Trustees

Costs and charges

Following the new regulations set in April 2018 by the Department for Work and Pensions, trustees will be required to make all costs and charges information publically available. This is to allow scheme members to see if they are getting value for money and to help drive better outcomes for them.

The costs and charges to pension scheme members are for administration and transactions, for example:

  • Annual Management charges
  • Switching fees
  • Set up and policy fees
  • Exit and deferred member charges
  • Transaction costs will also occur if investments within funds are bought and sold, such as broker fees and taxes.

Helping to support you

To support trustees and members of relevant pension schemes, we have made costs and charges information available online - please click on the link below to find out more.

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Helpful information

Frequently asked questions

Costs and charges are the cost to you of investing in one of Prudential's investment options. You'll find more information on what costs and charges may apply to your investments by searching for your scheme.

The Department for Work and Pensions (DWP) published final regulations for Trustees and Managers of money purchase occupational pension schemes at the end of February 2018, requiring them to provide members with information on their pension schemes in relation to:

  • the disclosure of costs and charges, and
  • details of where their money is invested.

The cost and charges disclosure requirements include the following:  

  • The Trustee Chair Statement to be extended to cover further information for costs and charges, and an example illustration of the impact of charges on a member’s pension pot.  
  • Costs and charges information to be publically available on a website, along with explanatory notes and example illustrations of the impact of charges on a members pension pot.  As well as publishing the information on the websites, it must be available on request in hard copy.
  • Pooled Funds: for the fund(s) that the member is invested in at the date of the request, they must be provided with:
  1. the fund name, 
  2. where relevant, the International Securities Identification Number (ISIN),  
  3. information on the ‘top level’ of pooled funds for which public information is available.
  • Annual Benefits Statements have to signpost members to the website where they can find details of costs, charges, and explain where the member can find further information about funds for their scheme.   

These new requirements were effective from 6 April 2018. Schemes will be responsible for publishing costs and charges information within seven months of the first scheme year end-date to fall on or after 6 April 2018.

The DWP regulations have been brought in so that the costs and charges which affect a member's pension pot for relevant schemes are shown clearly and simply to members.

This will help Trustees and scheme members to evaluate if they are getting good value for money and should help drive better outcomes for them.

Charges mean all administration charges except: court orders, charges for earmarking or pension sharing, winding up costs and payment of death benefits.   

Examples of administration charges are annual management charges, switching fees, allocation rates, premium related fees, set up fees, policy fees, exit charges and deferred member charges (Paid Up Pension charges).

Charges for advice are not considered to be administration charges. The primary responsibility lies with trustees and managers to be compliant with the legislation. As a scheme provider, Prudential has a key role to play in supporting trustees to be able to fulfil their obligations.

Where available, all information on charges is online for relevant schemes.

Transaction costs are costs incurred by funds when the investments they hold are bought or sold. Examples of these include bid-offer spreads, taxes and broker commissions. 

Unfortunately, for relevant schemes, not all transaction cost data is currently available. To calculate transaction costs for the funds applicable to your scheme, we're dependent on receiving transaction cost information for the underlying funds. We're liaising closely with our fund group partners and yet to receive some of the compliant underlying transaction costs information. Where data is available, we've published this for relevant schemes, and we'll continue to update our Transaction cost information as we receive it.

The Prudential With-Profits Fund is only available through Prudential. It is not available to investors outside of Prudential so it doesn't need an ISIN. Information on the With-Profits Fund is available in the Fund Guide and/or Fund Fact Sheet.

The Prudential Deposit Fund is part of the Prudential With-Profits Fund. Its assets are invested in the Prudential With-Profits Fund and provides a declared rate of interest (based on the Bank of England base interest rate) and makes no charges on the money invested. The rate of return applies irrespective of the nature of, or investment return on, the underlying investments in the Prudential With-Profits Fund.  Information on the interest applied to the Deposit Fund is available in the Fund Fact Sheet.

If your scheme isn't included and you believe that it should be, please contact us.

You'll find the costs and charges information you need for your Chair Statement for relevant schemes on 'Search for your pension scheme'.

To help Trustees of relevant schemes, Prudential have:

  • made the relevant cost and charge information available on our website for Trustees and others to access directly, and
  • made illustrative examples available on our website showing the effect of costs and charges 
  • signposted pension scheme members to the relevant section of our website in the Annual Benefit Statement
  • signposted scheme members in the Annual Benefit Statement to where they can find fund information

If the information needed isn't on our website, please contact us.

Yes, for relevant schemes our product level illustrations are online.

Contact us

Have a question? Select the drop down option that applies to you to get a list of your contact information.

If you’ve got any questions or if there’s anything we can do to help, please get in touch. Please have the policy number to hand when you contact us.

0370 060 0445 0370 060 0445

You can also write to us at Prudential Customer Services, Lancing, BN15 8GB

You can send us a fax on 0207 004 9994 (+44 207 004 9994 from outside of the UK).

Lines are open Monday to Friday 9am to 5pm excluding UK bank holidays. If you are calling from outside of the UK please use number +44 178 644 8844

If you’ve got any questions or if there’s anything we can do to help, please get in touch. Please have the policy number to hand when you contact us.

0370 150 4685 0370 150 4685

You can also write to us at Prudential Customer Services, Lancing, BN15 8GB

You can send us a fax on 0207 004 9991 (+44 207 004 9991 from outside of the UK).

Lines are open Monday to Friday 9am to 5pm excluding UK bank holidays. If you are calling from outside of the UK please use number +44 178 644 8844

If you’ve got any questions or if there’s anything we can do to help, please get in touch. Please have the policy number to hand when you contact us.

0137 530 4304 0137 530 4304

You can also write to us at Prudential Customer Services, Lancing, BN15 8GB

Lines are open Monday to Friday 9am to 5pm excluding UK bank holidays. If you are calling from outside of the UK please use number +44 137 530 4304

If you’ve got any questions or if there’s anything we can do to help, please get in touch. Please have the policy number to hand when you contact us.

0345 300 2634 0345 300 2634

You can also write to us at Prudential Customer Services, MPP2003, Lancing, BN15 8GB

Lines are open Monday to Friday 9am to 5pm excluding UK bank holidays. If you are calling from outside of the UK please use number +44 178 644 8844

If you’ve got any questions or if there’s anything we can do to help, please get in touch. Please have the policy number to hand when you contact us.

0808 234 3030 0808 234 3030

You can also write to us at Prudential Customer Services, Lancing, BN15 8GB

If you’ve got any questions or if there’s anything we can do to help, please get in touch. Please have the policy number to hand when you contact us.

0330 123 5407 0330 123 5407

You can also write to us at Prudential, P.O. box 1190, Sutherland House, Russell Way, Crawley RH10 OFT

You can send us a fax on 0207 004 9991 (+44 207 004 9991 from outside of the UK).

Lines are open Monday to Friday 9am to 5pm excluding UK bank holidays. If you are calling from outside of the UK please use number +44 178 644 8844

If you’ve got any questions or if there’s anything we can do to help, please get in touch. Please have the policy number to hand when you contact us.

0330 123 5407 0330 123 5407

You can also write to us at Prudential, P.O. box 1190, Sutherland House, Russell Way, Crawley RH10 OFT

You can send us a fax on 0207 004 9991 (+44 207 004 9991 from outside of the UK).

Lines are open Monday to Friday 9am to 5pm excluding UK bank holidays. If you are calling from outside of the UK please use number +44 178 644 8844

Where can you find more information?

Find out more information on the Department for Work and Pensions requirements for trustees.

The Pensions Regulator

Guidance and resources to help you in your role as a trustee.
 

Find out more information on tax rules and legislation which may apply to you.

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