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Onshore bonds and others

Annual Benefit Statements – adviser copies switch-off for legacy products

We’ve listened to feedback from advisers about the amount of paper you receive and that you’re just as conscious about the environment as your clients and we are.

With that in mind from this week (27 July),  we’ll no longer be issuing adviser copies of clients’ Annual Benefit Statements for some of our legacy products.

Why are we doing this?

By switching this function off we believe we are saving a significant amount of paper, printing, air, train and road journeys that these currently count towards.

Clients will continue to receive their copy but can, if they wish, switch off receiving postal copies. They can do this by logging on to MyPru - they’ll need to register for this service if they’ve not already done so. 

How do I get the information?

You’ll still be able to view valuations online for the majority of our legacy products. To do this, please visit the online valuations section on PruAdviser.

We appreciate there may be times that you’ll need a copy of the Annual Benefit Statement. So, in these circumstances, you can request these when they’re needed by one of these options:

The routes to receiving a copy are by:

  • For an email copy call us: 0808 234 0808  for Income Drawdown please call: 0808 234 2372 (Monday – Friday 9.00am to 5.00pm) 
  • For a postal copy email us: contact.us@prudential.co.uk – please note you’ll need to be registered with Pru Secure email. You can register here.

Listed below are the legacy products impacted by this change.

Bonds

Prufund Investment Plan Prudential Investment Plan 
Distribution Bond Prudential Abbey National Bond
Flexible Investment Plan  Prudence Managed Investment Bond
Prospects Bond Prudence Establishment Charge Bond
Prubond Capital Investment Portfolio
Prudence Bond Prudential Flexible Investment Plan
PruFund ISA Vanbrugh Life products – CIP , FIP, PH Launch Bond, Private Portfolio

Pensions

Extrapension Ex M&G - Employed Personal Pension Plan
Extrapension Term Assurance  Ex M&G - Employed Personal Retirement Account
Flexible Retirement Plan Ex M&G - Flexible Pension Plan
Flexible Retirement Portfolio  Ex M&G - FSAVC
Flexipension Ex M&G - Guaranteed Pension Plan
Free Standing AVC Plan Ex M&G - Law Society Retirement Plan
Flexible Income Drawdown Plan  Ex M&G - Managed Income
Indepension  Ex M&G - Personal Pension Plan - Self Employed
Pension Choices Plan - Ex M&G - Personal Transfer Plan
Personal Pension Plan  Ex M&G - Self-Employed Personal Pension Plan - recurring single & regular
Personal Pension Policy  Ex M&G - Self-Employed Personal Retirement Account
Personal Retirement Investment Plan  Ex M&G - Society of Authors
Self Employed Deferred Annuity Ex M&G - Term Assurance Flexible Pension Plan
Stakeholder Personal Pension Plan 
Trustee Investment Plan 
Premier Section 32 Plan (Post 31/12/2002)
Premier Section 32 Plan (Pre 31/12/2002)
Section 32 (Series A)
Section 32 Buy Out (Individual)

New signatureless process for onshore bonds

Given the current challenges for you and your clients, we’ve implemented a new, ‘paperless’ process for the following onshore bond requests:

  • New business
  • Top-ups
  • Regular, full and partial withdrawals

The introduction of a new, signatureless declaration removes the need for you to obtain a ‘wet’ signature from your clients. All you have to do is complete the relevant declaration to confirm you have your client’s authority (in line with the points laid out in the declaration) to submit the application on their behalf.

Declarations

New business declaration

Top-up declaration

Regular, full & partial withdrawal declaration

Editable forms

Prudential Investment Plan application form

Prudential Investment Plan top-up application form

Confirmation of Verification of Identity

IMPORTANT NOTE: Completed declarations should be sent via Pru secure email to contact.us@prudential.co.uk, and, where applicable, the monies to us electronically.

If you’re doing this for the first time – you’ll need to go through a simple registration process. You can register for Pru secure email here.

How the new process will work

Here’s a list of the onshore bond products in scope for the new signatureless process.

Bonds Open to New Business

  • Prudential Investment Plan (post RDR Version)

Bonds Open to Top-Ups

  • Prudential Investment Plan (post RDR Version)
  • Prudence Bonds
  • Prudence Distribution Bonds
  • Prudence Managed Investment Bonds
  • Flexible Investment Plans
  • Prudential Investment Plan (Pre RDR Version)

The table below sets out the process and any relevant further information for each type of application (online and offline).

Type of application Process Further requirements

Applications submitted ONLINE

  • Standard terms
  • PIP
  • Below £500k
  • Own life
Make sure that any additional anti-money laundering requirements are emailed to us too. 

Applications submitted  OFFLINE 

  • Non-standard terms
  • PIP (above or below £500k)

All documents signed:

Application not signed:

Make sure that any additional anti-money laundering requirements are emailed to us too. 
Top-up applications

All documents signed:

Application not signed:

Make sure that any additional anti-money laundering requirements are emailed to us too. 
Life of another cases (submitted OFFLINE)

All documents signed:

Application not signed:

Make sure that any additional anti-money laundering requirements are emailed to us too.

Signatureless declaration must be appropriate to who is applying.

If the company investment is a single director, a witness signature is required and we cannot accept this as a signatureless declaration.

Company/corporate investment cases
(submitted OFFLINE)
Trust cases
(submitted OFFLINE)

All documents signed:

Trust deed signed, but application not signed:

Make sure that any additional anti-money laundering requirements are emailed to us too.

If a trust deed is not signed we cannot accept this as a signatureless declaration.

Power of Attorney cases (submitted OFFLINE)

All documents signed:

POA signed, but application not signed:

Make sure that any additional anti-money laundering requirements are emailed to us too.

Signatureless declaration must be appropriate to who is applying.

POA needs to be certified by relevant body.

Regular, full and partial withdrawals

Type Of Request Process

Regular withdrawals – new and change existing – (OFFLINE only)

  • Single/ joint, including trusts, named policy
  • Minimum payment £50

All documents signed:

Request not signed:

  • All scanned requests submitted securely (via Pru secure email site) to mailbox; send form, client ID & declaration to contact.us@prudential.co.uk

Full and partial withdrawals – (submitted ONLINE)

  • Prudential Investment Plan
  • Single/ Joint named policy, trust excluded
  • Withdrawal value up to £250k
  • Submit online

Full and partial withdrawals – (submitted OFFLINE)

  • All onshore bonds
  • Single/ joint, including Trust, named policies
  • Any value (£) of request
  • All scanned requests submitted securely (via Pru secure email site) to mailbox; send form, client ID & declaration to contact.us@prudential.co.uk

Fund switches

Type of Request Process

Fund switches (Submitted ONLINE)

Prudential Investment Plans  & Flexible Investment Plans only

Fund switches – (OFFLINE)
  • Complete relevant switch form on behalf of your client:
    • Prudential Investment Plan, Flexible Investment Plan, Prudence Prospects Bond, Prudence Bond or Prudence Managed Investment Bond/Prudence Managed Bond request form
    • Prufund Investment Plan (Mark 1) request form
    • Prufund Investment Plan (Mark 2 & 3) request form
  • Complete adviser declaration form
  • Send completed adviser declaration and fund switch form via Pru secure email to contact.us@prudential.co.uk

How to send your signatureless declarations to us

Please send the completed declarations via Pru secure email to contact.us@prudential.co.uk, and, where applicable, the monies to us electronically.

If you’re doing this for the first time – you’ll need to go through a simple registration process. You can register for secure email here.

If you’ve completed a paper application, this along with any other requirements should also be emailed to us in the same way.  

Confirmation of bank account details can be found here:

HSBC BANK

BACS/TT transfers:

  • Sort code: 40 02 50
  • Account number: 51015419
  • Account name: Prudential Assurance company

Reference Required:  the owners title initials and surname. It should originate from the owners account.

If it is a building society account or adviser/solicitor client account, the reference should be mentioned.

If you need any help with this, please contact your Prudential Account Manager.

Further update on Discounted Gift Trust (DGT) new business

We have carried out a further review of our underwriting process for DGTs, As a result, we will re-commence requesting and chasing for GP reports from Monday 15 June. To summarise our position:

  • Tele-underwriting is available
  • Where Tele-underwriting is not suitable, we'll revert back to the standard process existing before COVID 19, where we'll request a GP report and underwrite on that basis.
  • Interim underwriting can be completed based on the information in a declaration of health, if it provides sufficient information.  
  • DGTs can be set up a nil discount basis - but this option is designed for those cases where the health of the client is sufficiently poor that a discount is not expected.  No underwriting is done for these cases, or it is a decline.  These discounts are not re-visited..

Please also note that the cancellation period of the underlying bond remains the same – the bond can’t be cancelled even if a final discount is different or declined.

Online services

During these uncertain times we can help you manage your clients business online.

You can access a range of online services, from illustrations and new business submission, to valuations and withdrawals. Please visit: https://www.pruadviser.co.uk/online-services/

Product Illustrations* Apply online New business tracking Valuations** Fund switching Withdrawals**
Prudential Investment Plan Yes Yes Yes Yes Yes Yes

*Standard illustrations can be created online for the following investment bonds; Prudential Investment Bond, Prudence Bond & Flexible Investment Plan but there are some exceptions, where you may need to speak to your Prudential Account Manager:

  • Where regular income is being selected to come from one fund only and not all funds, additional explanatory wording will not currently show as standard, so you may want to contact us for a quote in this scenario.
  • There’s a limit on the name fields, no more than 18 characters can be input, and special characters can’t be facilitated when illustrating online. You can quote online, but the name you input will need to be abbreviated; or you can contact us and we can provide you with a quote.
  • Where a Discounted Gift Trust (DGT) illustration is required please contact us so we can provide a discounted factsheet.
  • Certain top up illustrations cannot be completed online and you will need to contact us for these:
    • Topping up a policy where some of the segments have been assigned/cashed in
    • Topping up into With-Profits on a Prudential Investment Plan

** Please note there’s certain criteria that applies, which may mean the bond is not eligible of this service.

Legacy products

For information on which online services are available for legacy products please visit https://www.pruadviser.co.uk/online-services/

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.