Onshore bonds and others

Current status

We appreciate your patience during these extraordinary times.

We’re following Government advice and mostly working from home to look after our people so they can continue to give you the best possible service.

This may mean, if you try to call us, you’ll experience longer wait times. Rather than call us, you may prefer to use our Online Services, during this time.

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

From the 4 May,  DGT cases can be set up on an interim basis under the following process:  

  • Tele-underwriting is available 
  • Offer interim underwriting based on the information in a declaration of health.  If we can make an underwriting decision based on that information, we’ll offer an interim decision, alongside an interim IHT discount. 
  • DGTs can also be set up on a nil discount basis - this option is designed for cases where the client’s health is sufficiently poor that a discount is not expected. 

You need to be aware of the additional risks with this process. 

If your client has opted to set up the DGT on the basis of an interim underwriting decision and interim IHT discount, while awaiting the GP report. The final underwriting decision may differ and could result in a lower or nil discount. In addition, as HMRC require that ‘evidence of the settlor’s health exists at the transfer date that is sufficient for the settlor’s life to be underwritten to the standards required for whole of life assurance’ they may challenge a discount provided on an Interim or Final basis, depending on the time lag between the two. By proceeding on this basis, you are confirming your client is aware of this and still wants to proceed.

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.

Our process on GP reports is unchanged (from our previous update on 2 April) – at this current time we’re not requesting these, nor are we chasing GP surgeries. This means that where we don’t have a GP report, we won’t be able to process the case at the current time.  We’ll continue to process cases where we receive a report we previously requested.

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.