The suspension of the Prudential L&G UK Property funds was lifted in October 2020

The suspension of some transactions that took effect from 18 March 2020 for the Prudential L&G UK Property Life and Pensions funds (‘property fund’) was lifted with effect from 13 October 2020. These property funds are linked to the underlying fund, the L&G UK Property Fund, which also lifted its suspension on 13 October 2020.

We wrote to all customers invested in the property fund at that time to make them aware of this.

This page was last reviewed in March 2021. No material changes have been made to the previous version (October 2020).

What does the lifting of the suspension mean?

It means that the property fund reopened to all transactions from 13 October 2020.

Why did we make this decision?

We were, and remain, confident that the interests of our customers are best served by lifting the suspension on the Prudential L&G UK Property Life and Pensions funds.

In September 2020, the fund manager, Legal & General (Unit Trust Managers) Limited (“LGUTM”), advised that the material uncertainty around valuations of property assets which caused the suspension of their fund on 18 March 2020, applied to fewer than 20% of the assets held, and the risk of going over this 20% threshold following reopening was felt to be limited.

So, following a notice period, the underlying fund reopened on 13 October 2020.

All the Prudential L&G UK Property Life and Pensions funds are now open:

Fund Name

Product

Prudential L&G UK Property Pension Ser A

Flexible Retirement Plan 

Prudential L&G UK Property Life Series 2

Prudential Investment Plan 

Prudential L&G UK Property Life Series 4

Flexible Investment Plan - Initial Charge version 

Prudential L&G UK Property Life Series 5

Flexible Investment Plan – No Initial Charge version