ve decided to close Prudential Invesco UK Equity Income (previously Prudential Invesco Income) Life Fund on 19 March 2021.

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 into our suggested replacement fund.

More information

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

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. In February 2021, M&G revised the benchmark and accordingly, the objective of the fund. So we have changed the Prudential version of the fund.

Nothing else changed. The fund 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?

The table below shows the details of the changes:

Previous benchmark New benchmark

85% MSCI ACWI Index

15% Bloomberg Barclays Global Aggregate GBP Hedged Index

IA Flexible Investment Sector
Previous objective New objective

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

Underlying Fund Objective: The fund aims to deliver a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of a composite index comprising 85% global equities and 15% global bonds, over any five-year period.

Objective: The investment strategy of the fund is to purchase units in the M&G Managed Growth 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 Flexible Investment Sector over any five-year period. 

 

This prudential fund invests in a fund managed by M&G. In February 2021, M&G revised the benchmark and accordingly, the objective of the fund. So we have changed the Prudential version of the fund.

Nothing else changed. The fund 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?

The table below shows the details of the changes:

Previous benchmark New benchmark

2/3 MSCI ACWI Index

1/3 Bloomberg Barclays Global Aggregate GBP Hedged Index

IA Mixed Investment 40-85% Shares Sector
Previous objective New objective

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

Underlying Fund Objective: The fund aims to deliver a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of a composite index comprising two thirds global equities and one third global bonds, over any five-year period.

Objective: The investment strategy of the fund is to purchase units in the M&G Episode Growth 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 Mixed Investment 40-85% Shares Sector over any five-year period.

The Prudential Pacific Markets Fund invests in the LF Prudential Pacific Markets Trust Fund. In March, LF Prudential Pacific Markets Trust Fund changed manager to M&G Investment Management (M&G).

The fund holdings will also be transferred to a new fund, later in 2021. The new fund has a different benchmark and investment objective.

As a result of the changes above, there are changes to the Prudential Pacific Markets Fund. You can see details of all the changes in the table below.

Nothing else changed. There are no changes to the Prudential risk rating or fund charges.

What changed?

The table below shows the details of the changes:

Previous manager (Underlying fund)

New manager (Underlying fund)

(Change comes into effect from March 2021)

Eastspring Investments – Andrew Cormie  M&G Investment Management – Dave Perrett
Previous benchmark (Underlying fund)

New benchmark (Underlying fund)

(Change comes into effect later in 2021)

FTSE All World Asia Pacific ex-Japan FTSE Custom Asia Pacific ex Japan Country Capped Index
Previous fund name

New fund name

(Change comes into effect later in 2021)

Prudential Pacific Markets Fund Prudential Asia Pacific Fund
Previous objective

New objective

(Change comes into effect later in 2021)

The investment strategy of the fund is to purchase units in LF Prudential Pacific Markets Trust Fund - the underlying fund.

Underlying Fund Objective: That trust aims to produce capital growth through investment of at least 80% of the property of the Scheme in eastern markets excluding Japan. Investment will primarily be in major markets such as Australia, Hong Kong, Singapore and Thailand, but to a lesser extent this Scheme may invest in emerging markets such as The Philippines, Taiwan and South Korea.

The investment strategy of the fund is to purchase units in the M&G Funds (1) Asia Pacific (ex Japan) Equity fund – the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure, than the FTSE Custom Asia Pacific ex Japan Country Capped Index over any three-year period. The underlying funds will not invest in any M&G plc securities.

The underlying funds may also invest in other transferable securities, cash, and near cash, directly or via funds (including funds managed by M&G).

The underlying funds may use derivatives for efficient portfolio management and hedging only.

The Prudential UK Equity Fund used to invest in the LF Prudential UK Growth Qualified Investor Scheme Fund.

We’ve made a number of changes to the LF Prudential UK Growth Qualified Investor Scheme Fund. So we’ve decided to change the fund name, manager, benchmark, and the investment objective of the Prudential fund to reflect the changes of the fund it invests in.

Nothing else is changing. There are no changes to the Prudential risk rating or fund charges.

Current fund name New fund name
Prudential Equity Fund Prudential UK Equity Fund
Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the LF Prudential UK Growth Qualified Investor Scheme Fund - the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth over the longer term from a range of mostly UK securities (up to 20% of the property of the Trust may be invested overseas).

The investment strategy of the fund is to purchase shares in UK companies via other M&G funds. It is a “fund of funds” holding units in several more specialised UK equity funds to give access to a variety of methods for generating investment returns in differing market conditions.
Current benchmark New benchmark
Benchmark: 65% FT AS ex Pru / 35% FT 200 Eql ex Pru Benchmark: 57.5% FTSE All Share / 37.5% FTSE 200 Equally Weighted 60/40 ex M&G / 5% FTSE 250 ex-Investment Trusts
Current fund manager New fund manager
Jonathan Proffitt

M&G Treasury and Investment Office

What current investors need to do?

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

These Prudential funds invest in funds managed by Kames who announced they are rebranding to Aegon. So we’re going to change the name and objective of the Prudential funds to reflect the new names of the funds they invest in.

What changed?

Name and Objective changes

Current fund name New fund name
Prudential Kames Investment Grade Bond Prudential Aegon Investment Grade Bond
Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in Kames Investment Grade Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to maximise total return (income plus capital) by investing primarily in investment grade and government bonds denominated in sterling and other currencies. The fund may hold a maximum of 20% in high yield bonds and also hold cash. A minimum of 80% of the fund will be hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.

Objective: The investment strategy of the fund is to purchase units in the Aegon Investment Grade Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to maximise total return (income plus capital) by investing primarily in investment grade and government bonds denominated in sterling and other currencies. The fund may hold a maximum of 20% in high yield bonds and also hold cash. A minimum of 80% of the fund will be hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.

Current fund name New fund name
Prudential Kames Ethical Equity Prudential Aegon Ethical Equity
Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in Kames Ethical Equity Fund - the underlying fund.

Underlying Fund Objective: The fund aims to maximise total return by investment in equities and equity type securities in companies based in the UK, principally conducting business in the UK or listed on the UK stock market which meet the fund's predefined ethical criteria. The underlying Kames fund will invest at least 80% in equities of companies which are listed, quoted or traded in UK markets or which have their headquarters or a significant part of their activities in the UK but which may also be quoted on a regulated market outside of the UK. The underlying Kames fund operates an ethical screen which means it may not invest in particular industries and sectors. ln all cases, the investments of the underlying fund will meet its pre-defined ethical criteria.

Objective: The investment strategy of the fund is to purchase units in the Aegon Ethical Equity Fund - the underlying fund.

Underlying Fund Objective: The fund aims to maximise total return by investment in equities and equity type securities in companies based in the UK, principally conducting business in the UK or listed on the UK stock market which meet the fund's predefined ethical criteria. The underlying Kames fund will invest at least 80% in equities of companies which are listed, quoted or traded in UK markets or which have their headquarters or a significant part of their activities in the UK but which may also be quoted on a regulated market outside of the UK. The underlying Kames fund operates an ethical screen which means it may not invest in particular industries and sectors. ln all cases, the investments of the underlying fund will meet its predefined ethical criteria.

Current fund name New fund name
Prudential Kames Strategic Bond Prudential Aegon Strategic Bond
Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in Kames Strategic Bond - the underlying fund.

Underlying Fund Objective: The fund aims to maximise total return (income plus capital) by investing in fixed interest securities, in any currency, ranging from AAA rated government bonds through to high yield and emerging market corporate bonds. At least 80% of the fund will be invested in sterling and other currency denominated bonds hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.

Objective: The investment strategy of the fund is to purchase units in the Aegon Strategic Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to maximise total return (income plus capital) by investing in fixed interest securities, in any currency, ranging from AAA rated government bonds through to high yield and emerging market corporate bonds. At least 80% of the fund will be invested in sterling and other currency denominated bonds hedged back to sterling. The fund may also invest in deposits, money market instruments, derivative instruments and forward transactions.

Current fund name New fund name
Prudential Kames UK Opportunities Prudential Aegon UK Opportunities
Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in Kames UK Opportunities Fund - the underlying fund.

Underlying Fund Objective: The fund aims to maximise total return (income plus capital) by investing in an actively managed portfolio of equities and equity type securities in companies based in the UK, principally conducting business in the UK or listed on the UK stock market.

Objective: The investment strategy of the fund is to purchase units in the Aegon UK Opportunities Fund - the underlying fund.

Underlying Fund Objective: The fund aims to maximise total return (income plus capital) by investing in an actively managed portfolio of equities and equity type securities in companies based in the UK, principally conducting business in the UK or listed on the UK stock market.

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 are renaming their fund and updating the objective wording. 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. There is no change to the way the fund is managed.

What changed?

Current fund name New fund name
Prudential Invesco UK Growth Prudential Invesco UK Opportunities
Current fund objective New fund objective

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

Underlying Fund Objective: The fund aims to achieve long-term (5 years plus) capital growth. The fund invests at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying out the main part of their economic activity in the UK.

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

Underlying Fund Objective: The fund aims to achieve long-term (5 years plus) capital growth. The fund invests at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying out the main part of their economic activity in the UK.

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 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

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