October 2023 update

We do not believe this issue will impact any other funds at this time. However, we will continue to monitor the situation closely and if it changes we will update this page and write out to affected customers.

We do have some multi-asset funds which invest in a wide range of assets, with property being just one of those invested in. These are not suspended even where that property exposure is obtained through the M&G Property Portfolio, but we will continue to monitor the situation.

No, at this time we cannot accept any new investments into any suspended funds. 

No, we cannot accept any switches into the Prudential M&G Property Portfolio.

Generally, you cannot withdraw immediately from the property funds while the suspension is in place. However, you can switch-out or withdraw money subject to a period of six months. To do this, send us a completed request form and we will contact you closer to the end of the six month period, to explain your options and to check whether you still want to proceed.

However, there are still some transactions which are allowed at this time:

Applicable to the Life funds:

• Existing regular withdrawal arrangements already in place
• Maturity
• Any claims on death or critical illness

Applicable to the Pension funds:

• Taking retirement benefits, including contractual regular withdrawals and income payments
• Any claims on death or serious ill-health
• Pension sharing on divorce.

For further details please contact us by going to pru.co.uk/contact-us

We can also process withdrawals from any other fund holdings where transactions are not suspended, subject to individual policy rules.

Yes, we have honoured and processed all requests received before 11am 20 October 2023.

Previously arranged regular withdrawals and income payments will continue to be paid.

As M&G Investments are seeking Financial Conduct Authority approval to wind up the M&G Property Portfolio, it is unlikely that this suspension will be lifted. We’ll publish more information on this page when we have it, or if the situation changes.

Yes, you can get a fund valuation using the online service. If you’re not already registered go to pru.co.uk/registernow

The online service isn’t available for all our products yet, but you’ll find out which ones are available at pru.co.uk/online If you are unable to get a valuation online, you can also call us on 0800 000 000.

Please bear in mind that certain transactions have been placed on hold for a period of six months. If, at the end of that period, you still want to do the transaction a fund valuation would be used, based on the unit prices current at that point in time.

The unit price of the fund will continue to be published on our website.

The unit prices for the Prudential M&G Property Portfolio are linked to the value of the property assets of the underlying fund, the M&G Property Portfolio.

We will make updates to this page if and when anything changes, and write to affected customers.

Yes, we are in the process of writing to customers invested in the property funds during November 2023. This is for information purposes only and no response was needed from customers. If a transaction request has been made we have also written to the customer and will do so again closer to the end of their six month deferral period, if one was applicable to that transaction. We will also write again to all affected customers when anything material changes.

We cannot invest regular contributions into the property funds while the suspension is in place. Instead, to allow continuity of investment, any regular contributions that would have been invested in them are now invested into the relevant Cash fund for your product during the suspension period.

You can choose to allocate these regular contributions to alternative funds if you wish. If you choose a different fund for your regular contributions, you will not be automatically switched back into the linked fund when the situation changes. Depending on your fund choice, the value of your regular payments when the situation changes may be more or less than the actual amounts you paid in.

If you’re thinking of making changes to your plan, including adding more money, we recommend you speak to your financial adviser. If you don’t have a financial adviser, you can find one at pru.co.uk/find-an-adviser

The Cash fund is being used as it is the most suitable alternative and is defined as the default fund to be used under a fund suspension scenario.

You are free to choose to allocate these regular contributions to alternative funds, if you so wish.

Any contributions paid before 20 October 2023 were allocated as normal to the property funds affected by this suspension. Any contributions paid after that date will be allocated to the cash fund, including any that were paid in the short period between the suspension being put in place and our letters to customers being sent out.

No – there will not be a charge.

No – the reallocation of contributions is to protect future contributions. The suspension of the property fund, and not allowing switches out at this time, is to protect the long-term interests of investors in the fund.

No - If you would prefer to choose an alternative fund while the property fund is suspended, then you can. We do need you to send us a fund reallocation instruction to allow us to process this request. If you do so your reallocated contributions will not automatically be switched back to property at a future date.

If you’re thinking of making changes to your plan, including adding more money, we recommend you speak to your financial adviser. If you don’t have a financial adviser, you can find one at pru.co.uk/find-an-adviser