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 4 March 2022.

  • Prudential Artemis High Income
  • Prudential Artemis UK Smaller Companies*
  • Prudential Artemis UK Special Situations
  • Prudential Fidelity MoneyBuilder Income*
  • Prudential Invesco Corporate Bond
  • Prudential Invesco Monthly Income Plus
  • Prudential Janus Henderson Fixed Interest Monthly Income
  • Prudential Schroder Income
  • Prudential Schroder US Mid Cap

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

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

What current investors need to do?

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

More information

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

Series A Pension Funds
FRIA Pension Funds

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

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

What changed?

The table below shows the details of the changes:

Previous objective New objective

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

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

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

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

 

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

What current investors need to do?

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

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.

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