Prudential UK Property Fund restrictions - update 12 July 2019

From 3 June 2019, some types of withdrawals from our Workplace Pensions Prudential UK Property Fund have been delayed. After further consideration we have also decided not to accept new contributions into the fund at the moment (including any regular contributions).

If you are invested in the property fund, your money will stay invested in the fund. But you won’t be able to make any payments into the property fund, or switch in or out of the fund, until we’ve ended the restrictions. Other funds in your plan aren’t affected – you can continue to make payments into these funds and switch between them.

We’re redirecting regular contributions

From 1 September 2019, we’ll redirect any regular contributions that would have been paid into the property fund into the Prudential Cash Fund instead.

This means that any regular contributions customers make after 1 September will not be subject to the delays currently in place on withdrawals from the property fund.

We’ve written to our customers invested in the Workplace Pensions Prudential UK Property Fund, explaining what our restrictions mean for them.

You’ll find questions and answers on the restrictions to our property fund below, and we’ll update this page when anything changes. If you are considering making changes to your plan, or you have any concerns, please call us on 0345 600 0343 - we’re happy to help. From abroad you can phone us on (+) 44 1786 448844. We’re open 8.30am to 6pm Monday to Friday (apart from bank holidays).

We’ve announced a delay on some types of withdrawals from our Workplace Pensions Prudential UK Property fund.

The fund manager needs to sell some of the property the fund owns, so we can make payments. Occasionally we put withdrawal requests on hold for this type of fund which enables us to get the best price we can for property we are selling within it.

This is a normal part of how a property fund works, and doing this can help us protect the value of the fund for everyone invested in it.

  • Prudential UK Property Fund

Any requests to move money out of the fund will be delayed for up to six months from the date we receive your request. We will continue to manage the situation closely for you and will write to all customers invested in the fund, again as soon as we’ve lifted the restriction. We’ll also check if you still want to go ahead with your request.

No, other funds are not impacted by these current restrictions.

No. We’ve decided not to accept new investments into the fund at the moment. We’ll write to customers once we’ve removed these restrictions or if anything changes before then.

No. We’ve decided not to accept new investments into the fund at the moment. We’ll write to customers once we’ve removed these restrictions or if anything changes before then.

From 1 September 2019, we will redirect regular contributions into the Prudential Cash Fund instead. We’ve written to customers affected by this to explain their options.

Yes, you can switch or transfer out of the fund but your request to do this will be delayed for up to six months from the date we receive your request. We’ll write to you when we’ve lifted the restriction to check you still want to go ahead.

Yes, there are. Circumstances when payments will continue to be made include the following:

  • Taking retirement benefits
  • Any claims on death or critical illness
  • Pension sharing on divorce

For more detail, please contact us on 0800 000 000 or your adviser.

Yes, please call 0800 000 000 to request that.

You’ll find price details of the Prudential UK Property Fund on page two of our Workplace Pensions fund library.

We’ll update this page and we’ll also write to customers invested in the Prudential UK Property Fund.