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Onshore bonds and others

Latest updates and changes to processes

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Latest updates and changes to processes can be found in the sections above, including:

  • Annual Benefits Statements - adviser copies switch-off for legacy products
  • Latest update on Discounted Gift Trust (DGT) new business
  • Signatureless process for onshore bonds* and
  • How we can help you manage your client business online

* You should be aware that the signatureless process applies to new business, fund switching and withdrawals

Bond withdrawals should be processed online, where possible. Otherwise the signatureless process is available.

You can find our online bond withdrawal tool here.

Onshore Bond - how we can do business

  Illustrations Submit business Valuations Withdrawals
What can be done Online  1. Single owner on own life

1.  All standard applications can be submitted online without an client signature or emailed securely

1. All current valuations can be retrieved online 1. Full withdrawals
2. Single owner on life of another*

2. Adviser declaration can be submitted online without an adviser signature or emailed securely

2. Back dated valuations 2. Partial Withdrawals (minimum £50)
3. Joint owner on own life

3. Client Verifications Information is part of the above process with no copies required. **

  3. Full Segments
4. Joint owner on lives of another*

4. Trust business still requires a client and witness signature if applicable. The Trust document can be submitted via secure email. Note this is relevant for signatureless applications not online submissions.

  4. Partial Segments
5. Company investments* 5. All of the cases in the online illustrations section to the left, that aren't marked with *, can be submitted online    5. Combination of full and part segments
6. Will Trust ** Copies required when completing a signatureless application or on an exception basis where further ID checks required.   6. No need for client signature
7. Loan Trust     7. Cheque or BACS payment
8. Gift Trust      
9. Cases under £500k      
10. Life assured less than 18      
*these cases cannot be submitted online      
 
What has to be done offline 1. Discounted Gift Trusts 1. Power of Attorney

 

1. Corporate

1. BACS payments over £250,000
2. Cases over £500,000 2. Anything set up under trust 2. Trusts 2. Cheque payments over £100,000
3. Investments less than £10,000. Please contact your account manager as a concession may be required. 3. Anything under assignment 3. Assigned 3. Client not in the UK
All of the above should be either emailed securely or posted to Prudential 4. Any policy that has been sliced   4. When the bond is in trust or has been assigned in the past 12 months

  5. Life of another policy   5. When a Power of Attorney is in place

  6. Corporate investments   6. If the bond is joint names and they live in different addresses or the money is to be paid to a sole bank account
      7. In some circumstances relating to chargeable gains calculations

For existing business

We have dedicated teams who can provide immediate assistance for valuations, withdrawals, and who can guide you how to process existing business transactions or make claims. They can help you with any general servicing query.  For contact numbers and emails go to: pruadviser.co.uk/about/contact-us/

You can find our online bond withdrawal tool here

Market Updates and Covid-19 Response

We understand that both you and your clients are facing into unprecedented challenges like never before. Our new hub provides guidance and information to support you through this difficult time.

"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.