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The PruFund range of funds

The PruFund range of funds

PruFund funds aim to grow your client's money while giving them a smoothed investment experience.

  • A choice of funds available

  • Multi-asset funds

  • Smoothing process

Fund details

The PruFund range of funds

The PruFund range of funds aim to grow your client's money over the medium to long term (5 to 10 years or more), while protecting them from some of the short-term ups and downs of direct stockmarket investments by using an established smoothing process.

PruFund funds are invested in the Prudential With-Profits Fund, which is one of the largest and financially strongest with-profits funds in the UK. There are differences across the range of PruFund funds in their objectives and mix of assets, and how PruFund delivers returns to investors when compared to other With-Profits business, which means the returns received by investors will vary by fund choice.

PruFund funds are multi-asset funds providing access to a wide range of assets, across different asset types and countries. This diversification allows your client to spread the risk of investment.

Please remember that the value of investments can go down as well as up, your client may not get back what they have paid in.


Our established smoothing process uses Expected Growth Rates, and where required, Unit Price Adjustments, to deliver a smoothed investment journey. 

View A Step by Step guide to the PruFund smoothing process (PDF)

Can we reset the smoothed price?

We may decide to reset the smoothed price of a PruFund fund on a particular day, to protect the With-Profits Fund.

If we decide to reset, the smoothed price of the affected fund would be adjusted to be the same value as the unsmoothed price on that working day. That adjusted smoothed price will then continue to grow in line with the Expected Growth Rate from the working day after this reset of the smoothed price. This is referred to as a Unit Price Reset in other literature.

Suspension of Smoothing

In certain circumstances, the smoothing process may be suspended in order to protect the With-Profits Fund and the clients invested in it. This can happen independently for each fund in the PruFund Range of funds. When this happens, the smoothed price for each of the affected fund(s) is set to the unsmoothed price for each day until we reinstate the smoothing process.

Who manages the PruFund range of funds?

M&G Treasury & Investment Office (T&IO), monitor and manage the M&G plc Group fund managers responsible for the majority of underlying funds that these Multi-Asset funds invest in.

Fund availability

The following table shows fund availability for our key products.

  Prudential PruFund Growth Fund Prudential PruFund Cautious Fund Prudential Risk Managed PruFund Funds
Prudential Retirement Account
International Portfolio Bond
Flexible Retirement Plan#
Prudential ISA
Prudential Investment Plan
Prudential International Investment Bond*  
Trustee Investment Plan

*Available with currency options for PruFund Growth Fund and PruFund Cautious Fund (Sterling, Euro, US Dollar).

# The Flexible Retirement Plan (FRP) closed to new business on 17 September 2018 but if your client is an existing FRP customer they can still make changes to their plan.

This is not a comprehensive list of the availability of these funds. Please refer to the appropriate fund guide or product information pages for more information. 

Retirement Account - PruFund Series D & Series E

Please note that there are two series of PruFund within Retirement Account, which have different investment date cycles. Customers are invested in either series as follows:

  • Series D (PDF) - All investments made on or before 25 August 2017.
  • Series E (PDF) - All investments made after 25 August 2017 (including fund switches and regular premium contributions).


T&IO works closely with Prudential to set the overarching strategic asset allocation framework for the multi-asset fund range and for managing the asset allocation on an ongoing basis.

PruFund Global Diversification

Fund options

There is a range of PruFund funds designed to suit different attitudes to risk and reward, for those wishing to invest for 5 to 10 years or more. There are the five Risk Managed PruFund funds and also the PruFund Growth and Cautious Funds, the latter two included guarantee options (at an additional charge). PruFund Protected Funds are currently closed to new investments.

Risk Managed PruFund funds

The Risk Managed PruFund funds aim to achieve long-term total return (the combination of income and growth of capital). The funds are actively managed and aim to limit the fluctuations ('volatility') an investment experiences, after allowing for smoothing, to pre-determined limits over the medium to long term. 

There is no guarantee that a fund will achieve its objective of managing the volatility to the target level.

Fund Name Target Volatility Level
PruFund Risk Managed 1 9%
PruFund Risk Managed 2
PruFund Risk Managed 3
PruFund Risk Managed 4
PruFund Risk Managed 5

PruFund Growth Fund

The PruFund Growth Fund aims to maximise growth over the medium to long term (5 to 10 years or more) by investing in shares, property, fixed-interest and other investments. The fund currently invests in UK and international equities, property, fixed-interest securities, index-linked securities and other specialist investments.

PruFund Cautious Fund

The Prufund Cautious Fund aims for steady and consistent growth over the medium to long term (5 to 10 years or more) through a cautious approach to investing. The fund invests in UK and international equities, property, fixed interest securities, index-linked securities, cash and other specialist investments. The fund will aim to invest 50-75% in fixed interest securities, index-linked securities and cash, although we may occasionally move outside this range to meet the fund objectives.

Read the PruFund Growth Fund and Cautious Fund 2020 Strategic Asset Allocation Review

Key documents

Adviser guides

Client guides

Your With-Profits plans

"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.